West Japan Railway Co (TSE:9021) Beneish M-Score: -2.74 (As of Jun. 28, 2026)


TSE:9021 West Japan Railway Co TSE:9021
63 GF Score
Price 円2,676.50
GF Value 円3,532.87
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is West Japan Railway Co Beneish M-Score?

West Japan Railway Co TSE:9021 +1.48% 63 Beneish M-Score is -2.74 as of Jun. 28, 2026. GuruFocus rates TSE:9021 with a GF Score™ of 63/100 and a GF Value™ of 円3,532.87 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 960 Transportation companies, West Japan Railway Co ranks better than 64.48% on this metric.

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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for West Japan Railway Co's Beneish M-Score or its related term are showing as below:

TSE:9021' s Beneish M-Score Range Over the Past 10 Years
Min: -4.68   Med: -2.74   Max: -2.64
Current: -2.74

During the past 13 years, the highest Beneish M-Score of West Japan Railway Co was -2.64. The lowest was -4.68. And the median was -2.74.

West Japan Railway Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for West Japan 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.

West Japan Railway Co Beneish M-Score Chart

West Japan Railway Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.85 -2.83 -2.73 -2.71 -2.74

West Japan Railway Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.71 0.00 0.00 0.00 -2.74

TSE:9021 vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, West Japan 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.

West Japan Railway Co Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, West Japan Railway Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where West Japan Railway Co's Beneish M-Score falls into.


TSE:9021
63GF Score
West Japan Railway Co TSE:9021
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

West Japan Railway Co 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 West Japan 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 * 1.0057+0.528 * 0.9776+0.404 * 0.9023+0.892 * 1.0807+0.115 * 0.9766
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.058729-0.327 * 1.0334
=-2.74

* 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243,878 Mil.
Revenue was 円1,845,840 Mil.
Gross Profit was 円462,317 Mil.
Total Current Assets was 円803,751 Mil.
Total Assets was 円3,986,721 Mil.
Property, Plant and Equipment(Net PPE) was 円2,778,600 Mil.
Depreciation, Depletion and Amortization(DDA) was 円177,847 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円777,268 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,404,169 Mil.
Net Income was 円127,499 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円361,634 Mil.
 Total Receivables was 円224,386 Mil.
Revenue was 円1,707,944 Mil.
Gross Profit was 円418,183 Mil.
Total Current Assets was 円617,309 Mil.
Total Assets was 円3,752,359 Mil.
Property, Plant and Equipment(Net PPE) was 円2,713,223 Mil.
Depreciation, Depletion and Amortization(DDA) was 円169,352 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円698,552 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,288,371 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)
=(243878 / 1845840) / (224386 / 1707944)
=0.132123 / 0.131378
=1.0057

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)
=(418183 / 1707944) / (462317 / 1845840)
=0.244846 / 0.250464
=0.9776

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 - (803751 + 2778600) / 3986721) / (1 - (617309 + 2713223) / 3752359)
=0.101429 / 0.112416
=0.9023

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
=1845840 / 1707944
=1.0807

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))
=(169352 / (169352 + 2713223)) / (177847 / (177847 + 2778600))
=0.05875 / 0.060156
=0.9766

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)
=(0 / 1845840) / (0 / 1707944)
=0 / 0
=1

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)
=((1404169 + 777268) / 3986721) / ((1288371 + 698552) / 3752359)
=0.547176 / 0.529513
=1.0334

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
=(127499 - 0 - 361634) / 3986721
=-0.058729

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.

West Japan Railway Co has a M-score of -2.74 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 -2.74 mean?
West Japan Railway Co (TSE:9021) has a Beneish M-Score of -2.74 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on West Japan Railway Co and its competitors. According to the industry distribution chart, West Japan Railway Co ranks #341 out of 960 companies in the Transportation industry, placing it in the top 35.5%.
Is West Japan Railway Co's Beneish M-Score too high?
West Japan Railway Co's current Beneish M-Score is -2.74. Based on the distribution chart, West Japan Railway Co ranks #341 out of 960 companies in the Transportation industry, which is above the industry midpoint. Overall, West Japan Railway Co has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does West Japan Railway Co's Beneish M-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, West Japan Railway Co ranks #341 out of 960 companies for Beneish M-Score. This puts West Japan Railway 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 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 West Japan Railway Co and its competitors. West Japan Railway Co's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is West Japan Railway Co stock overvalued right now?
Based on GuruFocus' analysis, West Japan Railway Co (TSE:9021) is currently considered Modestly Undervalued. The stock's GF Value™ is 円3,532.87, compared to a current price of 円2,676.50 — trading 24.2% below its estimated fair value. The current Beneish M-Score is -2.74. West Japan 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 West Japan Railway Co (TSE:9021), the current Beneish M-Score is -2.74 as of Jun. 28, 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 West Japan Railway Co (TSE:9021) Overvalued in 2026?

Based on GuruFocus' analysis, West Japan Railway Co stock appears to be undervalued. The current stock price of 円2,676.50 is trading 24.2% below its estimated GF Value™ of 円3,532.87. GuruFocus considers West Japan Railway Co to be Modestly Undervalued.

Key valuation signals for TSE:9021:

  • Beneish M-Score: -2.74
  • GF Value™: 円3,532.87 vs. price of 円2,676.50 (24.2% below fair value)
  • GF Score™: 63/100 with 3 warning signs

No single metric tells the full story. See the TSE:9021 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

West Japan Railway Co Business Description

Address 2-4-24 Shibata, Kita-ku, Osaka, JPN, 530-8341
West Japan Railway, or JR West, is the main railway operator in Western Japan, headquartered in Osaka. It was originally established when the government-owned nationwide railway operator underwent a six-way territorial split in 1987. Its main assets are the Sanyo Shinkansen, which stretches from Osaka to Fukuoka, and the urban rail network in the Osaka-Kobe-Kyoto metropolitan area. Its nearly 5,000 kilometers of rail track covers a third of Japan's population and a fifth of its land area. Rail operations contribute more than half of revenue, with most of the balance from retail operations, real estate investments, travel agencies, and hotels.
63GF Score

Get the complete analysis for TSE:9021

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

円2,676.50
Price
円3,532.87
GF Value