Yamaguchi Financial Group (TSE:8418) Beneish M-Score: -2.14 (As of Jul. 21, 2026)

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TSE:8418 Yamaguchi Financial Group Inc TSE:8418
70 GF Score
Price 円3,048.00
GF Value 円2,731.70
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Yamaguchi Financial Group Beneish M-Score?

Yamaguchi Financial Group TSE:8418 +5.03% 70 Beneish M-Score is -2.14 as of Jul. 21, 2026. GuruFocus rates TSE:8418 with a GF Score™ of 70/100 and a GF Value™ of 円2,731.70 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,394 Banks companies, Yamaguchi Financial Group ranks worse than 84.65% 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 Yamaguchi Financial Group's Beneish M-Score or its related term are showing as below:

TSE:8418' s Beneish M-Score Range Over the Past 10 Years
Min: -4.48   Med: -2.46   Max: -2.14
Current: -2.14

During the past 13 years, the highest Beneish M-Score of Yamaguchi Financial Group was -2.14. The lowest was -4.48. And the median was -2.46.

TSE:8418
70GF Score
Yamaguchi Financial Group Inc TSE:8418
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Yamaguchi Financial Group 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 Yamaguchi Financial Group 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 * 1.2308+0.115 * 1.0499
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8669+4.679 * 0.0211-0.327 * 0.9802
=-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207,023 Mil.
Gross Profit was 円207,023 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円13,180,464 Mil.
Property, Plant and Equipment(Net PPE) was 円81,335 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,748 Mil.
Selling, General, & Admin. Expense(SGA) was 円68,588 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円966,050 Mil.
Net Income was 円33,008 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-245,099 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円168,207 Mil.
Gross Profit was 円168,207 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円12,993,479 Mil.
Property, Plant and Equipment(Net PPE) was 円80,186 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,929 Mil.
Selling, General, & Admin. Expense(SGA) was 円64,285 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円971,580 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 / 207023) / (0 / 168207)
=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)
=(168207 / 168207) / (207023 / 207023)
=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 + 81335) / 13180464) / (1 - (0 + 80186) / 12993479)
=0.993829 / 0.993829
=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
=207023 / 168207
=1.2308

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))
=(4929 / (4929 + 80186)) / (4748 / (4748 + 81335))
=0.05791 / 0.055156
=1.0499

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)
=(68588 / 207023) / (64285 / 168207)
=0.331306 / 0.382178
=0.8669

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)
=((966050 + 0) / 13180464) / ((971580 + 0) / 12993479)
=0.073294 / 0.074774
=0.9802

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
=(33008 - 0 - -245099) / 13180464
=0.0211

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.

Yamaguchi Financial Group 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?
Yamaguchi Financial Group (TSE:8418) has a Beneish M-Score of -2.14 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Yamaguchi Financial Group and its competitors. According to the industry distribution chart, Yamaguchi Financial Group ranks #1180 out of 1394 companies in the Banks industry, placing it in the top 84.6%.
Is Yamaguchi Financial Group's Beneish M-Score too high?
Yamaguchi Financial Group's current Beneish M-Score is -2.14. Based on the distribution chart, Yamaguchi Financial Group ranks #1180 out of 1394 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Yamaguchi Financial Group has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Yamaguchi Financial Group's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Yamaguchi Financial Group ranks #1180 out of 1394 companies for Beneish M-Score. This places Yamaguchi Financial Group 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 Yamaguchi Financial Group and its competitors. Yamaguchi Financial Group'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 Yamaguchi Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Yamaguchi Financial Group (TSE:8418) is currently considered Modestly Overvalued. The stock's GF Value™ is 円2,731.70, compared to a current price of 円3,048.00 — trading 11.6% above its estimated fair value. The current Beneish M-Score is -2.14. Yamaguchi Financial Group's overall GF Score™ is 70/100 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 Yamaguchi Financial Group (TSE:8418), the current Beneish M-Score is -2.14 as of Jul. 21, 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 Yamaguchi Financial Group (TSE:8418) Overvalued in 2026?

Based on GuruFocus' analysis, Yamaguchi Financial Group stock appears to be overvalued. The current stock price of 円3,048.00 is trading 11.6% above its estimated GF Value™ of 円2,731.70. GuruFocus considers Yamaguchi Financial Group to be Modestly Overvalued.

Key valuation signals for TSE:8418:

  • Beneish M-Score: -2.14
  • GF Value™: 円2,731.70 vs. price of 円3,048.00 (11.6% above fair value)
  • GF Score™: 70/100 with 5 warning signs

No single metric tells the full story. See the TSE:8418 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Yamaguchi Financial Group Business Description

Address 4-2-36 Takezakicho, Yamaguchi Prefecture, Shimonoseki, JPN, 750-8603
Yamaguchi Financial Group Inc is a Japan-based holding company that is principally engaged in providing financial products and services, such as deposits, loans, leasing, foreign exchange transactions, securities business, credit card business, and others. The company operates through a number of subsidiaries, such as Yamaguchi Bank, Momiji Bank, Kitakyushu Bank, and YM Securities. The company's business operations are concentrated within a branch network in Japan, and the firm generates the majority of its income from the domestic market. The company also has a business presence in overseas markets, such as mainland China and Hong Kong.
70GF Score

Get the complete analysis for TSE:8418

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

円3,048.00
Price
円2,731.70
GF Value