The Bank Of Japan (TSE:8301) Beneish M-Score: -2.59 (As of Jun. 26, 2026)


TSE:8301 The Bank Of Japan TSE:8301
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What is The Bank Of Japan Beneish M-Score?

The Bank Of Japan TSE:8301 -0.86% 23 Beneish M-Score is -2.59 as of Jun. 26, 2026. GuruFocus rates TSE:8301 with a GF Score™ of 23/100. The stock has 3 warning signs investors should review. Among 1,397 Banks companies, The Bank Of Japan ranks better than 79.96% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8301' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -2.23   Max: -1.92
Current: -2.59

During the past 13 years, the highest Beneish M-Score of The Bank Of Japan was -1.92. The lowest was -2.90. And the median was -2.23.

TSE:8301
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The Bank Of Japan TSE:8301
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The Bank Of Japan 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 The Bank Of Japan 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 * 0.9058+0.115 * 1.0503
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1141+4.679 * 0.002905-0.327 * 1.0788
=-2.59

* 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2,784,988 Mil.
Gross Profit was 円2,784,988 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円663,025,059 Mil.
Property, Plant and Equipment(Net PPE) was 円251,556 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,289 Mil.
Selling, General, & Admin. Expense(SGA) was 円79,128 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円116,322,002 Mil.
Net Income was 円1,926,386 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円0 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円3,074,646 Mil.
Gross Profit was 円3,074,646 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円729,766,910 Mil.
Property, Plant and Equipment(Net PPE) was 円242,193 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,545 Mil.
Selling, General, & Admin. Expense(SGA) was 円78,411 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円118,675,759 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 / 2784987.914) / (0 / 3074645.896)
=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)
=(3074645.896 / 3074645.896) / (2784987.914 / 2784987.914)
=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 + 251555.578) / 663025058.869) / (1 - (0 + 242192.511) / 729766909.653)
=0.999621 / 0.999668
=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
=2784987.914 / 3074645.896
=0.9058

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))
=(17544.537 / (17544.537 + 242192.511)) / (17289.389 / (17289.389 + 251555.578))
=0.067547 / 0.06431
=1.0503

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)
=(79127.559 / 2784987.914) / (78410.929 / 3074645.896)
=0.028412 / 0.025502
=1.1141

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)
=((116322001.63 + 0) / 663025058.869) / ((118675759.067 + 0) / 729766909.653)
=0.175441 / 0.162621
=1.0788

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
=(1926386.209 - 0 - 0) / 663025058.869
=0.002905

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.

The Bank Of Japan has a M-score of -2.59 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 -2.59 mean?
The Bank Of Japan (TSE:8301) has a Beneish M-Score of -2.59 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Bank Of Japan and its competitors. According to the industry distribution chart, The Bank Of Japan ranks #280 out of 1397 companies in the Banks industry, placing it in the top 20%.
Is The Bank Of Japan's Beneish M-Score too high?
The Bank Of Japan's current Beneish M-Score is -2.59. Based on the distribution chart, The Bank Of Japan ranks #280 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, The Bank Of Japan has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does The Bank Of Japan's Beneish M-Score compare to CCSB and TCNB?
According to the Banks industry distribution chart, The Bank Of Japan ranks #280 out of 1397 companies for Beneish M-Score. This places The Bank Of Japan in the top 20% of its industry — outperforming the majority of peers. 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 The Bank Of Japan and its competitors. The Bank Of Japan's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Bank Of Japan stock overvalued right now?
The Bank Of Japan (TSE:8301) has a current Beneish M-Score of -2.59. The current Beneish M-Score is -2.59. The Bank Of Japan's overall GF Score™ is 23/100 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 The Bank Of Japan (TSE:8301), the current Beneish M-Score is -2.59 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.

The Bank Of Japan Business Description

Address 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, JPN, 103-0021
The Bank Of Japan is the central bank of Japan. It issues banknotes and carries out currency and monetary control. The company operations include a Medium-term Management Plan, monetary policy, financial system, settlement/market, banknotes/national treasury/government bonds, international finance, research/research and statistics.
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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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