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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 -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ricoh Leasing Co's Beneish M-Score or its related term are showing as below:
TSE:8566'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.43 Med: -2.21 Max: -1.56
Current: -2.22
During the past 13 years, the highest Beneish M-Score of Ricoh Leasing Co was -1.56. The lowest was -2.43. And the median was -2.21.
The historical data trend for Ricoh Leasing Co's Beneish M-Score can be seen below:
* 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.
TSE:8566 vs V, MA, AXP: Beneish M-Score Comparison
For the Credit Services subindustry, Ricoh Leasing Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ricoh Leasing Co Beneish M-Score vs Credit Services Industry
For the Credit Services industry and Financial Services sector, Ricoh Leasing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ricoh Leasing Co's Beneish M-Score falls into.
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 Ricoh Leasing Co 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 * 0.9468
+
0.528 * 1.0496
+
0.404 * 1.032
+
0.892 * 1.0846
+
0.115 * 0.9297
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0182
+
4.679 * 0.044042
-
0.327 * 1.0079
=
-2.22
* 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.
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.
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))
=
(22490 / (22490 + 175548))
/
(25287 / (25287 + 181723))
=
0.113564
/
0.122154
=
0.9297
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
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
=
(12821 - 0
-
-51725)
/
1465563
=
0.044042
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.
Ricoh Leasing Co has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
Ricoh Leasing Co (TSE:8566) has a Beneish M-Score of -2.22 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ricoh Leasing Co and its competitors. According to the industry distribution chart, Ricoh Leasing Co ranks #233 out of 488 companies in the Credit Services industry, placing it in the top 47.7%.
Is Ricoh Leasing Co's Beneish M-Score too high?
Ricoh Leasing Co's current Beneish M-Score is -2.22. Based on the distribution chart, Ricoh Leasing Co ranks #233 out of 488 companies in the Credit Services industry, which is above the industry midpoint. Overall, Ricoh Leasing Co has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ricoh Leasing Co's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Ricoh Leasing Co ranks #233 out of 488 companies for Beneish M-Score. This puts Ricoh Leasing Co 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Ricoh Leasing Co and its competitors. Ricoh Leasing Co's current Beneish M-Score is -2.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ricoh Leasing Co stock overvalued right now?
Based on GuruFocus' analysis, Ricoh Leasing Co (TSE:8566) is currently considered Modestly Overvalued. The stock's GF Value™ is 円5,874.34, compared to a current price of 円6,550.00 — trading 11.5% above its estimated fair value. The current Beneish M-Score is -2.22. Ricoh Leasing Co's overall GF Score™ is 74/100 with 7 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 Ricoh Leasing Co (TSE:8566), the current Beneish M-Score is -2.22 as of Aug. 04, 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 Ricoh Leasing Co (TSE:8566) Overvalued in 2026?
Based on GuruFocus' analysis, Ricoh Leasing Co stock appears to be overvalued.
The current stock price of 円6,550.00 is trading 11.5% above its estimated GF Value™ of 円5,874.34.
GuruFocus considers Ricoh Leasing Co to be Modestly Overvalued.
Key valuation signals for TSE:8566:
Beneish M-Score: -2.22
GF Value™: 円5,874.34 vs. price of 円6,550.00 (11.5% above fair value)
No single metric tells the full story. See the TSE:8566 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ricoh Leasing Co Ltd has two primary businesses: lease and installments, and financial services. The lease and installments business, which accounts for the vast majority of the company's revenue, provides business leasing, rental, installment, and credit products for business equipment, information-related equipment, medical equipment, and environment-related equipment. In the financial-services business, Ricoh provides loans to individuals, doctors, and corporations. It also serves as an agent to collect accounts receivable and provide billing services, and it has a credit card business and an asset-management service.
74GF Score
Get the complete analysis for TSE:8566
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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