Leader Electronics (TSE:6867) Beneish M-Score: -2.52 (As of Jul. 13, 2026)

What is Leader Electronics Beneish M-Score?

Leader Electronics TSE:6867 -0.92% 61 Beneish M-Score is -2.52 as of Jul. 13, 2026. GuruFocus rates TSE:6867 with a GF Score™ of 61/100 and a GF Value™ of 円510.43 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 2,408 Hardware companies, Leader Electronics ranks better than 54.36% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6867' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.39 Max: -1.55
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Leader Electronics was -1.55. The lowest was -3.29. And the median was -2.39.

Leader Electronics Beneish M-Score Related Terms

Leader Electronics Beneish M-Score Historical Data

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The historical data trend for Leader Electronics'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.

Leader Electronics Beneish M-Score Chart

Leader Electronics Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.89

-2.48

-2.20

-2.30

-2.52

Leader Electronics Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.20	0.00	-2.30	0.00	-2.52

TSE:6867 vs COHR, KEYS, GRMN: Beneish M-Score Comparison

For the Scientific & Technical Instruments subindustry, Leader Electronics'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.

Leader Electronics Beneish M-Score vs Hardware Industry

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

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

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61GF Score

Leader Electronics Corp TSE:6867

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

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Leader Electronics 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 Leader Electronics 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 * 0.8071

0.528 * 0.9851

0.404 * 1.323

0.892 * 1.0317

0.115 * 1.0784

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8087

4.679 * -0.028599

0.327 * 0.7523

-2.52

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円775 Mil.
Revenue was 円4,248 Mil.
Gross Profit was 円2,696 Mil.
Total Current Assets was 円3,677 Mil.
Total Assets was 円4,882 Mil.
Property, Plant and Equipment(Net PPE) was 円472 Mil.
Depreciation, Depletion and Amortization(DDA) was 円78 Mil.
Selling, General, & Admin. Expense(SGA) was 円93 Mil.
Total Current Liabilities was 円683 Mil.
Long-Term Debt & Capital Lease Obligation was 円26 Mil.
Net Income was 円72 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円211 Mil.

Total Receivables was 円930 Mil.
Revenue was 円4,117 Mil.
Gross Profit was 円2,575 Mil.
Total Current Assets was 円3,571 Mil.
Total Assets was 円4,531 Mil.
Property, Plant and Equipment(Net PPE) was 円446 Mil.
Depreciation, Depletion and Amortization(DDA) was 円80 Mil.
Selling, General, & Admin. Expense(SGA) was 円112 Mil.
Total Current Liabilities was 円861 Mil.
Long-Term Debt & Capital Lease Obligation was 円14 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)
	=	(774.522 / 4247.561)	/	(930.181 / 4117.038)
	=	0.182345	/	0.225935
	=	0.8071

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)
	=	(2574.595 / 4117.038)	/	(2696.357 / 4247.561)
	=	0.625351	/	0.634801
	=	0.9851

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 - (3677.001 + 471.958) / 4881.799)	/	(1 - (3571.28 + 445.832) / 4531.263)
	=	0.150117	/	0.113467
	=	1.323

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
	=	4247.561	/	4117.038
	=	1.0317

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))
	=	(80.001 / (80.001 + 445.832))	/	(77.519 / (77.519 + 471.958))
	=	0.152141	/	0.141078
	=	1.0784

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)
	=	(93.479 / 4247.561)	/	(112.036 / 4117.038)
	=	0.022008	/	0.027213
	=	0.8087

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)
	=	((25.673 + 683.231) / 4881.799)	/	((14.148 + 860.52) / 4531.263)
	=	0.145214	/	0.19303
	=	0.7523

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
	=	(71.649 - 0	-	211.264)	/	4881.799
	=	-0.028599

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.

Leader Electronics has a M-score of -2.52 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 -2.52 mean?

Leader Electronics (TSE:6867) has a Beneish M-Score of -2.52 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Leader Electronics and its competitors. According to the industry distribution chart, Leader Electronics ranks #1099 out of 2408 companies in the Hardware industry, placing it in the top 45.6%.

Is Leader Electronics' Beneish M-Score too high?

Leader Electronics' current Beneish M-Score is -2.52. Based on the distribution chart, Leader Electronics ranks #1099 out of 2408 companies in the Hardware industry, which is above the industry midpoint. Overall, Leader Electronics has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Leader Electronics' Beneish M-Score compare to COHR and KEYS?

According to the Hardware industry distribution chart, Leader Electronics ranks #1099 out of 2408 companies for Beneish M-Score. This puts Leader Electronics 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 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 Leader Electronics and its competitors. Leader Electronics's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Leader Electronics stock overvalued right now?

Based on GuruFocus' analysis, Leader Electronics (TSE:6867) is currently considered Modestly Undervalued. The stock's GF Value™ is 円510.43, compared to a current price of 円429.00 — trading 16% below its estimated fair value. The current Beneish M-Score is -2.52. Leader Electronics' overall GF Score™ is 61/100 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 Leader Electronics (TSE:6867), the current Beneish M-Score is -2.52 as of Jul. 13, 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 Leader Electronics (TSE:6867) Overvalued in 2026?

Based on GuruFocus' analysis, Leader Electronics stock appears to be undervalued. The current stock price of 円429.00 is trading 16% below its estimated GF Value™ of 円510.43. GuruFocus considers Leader Electronics to be Modestly Undervalued.

Key valuation signals for TSE:6867:

Beneish M-Score: -2.52
GF Value™: 円510.43 vs. price of 円429.00 (16% below fair value)
GF Score™: 61/100 with 5 warning signs

No single metric tells the full story. See the TSE:6867 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Leader Electronics Business Description

Industry Technology Hardware

Comparable Companies TSE:2667 TSE:6664 TSE:6424 TSE:6721 TSE:6861 COHR KEYS GRMN TDY TPE:2360 MKSI OSTO:HEXA B FTV TRMB SZSE:300567 CGNX ESE SZSE:002414 TSE:6856 TSE:7701

Address 2-6-33 Tsunashima-Higashi, Kohoku-ku, Yokohama, JPN, 223-8505

Website https://www.leader.co.jp

Leader Electronics Corp is engaged in the research, development, manufacturing, and sales of electronic measuring instruments, including those for broadcasting stations, manufacturers of professional video-related equipment, and signal monitoring during live broadcasts of sporting events.

61GF 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429.00

Price

円510.43

GF Value

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