Toyota MotorTM -0.75%81 Beneish M-Score is -2.36 as of Jun. 26, 2026. GuruFocus rates TM with a GF Score™ of 81/100 and a GF Value™ of $209.97 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Toyota Motor ranks worse than 65.44% 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Toyota Motor's Beneish M-Score or its related term are showing as below:
TM'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.64 Med: -2.51 Max: -2.36
Current: -2.36
During the past 13 years, the highest Beneish M-Score of Toyota Motor was -2.36. The lowest was -2.64. And the median was -2.51.
Toyota Motor Beneish M-Score Related Terms
Toyota Motor Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Toyota Motor'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.
For the Auto Manufacturers subindustry, Toyota Motor'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.
Toyota Motor Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Toyota Motor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toyota Motor'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 Toyota Motor 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 * 1.0213
+
0.528 * 1.1934
+
0.404 * 0.9771
+
0.892 * 1.0492
+
0.115 * 1.0043
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9263
+
4.679 * -0.026109
-
0.327 * 1.0027
=
-2.43
* 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))
=
(14930.491 / (14930.491 + 106782.613))
/
(15755.099 / (15755.099 + 113236.011))
=
0.12267
/
0.122141
=
1.0043
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
=
(25341.818 - 6467.14
-
36236.711)
/
664989.511
=
-0.026109
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.
Toyota Motor has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
Toyota Motor (TM) has a Beneish M-Score of -2.36 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Toyota Motor and its competitors. According to the industry distribution chart, Toyota Motor ranks #833 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 65.4%.
Is Toyota Motor's Beneish M-Score too high?
Toyota Motor's current Beneish M-Score is -2.36. Based on the distribution chart, Toyota Motor ranks #833 out of 1273 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Toyota Motor has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Toyota Motor's Beneish M-Score compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, Toyota Motor ranks #833 out of 1273 companies for Beneish M-Score. This places Toyota Motor 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Toyota Motor and its competitors. Toyota Motor's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toyota Motor stock overvalued right now?
Based on GuruFocus' analysis, Toyota Motor (TM) is currently considered Modestly Undervalued. The stock's GF Value™ is $209.97, compared to a current price of $166.50 — trading 20.7% below its estimated fair value. The current Beneish M-Score is -2.36. Toyota Motor's overall GF Score™ is 81/100 with 4 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 Toyota Motor (TM), the current Beneish M-Score is -2.36 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.
Is Toyota Motor (TM) Overvalued in 2026?
Based on GuruFocus' analysis, Toyota Motor stock appears to be undervalued.
The current stock price of $166.50 is trading 20.7% below its estimated GF Value™ of $209.97.
GuruFocus considers Toyota Motor to be Modestly Undervalued.
Key valuation signals for TM:
Beneish M-Score: -2.36
GF Value™: $209.97 vs. price of $166.50 (20.7% below fair value)
No single metric tells the full story. See the TM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in 1937, Toyota is one of the world's largest automakers, with 11.3 million units sold at retail in fiscal 2026, including 10.5 million across the Toyota and Lexus brands. Brands include Toyota, Lexus, Daihatsu, and truck maker Hino; market share in Japan is about 50% excluding mini-vehicles, while US share is around 14%. The firm also owns stakes in Denso, a parts supplier, about 20% of Subaru, and holds investments in many other firms, including shares of Uber Technologies, Joby Aviation, Aurora Innovation, Isuzu Motors, and about 5% in each of Mazda and Suzuki. Fiscal 2026 sales excluding financial services were JPY 46.1 trillion. Toyota also has a financing arm and manufactures homes and boats.
81GF Score
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