Ehime Bank (TSE:8541) Beneish M-Score: -2.53 (As of Jun. 26, 2026)


TSE:8541 Ehime Bank Ltd TSE:8541
58 GF Score
Price 円2,011.00
GF Value 円1,239.47
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Ehime Bank Beneish M-Score?

Ehime Bank TSE:8541 +1.87% 58 Beneish M-Score is -2.53 as of Jun. 26, 2026. GuruFocus rates TSE:8541 with a GF Score™ of 58/100 and a GF Value™ of 円1,239.47 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Ehime Bank ranks better than 74.3% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8541' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.53   Max: -2.2
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Ehime Bank was -2.20. The lowest was -2.82. And the median was -2.53.

TSE:8541
58GF Score
Ehime Bank Ltd TSE:8541
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ehime 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 Ehime 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 * 1.0482+0.115 * 0.9887
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9738+4.679 * -0.028181-0.327 * 0.9031
=-2.53

* 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45,954 Mil.
Gross Profit was 円45,954 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円3,082,660 Mil.
Property, Plant and Equipment(Net PPE) was 円28,287 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,711 Mil.
Selling, General, & Admin. Expense(SGA) was 円25,992 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円66,722 Mil.
Net Income was 円7,212 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円94,085 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円43,841 Mil.
Gross Profit was 円43,841 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円2,962,667 Mil.
Property, Plant and Equipment(Net PPE) was 円28,329 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,693 Mil.
Selling, General, & Admin. Expense(SGA) was 円25,464 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円71,005 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 / 45954) / (0 / 43841)
=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)
=(43841 / 43841) / (45954 / 45954)
=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 + 28287) / 3082660) / (1 - (0 + 28329) / 2962667)
=0.990824 / 0.990438
=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
=45954 / 43841
=1.0482

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))
=(1693 / (1693 + 28329)) / (1711 / (1711 + 28287))
=0.056392 / 0.057037
=0.9887

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)
=(25992 / 45954) / (25464 / 43841)
=0.565609 / 0.580826
=0.9738

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)
=((66722 + 0) / 3082660) / ((71005 + 0) / 2962667)
=0.021644 / 0.023967
=0.9031

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
=(7212 - 0 - 94085) / 3082660
=-0.028181

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.

Ehime Bank has a M-score of -2.53 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 -2.53 mean?
Ehime Bank (TSE:8541) has a Beneish M-Score of -2.53 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ehime Bank and its competitors. According to the industry distribution chart, Ehime Bank ranks #359 out of 1397 companies in the Banks industry, placing it in the top 25.7%.
Is Ehime Bank's Beneish M-Score too high?
Ehime Bank's current Beneish M-Score is -2.53. Based on the distribution chart, Ehime Bank ranks #359 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Ehime Bank has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ehime Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Ehime Bank ranks #359 out of 1397 companies for Beneish M-Score. This puts Ehime Bank in the upper 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 Ehime Bank and its competitors. Ehime Bank's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ehime Bank stock overvalued right now?
Based on GuruFocus' analysis, Ehime Bank (TSE:8541) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,239.47, compared to a current price of 円2,011.00 — trading 62.2% above its estimated fair value. The current Beneish M-Score is -2.53. Ehime Bank's overall GF Score™ is 58/100 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 Ehime Bank (TSE:8541), the current Beneish M-Score is -2.53 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 Ehime Bank (TSE:8541) Overvalued in 2026?

Based on GuruFocus' analysis, Ehime Bank stock appears to be overvalued. The current stock price of 円2,011.00 is trading 62.2% above its estimated GF Value™ of 円1,239.47. GuruFocus considers Ehime Bank to be Significantly Overvalued.

Key valuation signals for TSE:8541:

  • Beneish M-Score: -2.53
  • GF Value™: 円1,239.47 vs. price of 円2,011.00 (62.2% above fair value)
  • GF Score™: 58/100 with 5 warning signs

No single metric tells the full story. See the TSE:8541 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ehime Bank Business Description

Address 2-1, Katsuyama-cho, Matsuyama, Ehime, JPN, 790-8580
Ehime Bank Ltd is engaged in the provision of banking products and financial services in Japan. The bank offers deposits such as time, savings and property, savings and current accounts, and loans. In addition, it offers various insurance services including term and life, property, corporate business and medical insurance. The bank also renders services comprising of mutual fund, government bond, and other financial product brokerage business.
58GF Score

Get the complete analysis for TSE:8541

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

円2,011.00
Price
円1,239.47
GF Value