Fukui Bank (TSE:8362) Beneish M-Score: -2.19 (As of Jun. 27, 2026)


TSE:8362 Fukui Bank Ltd TSE:8362
54 GF Score
Price 円5,440.00
GF Value 円2,217.42
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Fukui Bank Beneish M-Score?

Fukui Bank TSE:8362 +4.62% 54 Beneish M-Score is -2.19 as of Jun. 27, 2026. GuruFocus rates TSE:8362 with a GF Score™ of 54/100 and a GF Value™ of 円2,217.42 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Fukui Bank ranks worse than 81.39% 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8362' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3   Med: -2.63   Max: -1.91
Current: -2.19

During the past 13 years, the highest Beneish M-Score of Fukui Bank was -1.91. The lowest was -3.30. And the median was -2.63.

TSE:8362
54GF Score
Fukui Bank Ltd TSE:8362
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Fukui 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 Fukui 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 * 1.0002+0.892 * 1.1643+0.115 * 0.8003
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9365+4.679 * 0.01372-0.327 * 0.7137
=-2.19

* 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65,341 Mil.
Gross Profit was 円65,341 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円4,314,363 Mil.
Property, Plant and Equipment(Net PPE) was 円29,340 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,015 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,553 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円376,058 Mil.
Net Income was 円8,601 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-50,592 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円56,122 Mil.
Gross Profit was 円56,122 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円4,286,795 Mil.
Property, Plant and Equipment(Net PPE) was 円29,843 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,618 Mil.
Selling, General, & Admin. Expense(SGA) was 円30,773 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円523,514 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 / 65341) / (0 / 56122)
=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)
=(56122 / 56122) / (65341 / 65341)
=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 + 29340) / 4314363) / (1 - (0 + 29843) / 4286795)
=0.993199 / 0.993038
=1.0002

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
=65341 / 56122
=1.1643

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))
=(1618 / (1618 + 29843)) / (2015 / (2015 + 29340))
=0.051429 / 0.064264
=0.8003

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)
=(33553 / 65341) / (30773 / 56122)
=0.513506 / 0.548323
=0.9365

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)
=((376058 + 0) / 4314363) / ((523514 + 0) / 4286795)
=0.087164 / 0.122122
=0.7137

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
=(8601 - 0 - -50592) / 4314363
=0.01372

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.

Fukui Bank has a M-score of -2.19 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 -2.19 mean?
Fukui Bank (TSE:8362) has a Beneish M-Score of -2.19 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fukui Bank and its competitors. According to the industry distribution chart, Fukui Bank ranks #1137 out of 1397 companies in the Banks industry, placing it in the top 81.4%.
Is Fukui Bank's Beneish M-Score too high?
Fukui Bank's current Beneish M-Score is -2.19. Based on the distribution chart, Fukui Bank ranks #1137 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Fukui Bank has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fukui Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Fukui Bank ranks #1137 out of 1397 companies for Beneish M-Score. This places Fukui 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 Fukui Bank and its competitors. Fukui Bank's current Beneish M-Score is -2.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fukui Bank stock overvalued right now?
Based on GuruFocus' analysis, Fukui Bank (TSE:8362) is currently considered Significantly Overvalued. The stock's GF Value™ is 円2,217.42, compared to a current price of 円5,440.00 — trading 145.3% above its estimated fair value. The current Beneish M-Score is -2.19. Fukui Bank's overall GF Score™ is 54/100 with 5 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 Fukui Bank (TSE:8362), the current Beneish M-Score is -2.19 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 Fukui Bank (TSE:8362) Overvalued in 2026?

Based on GuruFocus' analysis, Fukui Bank stock appears to be overvalued. The current stock price of 円5,440.00 is trading 145.3% above its estimated GF Value™ of 円2,217.42. GuruFocus considers Fukui Bank to be Significantly Overvalued.

Key valuation signals for TSE:8362:

  • Beneish M-Score: -2.19
  • GF Value™: 円2,217.42 vs. price of 円5,440.00 (145.3% above fair value)
  • GF Score™: 54/100 with 5 warning signs

No single metric tells the full story. See the TSE:8362 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fukui Bank Business Description

Address 1-1, Junka 1-chome, Fukui, JPN, 910-8660
Fukui Bank Ltd is a Japanese banking services provider that generates the majority of revenue domestically. The bank operates through three segments: banking, lease, and others. The largest driver of revenue is the banking segment, which provides regional banking services such as deposits, credit and debit cards, personal loans, mortgages, car insurance, investment trusts, pensions, annuities, Internet banking, and foreign exchange. The lease segment provides finance leasing services. The other segment is engaged in computer-related services.
54GF Score

Get the complete analysis for TSE:8362

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

円5,440.00
Price
円2,217.42
GF Value