Hi-Lex (TSE:7279) Beneish M-Score: -2.58 (As of Jun. 28, 2026)


TSE:7279 Hi-Lex Corp TSE:7279
74 GF Score
Price 円2,023.00
GF Value 円1,816.28
Valuation Modestly Overvalued
! 3 Warning Signs
View Full Analysis

What is Hi-Lex Beneish M-Score?

Hi-Lex TSE:7279 +0.45% 74 Beneish M-Score is -2.58 as of Jun. 28, 2026. GuruFocus rates TSE:7279 with a GF Score™ of 74/100 and a GF Value™ of 円1,816.28 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 536 Conglomerates companies, Hi-Lex ranks better than 60.82% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7279' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88   Med: -2.61   Max: -2.17
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Hi-Lex was -2.17. The lowest was -2.88. And the median was -2.61.

Hi-Lex Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hi-Lex'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.

Hi-Lex Beneish M-Score Chart

Hi-Lex Annual Data
Trend Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.53 -2.17 -2.88 -2.70 -2.58

Hi-Lex Quarterly Data
Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.58 0.00

TSE:7279 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Hi-Lex'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.

Hi-Lex Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Hi-Lex's Beneish M-Score distribution charts can be found below:

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


TSE:7279
74GF Score
Hi-Lex Corp TSE:7279
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Hi-Lex 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 Hi-Lex 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 * 1.0509+0.528 * 0.8995+0.404 * 0.9413+0.892 * 0.9862+0.115 * 1.0538
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.013011-0.327 * 1.005
=-2.58

* 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.

This Year (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was 円47,799 Mil.
Revenue was 円304,123 Mil.
Gross Profit was 円33,957 Mil.
Total Current Assets was 円156,554 Mil.
Total Assets was 円276,997 Mil.
Property, Plant and Equipment(Net PPE) was 円62,220 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,685 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円72,237 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,012 Mil.
Net Income was 円8,419 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円12,023 Mil.
 Total Receivables was 円46,119 Mil.
Revenue was 円308,382 Mil.
Gross Profit was 円30,971 Mil.
Total Current Assets was 円146,659 Mil.
Total Assets was 円270,260 Mil.
Property, Plant and Equipment(Net PPE) was 円63,250 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,463 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円69,689 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,423 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)
=(47799 / 304123) / (46119 / 308382)
=0.15717 / 0.149552
=1.0509

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)
=(30971 / 308382) / (33957 / 304123)
=0.100431 / 0.111655
=0.8995

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 - (156554 + 62220) / 276997) / (1 - (146659 + 63250) / 270260)
=0.210194 / 0.223307
=0.9413

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
=304123 / 308382
=0.9862

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))
=(10463 / (10463 + 63250)) / (9685 / (9685 + 62220))
=0.141942 / 0.134692
=1.0538

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 / 304123) / (0 / 308382)
=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)
=((1012 + 72237) / 276997) / ((1423 + 69689) / 270260)
=0.26444 / 0.263124
=1.005

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
=(8419 - 0 - 12023) / 276997
=-0.013011

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.

Hi-Lex has a M-score of -2.58 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 -2.58 mean?
Hi-Lex (TSE:7279) has a Beneish M-Score of -2.58 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hi-Lex and its competitors. According to the industry distribution chart, Hi-Lex ranks #210 out of 536 companies in the Conglomerates industry, placing it in the top 39.2%.
Is Hi-Lex's Beneish M-Score too high?
Hi-Lex's current Beneish M-Score is -2.58. Based on the distribution chart, Hi-Lex ranks #210 out of 536 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Hi-Lex has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hi-Lex's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Hi-Lex ranks #210 out of 536 companies for Beneish M-Score. This puts Hi-Lex 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Hi-Lex and its competitors. Hi-Lex's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hi-Lex stock overvalued right now?
Based on GuruFocus' analysis, Hi-Lex (TSE:7279) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,816.28, compared to a current price of 円2,023.00 — trading 11.4% above its estimated fair value. The current Beneish M-Score is -2.58. Hi-Lex's overall GF Score™ is 74/100 with 3 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 Hi-Lex (TSE:7279), the current Beneish M-Score is -2.58 as of Jun. 28, 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 Hi-Lex (TSE:7279) Overvalued in 2026?

Based on GuruFocus' analysis, Hi-Lex stock appears to be overvalued. The current stock price of 円2,023.00 is trading 11.4% above its estimated GF Value™ of 円1,816.28. GuruFocus considers Hi-Lex to be Modestly Overvalued.

Key valuation signals for TSE:7279:

  • Beneish M-Score: -2.58
  • GF Value™: 円1,816.28 vs. price of 円2,023.00 (11.4% above fair value)
  • GF Score™: 74/100 with 3 warning signs

No single metric tells the full story. See the TSE:7279 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hi-Lex Business Description

Other Exchanges HLXFF:USA
Address 1-12-28 Sakae-cho, Sakaemachi, Hyogo, Takarazuka, JPN, 665-0845
Hi-Lex Corp is a Japanese company specialized in three segments: automobiles and industrial equipment, medical equipment, and a metal mold business. The automobiles equipment segment offers control cables, window regulators, sliding window systems, door modules, and others. The industrial equipment includes control boxes, steering systems, control cables for marine vessels, accelerator and assist cables for construction and industrial equipment, toilet seat elevators, and air conditioning grill raising and lowering systems for welfare and home.
74GF Score

Get the complete analysis for TSE:7279

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

円2,023.00
Price
円1,816.28
GF Value