Tsukuba Bank (TSE:8338) Beneish M-Score: -2.14 (As of Aug. 28, 2026)

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TSE:8338 Tsukuba Bank Ltd TSE:8338
47 GF Score
Price 円757.00
GF Value 円315.06
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Tsukuba Bank Beneish M-Score?

Tsukuba Bank TSE:8338 +3.98% 47 Beneish M-Score is -2.14 as of Aug. 28, 2026. GuruFocus rates TSE:8338 with a GF Score™ of 47/100 and a GF Value™ of 円315.06 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,391 Banks companies, Tsukuba Bank ranks worse than 84.97% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8338' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.38   Max: -1.83
Current: -2.14

During the past 13 years, the highest Beneish M-Score of Tsukuba Bank was -1.83. The lowest was -3.16. And the median was -2.38.

TSE:8338
47GF Score
Tsukuba Bank Ltd TSE:8338
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Tsukuba Bank 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 Tsukuba Bank 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 * 1.1397+0.115 * 1.1233
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9064+4.679 * 0.051579-0.327 * 1.1827
=-2.14

* 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39,046 Mil.
Gross Profit was 円39,046 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円2,835,644 Mil.
Property, Plant and Equipment(Net PPE) was 円18,803 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,923 Mil.
Selling, General, & Admin. Expense(SGA) was 円23,593 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円166,300 Mil.
Net Income was 円6,670 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-139,590 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円34,259 Mil.
Gross Profit was 円34,259 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円2,889,878 Mil.
Property, Plant and Equipment(Net PPE) was 円19,149 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,228 Mil.
Selling, General, & Admin. Expense(SGA) was 円22,837 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円143,300 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 / 39046) / (0 / 34259)
=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)
=(34259 / 34259) / (39046 / 39046)
=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 + 18803) / 2835644) / (1 - (0 + 19149) / 2889878)
=0.993369 / 0.993374
=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
=39046 / 34259
=1.1397

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))
=(2228 / (2228 + 19149)) / (1923 / (1923 + 18803))
=0.104224 / 0.092782
=1.1233

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)
=(23593 / 39046) / (22837 / 34259)
=0.604236 / 0.666599
=0.9064

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)
=((166300 + 0) / 2835644) / ((143300 + 0) / 2889878)
=0.058646 / 0.049587
=1.1827

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
=(6670 - 0 - -139590) / 2835644
=0.051579

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.

Tsukuba Bank has a M-score of -2.14 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 -2.14 mean?
Tsukuba Bank (TSE:8338) has a Beneish M-Score of -2.14 as of Aug. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tsukuba Bank and its competitors. According to the industry distribution chart, Tsukuba Bank ranks #1182 out of 1391 companies in the Banks industry, placing it in the top 85%.
Is Tsukuba Bank's Beneish M-Score too high?
Tsukuba Bank's current Beneish M-Score is -2.14. Based on the distribution chart, Tsukuba Bank ranks #1182 out of 1391 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Tsukuba Bank has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tsukuba Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Tsukuba Bank ranks #1182 out of 1391 companies for Beneish M-Score. This places Tsukuba Bank 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 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 Tsukuba Bank and its competitors. Tsukuba Bank's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tsukuba Bank stock overvalued right now?
Based on GuruFocus' analysis, Tsukuba Bank (TSE:8338) is currently considered Significantly Overvalued. The stock's GF Value™ is 円315.06, compared to a current price of 円757.00 — trading 140.3% above its estimated fair value. The current Beneish M-Score is -2.14. Tsukuba Bank's overall GF Score™ is 47/100 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 Tsukuba Bank (TSE:8338), the current Beneish M-Score is -2.14 as of Aug. 28, 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 Tsukuba Bank (TSE:8338) Overvalued in 2026?

Based on GuruFocus' analysis, Tsukuba Bank stock appears to be overvalued. The current stock price of 円757.00 is trading 140.3% above its estimated GF Value™ of 円315.06. GuruFocus considers Tsukuba Bank to be Significantly Overvalued.

Key valuation signals for TSE:8338:

  • Beneish M-Score: -2.14
  • GF Value™: 円315.06 vs. price of 円757.00 (140.3% above fair value)
  • GF Score™: 47/100 with 4 warning signs

No single metric tells the full story. See the TSE:8338 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tsukuba Bank Business Description

Address 1-7 Takezono, Ibaraki Prefecture, Tsukuba, JPN, 305-0032
Tsukuba Bank Ltd is a Japan-based company engaged in the business of providing financial services. It provides services like deposits, loan products, and current and savings account.
47GF Score

Get the complete analysis for TSE:8338

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

円757.00
Price
円315.06
GF Value