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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 -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for NTT System's Beneish M-Score or its related term are showing as below:
WAR:NTT'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.36 Med: -2.3 Max: -0.63
Current: -1.99
During the past 13 years, the highest Beneish M-Score of NTT System was -0.63. The lowest was -3.36. And the median was -2.30.
The historical data trend for NTT System'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.
WAR:NTT vs DELL, ANET, SNDK: Beneish M-Score Comparison
For the Computer Hardware subindustry, NTT System'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.
NTT System Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, NTT System's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NTT System'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 NTT System 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 * 0.9613
+
0.528 * 0.816
+
0.404 * 0.8521
+
0.892 * 0.9904
+
0.115 * 0.6605
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0258
+
4.679 * 0.153383
-
0.327 * 0.9566
=
-1.99
* 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))
=
(0.736 / (0.736 + 19.986))
/
(1.093 / (1.093 + 19.232))
=
0.035518
/
0.053776
=
0.6605
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
=
(35.162 - 0
-
-39.239)
/
485.068
=
0.153383
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.
NTT System has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
NTT System (WAR:NTT) has a Beneish M-Score of -1.99 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NTT System and its competitors. According to the industry distribution chart, NTT System ranks #1873 out of 2401 companies in the Hardware industry, placing it in the top 78%.
Is NTT System's Beneish M-Score too high?
NTT System's current Beneish M-Score is -1.99. Based on the distribution chart, NTT System ranks #1873 out of 2401 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, NTT System has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NTT System's Beneish M-Score compare to DELL and ANET?
According to the Hardware industry distribution chart, NTT System ranks #1873 out of 2401 companies for Beneish M-Score. This places NTT System 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 NTT System and its competitors. NTT System's current Beneish M-Score is -1.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NTT System stock overvalued right now?
Based on GuruFocus' analysis, NTT System (WAR:NTT) is currently considered Significantly Overvalued. The stock's GF Value™ is zł6.82, compared to a current price of zł15.45 — trading 126.5% above its estimated fair value. The current Beneish M-Score is -1.99. NTT System's overall GF Score™ is 74/100 with 6 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 NTT System (WAR:NTT), the current Beneish M-Score is -1.99 as of Aug. 12, 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 NTT System (WAR:NTT) Overvalued in 2026?
Based on GuruFocus' analysis, NTT System stock appears to be overvalued.
The current stock price of zł15.45 is trading 126.5% above its estimated GF Value™ of zł6.82.
GuruFocus considers NTT System to be Significantly Overvalued.
Key valuation signals for WAR:NTT:
Beneish M-Score: -1.99
GF Value™: zł6.82 vs. price of zł15.45 (126.5% above fair value)
No single metric tells the full story. See the WAR:NTT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NTT System SA is a manufacturer of desktop computers, supplied both private label and brand commissioned. It is one of the distributors of accessories, components, and peripherals in Poland. The company serves institutional, individual and business clients. It offers news and promotion, servers, computers, e-sport system, tablets, inks and toners, and accessories.
74GF Score
Get the complete analysis for WAR:NTT
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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