Ogaki Kyoritsu Bank (TSE:8361) Beneish M-Score: -2.09 (As of Jun. 27, 2026)


TSE:8361 Ogaki Kyoritsu Bank Ltd TSE:8361
48 GF Score
Price 円7,320.00
GF Value 円2,923.52
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Ogaki Kyoritsu Bank Beneish M-Score?

Ogaki Kyoritsu Bank TSE:8361 +2.95% 48 Beneish M-Score is -2.09 as of Jun. 27, 2026. GuruFocus rates TSE:8361 with a GF Score™ of 48/100 and a GF Value™ of 円2,923.52 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Ogaki Kyoritsu Bank ranks worse than 87.69% 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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8361' s Beneish M-Score Range Over the Past 10 Years
Min: -4.09   Med: -2.51   Max: -1.31
Current: -2.09

During the past 13 years, the highest Beneish M-Score of Ogaki Kyoritsu Bank was -1.31. The lowest was -4.09. And the median was -2.51.

TSE:8361
48GF Score
Ogaki Kyoritsu Bank Ltd TSE:8361
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ogaki Kyoritsu 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 Ogaki Kyoritsu 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 * 1.0004+0.892 * 1.3155+0.115 * 0.9238
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7983+4.679 * 0.001284-0.327 * 0.7587
=-2.09

* 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149,949 Mil.
Gross Profit was 円149,949 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円6,737,053 Mil.
Property, Plant and Equipment(Net PPE) was 円29,949 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,985 Mil.
Selling, General, & Admin. Expense(SGA) was 円43,952 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円212,767 Mil.
Net Income was 円19,382 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円10,732 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円113,990 Mil.
Gross Profit was 円113,990 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円6,541,899 Mil.
Property, Plant and Equipment(Net PPE) was 円31,458 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,828 Mil.
Selling, General, & Admin. Expense(SGA) was 円41,852 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円272,303 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 / 149949) / (0 / 113990)
=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)
=(113990 / 113990) / (149949 / 149949)
=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 + 29949) / 6737053) / (1 - (0 + 31458) / 6541899)
=0.995555 / 0.995191
=1.0004

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
=149949 / 113990
=1.3155

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))
=(3828 / (3828 + 31458)) / (3985 / (3985 + 29949))
=0.108485 / 0.117434
=0.9238

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)
=(43952 / 149949) / (41852 / 113990)
=0.293113 / 0.367155
=0.7983

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)
=((212767 + 0) / 6737053) / ((272303 + 0) / 6541899)
=0.031582 / 0.041624
=0.7587

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
=(19382 - 0 - 10732) / 6737053
=0.001284

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.

Ogaki Kyoritsu Bank has a M-score of -2.09 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 -2.09 mean?
Ogaki Kyoritsu Bank (TSE:8361) has a Beneish M-Score of -2.09 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ogaki Kyoritsu Bank and its competitors. According to the industry distribution chart, Ogaki Kyoritsu Bank ranks #1225 out of 1397 companies in the Banks industry, placing it in the top 87.7%.
Is Ogaki Kyoritsu Bank's Beneish M-Score too high?
Ogaki Kyoritsu Bank's current Beneish M-Score is -2.09. Based on the distribution chart, Ogaki Kyoritsu Bank ranks #1225 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Ogaki Kyoritsu Bank has a GF Score™ of 48/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ogaki Kyoritsu Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Ogaki Kyoritsu Bank ranks #1225 out of 1397 companies for Beneish M-Score. This places Ogaki Kyoritsu 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 Ogaki Kyoritsu Bank and its competitors. Ogaki Kyoritsu Bank's current Beneish M-Score is -2.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ogaki Kyoritsu Bank stock overvalued right now?
Based on GuruFocus' analysis, Ogaki Kyoritsu Bank (TSE:8361) is currently considered Significantly Overvalued. The stock's GF Value™ is 円2,923.52, compared to a current price of 円7,320.00 — trading 150.4% above its estimated fair value. The current Beneish M-Score is -2.09. Ogaki Kyoritsu Bank's overall GF Score™ is 48/100 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 Ogaki Kyoritsu Bank (TSE:8361), the current Beneish M-Score is -2.09 as of Jun. 27, 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 Ogaki Kyoritsu Bank (TSE:8361) Overvalued in 2026?

Based on GuruFocus' analysis, Ogaki Kyoritsu Bank stock appears to be overvalued. The current stock price of 円7,320.00 is trading 150.4% above its estimated GF Value™ of 円2,923.52. GuruFocus considers Ogaki Kyoritsu Bank to be Significantly Overvalued.

Key valuation signals for TSE:8361:

  • Beneish M-Score: -2.09
  • GF Value™: 円2,923.52 vs. price of 円7,320.00 (150.4% above fair value)
  • GF Score™: 48/100 with 4 warning signs

No single metric tells the full story. See the TSE:8361 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ogaki Kyoritsu Bank Business Description

Address 3-98 Kuruwa-machi, Ogaki, Gifu, JPN, 503-8602
Ogaki Kyoritsu Bank Ltd is a Japanese regional bank operating primarily in the island nation's Chubu region. The majority of the bank's branches and locations are in the Gifu and Aichi prefectures, along with its loans and deposits. The balance of the bank's deposits is primarily located in Gifu, while more of the loan balances are located in Aichi. While the bank has few locations in Tokyo/Osaka, it still has a sizable portion of its loan book exposed to the region. The bank has focused its efforts on easing customer access to conduct transactions through financial technology and information technology innovation. Most of its earning assets are in loans and bills discounted, and securities.
48GF Score

Get the complete analysis for TSE:8361

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

円7,320.00
Price
円2,923.52
GF Value