Source: Reproduces the metrics from Altman (1968) bankruptcy prediction model / Beneish (1999) earnings manipulation model
The biggest trap in net-cash-style screening is picking up stocks that are cheap for a reason (dying, or with cooked books). This two-layer defense — Altman Z-Score of 3.0+ (low bankruptcy risk) and Beneish M-Score below -2.22 (low suspicion of earnings manipulation) — mechanically filters that trap out of a cheap-stock list.
Free, no login. The button opens the screener with the above conditions applied.
Data comes from annual securities reports disclosed on EDINET (Japan FSA), via EDINET DB. Price-related values are as of each company's fiscal year-end (back-calculated from the disclosed trailing PER), not live quotes. Coverage: all TSE-listed companies, with names added progressively.
A bankruptcy prediction model (the original 1968 formula) that weights and combines working capital, retained earnings, operating income, market cap, and revenue. 3.0+ is the "safe" zone, below 1.8 is the "distress" zone. Used here to mechanically filter out the "cheap but dying" companies that net-cash-style screening tends to surface. (Source: Altman (1968))