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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 -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hagihara Industries's Beneish M-Score or its related term are showing as below:
TSE:7856'
s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.73 Max: -1.88
Current: -2.8
During the past 13 years, the highest Beneish M-Score of Hagihara Industries was -1.88. The lowest was -3.00. And the median was -2.73.
Hagihara Industries Beneish M-Score Related Terms
Hagihara Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Hagihara Industries'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.
For the Textile Manufacturing subindustry, Hagihara Industries'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.
Hagihara Industries Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Hagihara Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hagihara Industries's Beneish M-Score falls into.
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 Hagihara Industries 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 * 0.8344
+
0.528 * 1.0197
+
0.404 * 1.284
+
0.892 * 0.9643
+
0.115 * 0.8386
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9579
+
4.679 * -0.063003
-
0.327 * 0.8538
=
-2.80
* 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.
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.
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))
=
(1734.57 / (1734.57 + 18176.173))
/
(2136.532 / (2136.532 + 18430.52))
=
0.087117
/
0.103881
=
0.8386
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
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
=
(1794.441 - 0
-
4486.855)
/
42734.685
=
-0.063003
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.
Hagihara Industries has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
Hagihara Industries (TSE:7856) has a Beneish M-Score of -2.80 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hagihara Industries and its competitors. According to the industry distribution chart, Hagihara Industries ranks #296 out of 999 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 29.6%.
Is Hagihara Industries' Beneish M-Score too high?
Hagihara Industries' current Beneish M-Score is -2.80. Based on the distribution chart, Hagihara Industries ranks #296 out of 999 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Hagihara Industries has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hagihara Industries' Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Hagihara Industries ranks #296 out of 999 companies for Beneish M-Score. This puts Hagihara Industries 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Hagihara Industries and its competitors. Hagihara Industries's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hagihara Industries stock overvalued right now?
Based on GuruFocus' analysis, Hagihara Industries (TSE:7856) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,601.06, compared to a current price of 円1,835.00 — trading 14.6% above its estimated fair value. The current Beneish M-Score is -2.80. Hagihara Industries' overall GF Score™ is 86/100 with 9 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 Hagihara Industries (TSE:7856), the current Beneish M-Score is -2.80 as of Jul. 29, 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 Hagihara Industries (TSE:7856) Overvalued in 2026?
Based on GuruFocus' analysis, Hagihara Industries stock appears to be overvalued.
The current stock price of 円1,835.00 is trading 14.6% above its estimated GF Value™ of 円1,601.06.
GuruFocus considers Hagihara Industries to be Modestly Overvalued.
Key valuation signals for TSE:7856:
Beneish M-Score: -2.80
GF Value™: 円1,601.06 vs. price of 円1,835.00 (14.6% above fair value)
No single metric tells the full story. See the TSE:7856 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hagihara Industries Inc is a Japan-based company mainly engaged in the production and sale of industrial machinery. It manufactures machinery and equipment for converting, highly-functional film, synthetic fiber, fiber and yarn, and plastic industries. The company has business operations in Japan and overseas markets.
86GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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