CHCLY (Citizen Watch Co) Beneish M-Score: -2.43 (As of Jul. 02, 2026)

What is Citizen Watch Co Beneish M-Score?

Citizen Watch Co CHCLY -4.12% 65 Beneish M-Score is -2.43 as of Jul. 02, 2026. GuruFocus rates CHCLY with a GF Score™ of 65/100 and a GF Value™ of $19.19 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 999 Manufacturing - Apparel & Accessories companies, Citizen Watch Co ranks worse than 56.06% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHCLY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.54 Max: -2.38
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Citizen Watch Co was -2.38. The lowest was -3.26. And the median was -2.54.

Citizen Watch Co Beneish M-Score Related Terms

Citizen Watch Co Beneish M-Score Historical Data

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The historical data trend for Citizen Watch 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.

Citizen Watch Co Beneish M-Score Chart

Citizen Watch Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.50

-2.38

-2.49

-2.73

-2.43

Citizen Watch Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.73	0.00	0.00	0.00	-2.43

CHCLY vs NKE, DECK, ONON: Beneish M-Score Comparison

For the Footwear & Accessories subindustry, Citizen Watch 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.

Citizen Watch Co Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Citizen Watch Co's Beneish M-Score distribution charts can be found below:

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

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65GF Score

Citizen Watch Co Ltd CHCLY

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

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Citizen Watch 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 Citizen Watch 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 * 1.029

0.528 * 0.9848

0.404 * 1.005

0.892 * 1.028

0.115 * 1.0663

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9564

4.679 * -0.016489

0.327 * 0.9699

-2.49

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $404 Mil.
Revenue was $2,186 Mil.
Gross Profit was $942 Mil.
Total Current Assets was $1,922 Mil.
Total Assets was $2,951 Mil.
Property, Plant and Equipment(Net PPE) was $658 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $752 Mil.
Total Current Liabilities was $547 Mil.
Long-Term Debt & Capital Lease Obligation was $353 Mil.
Net Income was $196 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $245 Mil.

Total Receivables was $382 Mil.
Revenue was $2,126 Mil.
Gross Profit was $903 Mil.
Total Current Assets was $1,824 Mil.
Total Assets was $2,788 Mil.
Property, Plant and Equipment(Net PPE) was $615 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $765 Mil.
Total Current Liabilities was $520 Mil.
Long-Term Debt & Capital Lease Obligation was $356 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)
	=	(403.787 / 2185.544)	/	(381.711 / 2125.923)
	=	0.184754	/	0.179551
	=	1.029

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)
	=	(902.671 / 2125.923)	/	(942.321 / 2185.544)
	=	0.424602	/	0.431161
	=	0.9848

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 - (1922.144 + 658.055) / 2951.191)	/	(1 - (1824.462 + 614.668) / 2787.862)
	=	0.125709	/	0.125089
	=	1.005

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
	=	2185.544	/	2125.923
	=	1.028

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))
	=	(91.213 / (91.213 + 614.668))	/	(90.747 / (90.747 + 658.055))
	=	0.129219	/	0.12119
	=	1.0663

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)
	=	(751.689 / 2185.544)	/	(764.523 / 2125.923)
	=	0.343937	/	0.359619
	=	0.9564

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)
	=	((352.691 + 546.751) / 2951.191)	/	((355.789 + 520.289) / 2787.862)
	=	0.304773	/	0.314247
	=	0.9699

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
	=	(195.989 - 0	-	244.652)	/	2951.191
	=	-0.016489

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.

Citizen Watch Co has a M-score of -2.49 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 -2.43 mean?

Citizen Watch Co (CHCLY) has a Beneish M-Score of -2.43 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Citizen Watch Co and its competitors. According to the industry distribution chart, Citizen Watch Co ranks #560 out of 999 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 56.1%.

Is Citizen Watch Co's Beneish M-Score too high?

Citizen Watch Co's current Beneish M-Score is -2.43. Based on the distribution chart, Citizen Watch Co ranks #560 out of 999 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, Citizen Watch Co has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Citizen Watch Co's Beneish M-Score compare to NKE and DECK?

According to the Manufacturing - Apparel & Accessories industry distribution chart, Citizen Watch Co ranks #560 out of 999 companies for Beneish M-Score. This places Citizen Watch Co 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 Manufacturing - Apparel & Accessories company?

A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Citizen Watch Co and its competitors. Citizen Watch Co's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Citizen Watch Co stock overvalued right now?

Based on GuruFocus' analysis, Citizen Watch Co (CHCLY) is currently considered Significantly Overvalued. The stock's GF Value™ is $19.19, compared to a current price of $70.95 — trading 269.7% above its estimated fair value. The current Beneish M-Score is -2.43. Citizen Watch Co's overall GF Score™ is 65/100 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 Citizen Watch Co (CHCLY), the current Beneish M-Score is -2.43 as of Jul. 02, 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 Citizen Watch Co (CHCLY) Overvalued in 2026?

Based on GuruFocus' analysis, Citizen Watch Co stock appears to be overvalued. The current stock price of $70.95 is trading 269.7% above its estimated GF Value™ of $19.19. GuruFocus considers Citizen Watch Co to be Significantly Overvalued.

Key valuation signals for CHCLY:

Beneish M-Score: -2.43
GF Value™: $19.19 vs. price of $70.95 (269.7% above fair value)
GF Score™: 65/100 with 5 warning signs

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

Citizen Watch Co Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies TSE:8050 TSE:7839 TSE:7932 TSE:8115 TSE:7938 TSE:3059 TSE:3550 TSE:7422 NKE XTER:ADS TSE:7936 DECK ONON BIRK SHSE:600415 CROX SZSE:300979 XTER:PUM SHOO HKSE:00551

Other Exchanges 7762:Japan CTZ:Germany

Address 6-1-12, Tanashi-cho, Nishi Tokyo-shi, Tokyo, JPN, 188-8511

Website https://www.citizen.co.jp

Citizen Watch Co Ltd is a company whose main business is to manufacture and sell watches, machine tools, electronic devices, and electronic products. The Company has four reportable segments which includes Watches Business, Machine Tools Business, Device Business, and Electronic Equipment and Other Business. It generates majority of the revenue from Watches Business segment.

65GF Score

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

$70.95

Price

$19.19

GF Value

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