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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nitto Kogyo's Beneish M-Score or its related term are showing as below:
TSE:6651'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.77 Med: -2.64 Max: -2.3
Current: -2.53
During the past 13 years, the highest Beneish M-Score of Nitto Kogyo was -2.30. The lowest was -2.77. And the median was -2.64.
Nitto Kogyo Beneish M-Score Related Terms
Nitto Kogyo Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nitto Kogyo's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Electrical Equipment & Parts subindustry, Nitto Kogyo's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Nitto Kogyo Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nitto Kogyo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nitto Kogyo's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Nitto Kogyo for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9517
+
0.528 * 0.9779
+
0.404 * 1.2087
+
0.892 * 1.0601
+
0.115 * 0.9922
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.036989
-
0.327 * 0.8595
=
-2.53
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(6682 / (6682 + 61049))
/
(6670 / (6670 + 60414))
=
0.098655
/
0.099428
=
0.9922
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(11493 - 0
-
18347)
/
185299
=
-0.036989
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Nitto Kogyo has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Nitto Kogyo (TSE:6651) has a Beneish M-Score of -2.53 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nitto Kogyo and its competitors. According to the industry distribution chart, Nitto Kogyo ranks #1249 out of 2909 companies in the Industrial Products industry, placing it in the top 42.9%.
Is Nitto Kogyo's Beneish M-Score too high?
Nitto Kogyo's current Beneish M-Score is -2.53. Based on the distribution chart, Nitto Kogyo ranks #1249 out of 2909 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Nitto Kogyo has a GF Score™ of 94/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nitto Kogyo's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Nitto Kogyo ranks #1249 out of 2909 companies for Beneish M-Score. This puts Nitto Kogyo in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nitto Kogyo and its competitors. Nitto Kogyo's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nitto Kogyo stock overvalued right now?
Based on GuruFocus' analysis, Nitto Kogyo (TSE:6651) is currently considered Fairly Valued. The stock's GF Value™ is 円4,314.22, compared to a current price of 円4,360.00 — trading 1.1% above its estimated fair value. The current Beneish M-Score is -2.53. Nitto Kogyo's overall GF Score™ is 94/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Nitto Kogyo (TSE:6651), the current Beneish M-Score is -2.53 as of Jul. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Nitto Kogyo (TSE:6651) Overvalued in 2026?
Based on GuruFocus' analysis, Nitto Kogyo stock appears to be overvalued.
The current stock price of 円4,360.00 is trading 1.1% above its estimated GF Value™ of 円4,314.22.
GuruFocus considers Nitto Kogyo to be Fairly Valued.
Key valuation signals for TSE:6651:
Beneish M-Score: -2.53
GF Value™: 円4,314.22 vs. price of 円4,360.00 (1.1% above fair value)
No single metric tells the full story. See the TSE:6651 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nitto Kogyo Corp is a Japan-based company which provides a wide range of product materials, such as electric circuit panelboard powered high-pressure equipment, such as information and communications-related materials. It is engaged in manufacture and sales of electric and mechanical equipment such as high-voltage power-receiving equipment, panel boards, home panel boards, charging stations, optical junction boxes, metal enclosures, plastic enclosures, racks, breakers, switches, thermal management products, and so on. The company is also in Power Generation and sales business.
94GF Score
Get the complete analysis for TSE:6651
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