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.
Warning Sign:
Beneish M-Score -1.1 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Chichibu Railway Co's Beneish M-Score or its related term are showing as below:
TSE:9012'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.84 Med: -2.32 Max: -1.1
Current: -1.1
During the past 13 years, the highest Beneish M-Score of Chichibu Railway Co was -1.10. The lowest was -3.84. And the median was -2.32.
Chichibu Railway Co Beneish M-Score Related Terms
Chichibu Railway Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Chichibu Railway 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:9012 vs UNP, CSX, NSC: Beneish M-Score Comparison
For the Railroads subindustry, Chichibu Railway 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.
Chichibu Railway Co Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Chichibu Railway Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chichibu Railway 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 Chichibu Railway 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 * 2.342
+
0.528 * 0.9052
+
0.404 * 1.3011
+
0.892 * 1.0685
+
0.115 * 1.0162
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * 0.004103
-
0.327 * 1.0163
=
-1.10
* 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))
=
(200.627 / (200.627 + 14681.167))
/
(201.474 / (201.474 + 14985.842))
=
0.013481
/
0.013266
=
1.0162
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
=
(383.26 - 0
-
310.654)
/
17694.366
=
0.004103
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.
Chichibu Railway Co has a M-score of -1.10 signals that the company is likely to be a manipulator.
Chichibu Railway Co (TSE:9012) has a Beneish M-Score of -1.10 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chichibu Railway Co and its competitors. According to the industry distribution chart, Chichibu Railway Co ranks #880 out of 966 companies in the Transportation industry, placing it in the top 91.1%.
Is Chichibu Railway Co's Beneish M-Score too high?
Chichibu Railway Co's current Beneish M-Score is -1.10. Based on the distribution chart, Chichibu Railway Co ranks #880 out of 966 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Chichibu Railway Co has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Chichibu Railway Co's Beneish M-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, Chichibu Railway Co ranks #880 out of 966 companies for Beneish M-Score. This places Chichibu Railway Co 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Chichibu Railway Co and its competitors. Chichibu Railway Co's current Beneish M-Score is -1.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chichibu Railway Co stock overvalued right now?
Based on GuruFocus' analysis, Chichibu Railway Co (TSE:9012) is currently considered Fairly Valued. The stock's GF Value™ is 円2,317.06, compared to a current price of 円2,100.00 — trading 9.4% below its estimated fair value. The current Beneish M-Score is -1.10. Chichibu Railway Co's overall GF Score™ is 63/100 with 3 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 Chichibu Railway Co (TSE:9012), the current Beneish M-Score is -1.10 as of Jun. 24, 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 Chichibu Railway Co (TSE:9012) Overvalued in 2026?
Based on GuruFocus' analysis, Chichibu Railway Co stock appears to be undervalued.
The current stock price of 円2,100.00 is trading 9.4% below its estimated GF Value™ of 円2,317.06.
GuruFocus considers Chichibu Railway Co to be Fairly Valued.
Key valuation signals for TSE:9012:
Beneish M-Score: -1.10
GF Value™: 円2,317.06 vs. price of 円2,100.00 (9.4% below fair value)
No single metric tells the full story. See the TSE:9012 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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