Buffalo (TSE:6676) Beneish M-Score: -2.32 (As of Jun. 26, 2026)

What is Buffalo Beneish M-Score?

Buffalo TSE:6676 +1.46% 67 Beneish M-Score is -2.32 as of Jun. 26, 2026. GuruFocus rates TSE:6676 with a GF Score™ of 67/100 and a GF Value™ of 円1,068.69 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 2,404 Hardware companies, Buffalo ranks worse than 61.94% on this metric.

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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Buffalo's Beneish M-Score or its related term are showing as below:

TSE:6676' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -2.39 Max: -1.52
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Buffalo was -1.52. The lowest was -3.55. And the median was -2.39.

Buffalo Beneish M-Score Related Terms

Buffalo Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Buffalo'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.

Buffalo Beneish M-Score Chart

Buffalo Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

Get a 7-Day Free Trial

-1.52

-2.08

-2.72

-3.55

-2.32

Buffalo Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.55	0.00	0.00	0.00	-2.32

TSE:6676 vs DELL, SNDK, ANET: Beneish M-Score Comparison

For the Computer Hardware subindustry, Buffalo'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.

Buffalo Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Buffalo's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Buffalo's Beneish M-Score falls into.

Save Embed

67GF Score

Buffalo Inc TSE:6676

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Buffalo Beneish M-Score Calculation

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 Buffalo for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0464

0.528 * 1.0615

0.404 * 0.8418

0.892 * 0.8194

0.115 * 1.1206

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.061139

0.327 * 0.9819

-2.32

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円12,849 Mil.
Revenue was 円117,312 Mil.
Gross Profit was 円30,386 Mil.
Total Current Assets was 円65,281 Mil.
Total Assets was 円71,444 Mil.
Property, Plant and Equipment(Net PPE) was 円714 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,411 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円26,820 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,314 Mil.
Net Income was 円8,071 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,703 Mil.

Total Receivables was 円14,986 Mil.
Revenue was 円143,170 Mil.
Gross Profit was 円39,366 Mil.
Total Current Assets was 円69,043 Mil.
Total Assets was 円76,786 Mil.
Property, Plant and Equipment(Net PPE) was 円786 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,285 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円30,795 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(12849 / 117312)	/	(14986 / 143170)
	=	0.109528	/	0.104673
	=	1.0464

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(39366 / 143170)	/	(30386 / 117312)
	=	0.27496	/	0.259019
	=	1.0615

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (65281 + 714) / 71444)	/	(1 - (69043 + 786) / 76786)
	=	0.07627	/	0.090602
	=	0.8418

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	117312	/	143170
	=	0.8194

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
	=	(2285 / (2285 + 786))	/	(1411 / (1411 + 714))
	=	0.744057	/	0.664
	=	1.1206

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(0 / 117312)	/	(0 / 143170)
	=	0	/	0
	=	1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1314 + 26820) / 71444)	/	((0 + 30795) / 76786)
	=	0.393791	/	0.40105
	=	0.9819

8. TATA = Total Accruals to Total Assets

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
	=	(8071 - 0	-	3703)	/	71444
	=	0.061139

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.

Buffalo has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.32 mean?

Buffalo (TSE:6676) has a Beneish M-Score of -2.32 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Buffalo and its competitors. According to the industry distribution chart, Buffalo ranks #1489 out of 2404 companies in the Hardware industry, placing it in the top 61.9%.

Is Buffalo's Beneish M-Score too high?

Buffalo's current Beneish M-Score is -2.32. Based on the distribution chart, Buffalo ranks #1489 out of 2404 companies in the Hardware industry, which is below the industry midpoint. Overall, Buffalo has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Buffalo's Beneish M-Score compare to DELL and SNDK?

According to the Hardware industry distribution chart, Buffalo ranks #1489 out of 2404 companies for Beneish M-Score. This places Buffalo in the lower 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 a Hardware company?

A good Beneish M-Score depends on the Hardware 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 Buffalo and its competitors. Buffalo's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Buffalo stock overvalued right now?

Based on GuruFocus' analysis, Buffalo (TSE:6676) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,068.69, compared to a current price of 円2,507.00 — trading 134.6% above its estimated fair value. The current Beneish M-Score is -2.32. Buffalo's overall GF Score™ is 67/100 with 7 warning signs 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 Buffalo (TSE:6676), the current Beneish M-Score is -2.32 as of Jun. 26, 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 Buffalo (TSE:6676) Overvalued in 2026?

Based on GuruFocus' analysis, Buffalo stock appears to be overvalued. The current stock price of 円2,507.00 is trading 134.6% above its estimated GF Value™ of 円1,068.69. GuruFocus considers Buffalo to be Significantly Overvalued.

Key valuation signals for TSE:6676:

Beneish M-Score: -2.32
GF Value™: 円1,068.69 vs. price of 円2,507.00 (134.6% above fair value)
GF Score™: 67/100 with 7 warning signs

No single metric tells the full story. See the TSE:6676 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Buffalo Business Description

Industry Technology Hardware

Comparable Companies TSE:6413 TSE:6232 TSE:6430 TSE:218A TSE:6918 TSE:6597 TSE:6862 TSE:5885 TSE:9348 TSE:6840 DELL SNDK ANET STX WDC SHSE:688041 SHSE:688795 TPE:2382 SZSE:002415 HKSE:00992

Address 1-11-1 Marunouch, Pacific Century Place Marunouchi, Chiyoda-ku, Tokyo, JPN, 100-6215

Website https://www.buffalo.jp

Buffalo Inc is a holding company with interests in manufacturing computer and broadband equipment. Its product portfolio includes storage products, flash memory devices, digital home products, memory modules, network and broadband products, and computer and electronics supplies, accessories, and components. It also offers support services such as computer set-up at doorstep, surveys for corporate wireless LANs as well as installation. The firm has business operations throughout Japan, Asia, Europe, and the United States of America.

67GF Score

Get the complete analysis for TSE:6676

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円2,507.00

Price

円1,068.69

GF Value

View TSE:6676 Analysis

See Beneish M-Score data for all stocks →