Nadex Co (TSE:7435) Beneish M-Score: -2.66 (As of Jul. 08, 2026)

What is Nadex Co Beneish M-Score?

Nadex Co TSE:7435 -2.59% 77 Beneish M-Score is -2.66 as of Jul. 08, 2026. GuruFocus rates TSE:7435 with a GF Score™ of 77/100 and a GF Value™ of 円1,134.70 (Fairly Valued). The stock has 4 warning signs investors should review. Among 2,916 Industrial Products companies, Nadex Co ranks better than 68.76% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7435' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.45 Max: -2.21
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Nadex Co was -2.21. The lowest was -3.16. And the median was -2.45.

Nadex Co Beneish M-Score Related Terms

Nadex Co Beneish M-Score Historical Data

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The historical data trend for Nadex 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.

Nadex Co Beneish M-Score Chart

Nadex Co Annual Data

Trend

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Apr24

Apr25

Apr26

Beneish M-Score

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-2.40

-2.49

-2.21

-2.60

-2.66

Nadex Co Semi-Annual Data
	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24	Apr25	Oct25	Apr26
Beneish M-Score	Get a 7-Day Free Trial															-2.21	0.00	-2.60	0.00	-2.66

TSE:7435 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Nadex 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.

Nadex Co Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Nadex Co's Beneish M-Score distribution charts can be found below:

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

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77GF Score

Nadex Co Ltd TSE:7435

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

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Nadex 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 Nadex 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 * 0.9587

0.528 * 0.9479

0.404 * 1.3953

0.892 * 0.9986

0.115 * 0.9511

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.06598

0.327 * 0.8869

-2.66

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was 円8,211 Mil.
Revenue was 円36,838 Mil.
Gross Profit was 円7,276 Mil.
Total Current Assets was 円21,037 Mil.
Total Assets was 円32,022 Mil.
Property, Plant and Equipment(Net PPE) was 円4,306 Mil.
Depreciation, Depletion and Amortization(DDA) was 円719 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円10,138 Mil.
Long-Term Debt & Capital Lease Obligation was 円50 Mil.
Net Income was 円660 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,773 Mil.

Total Receivables was 円8,577 Mil.
Revenue was 円36,891 Mil.
Gross Profit was 円6,907 Mil.
Total Current Assets was 円21,768 Mil.
Total Assets was 円30,783 Mil.
Property, Plant and Equipment(Net PPE) was 円4,413 Mil.
Depreciation, Depletion and Amortization(DDA) was 円695 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円10,955 Mil.
Long-Term Debt & Capital Lease Obligation was 円89 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)
	=	(8210.628 / 36838.193)	/	(8576.848 / 36890.907)
	=	0.222884	/	0.232492
	=	0.9587

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)
	=	(6906.63 / 36890.907)	/	(7276.074 / 36838.193)
	=	0.187218	/	0.197514
	=	0.9479

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 - (21037.219 + 4306.153) / 32022.092)	/	(1 - (21768.377 + 4413.02) / 30782.897)
	=	0.208566	/	0.149482
	=	1.3953

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
	=	36838.193	/	36890.907
	=	0.9986

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))
	=	(695.231 / (695.231 + 4413.02))	/	(719.098 / (719.098 + 4306.153))
	=	0.1361	/	0.143097
	=	0.9511

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 / 36838.193)	/	(0 / 36890.907)
	=	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)
	=	((49.53 + 10138.451) / 32022.092)	/	((88.56 + 10954.674) / 30782.897)
	=	0.318155	/	0.358746
	=	0.8869

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
	=	(659.721 - 0	-	2772.527)	/	32022.092
	=	-0.06598

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.

Nadex Co has a M-score of -2.66 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 -2.66 mean?

Nadex Co (TSE:7435) has a Beneish M-Score of -2.66 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nadex Co and its competitors. According to the industry distribution chart, Nadex Co ranks #911 out of 2916 companies in the Industrial Products industry, placing it in the top 31.2%.

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

Nadex Co's current Beneish M-Score is -2.66. Based on the distribution chart, Nadex Co ranks #911 out of 2916 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Nadex Co has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Nadex Co's Beneish M-Score compare to GEV and ETN?

According to the Industrial Products industry distribution chart, Nadex Co ranks #911 out of 2916 companies for Beneish M-Score. This puts Nadex Co 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Nadex Co and its competitors. Nadex Co's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nadex Co stock overvalued right now?

Based on GuruFocus' analysis, Nadex Co (TSE:7435) is currently considered Fairly Valued. The stock's GF Value™ is 円1,134.70, compared to a current price of 円1,243.00 — trading 9.5% above its estimated fair value. The current Beneish M-Score is -2.66. Nadex Co's overall GF Score™ is 77/100 with 4 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 Nadex Co (TSE:7435), the current Beneish M-Score is -2.66 as of Jul. 08, 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 Nadex Co (TSE:7435) Overvalued in 2026?

Based on GuruFocus' analysis, Nadex Co stock appears to be overvalued. The current stock price of 円1,243.00 is trading 9.5% above its estimated GF Value™ of 円1,134.70. GuruFocus considers Nadex Co to be Fairly Valued.

Key valuation signals for TSE:7435:

Beneish M-Score: -2.66
GF Value™: 円1,134.70 vs. price of 円1,243.00 (9.5% above fair value)
GF Score™: 77/100 with 4 warning signs

No single metric tells the full story. See the TSE:7435 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nadex Co Business Description

Industry Industrials Industrial Products

Comparable Companies TSE:6393 TSE:7722 FSE:7441 TSE:6208 TSE:5984 TSE:6466 TSE:6161 TSE:6384 TSE:6322 TSE:5903 GEV XTER:SIE XPAR:SU ETN XTER:ENR PH CMI OSTO:ATCO A EMR ITW

Address 9-27 Furuwatari-cho, Naka-ku, Nagoya, Aichi, JPN, 460-8338

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

Nadex Co Ltd is engaged in the manufacturing, sale, and marketing of bonding material and installation work. It develops factory automation systems as well as manufactures, designs, and sells electronic control equipment. its product includes Resistance welding, Arc welding, laser, Plasma welding, Welding rod-welding wire, Industrial robot, NC processing machine, Equipment for hemming.

77GF Score

Get the complete analysis for TSE:7435

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

円1,243.00

Price

円1,134.70

GF Value

View TSE:7435 Analysis

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