ENDO Lighting (TSE:6932) Beneish M-Score: -2.90 (As of Jun. 26, 2026)

What is ENDO Lighting Beneish M-Score?

ENDO Lighting TSE:6932 +0.51% 80 Beneish M-Score is -2.90 as of Jun. 26, 2026. GuruFocus rates TSE:6932 with a GF Score™ of 80/100 and a GF Value™ of 円1,652.40 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 419 Furnishings, Fixtures & Appliances companies, ENDO Lighting ranks better than 78.76% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6932' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.77 Max: -2.2
Current: -2.9

During the past 13 years, the highest Beneish M-Score of ENDO Lighting was -2.20. The lowest was -3.07. And the median was -2.77.

ENDO Lighting Beneish M-Score Related Terms

ENDO Lighting Beneish M-Score Historical Data

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The historical data trend for ENDO Lighting'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.

ENDO Lighting Beneish M-Score Chart

ENDO Lighting Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.59

-2.39

-2.75

-2.20

-2.90

ENDO Lighting 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															-2.20	0.00	0.00	0.00	-2.90

TSE:6932 vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, ENDO Lighting'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.

ENDO Lighting Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, ENDO Lighting's Beneish M-Score distribution charts can be found below:

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

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ENDO Lighting Corp TSE:6932

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

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ENDO Lighting 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 ENDO Lighting 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 * 0.9914

0.528 * 0.9441

0.404 * 0.8744

0.892 * 1.0323

0.115 * 1.0216

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.077505

0.327 * 0.9878

-2.90

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円11,492 Mil.
Revenue was 円55,473 Mil.
Gross Profit was 円22,766 Mil.
Total Current Assets was 円50,954 Mil.
Total Assets was 円76,589 Mil.
Property, Plant and Equipment(Net PPE) was 円19,282 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,453 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円13,926 Mil.
Long-Term Debt & Capital Lease Obligation was 円11,217 Mil.
Net Income was 円4,342 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円10,278 Mil.

Total Receivables was 円11,229 Mil.
Revenue was 円53,735 Mil.
Gross Profit was 円20,820 Mil.
Total Current Assets was 円43,072 Mil.
Total Assets was 円67,667 Mil.
Property, Plant and Equipment(Net PPE) was 円18,176 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,338 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円14,551 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,938 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)
	=	(11492 / 55473)	/	(11229 / 53735)
	=	0.207164	/	0.20897
	=	0.9914

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)
	=	(20820 / 53735)	/	(22766 / 55473)
	=	0.387457	/	0.410398
	=	0.9441

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 - (50954 + 19282) / 76589)	/	(1 - (43072 + 18176) / 67667)
	=	0.082949	/	0.094862
	=	0.8744

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
	=	55473	/	53735
	=	1.0323

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))
	=	(3338 / (3338 + 18176))	/	(3453 / (3453 + 19282))
	=	0.155155	/	0.15188
	=	1.0216

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 / 55473)	/	(0 / 53735)
	=	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)
	=	((11217 + 13926) / 76589)	/	((7938 + 14551) / 67667)
	=	0.328285	/	0.332348
	=	0.9878

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
	=	(4342 - 0	-	10278)	/	76589
	=	-0.077505

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.

ENDO Lighting has a M-score of -2.90 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 -2.90 mean?

ENDO Lighting (TSE:6932) has a Beneish M-Score of -2.90 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ENDO Lighting and its competitors. According to the industry distribution chart, ENDO Lighting ranks #89 out of 419 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 21.2%.

Is ENDO Lighting's Beneish M-Score too high?

ENDO Lighting's current Beneish M-Score is -2.90. Based on the distribution chart, ENDO Lighting ranks #89 out of 419 companies in the Furnishings, Fixtures & Appliances industry, which is in the top quartile — a strong position relative to peers. Overall, ENDO Lighting has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does ENDO Lighting's Beneish M-Score compare to SN and SGI?

According to the Furnishings, Fixtures & Appliances industry distribution chart, ENDO Lighting ranks #89 out of 419 companies for Beneish M-Score. This places ENDO Lighting in the top 21% of its industry — outperforming the majority of peers. 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 Furnishings, Fixtures & Appliances company?

A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 ENDO Lighting and its competitors. ENDO Lighting's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ENDO Lighting stock overvalued right now?

Based on GuruFocus' analysis, ENDO Lighting (TSE:6932) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,652.40, compared to a current price of 円2,382.00 — trading 44.2% above its estimated fair value. The current Beneish M-Score is -2.90. ENDO Lighting's overall GF Score™ is 80/100 with 2 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 ENDO Lighting (TSE:6932), the current Beneish M-Score is -2.90 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 ENDO Lighting (TSE:6932) Overvalued in 2026?

Based on GuruFocus' analysis, ENDO Lighting stock appears to be overvalued. The current stock price of 円2,382.00 is trading 44.2% above its estimated GF Value™ of 円1,652.40. GuruFocus considers ENDO Lighting to be Significantly Overvalued.

Key valuation signals for TSE:6932:

Beneish M-Score: -2.90
GF Value™: 円1,652.40 vs. price of 円2,382.00 (44.2% above fair value)
GF Score™: 80/100 with 2 warning signs

No single metric tells the full story. See the TSE:6932 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ENDO Lighting Business Description

Industry Consumer Cyclical Furnishings, Fixtures & Appliances

Comparable Companies TSE:7840 TSE:7955 TSE:3421 TSE:5909 TSE:7989 TSE:6445 NGO:3504 TSE:7885 TSE:6484 TSE:5951 SZSE:000333 SZSE:000651 SHSE:600690 SHSE:603268 SN TPE:2059 SGI TSE:9843 MHK MIL:DLG

Other Exchanges II8:Germany

Address 1-6-19 Honmachi, Osaka, JPN

Website http://www.endo-lighting.co.jp

ENDO Lighting Corp is a Japanese-based lighting equipment manufacturer. The company is organized into segments by product or service based on its business divisions. The reportable segments are the Lighting Equipment-related Business, the Environment-related Business, and the Interior Furniture Business. The Lighting Equipment Related Business principally involves the manufacture and sale of lighting equipment. The Environment-related Business focuses on the sale of energy-saving equipment and the rental of lighting fixtures and energy-saving devices. The Interior Furniture Business is mainly engaged in the sale of interior furniture and accessories.

80GF 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2,382.00

Price

円1,652.40

GF Value

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