Heiwa Paper Co (TSE:9929) Beneish M-Score: -2.82 (As of Jul. 11, 2026)

What is Heiwa Paper Co Beneish M-Score?

Heiwa Paper Co TSE:9929 +0.86% 70 Beneish M-Score is -2.82 as of Jul. 11, 2026. GuruFocus rates TSE:9929 with a GF Score™ of 70/100 and a GF Value™ of 円437.78 (Fairly Valued). The stock has 5 warning signs investors should review. Among 272 Forest Products companies, Heiwa Paper Co ranks better than 78.31% 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:9929' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.55 Max: -2.18
Current: -2.82

During the past 13 years, the highest Beneish M-Score of Heiwa Paper Co was -2.18. The lowest was -2.82. And the median was -2.55.

Heiwa Paper Co Beneish M-Score Related Terms

Heiwa Paper Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Heiwa Paper 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.

Heiwa Paper Co Beneish M-Score Chart

Heiwa Paper Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.65

-2.18

-2.39

-2.68

-2.82

Heiwa Paper Co Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.39	0.00	-2.68	0.00	-2.82

Heiwa Paper Co Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, Heiwa Paper 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.

Heiwa Paper Co Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Heiwa Paper Co's Beneish M-Score distribution charts can be found below:

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

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70GF Score

Heiwa Paper Co Ltd TSE:9929

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Heiwa Paper 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 Heiwa Paper Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8104

0.528 * 0.9814

0.404 * 1.2341

0.892 * 0.9853

0.115 * 0.9193

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.054457

0.327 * 0.9123

-2.82

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円2,716 Mil.
Revenue was 円15,797 Mil.
Gross Profit was 円3,287 Mil.
Total Current Assets was 円10,693 Mil.
Total Assets was 円17,774 Mil.
Property, Plant and Equipment(Net PPE) was 円2,910 Mil.
Depreciation, Depletion and Amortization(DDA) was 円188 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円6,513 Mil.
Long-Term Debt & Capital Lease Obligation was 円29 Mil.
Net Income was 円79 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,047 Mil.

Total Receivables was 円3,401 Mil.
Revenue was 円16,032 Mil.
Gross Profit was 円3,274 Mil.
Total Current Assets was 円11,807 Mil.
Total Assets was 円17,971 Mil.
Property, Plant and Equipment(Net PPE) was 円2,746 Mil.
Depreciation, Depletion and Amortization(DDA) was 円162 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円7,142 Mil.
Long-Term Debt & Capital Lease Obligation was 円107 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)
	=	(2715.518 / 15796.925)	/	(3400.83 / 16032.057)
	=	0.171902	/	0.212127
	=	0.8104

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)
	=	(3273.917 / 16032.057)	/	(3287.177 / 15796.925)
	=	0.204211	/	0.20809
	=	0.9814

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 - (10692.713 + 2910.206) / 17774.46)	/	(1 - (11807.459 + 2745.884) / 17971.031)
	=	0.234693	/	0.190178
	=	1.2341

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
	=	15796.925	/	16032.057
	=	0.9853

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))
	=	(162.099 / (162.099 + 2745.884))	/	(187.847 / (187.847 + 2910.206))
	=	0.055743	/	0.060634
	=	0.9193

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 / 15796.925)	/	(0 / 16032.057)
	=	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)
	=	((28.514 + 6512.827) / 17774.46)	/	((107.266 + 7141.936) / 17971.031)
	=	0.368019	/	0.403383
	=	0.9123

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
	=	(78.633 - 0	-	1046.578)	/	17774.46
	=	-0.054457

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.

Heiwa Paper Co has a M-score of -2.82 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 -2.82 mean?

Heiwa Paper Co (TSE:9929) has a Beneish M-Score of -2.82 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Heiwa Paper Co and its competitors. According to the industry distribution chart, Heiwa Paper Co ranks #59 out of 272 companies in the Forest Products industry, placing it in the top 21.7%.

Is Heiwa Paper Co's Beneish M-Score too high?

Heiwa Paper Co's current Beneish M-Score is -2.82. Based on the distribution chart, Heiwa Paper Co ranks #59 out of 272 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Heiwa Paper Co has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Heiwa Paper Co's Beneish M-Score compare to competitors?

According to the Forest Products industry distribution chart, Heiwa Paper Co ranks #59 out of 272 companies for Beneish M-Score. This places Heiwa Paper Co in the top 22% of its industry — outperforming the majority of peers. 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 Forest Products company?

A good Beneish M-Score depends on the Forest Products 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 Heiwa Paper Co and its competitors. Heiwa Paper Co's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Heiwa Paper Co stock overvalued right now?

Based on GuruFocus' analysis, Heiwa Paper Co (TSE:9929) is currently considered Fairly Valued. The stock's GF Value™ is 円437.78, compared to a current price of 円467.00 — trading 6.7% above its estimated fair value. The current Beneish M-Score is -2.82. Heiwa Paper Co's overall GF Score™ is 70/100 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 Heiwa Paper Co (TSE:9929), the current Beneish M-Score is -2.82 as of Jul. 11, 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 Heiwa Paper Co (TSE:9929) Overvalued in 2026?

Based on GuruFocus' analysis, Heiwa Paper Co stock appears to be overvalued. The current stock price of 円467.00 is trading 6.7% above its estimated GF Value™ of 円437.78. GuruFocus considers Heiwa Paper Co to be Fairly Valued.

Key valuation signals for TSE:9929:

Beneish M-Score: -2.82
GF Value™: 円437.78 vs. price of 円467.00 (6.7% above fair value)
GF Score™: 70/100 with 5 warning signs

No single metric tells the full story. See the TSE:9929 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Heiwa Paper Co Business Description

Industry Basic Materials Forest Products

Comparable Companies TSE:3896 TSE:3895 TSE:3945 TSE:3892 TSE:7901 TSE:3955 TSE:3878 TSE:3513 TSE:7487 OHEL:UPM BSP:SUZB3 OSTO:SCA A SZSE:002078 OSTO:HOLM A LSE:MNDI TSE:3861 BSP:KLBN3 HKSE:02689 XSGO:CMPC SHSE:603733

Address 1-22-11, Shinkawa Chuo-ku, Tokyo, JPN, 104-0033

Website http://www.heiwapaper.co.jp

Heiwa Paper Co Ltd develops, sells, exports and imports specialty papers, high-grade papers, industrial papers, and other paper materials. It also develops and commercializes new paper products. The company's product profile includes Exo Raxa, TANT, Deep Mat, Gokanshi, Cotton Life S, Satogami, Bunpel, SS-Soft, Mandala, Snow Petal, Kishu Rainbow, and others.

70GF Score

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

円467.00

Price

円437.78

GF Value

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