Toho Bank (TSE:8346) Beneish M-Score: -2.28 (As of Jun. 26, 2026)


TSE:8346 Toho Bank Ltd TSE:8346
47 GF Score
Price 円774.00
GF Value 円417.55
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Toho Bank Beneish M-Score?

Toho Bank TSE:8346 +1.18% 47 Beneish M-Score is -2.28 as of Jun. 26, 2026. GuruFocus rates TSE:8346 with a GF Score™ of 47/100 and a GF Value™ of 円417.55 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,397 Banks companies, Toho Bank ranks worse than 69.94% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8346' s Beneish M-Score Range Over the Past 10 Years
Min: -35.6   Med: -2.33   Max: -1.74
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Toho Bank was -1.74. The lowest was -35.60. And the median was -2.33.

TSE:8346
47GF Score
Toho Bank Ltd TSE:8346
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Toho 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 Toho 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 * 1.165+0.115 * 0.9571
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9471+4.679 * 0.015224-0.327 * 1.0822
=-2.28

* 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69,452 Mil.
Gross Profit was 円69,452 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円6,742,383 Mil.
Property, Plant and Equipment(Net PPE) was 円35,897 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,622 Mil.
Selling, General, & Admin. Expense(SGA) was 円39,674 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円243,530 Mil.
Net Income was 円12,353 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-90,295 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円59,614 Mil.
Gross Profit was 円59,614 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円6,653,240 Mil.
Property, Plant and Equipment(Net PPE) was 円35,511 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,352 Mil.
Selling, General, & Admin. Expense(SGA) was 円35,956 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円222,053 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 / 69452) / (0 / 59614)
=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)
=(59614 / 59614) / (69452 / 69452)
=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 + 35897) / 6742383) / (1 - (0 + 35511) / 6653240)
=0.994676 / 0.994663
=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
=69452 / 59614
=1.165

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))
=(4352 / (4352 + 35511)) / (4622 / (4622 + 35897))
=0.109174 / 0.11407
=0.9571

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)
=(39674 / 69452) / (35956 / 59614)
=0.571243 / 0.603147
=0.9471

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)
=((243530 + 0) / 6742383) / ((222053 + 0) / 6653240)
=0.036119 / 0.033375
=1.0822

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
=(12353 - 0 - -90295) / 6742383
=0.015224

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.

Toho Bank has a M-score of -2.28 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 -2.28 mean?
Toho Bank (TSE:8346) has a Beneish M-Score of -2.28 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Toho Bank and its competitors. According to the industry distribution chart, Toho Bank ranks #977 out of 1397 companies in the Banks industry, placing it in the top 69.9%.
Is Toho Bank's Beneish M-Score too high?
Toho Bank's current Beneish M-Score is -2.28. Based on the distribution chart, Toho Bank ranks #977 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Toho 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 Toho Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Toho Bank ranks #977 out of 1397 companies for Beneish M-Score. This places Toho 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 Toho Bank and its competitors. Toho Bank's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toho Bank stock overvalued right now?
Based on GuruFocus' analysis, Toho Bank (TSE:8346) is currently considered Significantly Overvalued. The stock's GF Value™ is 円417.55, compared to a current price of 円774.00 — trading 85.4% above its estimated fair value. The current Beneish M-Score is -2.28. Toho Bank's overall GF Score™ is 47/100 with 6 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 Toho Bank (TSE:8346), the current Beneish M-Score is -2.28 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 Toho Bank (TSE:8346) Overvalued in 2026?

Based on GuruFocus' analysis, Toho Bank stock appears to be overvalued. The current stock price of 円774.00 is trading 85.4% above its estimated GF Value™ of 円417.55. GuruFocus considers Toho Bank to be Significantly Overvalued.

Key valuation signals for TSE:8346:

  • Beneish M-Score: -2.28
  • GF Value™: 円417.55 vs. price of 円774.00 (85.4% above fair value)
  • GF Score™: 47/100 with 6 warning signs

No single metric tells the full story. See the TSE:8346 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Toho Bank Business Description

Address 3-25, Ohmachi, Fukushima, JPN, 960-8633
Toho Bank Ltd is a Japanese regional commercial bank group operating in the Fukushima prefecture of the island nation. The group consists of a bank and seven subsidiaries, which provide banking, leasing, credit card, and credit guaranteeing services. The banking business consists of money transfer, lending, foreign exchange services, and associate businesses. Most of the group's earnings assets are in loans and bill discounted, followed by securities. Net interest income and fees and commissions income generate most of the group's income.
47GF Score

Get the complete analysis for TSE:8346

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

円774.00
Price
円417.55
GF Value