Axis Consulting (TSE:9344) Beneish M-Score: -1.73 (As of Jun. 26, 2026)


TSE:9344 Axis Consulting Corp TSE:9344
43 GF Score
Price 円950.00
! 5 Warning Signs
View Full Analysis

What is Axis Consulting Beneish M-Score?

Axis Consulting TSE:9344 43 Beneish M-Score is -1.73 as of Jun. 26, 2026. GuruFocus rates TSE:9344 with a GF Score™ of 43/100. The stock has 5 warning signs investors should review. Among 1,020 Business Services companies, Axis Consulting ranks worse than 85.39% 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 -1.73 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:9344' s Beneish M-Score Range Over the Past 10 Years
Min: -2.28   Med: -1.73   Max: -1.2
Current: -1.73

During the past 5 years, the highest Beneish M-Score of Axis Consulting was -1.20. The lowest was -2.28. And the median was -1.73.

Axis Consulting Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Axis Consulting'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.

Axis Consulting Beneish M-Score Chart

Axis Consulting Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.28 -1.20 -1.73

Axis Consulting Quarterly Data
Jun21 Jun22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 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 0.00 0.00 -1.73 0.00 0.00

TSE:9344 vs KFY, RHI, TNET: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, Axis Consulting'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.

Axis Consulting Beneish M-Score vs Business Services Industry

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

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


TSE:9344
43GF Score
Axis Consulting Corp TSE:9344
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Axis Consulting 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 Axis Consulting 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 * 1.0703+0.528 * 1.1711+0.404 * 0.8389+0.892 * 1.2913+0.115 * 0.6281
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.111628-0.327 * 1.253
=-1.73

* 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738 Mil.
Revenue was 円5,271 Mil.
Gross Profit was 円2,857 Mil.
Total Current Assets was 円3,982 Mil.
Total Assets was 円4,515 Mil.
Property, Plant and Equipment(Net PPE) was 円219 Mil.
Depreciation, Depletion and Amortization(DDA) was 円54 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円878 Mil.
Long-Term Debt & Capital Lease Obligation was 円233 Mil.
Net Income was 円321 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-183 Mil.
 Total Receivables was 円534 Mil.
Revenue was 円4,082 Mil.
Gross Profit was 円2,591 Mil.
Total Current Assets was 円3,261 Mil.
Total Assets was 円3,824 Mil.
Property, Plant and Equipment(Net PPE) was 円246 Mil.
Depreciation, Depletion and Amortization(DDA) was 円35 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円751 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)
=(738 / 5271) / (534 / 4082)
=0.140011 / 0.130818
=1.0703

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)
=(2591 / 4082) / (2857 / 5271)
=0.634738 / 0.542022
=1.1711

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 - (3982 + 219) / 4515) / (1 - (3261 + 246) / 3824)
=0.069546 / 0.082897
=0.8389

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
=5271 / 4082
=1.2913

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))
=(34.898 / (34.898 + 246)) / (54 / (54 + 219))
=0.124237 / 0.197802
=0.6281

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 / 5271) / (0 / 4082)
=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)
=((233 + 878) / 4515) / ((0 + 751) / 3824)
=0.246069 / 0.196391
=1.253

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
=(321 - 0 - -183) / 4515
=0.111628

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.

Axis Consulting has a M-score of -1.73 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 -1.73 mean?
Axis Consulting (TSE:9344) has a Beneish M-Score of -1.73 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Axis Consulting and its competitors. According to the industry distribution chart, Axis Consulting ranks #871 out of 1020 companies in the Business Services industry, placing it in the top 85.4%.
Is Axis Consulting's Beneish M-Score too high?
Axis Consulting's current Beneish M-Score is -1.73. Based on the distribution chart, Axis Consulting ranks #871 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Axis Consulting has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does Axis Consulting's Beneish M-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, Axis Consulting ranks #871 out of 1020 companies for Beneish M-Score. This places Axis Consulting 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 Axis Consulting and its competitors. Axis Consulting's current Beneish M-Score is -1.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Axis Consulting stock overvalued right now?
Axis Consulting (TSE:9344) has a current Beneish M-Score of -1.73. The current Beneish M-Score is -1.73. Axis Consulting's overall GF Score™ is 43/100 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 Axis Consulting (TSE:9344), the current Beneish M-Score is -1.73 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.

Axis Consulting Business Description

Address 4-8 Kojimachi, 6th Floor, Kojimachi Crystal City Building, Chiyoda-ku, Tokyo, JPN, 102-0083
Axis Consulting Corp is engaged in the human capital business offering combined recruiting and skill sharing services in the field of high-end talent. The Company develops recruitment and skill sharing services in the highend human resources field, and provides full-time recruitment services as recruitment, and free consulting services.
43GF Score

Get the complete analysis for TSE:9344

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

円950.00
Price