Ajinomoto Co.
AJNMY
Ajinomoto Co.’s revenue for fiscal 2026 (year ended March 2026) was $10.5 billion, up 3.47% from fiscal 2025. In the quarter to June 2026, revenue grew 4.84%, EPS grew 20.0% and free cash flow fell 187.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Ajinomoto Co. (AJNMY) Beneish M-score
Ajinomoto Co.'s Beneish M-score for fiscal 2026 is −2.67; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.67 | 0.36 |
| FY2025 | −3.03 | (0.47) |
| FY2024 | −2.56 | 0.04 |
| FY2023 | −2.60 | 0.12 |
| FY2022 | −2.72 | 0.21 |
| FY2021 | −2.93 | (0.07) |
| FY2020 | −2.86 | (0.02) |
| FY2019 | −2.84 | (0.35) |
| FY2018 | −2.49 | (0.07) |
| FY2017 | −2.42 | 0.49 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.96 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.67 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI