ANA HoldingsFRA:ANCA 81 Beneish M-Score is -2.31 as of Jun. 28, 2026. GuruFocus rates FRA:ANCA with a GF Score™ of 81/100 and a GF Value™ of €18.03 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 960 Transportation companies, ANA Holdings ranks worse than 69.06% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ANA Holdings's Beneish M-Score or its related term are showing as below:
FRA:ANCA'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.36 Max: 4.15
Current: -2.31
During the past 13 years, the highest Beneish M-Score of ANA Holdings was 4.15. The lowest was -2.88. And the median was -2.36.
ANA Holdings Beneish M-Score Related Terms
ANA Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for ANA Holdings'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.
FRA:ANCA vs DAL, UAL, LUV: Beneish M-Score Comparison
For the Airlines subindustry, ANA Holdings'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.
ANA Holdings Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, ANA Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ANA Holdings'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 ANA Holdings 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 * 1.0326
+
0.528 * 1.015
+
0.404 * 0.9438
+
0.892 * 1.031
+
0.115 * 0.7244
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9357
+
4.679 * -0.004712
-
0.327 * 0.9013
=
-2.45
* 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))
=
(93.488 / (93.488 + 8718.666))
/
(123.702 / (123.702 + 8322.594))
=
0.010609
/
0.014646
=
0.7244
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
=
(952.442 - 0
-
1054.025)
/
21559.916
=
-0.004712
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.
ANA Holdings has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
ANA Holdings (FRA:ANCA) has a Beneish M-Score of -2.31 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ANA Holdings and its competitors. According to the industry distribution chart, ANA Holdings ranks #663 out of 960 companies in the Transportation industry, placing it in the top 69.1%.
Is ANA Holdings' Beneish M-Score too high?
ANA Holdings' current Beneish M-Score is -2.31. Based on the distribution chart, ANA Holdings ranks #663 out of 960 companies in the Transportation industry, which is below the industry midpoint. Overall, ANA Holdings has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ANA Holdings' Beneish M-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, ANA Holdings ranks #663 out of 960 companies for Beneish M-Score. This places ANA Holdings 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 ANA Holdings and its competitors. ANA Holdings's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ANA Holdings stock overvalued right now?
Based on GuruFocus' analysis, ANA Holdings (FRA:ANCA) is currently considered Modestly Undervalued. The stock's GF Value™ is €18.03, compared to a current price of €16.00 — trading 11.3% below its estimated fair value. The current Beneish M-Score is -2.31. ANA Holdings' overall GF Score™ is 81/100 with 2 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 ANA Holdings (FRA:ANCA), the current Beneish M-Score is -2.31 as of Jun. 28, 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 ANA Holdings (FRA:ANCA) Overvalued in 2026?
Based on GuruFocus' analysis, ANA Holdings stock appears to be undervalued.
The current stock price of €16.00 is trading 11.3% below its estimated GF Value™ of €18.03.
GuruFocus considers ANA Holdings to be Modestly Undervalued.
Key valuation signals for FRA:ANCA:
Beneish M-Score: -2.31
GF Value™: €18.03 vs. price of €16.00 (11.3% below fair value)
No single metric tells the full story. See the FRA:ANCA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ANA Holdings is the holding firm of Japan's largest airline, All Nippon Airways. Besides the flagship carrier, ANA also owns discount airline Peach Aviation, Hokkaido-based Air Do, and airfreight carrier Nippon Cargo Airlines. Air Japan, which was launched to provide discount flights to Southeast Asia, will cease in 2026. Prior to covid-19, passenger transport made up over 50% of group revenue, split almost equally between domestic and international passenger routes while cargo revenue made up 4%-5%. Its primary hub is Tokyo's Narita International Airport, but it is also expanding routes from Haneda Airport. ANA has minor stakes in Philippine Airlines, Vietnam Airlines, and IHG ANA Hotels Group Japan. The latter is a hotel chain in Japan owned and operated by InterContinental Hotels Group.
81GF Score
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