Nakabayashi Co (TSE:7987) Beneish M-Score: -2.55 (As of Jun. 26, 2026)

What is Nakabayashi Co Beneish M-Score?

Nakabayashi Co TSE:7987 -0.54% 68 Beneish M-Score is -2.55 as of Jun. 26, 2026. GuruFocus rates TSE:7987 with a GF Score™ of 68/100 and a GF Value™ of 円533.67 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,020 Business Services companies, Nakabayashi Co ranks worse than 50.39% 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7987' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -2.56 Max: -2.37
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Nakabayashi Co was -2.37. The lowest was -2.80. And the median was -2.56.

Nakabayashi Co Beneish M-Score Related Terms

Nakabayashi Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nakabayashi 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.

Nakabayashi Co Beneish M-Score Chart

Nakabayashi Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.64

-2.57

-2.38

-2.59

-2.55

Nakabayashi Co Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.38	0.00	-2.59	0.00	-2.55

TSE:7987 vs CTAS, CPRT, GPN: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Nakabayashi 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.

Nakabayashi Co Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Nakabayashi Co's Beneish M-Score distribution charts can be found below:

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

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68GF Score

Nakabayashi Co Ltd TSE:7987

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

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Nakabayashi 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 Nakabayashi 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 * 0.9317

0.528 * 0.9442

0.404 * 1.2588

0.892 * 0.9814

0.115 * 0.98

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0032

4.679 * -0.024205

0.327 * 0.8521

-2.55

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円9,423 Mil.
Revenue was 円61,598 Mil.
Gross Profit was 円16,252 Mil.
Total Current Assets was 円27,980 Mil.
Total Assets was 円54,080 Mil.
Property, Plant and Equipment(Net PPE) was 円18,790 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,495 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,683 Mil.
Total Current Liabilities was 円13,265 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,362 Mil.
Net Income was 円1,934 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,243 Mil.

Total Receivables was 円10,306 Mil.
Revenue was 円62,767 Mil.
Gross Profit was 円15,637 Mil.
Total Current Assets was 円29,789 Mil.
Total Assets was 円56,584 Mil.
Property, Plant and Equipment(Net PPE) was 円20,719 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,613 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,741 Mil.
Total Current Liabilities was 円15,829 Mil.
Long-Term Debt & Capital Lease Obligation was 円8,270 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)
	=	(9423 / 61598)	/	(10306 / 62767)
	=	0.152976	/	0.164195
	=	0.9317

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)
	=	(15637 / 62767)	/	(16252 / 61598)
	=	0.249128	/	0.26384
	=	0.9442

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 - (27980 + 18790) / 54080)	/	(1 - (29789 + 20719) / 56584)
	=	0.13517	/	0.10738
	=	1.2588

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
	=	61598	/	62767
	=	0.9814

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))
	=	(1613 / (1613 + 20719))	/	(1495 / (1495 + 18790))
	=	0.072228	/	0.0737
	=	0.98

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)
	=	(3683 / 61598)	/	(3741 / 62767)
	=	0.059791	/	0.059601
	=	1.0032

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)
	=	((6362 + 13265) / 54080)	/	((8270 + 15829) / 56584)
	=	0.362925	/	0.425898
	=	0.8521

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
	=	(1934 - 0	-	3243)	/	54080
	=	-0.024205

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.

Nakabayashi Co has a M-score of -2.55 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 -2.55 mean?

Nakabayashi Co (TSE:7987) has a Beneish M-Score of -2.55 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nakabayashi Co and its competitors. According to the industry distribution chart, Nakabayashi Co ranks #514 out of 1020 companies in the Business Services industry, placing it in the top 50.4%.

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

Nakabayashi Co's current Beneish M-Score is -2.55. Based on the distribution chart, Nakabayashi Co ranks #514 out of 1020 companies in the Business Services industry, which is below the industry midpoint. Overall, Nakabayashi Co has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Nakabayashi Co's Beneish M-Score compare to CTAS and CPRT?

According to the Business Services industry distribution chart, Nakabayashi Co ranks #514 out of 1020 companies for Beneish M-Score. This places Nakabayashi Co 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 Business Services company?

A good Beneish M-Score depends on the Business Services 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 Nakabayashi Co and its competitors. Nakabayashi Co's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nakabayashi Co stock overvalued right now?

Based on GuruFocus' analysis, Nakabayashi Co (TSE:7987) is currently considered Fairly Valued. The stock's GF Value™ is 円533.67, compared to a current price of 円557.00 — trading 4.4% above its estimated fair value. The current Beneish M-Score is -2.55. Nakabayashi Co's overall GF Score™ is 68/100 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 Nakabayashi Co (TSE:7987), the current Beneish M-Score is -2.55 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 Nakabayashi Co (TSE:7987) Overvalued in 2026?

Based on GuruFocus' analysis, Nakabayashi Co stock appears to be overvalued. The current stock price of 円557.00 is trading 4.4% above its estimated GF Value™ of 円533.67. GuruFocus considers Nakabayashi Co to be Fairly Valued.

Key valuation signals for TSE:7987:

Beneish M-Score: -2.55
GF Value™: 円533.67 vs. price of 円557.00 (4.4% above fair value)
GF Score™: 68/100 with 2 warning signs

No single metric tells the full story. See the TSE:7987 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nakabayashi Co Business Description

Industry Industrials Business Services

Comparable Companies TSE:7377 TSE:7352 TSE:7811 TSE:9307 TSE:9325 TSE:9322 TSE:7094 TSE:7373 TSE:2471 TSE:5071 CTAS LSE:REL TSX:TRI CPRT GPN ULS TSX:RBA ASX:BXB XAMS:WKL LSE:RTO

Address 5-1, Higashi-Sakashita, 2-Chome, Itabashi-Ku, Tokyo, JPN, 174-8602

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

Nakabayashi Co Ltd is a Japan-based company. It mainly offers business equipment and services. Its principal business activities include consumer-communications business, office appliance business, and process solution business. The company offers various products and services including data printing service, solution service for the library, temporary-employment service, storage box, gadget accessories, paper for printing, office furniture, and waste paper recycling. Nakabayashi is also engaged in woody biomass power generation, Solar power generation and agriculture business.

68GF Score

Get the complete analysis for TSE:7987

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

円557.00

Price

円533.67

GF Value

View TSE:7987 Analysis

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