ASNOVA Co (TSE:9223) Beneish M-Score: -0.61 (As of Jun. 28, 2026)


TSE:9223 ASNOVA Co Ltd TSE:9223
30 GF Score
Price 円395.00
! 7 Warning Signs
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What is ASNOVA Co Beneish M-Score?

ASNOVA Co TSE:9223 +2.07% 30 Beneish M-Score is -0.61 as of Jun. 28, 2026. GuruFocus rates TSE:9223 with a GF Score™ of 30/100. The stock has 7 warning signs investors should review. Among 1,020 Business Services companies, ASNOVA Co ranks worse than 93.43% 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 -0.61 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:9223' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -2.91   Max: -0.61
Current: -0.61

During the past 7 years, the highest Beneish M-Score of ASNOVA Co was -0.61. The lowest was -3.11. And the median was -2.91.

ASNOVA Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ASNOVA 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.

ASNOVA Co Beneish M-Score Chart

ASNOVA Co Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.96 -2.80 -3.11 -2.91 -0.61

ASNOVA Co Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -3.11 0.00 -2.91 0.00 -0.61

TSE:9223 vs URI, SUNB, AER: Beneish M-Score Comparison

For the Rental & Leasing Services subindustry, ASNOVA 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.

ASNOVA Co Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, ASNOVA Co's Beneish M-Score distribution charts can be found below:

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


TSE:9223
30GF Score
ASNOVA Co Ltd TSE:9223
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ASNOVA 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 ASNOVA 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 * 1.166+0.528 * 0.8658+0.404 * 7.0162+0.892 * 1.1521+0.115 * 0.8258
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.166108-0.327 * 0.955
=-0.61

* 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860 Mil.
Revenue was 円4,915 Mil.
Gross Profit was 円1,341 Mil.
Total Current Assets was 円2,227 Mil.
Total Assets was 円11,430 Mil.
Property, Plant and Equipment(Net PPE) was 円7,643 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,068 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,796 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,577 Mil.
Net Income was 円-146 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,753 Mil.
 Total Receivables was 円640 Mil.
Revenue was 円4,266 Mil.
Gross Profit was 円1,008 Mil.
Total Current Assets was 円4,187 Mil.
Total Assets was 円12,959 Mil.
Property, Plant and Equipment(Net PPE) was 円8,520 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,818 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,631 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,309 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)
=(860.145 / 4915.181) / (640.311 / 4266.335)
=0.174998 / 0.150085
=1.166

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)
=(1007.744 / 4266.335) / (1340.989 / 4915.181)
=0.236208 / 0.272826
=0.8658

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 - (2226.914 + 7642.722) / 11429.798) / (1 - (4186.659 + 8520.167) / 12958.939)
=0.1365 / 0.019455
=7.0162

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
=4915.181 / 4266.335
=1.1521

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))
=(1817.685 / (1817.685 + 8520.167)) / (2067.545 / (2067.545 + 7642.722))
=0.175828 / 0.212924
=0.8258

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 / 4915.181) / (0 / 4266.335)
=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)
=((4576.567 + 3795.634) / 11429.798) / ((5308.718 + 4631.051) / 12958.939)
=0.732489 / 0.76702
=0.955

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
=(-146.048 - 0 - 1752.531) / 11429.798
=-0.166108

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.

ASNOVA Co has a M-score of -0.61 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 -0.61 mean?
ASNOVA Co (TSE:9223) has a Beneish M-Score of -0.61 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ASNOVA Co and its competitors. According to the industry distribution chart, ASNOVA Co ranks #953 out of 1020 companies in the Business Services industry, placing it in the top 93.4%.
Is ASNOVA Co's Beneish M-Score too high?
ASNOVA Co's current Beneish M-Score is -0.61. Based on the distribution chart, ASNOVA Co ranks #953 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, ASNOVA Co has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does ASNOVA Co's Beneish M-Score compare to URI and SUNB?
According to the Business Services industry distribution chart, ASNOVA Co ranks #953 out of 1020 companies for Beneish M-Score. This places ASNOVA 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 Business Services company?
A good Beneish M-Score depends on the Business 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 ASNOVA Co and its competitors. ASNOVA Co's current Beneish M-Score is -0.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASNOVA Co stock overvalued right now?
ASNOVA Co (TSE:9223) has a current Beneish M-Score of -0.61. The current Beneish M-Score is -0.61. ASNOVA Co's overall GF Score™ is 30/100 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 ASNOVA Co (TSE:9223), the current Beneish M-Score is -0.61 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.

ASNOVA Co Business Description

Other Exchanges 9223:Japan
Address 4-60-12 Hiraike-cho, 26th Floor, Global Gate, Nakamura-ku, Aichi Prefecture, Nagoya, JPN, 453-6126
ASNOVA Co Ltd is engaged in the temporary equipment rental business, mainly focused on wedge-type scaffolding, which is used for low- to mid-rise buildings, mainly detached houses, and its main features are its high construction efficiency, transportation efficiency, and storage efficiency.
30GF Score

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