Okinawa Financial Group (TSE:7350) Beneish M-Score: -2.13 (As of Jul. 15, 2026)

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TSE:7350 Okinawa Financial Group Inc TSE:7350
38 GF Score
Price 円6,930.00
GF Value 円3,462.14
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is Okinawa Financial Group Beneish M-Score?

Okinawa Financial Group TSE:7350 +1.76% 38 Beneish M-Score is -2.13 as of Jul. 15, 2026. GuruFocus rates TSE:7350 with a GF Score™ of 38/100 and a GF Value™ of 円3,462.14 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Okinawa Financial Group ranks worse than 85.46% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7350' s Beneish M-Score Range Over the Past 10 Years
Min: -2.43   Med: -2.28   Max: -2.13
Current: -2.13

During the past 5 years, the highest Beneish M-Score of Okinawa Financial Group was -2.13. The lowest was -2.43. And the median was -2.28.

TSE:7350
38GF Score
Okinawa Financial Group Inc TSE:7350
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Okinawa Financial Group 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 Okinawa Financial Group 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+0.528 * 1+0.404 * 1+0.892 * 1.1564+0.115 * 1.0138
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8936+4.679 * 0.038467-0.327 * 0.9779
=-2.13

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円0 Mil.
Revenue was 円62,001 Mil.
Gross Profit was 円62,001 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円2,937,228 Mil.
Property, Plant and Equipment(Net PPE) was 円17,611 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,323 Mil.
Selling, General, & Admin. Expense(SGA) was 円25,430 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円96,260 Mil.
Net Income was 円11,292 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-101,695 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円53,617 Mil.
Gross Profit was 円53,617 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円2,979,042 Mil.
Property, Plant and Equipment(Net PPE) was 円17,869 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,394 Mil.
Selling, General, & Admin. Expense(SGA) was 円24,611 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円99,840 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)
=(0 / 62001) / (0 / 53617)
=0 / 0
=1

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)
=(53617 / 53617) / (62001 / 62001)
=1 / 1
=1

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 - (0 + 17611) / 2937228) / (1 - (0 + 17869) / 2979042)
=0.994004 / 0.994002
=1

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
=62001 / 53617
=1.1564

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))
=(2394 / (2394 + 17869)) / (2323 / (2323 + 17611))
=0.118146 / 0.116535
=1.0138

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)
=(25430 / 62001) / (24611 / 53617)
=0.410155 / 0.459015
=0.8936

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)
=((96260 + 0) / 2937228) / ((99840 + 0) / 2979042)
=0.032772 / 0.033514
=0.9779

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
=(11292 - 0 - -101695) / 2937228
=0.038467

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.

Okinawa Financial Group has a M-score of -2.13 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 -2.13 mean?
Okinawa Financial Group (TSE:7350) has a Beneish M-Score of -2.13 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Okinawa Financial Group and its competitors. According to the industry distribution chart, Okinawa Financial Group ranks #1193 out of 1396 companies in the Banks industry, placing it in the top 85.5%.
Is Okinawa Financial Group's Beneish M-Score too high?
Okinawa Financial Group's current Beneish M-Score is -2.13. Based on the distribution chart, Okinawa Financial Group ranks #1193 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Okinawa Financial Group has a GF Score™ of 38/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Okinawa Financial Group's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Okinawa Financial Group ranks #1193 out of 1396 companies for Beneish M-Score. This places Okinawa Financial Group 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Okinawa Financial Group and its competitors. Okinawa Financial Group's current Beneish M-Score is -2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Okinawa Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Okinawa Financial Group (TSE:7350) is currently considered Significantly Overvalued. The stock's GF Value™ is 円3,462.14, compared to a current price of 円6,930.00 — trading 100.2% above its estimated fair value. The current Beneish M-Score is -2.13. Okinawa Financial Group's overall GF Score™ is 38/100 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 Okinawa Financial Group (TSE:7350), the current Beneish M-Score is -2.13 as of Jul. 15, 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 Okinawa Financial Group (TSE:7350) Overvalued in 2026?

Based on GuruFocus' analysis, Okinawa Financial Group stock appears to be overvalued. The current stock price of 円6,930.00 is trading 100.2% above its estimated GF Value™ of 円3,462.14. GuruFocus considers Okinawa Financial Group to be Significantly Overvalued.

Key valuation signals for TSE:7350:

  • Beneish M-Score: -2.13
  • GF Value™: 円3,462.14 vs. price of 円6,930.00 (100.2% above fair value)
  • GF Score™: 38/100 with 5 warning signs

No single metric tells the full story. See the TSE:7350 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Okinawa Financial Group Business Description

Address 3-10-1 Kumoji, Naha, JPN, 900-8651
Okinawa Financial Group Inc is engaged in Management of banks and other companies that can be made subsidiaries under the Banking Law, and all business incidental thereto.
38GF Score

Get the complete analysis for TSE:7350

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

円6,930.00
Price
円3,462.14
GF Value