GiXo (TSE:9219) Beneish M-Score: -0.88 (As of Jun. 26, 2026)


TSE:9219 GiXo Ltd TSE:9219
74 GF Score
Price 円900.00
GF Value 円1,906.36
Valuation Possible Value Trap
! 5 Warning Signs
View Full Analysis

What is GiXo Beneish M-Score?

GiXo TSE:9219 -0.55% 74 Beneish M-Score is -0.88 as of Jun. 26, 2026. GuruFocus rates TSE:9219 with a GF Score™ of 74/100 and a GF Value™ of 円1,906.36 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 2,634 Software companies, GiXo ranks worse than 90.09% 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.

Warning Sign:

Beneish M-Score -0.88 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:9219' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39   Med: -1.83   Max: -0.88
Current: -0.88

During the past 6 years, the highest Beneish M-Score of GiXo was -0.88. The lowest was -2.39. And the median was -1.83.

GiXo Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GiXo'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.

GiXo Beneish M-Score Chart

GiXo Annual Data
Trend Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.09 -2.39 -1.57 -0.88

GiXo Quarterly Data
Jun20 Jun21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 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 0.00 -0.88 0.00 0.00 0.00

TSE:9219 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, GiXo'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.

GiXo Beneish M-Score vs Software Industry

For the Software industry and Technology sector, GiXo's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GiXo's Beneish M-Score falls into.


TSE:9219
74GF Score
GiXo Ltd TSE:9219
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

GiXo 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 GiXo 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 * 1.3745+0.528 * 1.2002+0.404 * 2.3141+0.892 * 1.1326+0.115 * 0.9117
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.104084-0.327 * 0.9127
=-0.88

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was 円638 Mil.
Revenue was 円2,398 Mil.
Gross Profit was 円732 Mil.
Total Current Assets was 円1,873 Mil.
Total Assets was 円2,111 Mil.
Property, Plant and Equipment(Net PPE) was 円78 Mil.
Depreciation, Depletion and Amortization(DDA) was 円15 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円250 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円-100 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-320 Mil.
 Total Receivables was 円410 Mil.
Revenue was 円2,118 Mil.
Gross Profit was 円776 Mil.
Total Current Assets was 円2,227 Mil.
Total Assets was 円2,352 Mil.
Property, Plant and Equipment(Net PPE) was 円49 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円305 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
=(638.008 / 2398.476) / (409.844 / 2117.723)
=0.266006 / 0.193531
=1.3745

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)
=(775.768 / 2117.723) / (732.03 / 2398.476)
=0.366322 / 0.305206
=1.2002

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 - (1873.027 + 78.188) / 2110.925) / (1 - (2226.616 + 48.919) / 2352.448)
=0.075659 / 0.032695
=2.3141

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
=2398.476 / 2117.723
=1.1326

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))
=(8.427 / (8.427 + 48.919)) / (15.025 / (15.025 + 78.188))
=0.14695 / 0.16119
=0.9117

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 / 2398.476) / (0 / 2117.723)
=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)
=((0 + 250.116) / 2110.925) / ((0 + 305.384) / 2352.448)
=0.118486 / 0.129815
=0.9127

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
=(-99.975 - 0 - -319.688) / 2110.925
=0.104084

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.

GiXo has a M-score of -0.88 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.88 mean?
GiXo (TSE:9219) has a Beneish M-Score of -0.88 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GiXo and its competitors. According to the industry distribution chart, GiXo ranks #2373 out of 2634 companies in the Software industry, placing it in the top 90.1%.
Is GiXo's Beneish M-Score too high?
GiXo's current Beneish M-Score is -0.88. Based on the distribution chart, GiXo ranks #2373 out of 2634 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, GiXo has a GF Score™ of 74/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does GiXo's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, GiXo ranks #2373 out of 2634 companies for Beneish M-Score. This places GiXo 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 Software company?
A good Beneish M-Score depends on the Software 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 GiXo and its competitors. GiXo's current Beneish M-Score is -0.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GiXo stock overvalued right now?
Based on GuruFocus' analysis, GiXo (TSE:9219) is currently considered Possible Value Trap. The stock's GF Value™ is 円1,906.36, compared to a current price of 円900.00 — trading 52.8% below its estimated fair value. The current Beneish M-Score is -0.88. GiXo's overall GF Score™ is 74/100 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 GiXo (TSE:9219), the current Beneish M-Score is -0.88 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 GiXo (TSE:9219) Overvalued in 2026?

Based on GuruFocus' analysis, GiXo stock appears to be undervalued. The current stock price of 円900.00 is trading 52.8% below its estimated GF Value™ of 円1,906.36. GuruFocus considers GiXo to be Possible Value Trap.

Key valuation signals for TSE:9219:

  • Beneish M-Score: -0.88
  • GF Value™: 円1,906.36 vs. price of 円900.00 (52.8% below fair value)
  • GF Score™: 74/100 with 5 warning signs

No single metric tells the full story. See the TSE:9219 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

GiXo Business Description

Address 1-4-28 Mita, 11th Floor, Mita International Building, Minato-ku, Tokyo, JPN, 108-0073
GiXo Ltd is involved in the data-informed business using analytics. The various services offered by the company are DI Consulting, which considers how to make decisions using data according to the circumstances of individual companies and businesses; DI Platform, which is a data processing infrastructure that accumulates and processes the necessary data in the required form to make daily decisions data-informed; and DI Products, a software service, which utilizes the know-how and tools gained through the aforementioned DI Consulting and DI Platform to develop products for solving customer problems and making data-informed decisions. The group operates in a single segment, the Data-Informed business.
74GF Score

Get the complete analysis for TSE:9219

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

円900.00
Price
円1,906.36
GF Value