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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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Fuluhashi Epo's Beneish M-Score or its related term are showing as below:
TSE:9221'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.64 Max: -2.55
Current: -2.68
During the past 7 years, the highest Beneish M-Score of Fuluhashi Epo was -2.55. The lowest was -3.16. And the median was -2.64.
Fuluhashi Epo Beneish M-Score Related Terms
Fuluhashi Epo Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Fuluhashi Epo'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:9221 vs WM, RSG, WCN: Beneish M-Score Comparison
For the Waste Management subindustry, Fuluhashi Epo'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.
Fuluhashi Epo Beneish M-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, Fuluhashi Epo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fuluhashi Epo'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 Fuluhashi Epo 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 * 0.9797
+
0.528 * 1.0339
+
0.404 * 0.9382
+
0.892 * 1.0665
+
0.115 * 0.9618
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.044215
-
0.327 * 1.0592
=
-2.68
* 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))
=
(609.713 / (609.713 + 8480.832))
/
(754.889 / (754.889 + 10070.685))
=
0.067071
/
0.069732
=
0.9618
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
=
(890.695 - 0
-
1503.929)
/
13869.268
=
-0.044215
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.
Fuluhashi Epo has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Fuluhashi Epo (TSE:9221) has a Beneish M-Score of -2.68 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fuluhashi Epo and its competitors. According to the industry distribution chart, Fuluhashi Epo ranks #110 out of 225 companies in the Waste Management industry, placing it in the top 48.9%.
Is Fuluhashi Epo's Beneish M-Score too high?
Fuluhashi Epo's current Beneish M-Score is -2.68. Based on the distribution chart, Fuluhashi Epo ranks #110 out of 225 companies in the Waste Management industry, which is above the industry midpoint. Overall, Fuluhashi Epo has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fuluhashi Epo's Beneish M-Score compare to WM and RSG?
According to the Waste Management industry distribution chart, Fuluhashi Epo ranks #110 out of 225 companies for Beneish M-Score. This puts Fuluhashi Epo 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Fuluhashi Epo and its competitors. Fuluhashi Epo's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fuluhashi Epo stock overvalued right now?
Based on GuruFocus' analysis, Fuluhashi Epo (TSE:9221) is currently considered Fairly Valued. The stock's GF Value™ is 円1,148.64, compared to a current price of 円1,210.00 — trading 5.3% above its estimated fair value. The current Beneish M-Score is -2.68. Fuluhashi Epo's overall GF Score™ is 67/100 with 4 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 Fuluhashi Epo (TSE:9221), the current Beneish M-Score is -2.68 as of Jul. 19, 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 Fuluhashi Epo (TSE:9221) Overvalued in 2026?
Based on GuruFocus' analysis, Fuluhashi Epo stock appears to be overvalued.
The current stock price of 円1,210.00 is trading 5.3% above its estimated GF Value™ of 円1,148.64.
GuruFocus considers Fuluhashi Epo to be Fairly Valued.
Key valuation signals for TSE:9221:
Beneish M-Score: -2.68
GF Value™: 円1,148.64 vs. price of 円1,210.00 (5.3% above fair value)
No single metric tells the full story. See the TSE:9221 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fuluhashi Epo Corp provides environmental solutions, such as recycling wood waste, selling recycled wood chips as fuel or raw material products, and recycling construction by-products generated at construction sites. In addition, it is involved in manufacturing and selling logistics equipment that takes into consideration the entire process from collection to recycling, and purchasing and selling used logistics equipment. The group's reportable segments are the biomaterials business and the resource recycling business. The majority of its revenue is generated from the biomaterials business, which is engaged in the contract processing of wood waste materials and the manufacture and sale of wood resource chips (raw material chips and fuel chips).
67GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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