Inabata (TSE:8098) Beneish M-Score: -2.44 (As of Jul. 11, 2026)

What is Inabata Beneish M-Score?

Inabata TSE:8098 -0.38% 82 Beneish M-Score is -2.44 as of Jul. 11, 2026. GuruFocus rates TSE:8098 with a GF Score™ of 82/100 and a GF Value™ of 円3,717.50 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,525 Chemicals companies, Inabata ranks worse than 55.74% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8098' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: -2.46 Max: -2.15
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Inabata was -2.15. The lowest was -2.67. And the median was -2.46.

Inabata Beneish M-Score Related Terms

Inabata Beneish M-Score Historical Data

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The historical data trend for Inabata'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.

Inabata Beneish M-Score Chart

Inabata Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.15

-2.55

-2.48

-2.47

-2.44

Inabata Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.47	0.00	0.00	0.00	-2.44

TSE:8098 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Inabata'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.

Inabata Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Inabata's Beneish M-Score distribution charts can be found below:

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

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82GF Score

Inabata & Co Ltd TSE:8098

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

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Inabata 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 Inabata 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 * 1.0126

0.528 * 0.9361

0.404 * 1.0776

0.892 * 0.9939

0.115 * 1.34

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.000889

0.327 * 0.9846

-2.44

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円182,481 Mil.
Revenue was 円832,745 Mil.
Gross Profit was 円83,801 Mil.
Total Current Assets was 円394,072 Mil.
Total Assets was 円498,138 Mil.
Property, Plant and Equipment(Net PPE) was 円28,422 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,541 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円184,487 Mil.
Long-Term Debt & Capital Lease Obligation was 円52,741 Mil.
Net Income was 円20,632 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円21,075 Mil.

Total Receivables was 円181,319 Mil.
Revenue was 円837,838 Mil.
Gross Profit was 円78,923 Mil.
Total Current Assets was 円359,977 Mil.
Total Assets was 円441,972 Mil.
Property, Plant and Equipment(Net PPE) was 円19,713 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,463 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円168,469 Mil.
Long-Term Debt & Capital Lease Obligation was 円45,294 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)
	=	(182481 / 832745)	/	(181319 / 837838)
	=	0.219132	/	0.216413
	=	1.0126

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)
	=	(78923 / 837838)	/	(83801 / 832745)
	=	0.094198	/	0.100632
	=	0.9361

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 - (394072 + 28422) / 498138)	/	(1 - (359977 + 19713) / 441972)
	=	0.151854	/	0.140918
	=	1.0776

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
	=	832745	/	837838
	=	0.9939

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))
	=	(4463 / (4463 + 19713))	/	(4541 / (4541 + 28422))
	=	0.184605	/	0.137761
	=	1.34

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 / 832745)	/	(0 / 837838)
	=	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)
	=	((52741 + 184487) / 498138)	/	((45294 + 168469) / 441972)
	=	0.476229	/	0.483657
	=	0.9846

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
	=	(20632 - 0	-	21075)	/	498138
	=	-0.000889

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.

Inabata has a M-score of -2.44 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 -2.44 mean?

Inabata (TSE:8098) has a Beneish M-Score of -2.44 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Inabata and its competitors. According to the industry distribution chart, Inabata ranks #850 out of 1525 companies in the Chemicals industry, placing it in the top 55.7%.

Is Inabata's Beneish M-Score too high?

Inabata's current Beneish M-Score is -2.44. Based on the distribution chart, Inabata ranks #850 out of 1525 companies in the Chemicals industry, which is below the industry midpoint. Overall, Inabata has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Inabata's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, Inabata ranks #850 out of 1525 companies for Beneish M-Score. This places Inabata 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 Chemicals company?

A good Beneish M-Score depends on the Chemicals 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 Inabata and its competitors. Inabata's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Inabata stock overvalued right now?

Based on GuruFocus' analysis, Inabata (TSE:8098) is currently considered Fairly Valued. The stock's GF Value™ is 円3,717.50, compared to a current price of 円3,920.00 — trading 5.4% above its estimated fair value. The current Beneish M-Score is -2.44. Inabata's overall GF Score™ is 82/100 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 Inabata (TSE:8098), the current Beneish M-Score is -2.44 as of Jul. 11, 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 Inabata (TSE:8098) Overvalued in 2026?

Based on GuruFocus' analysis, Inabata stock appears to be overvalued. The current stock price of 円3,920.00 is trading 5.4% above its estimated GF Value™ of 円3,717.50. GuruFocus considers Inabata to be Fairly Valued.

Key valuation signals for TSE:8098:

Beneish M-Score: -2.44
GF Value™: 円3,717.50 vs. price of 円3,920.00 (5.4% above fair value)
GF Score™: 82/100 with 3 warning signs

No single metric tells the full story. See the TSE:8098 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Inabata Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:4047 TSE:4634 TSE:4975 TSE:7970 TSE:4107 TSE:4046 TSE:4971 TSE:4045 TSE:4095 TSE:4617 LIN XPAR:AI SHW ECL APD SHSE:603256 XSWX:GIVN TPE:1303 XSWX:SIKA SHSE:600309

Address 1-15-14, Minamisemba, Chuo-ku, Osaka, JPN, 542-8558

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

Inabata & Co Ltd manufactures and sells a variety of chemicals and chemical-based products. The company organizes itself into five primary segments based on product type. The plastics segment, which generates more revenue than any other segment, sells plastic polymers used for food and beverage packaging. The information and electronics segment sells polarizing films used in touch screen devices, office printing-related products, and solar panels. The chemicals segment sells multiple chemicals products that include raw materials used to make plastics, rubber, and electronics materials. The life industry segment sells insect repellents and insecticides. The housing and eco materials segment sells lumber and building materials. The vast majority of revenue comes from Asia.

82GF Score

Get the complete analysis for TSE:8098

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

円3,920.00

Price

円3,717.50

GF Value

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