Caster Co (TSE:9331) Beneish M-Score: -2.70 (As of Jul. 29, 2026)

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TSE:9331 Caster Co Ltd TSE:9331
28 GF Score
Price 円734.00
GF Value 円1,053.85
Valuation Possible Value Trap
! 2 Warning Signs
View Full Analysis

What is Caster Co Beneish M-Score?

Caster Co TSE:9331 -1.34% 28 Beneish M-Score is -2.70 as of Jul. 29, 2026. GuruFocus rates TSE:9331 with a GF Score™ of 28/100 and a GF Value™ of 円1,053.85 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 1,019 Business Services companies, Caster Co ranks better than 61.63% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:9331' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -1.48   Max: 0.11
Current: -2.7

During the past 5 years, the highest Beneish M-Score of Caster Co was 0.11. The lowest was -2.70. And the median was -1.48.

Caster Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Caster 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.

Caster Co Beneish M-Score Chart

Caster Co Annual Data
Trend Aug21 Aug22 Aug23 Aug24 Aug25
Beneish M-Score
0.00 0.00 -1.48 0.11 -2.70

Caster Co Semi-Annual Data
Aug21 Aug22 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.11 0.00 -2.70 0.00

TSE:9331 vs KFY, RHI, TNET: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, Caster 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.

Caster Co Beneish M-Score vs Business Services Industry

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

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


TSE:9331
28GF Score
Caster Co Ltd TSE:9331
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Caster 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 Caster 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 * 0.8129+0.528 * 1.0925+0.404 * 1.1375+0.892 * 1.0333+0.115 * 0.2406
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.011403-0.327 * 1.1258
=-2.70

* 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 (Aug25) TTM:Last Year (Aug24) TTM:
Total Receivables was 円296 Mil.
Revenue was 円4,588 Mil.
Gross Profit was 円1,681 Mil.
Total Current Assets was 円1,526 Mil.
Total Assets was 円1,872 Mil.
Property, Plant and Equipment(Net PPE) was 円15 Mil.
Depreciation, Depletion and Amortization(DDA) was 円62 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,031 Mil.
Long-Term Debt & Capital Lease Obligation was 円120 Mil.
Net Income was 円-393 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-372 Mil.
 Total Receivables was 円352 Mil.
Revenue was 円4,440 Mil.
Gross Profit was 円1,777 Mil.
Total Current Assets was 円2,056 Mil.
Total Assets was 円2,455 Mil.
Property, Plant and Equipment(Net PPE) was 円18 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,183 Mil.
Long-Term Debt & Capital Lease Obligation was 円158 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)
=(295.576 / 4588.129) / (351.908 / 4440.248)
=0.064422 / 0.079254
=0.8129

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)
=(1776.734 / 4440.248) / (1680.506 / 4588.129)
=0.400143 / 0.366273
=1.0925

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 - (1525.892 + 15.036) / 1872.251) / (1 - (2055.529 + 17.708) / 2455.221)
=0.176965 / 0.15558
=1.1375

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
=4588.129 / 4440.248
=1.0333

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))
=(4.246 / (4.246 + 17.708)) / (61.667 / (61.667 + 15.036))
=0.193404 / 0.803971
=0.2406

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 / 4588.129) / (0 / 4440.248)
=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)
=((120.474 + 1031.093) / 1872.251) / ((158.042 + 1183.386) / 2455.221)
=0.615071 / 0.546357
=1.1258

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
=(-393.26 - 0 - -371.91) / 1872.251
=-0.011403

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.

Caster Co has a M-score of -2.70 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 -2.70 mean?
Caster Co (TSE:9331) has a Beneish M-Score of -2.70 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Caster Co and its competitors. According to the industry distribution chart, Caster Co ranks #391 out of 1019 companies in the Business Services industry, placing it in the top 38.4%.
Is Caster Co's Beneish M-Score too high?
Caster Co's current Beneish M-Score is -2.70. Based on the distribution chart, Caster Co ranks #391 out of 1019 companies in the Business Services industry, which is above the industry midpoint. Overall, Caster Co has a GF Score™ of 28/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Caster Co's Beneish M-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, Caster Co ranks #391 out of 1019 companies for Beneish M-Score. This puts Caster 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 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 Caster Co and its competitors. Caster Co's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Caster Co stock overvalued right now?
Based on GuruFocus' analysis, Caster Co (TSE:9331) is currently considered Possible Value Trap. The stock's GF Value™ is 円1,053.85, compared to a current price of 円734.00 — trading 30.4% below its estimated fair value. The current Beneish M-Score is -2.70. Caster Co's overall GF Score™ is 28/100 with 2 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 Caster Co (TSE:9331), the current Beneish M-Score is -2.70 as of Jul. 29, 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 Caster Co (TSE:9331) Overvalued in 2026?

Based on GuruFocus' analysis, Caster Co stock appears to be undervalued. The current stock price of 円734.00 is trading 30.4% below its estimated GF Value™ of 円1,053.85. GuruFocus considers Caster Co to be Possible Value Trap.

Key valuation signals for TSE:9331:

  • Beneish M-Score: -2.70
  • GF Value™: 円1,053.85 vs. price of 円734.00 (30.4% below fair value)
  • GF Score™: 28/100 with 2 warning signs

No single metric tells the full story. See the TSE:9331 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Caster Co Business Description

Address 1-5-1 Otemachi, Otemachi First Square West Tower 1st & 2nd Floor, Caster Square Tokyo, Chiyoda-ku, LIFORK Otemachi, Tokyo, JPN
Caster Co Ltd is engaged in business operations and operates two businesses: the BPaaS Business, which utilizes the resources of remote workers to act on behalf of and support companies' back-office operations, and the Other Business, which provides staffing and placement services, develops and provides business efficiency tools for e-commerce companies, and develops and operates products and services using generative AI.
28GF Score

Get the complete analysis for TSE:9331

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

円734.00
Price
円1,053.85
GF Value