Aiphone Co (TSE:6718) Beneish M-Score: -2.28 (As of Jul. 12, 2026)

What is Aiphone Co Beneish M-Score?

Aiphone Co TSE:6718 +0.29% 75 Beneish M-Score is -2.28 as of Jul. 12, 2026. GuruFocus rates TSE:6718 with a GF Score™ of 75/100 and a GF Value™ of 円2,925.27 (Fairly Valued). The stock has 5 warning signs investors should review. Among 2,405 Hardware companies, Aiphone Co ranks worse than 65.2% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6718' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.54 Max: -1.62
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Aiphone Co was -1.62. The lowest was -2.76. And the median was -2.54.

Aiphone Co Beneish M-Score Related Terms

Aiphone Co Beneish M-Score Historical Data

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The historical data trend for Aiphone Co'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.

Aiphone Co Beneish M-Score Chart

Aiphone Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.49

-1.62

-2.76

-2.56

-2.28

Aiphone Co 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															-2.56	0.00	0.00	0.00	-2.28

TSE:6718 vs CSCO, CIEN, MSI: Beneish M-Score Comparison

For the Communication Equipment subindustry, Aiphone Co'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.

Aiphone Co Beneish M-Score vs Hardware Industry

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

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

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75GF Score

Aiphone Co Ltd TSE:6718

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

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Aiphone Co 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 Aiphone Co 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 * 1.1155

0.528 * 1.0221

0.404 * 0.9801

0.892 * 0.9947

0.115 * 1.4689

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.003714

0.327 * 0.9175

-2.28

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円11,751 Mil.
Revenue was 円62,983 Mil.
Gross Profit was 円26,511 Mil.
Total Current Assets was 円56,289 Mil.
Total Assets was 円79,957 Mil.
Property, Plant and Equipment(Net PPE) was 円10,980 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,062 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円8,512 Mil.
Long-Term Debt & Capital Lease Obligation was 円159 Mil.
Net Income was 円2,466 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,169 Mil.

Total Receivables was 円10,590 Mil.
Revenue was 円63,316 Mil.
Gross Profit was 円27,240 Mil.
Total Current Assets was 円56,333 Mil.
Total Assets was 円77,037 Mil.
Property, Plant and Equipment(Net PPE) was 円8,231 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,225 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円8,863 Mil.
Long-Term Debt & Capital Lease Obligation was 円243 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)
	=	(11751 / 62983)	/	(10590 / 63316)
	=	0.186574	/	0.167256
	=	1.1155

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)
	=	(27240 / 63316)	/	(26511 / 62983)
	=	0.430223	/	0.420923
	=	1.0221

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 - (56289 + 10980) / 79957)	/	(1 - (56333 + 8231) / 77037)
	=	0.158685	/	0.161909
	=	0.9801

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
	=	62983	/	63316
	=	0.9947

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))
	=	(1225 / (1225 + 8231))	/	(1062 / (1062 + 10980))
	=	0.129547	/	0.088191
	=	1.4689

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 / 62983)	/	(0 / 63316)
	=	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)
	=	((159 + 8512) / 79957)	/	((243 + 8863) / 77037)
	=	0.108446	/	0.118203
	=	0.9175

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
	=	(2466 - 0	-	2169)	/	79957
	=	0.003714

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.

Aiphone Co has a M-score of -2.28 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 -2.28 mean?

Aiphone Co (TSE:6718) has a Beneish M-Score of -2.28 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aiphone Co and its competitors. According to the industry distribution chart, Aiphone Co ranks #1568 out of 2405 companies in the Hardware industry, placing it in the top 65.2%.

Is Aiphone Co's Beneish M-Score too high?

Aiphone Co's current Beneish M-Score is -2.28. Based on the distribution chart, Aiphone Co ranks #1568 out of 2405 companies in the Hardware industry, which is below the industry midpoint. Overall, Aiphone Co has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Aiphone Co's Beneish M-Score compare to CSCO and CIEN?

According to the Hardware industry distribution chart, Aiphone Co ranks #1568 out of 2405 companies for Beneish M-Score. This places Aiphone Co 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 Aiphone Co and its competitors. Aiphone Co's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Aiphone Co stock overvalued right now?

Based on GuruFocus' analysis, Aiphone Co (TSE:6718) is currently considered Fairly Valued. The stock's GF Value™ is 円2,925.27, compared to a current price of 円2,790.00 — trading 4.6% below its estimated fair value. The current Beneish M-Score is -2.28. Aiphone Co's overall GF Score™ is 75/100 with 5 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 Aiphone Co (TSE:6718), the current Beneish M-Score is -2.28 as of Jul. 12, 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 Aiphone Co (TSE:6718) Overvalued in 2026?

Based on GuruFocus' analysis, Aiphone Co stock appears to be undervalued. The current stock price of 円2,790.00 is trading 4.6% below its estimated GF Value™ of 円2,925.27. GuruFocus considers Aiphone Co to be Fairly Valued.

Key valuation signals for TSE:6718:

Beneish M-Score: -2.28
GF Value™: 円2,925.27 vs. price of 円2,790.00 (4.6% below fair value)
GF Score™: 75/100 with 5 warning signs

No single metric tells the full story. See the TSE:6718 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aiphone Co Business Description

Industry Technology Hardware

Comparable Companies TSE:6820 TSE:4392 TSE:6675 TSE:2763 TSE:6706 TSE:6835 TSE:3773 TSE:4441 TSE:6904 TSE:7673 CSCO SZSE:300308 SHSE:601138 SZSE:300502 OHEL:NOKIA CIEN MSI LITE HPE SZSE:300394

Address 2-18 Jinno-Cho, Atsuta-ku, Nagoya, JPN, 456-8666

Website http://www.aiphone.co.jp

Aiphone Co Ltd is a Japanese company engaged in manufacturing and selling communication and security systems. It operates in two business divisions including security business and care business. In the security business, it offers security systems for detached houses, apartment houses, schools, public facilities, and commercial facilities. Its products include TV (television) door phone, emergency caller, wireless paging system, interphone application, among others. In the care business, it manufactures products including nurse call for medical facilities, nurse call for welfare facilities, and multi-housing system for elderly people.

75GF Score

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

円2,790.00

Price

円2,925.27

GF Value

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