Hachijuni Nagano Bank (TSE:8359) Beneish M-Score: -2.08 (As of Jun. 26, 2026)


TSE:8359 Hachijuni Nagano Bank Ltd TSE:8359
56 GF Score
Price 円2,355.50
GF Value 円1,623.18
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Hachijuni Nagano Bank Beneish M-Score?

Hachijuni Nagano Bank TSE:8359 +0.04% 56 Beneish M-Score is -2.08 as of Jun. 26, 2026. GuruFocus rates TSE:8359 with a GF Score™ of 56/100 and a GF Value™ of 円1,623.18 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,397 Banks companies, Hachijuni Nagano Bank ranks worse than 88.19% 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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8359' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Med: -2.56   Max: -1.96
Current: -2.08

During the past 13 years, the highest Beneish M-Score of Hachijuni Nagano Bank was -1.96. The lowest was -3.77. And the median was -2.56.

TSE:8359
56GF Score
Hachijuni Nagano Bank Ltd TSE:8359
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hachijuni Nagano 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 Hachijuni Nagano 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 * 1.2056+0.115 * 1.0166
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9274+4.679 * 0.03726-0.327 * 0.9245
=-2.08

* 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242,887 Mil.
Gross Profit was 円242,887 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円13,554,489 Mil.
Property, Plant and Equipment(Net PPE) was 円38,749 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,088 Mil.
Selling, General, & Admin. Expense(SGA) was 円81,145 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,017,837 Mil.
Net Income was 円64,572 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-440,464 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円201,464 Mil.
Gross Profit was 円201,464 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円13,515,316 Mil.
Property, Plant and Equipment(Net PPE) was 円38,628 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,186 Mil.
Selling, General, & Admin. Expense(SGA) was 円72,578 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,176,443 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 / 242887) / (0 / 201464)
=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)
=(201464 / 201464) / (242887 / 242887)
=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 + 38749) / 13554489) / (1 - (0 + 38628) / 13515316)
=0.997141 / 0.997142
=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
=242887 / 201464
=1.2056

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))
=(6186 / (6186 + 38628)) / (6088 / (6088 + 38749))
=0.138037 / 0.135781
=1.0166

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)
=(81145 / 242887) / (72578 / 201464)
=0.334085 / 0.360253
=0.9274

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)
=((2017837 + 0) / 13554489) / ((2176443 + 0) / 13515316)
=0.148869 / 0.161035
=0.9245

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
=(64572 - 0 - -440464) / 13554489
=0.03726

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.

Hachijuni Nagano Bank has a M-score of -2.08 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 -2.08 mean?
Hachijuni Nagano Bank (TSE:8359) has a Beneish M-Score of -2.08 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hachijuni Nagano Bank and its competitors. According to the industry distribution chart, Hachijuni Nagano Bank ranks #1232 out of 1397 companies in the Banks industry, placing it in the top 88.2%.
Is Hachijuni Nagano Bank's Beneish M-Score too high?
Hachijuni Nagano Bank's current Beneish M-Score is -2.08. Based on the distribution chart, Hachijuni Nagano Bank ranks #1232 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Hachijuni Nagano Bank has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hachijuni Nagano Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Hachijuni Nagano Bank ranks #1232 out of 1397 companies for Beneish M-Score. This places Hachijuni Nagano 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 Hachijuni Nagano Bank and its competitors. Hachijuni Nagano Bank's current Beneish M-Score is -2.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hachijuni Nagano Bank stock overvalued right now?
Based on GuruFocus' analysis, Hachijuni Nagano Bank (TSE:8359) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,623.18, compared to a current price of 円2,355.50 — trading 45.1% above its estimated fair value. The current Beneish M-Score is -2.08. Hachijuni Nagano Bank's overall GF Score™ is 56/100 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 Hachijuni Nagano Bank (TSE:8359), the current Beneish M-Score is -2.08 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 Hachijuni Nagano Bank (TSE:8359) Overvalued in 2026?

Based on GuruFocus' analysis, Hachijuni Nagano Bank stock appears to be overvalued. The current stock price of 円2,355.50 is trading 45.1% above its estimated GF Value™ of 円1,623.18. GuruFocus considers Hachijuni Nagano Bank to be Significantly Overvalued.

Key valuation signals for TSE:8359:

  • Beneish M-Score: -2.08
  • GF Value™: 円1,623.18 vs. price of 円2,355.50 (45.1% above fair value)
  • GF Score™: 56/100 with 6 warning signs

No single metric tells the full story. See the TSE:8359 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hachijuni Nagano Bank Business Description

Other Exchanges HACBY:USA
Address 178-8 Okada, Nakagosho, Nagano, JPN, 380-8682
Hachijuni Nagano Bank Ltd is a Japan-based company that is principally engaged in banking. The company is a regional bank, with its business mainly based in Nagano Prefecture. The company's core business segments comprise the leasing business segment and the banking business segment, which encompasses the banking and credit card operations. The company generates the majority of revenue from the banking business segment. The majority of its branches are located in certain areas of Japan, and the firm also has a business presence in overseas markets such as Hong Kong, Dalian, Shanghai, and Bangkok.
56GF Score

Get the complete analysis for TSE:8359

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

円2,355.50
Price
円1,623.18
GF Value