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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Fast Retailing Co's Beneish M-Score or its related term are showing as below:
FRCOF'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.68 Max: -2.01
Current: -2.7
During the past 13 years, the highest Beneish M-Score of Fast Retailing Co was -2.01. The lowest was -3.15. And the median was -2.68.
Fast Retailing Co Beneish M-Score Related Terms
Fast Retailing Co Beneish M-Score Historical Data
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The historical data trend for Fast Retailing 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.
FRCOF vs TJX, ROST, BURL: Beneish M-Score Comparison
For the Apparel Retail subindustry, Fast Retailing 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.
Fast Retailing Co Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Fast Retailing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fast Retailing Co'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 Fast Retailing 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 * 1.1079
+
0.528 * 0.9982
+
0.404 * 0.6337
+
0.892 * 1.1187
+
0.115 * 1.059
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9733
+
4.679 * -0.071501
-
0.327 * 0.9414
=
-2.73
* 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))
=
(1400.584 / (1400.584 + 4879.898))
/
(1486.223 / (1486.223 + 5571.69))
=
0.223006
/
0.210575
=
1.059
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
=
(3165.661 - 0
-
5147.502)
/
27717.599
=
-0.071501
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.
Fast Retailing Co has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
Fast Retailing Co (FRCOF) has a Beneish M-Score of -2.70 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fast Retailing Co and its competitors. According to the industry distribution chart, Fast Retailing Co ranks #443 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 40.8%.
Is Fast Retailing Co's Beneish M-Score too high?
Fast Retailing Co's current Beneish M-Score is -2.70. Based on the distribution chart, Fast Retailing Co ranks #443 out of 1087 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Fast Retailing Co has a GF Score™ of 91/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fast Retailing Co's Beneish M-Score compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Fast Retailing Co ranks #443 out of 1087 companies for Beneish M-Score. This puts Fast Retailing 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Fast Retailing Co and its competitors. Fast Retailing Co's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fast Retailing Co stock overvalued right now?
Based on GuruFocus' analysis, Fast Retailing Co (FRCOF) is currently considered Significantly Overvalued. The stock's GF Value™ is $339.36, compared to a current price of $517.31 — trading 52.4% above its estimated fair value. The current Beneish M-Score is -2.70. Fast Retailing Co's overall GF Score™ is 91/100 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 Fast Retailing Co (FRCOF), the current Beneish M-Score is -2.70 as of Jun. 24, 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 Fast Retailing Co (FRCOF) Overvalued in 2026?
Based on GuruFocus' analysis, Fast Retailing Co stock appears to be overvalued.
The current stock price of $517.31 is trading 52.4% above its estimated GF Value™ of $339.36.
GuruFocus considers Fast Retailing Co to be Significantly Overvalued.
Key valuation signals for FRCOF:
Beneish M-Score: -2.70
GF Value™: $339.36 vs. price of $517.31 (52.4% above fair value)
No single metric tells the full story. See the FRCOF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fast Retailing is Japan's largest apparel company. It operates casualwear retail chain Uniqlo, known for its high-quality functional apparel at reasonable prices. Fast Retailing is in charge of product design and sales and outsources almost all of its production to factories in places including China, Vietnam, Bangladesh, Indonesia, and India. It is ranked the second-largest apparel company by sales globally in 2024 per Euromonitor, thanks to the expansion of Uniqlo International. As of February 2025, it ran 3,616 stores globally. Other brands in its portfolio include GU and acquired brands like Theory, Comptoir des Cotonniers, and Princesse tam.tam. The Yanai family owned a 40.86% stake in the firm as of July 2025.
91GF Score
Get the complete analysis for FRCOF
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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