TOC Co (FRA:T3O) Beneish M-Score: -2.62 (As of Jul. 13, 2026)

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FRA:T3O TOC Co Ltd FRA:T3O
80 GF Score
Price €4.72
GF Value €4.16
! 4 Warning Signs
View Full Analysis

What is TOC Co Beneish M-Score?

TOC Co FRA:T3O -0.42% 80 Beneish M-Score is -2.62 as of Jul. 13, 2026. GuruFocus rates FRA:T3O with a GF Score™ of 80/100 and a GF Value™ of €4.16. The stock has 4 warning signs investors should review. Among 1,685 Real Estate companies, TOC Co ranks better than 66.94% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:T3O' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96   Med: -2.26   Max: -1.82
Current: -2.62

During the past 13 years, the highest Beneish M-Score of TOC Co was -1.82. The lowest was -2.96. And the median was -2.26.

TOC Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TOC 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.

TOC Co Beneish M-Score Chart

TOC Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.76 -1.96 -2.48 -2.04 -2.62

TOC 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.04 0.00 0.00 0.00 -2.62

FRA:T3O vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, TOC 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.

TOC Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, TOC Co's Beneish M-Score distribution charts can be found below:

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


FRA:T3O
80GF Score
TOC Co Ltd FRA:T3O
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TOC 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 TOC Co 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 * 0.9469+0.528 * 0.8653+0.404 * 1.0738+0.892 * 1.0122+0.115 * 0.9362
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.027899-0.327 * 1.1501
=-2.75

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €3.27 Mil.
Revenue was €82.61 Mil.
Gross Profit was €22.98 Mil.
Total Current Assets was €176.55 Mil.
Total Assets was €666.27 Mil.
Property, Plant and Equipment(Net PPE) was €298.35 Mil.
Depreciation, Depletion and Amortization(DDA) was €7.18 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €29.31 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €12.65 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €31.24 Mil.
 Total Receivables was €3.41 Mil.
Revenue was €81.62 Mil.
Gross Profit was €19.65 Mil.
Total Current Assets was €190.10 Mil.
Total Assets was €713.01 Mil.
Property, Plant and Equipment(Net PPE) was €332.18 Mil.
Depreciation, Depletion and Amortization(DDA) was €7.47 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €25.66 Mil.
Long-Term Debt & Capital Lease Obligation was €1.61 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)
=(3.271 / 82.612) / (3.413 / 81.617)
=0.039595 / 0.041817
=0.9469

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)
=(19.647 / 81.617) / (22.982 / 82.612)
=0.240722 / 0.278192
=0.8653

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 - (176.551 + 298.351) / 666.27) / (1 - (190.098 + 332.182) / 713.005)
=0.287223 / 0.267495
=1.0738

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
=82.612 / 81.617
=1.0122

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))
=(7.472 / (7.472 + 332.182)) / (7.179 / (7.179 + 298.351))
=0.021999 / 0.023497
=0.9362

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)
=(0 / 82.612) / (0 / 81.617)
=0 / 0
=1

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)
=((0 + 29.311) / 666.27) / ((1.613 + 25.66) / 713.005)
=0.043993 / 0.038251
=1.1501

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
=(12.652 - 0 - 31.24) / 666.27
=-0.027899

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.

TOC Co has a M-score of -2.75 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 -2.62 mean?
TOC Co (FRA:T3O) has a Beneish M-Score of -2.62 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TOC Co and its competitors. According to the industry distribution chart, TOC Co ranks #557 out of 1685 companies in the Real Estate industry, placing it in the top 33.1%.
Is TOC Co's Beneish M-Score too high?
TOC Co's current Beneish M-Score is -2.62. Based on the distribution chart, TOC Co ranks #557 out of 1685 companies in the Real Estate industry, which is above the industry midpoint. Overall, TOC Co has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does TOC Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, TOC Co ranks #557 out of 1685 companies for Beneish M-Score. This puts TOC Co in the upper 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 TOC Co and its competitors. TOC Co's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TOC Co stock overvalued right now?
TOC Co (FRA:T3O) has a current Beneish M-Score of -2.62. The stock's GF Value™ is €4.16, compared to a current price of €4.72 — trading 13.5% above its estimated fair value. The current Beneish M-Score is -2.62. TOC Co's overall GF Score™ is 80/100 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 TOC Co (FRA:T3O), the current Beneish M-Score is -2.62 as of Jul. 13, 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 TOC Co (FRA:T3O) Overvalued in 2026?

Based on GuruFocus' analysis, TOC Co stock appears to be overvalued. The current stock price of €4.72 is trading 13.5% above its estimated GF Value™ of €4.16.

Key valuation signals for FRA:T3O:

  • Beneish M-Score: -2.62
  • GF Value™: €4.16 vs. price of €4.72 (13.5% above fair value)
  • GF Score™: 80/100 with 4 warning signs

No single metric tells the full story. See the FRA:T3O stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TOC Co Business Description

Other Exchanges 8841:Japan
Address 7-22-17 Nishi-Gotanda, Shinagawa-ku, Tokyo, JPN, 141-0031
TOC Co Ltd is a Japan-based company with three business segments: real estate, linen supply and laundry, and other. The real estate segment is engaged in planning, execution, and management of urban development projects. The linen supply and laundry segment is engaged in supplying various linens used in hotels and restaurants, and offering dry cleaning services. The other segment contains a pharmaceuticals business, operates a sports club and a bathing facility, includes retail and restaurant businesses, and engages in building maintenance services. The company generates most of its revenue from the real estate segment.
80GF Score

Get the complete analysis for FRA:T3O

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

€4.72
Price
€4.16
GF Value