Kyushu Railway Co (FSE:9142) Beneish M-Score: -2.54 (As of Jun. 26, 2026)

What is Kyushu Railway Co Beneish M-Score?

Kyushu Railway Co FSE:9142 72 Beneish M-Score is -2.54 as of Jun. 26, 2026. GuruFocus rates FSE:9142 with a GF Score™ of 72/100 and a GF Value™ of 円4,449.42. The stock has 2 warning signs investors should review. Among 537 Conglomerates companies, Kyushu Railway Co ranks better than 55.87% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FSE:9142' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.65 Max: -1.86
Current: -2.54

During the past 11 years, the highest Beneish M-Score of Kyushu Railway Co was -1.86. The lowest was -2.91. And the median was -2.65.

Kyushu Railway Co Beneish M-Score Related Terms

Kyushu Railway Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kyushu Railway 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.

Kyushu Railway Co Beneish M-Score Chart

Kyushu Railway Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.88

-2.65

-2.62

-2.78

-2.54

Kyushu Railway 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															-2.78	0.00	0.00	0.00	-2.54

FSE:9142 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Kyushu Railway 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.

Kyushu Railway Co Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Kyushu Railway Co's Beneish M-Score distribution charts can be found below:

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

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72GF Score

Kyushu Railway Co FSE:9142

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

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Kyushu Railway 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 Kyushu Railway 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 * 0.9506

0.528 * 0.9787

0.404 * 1.053

0.892 * 1.1012

0.115 * 0.9898

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.022402

0.327 * 1.0237

-2.54

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円64,265 Mil.
Revenue was 円500,393 Mil.
Gross Profit was 円213,080 Mil.
Total Current Assets was 円247,728 Mil.
Total Assets was 円1,222,430 Mil.
Property, Plant and Equipment(Net PPE) was 円794,394 Mil.
Depreciation, Depletion and Amortization(DDA) was 円40,232 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円204,603 Mil.
Long-Term Debt & Capital Lease Obligation was 円422,451 Mil.
Net Income was 円45,468 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円72,853 Mil.

Total Receivables was 円61,387 Mil.
Revenue was 円454,393 Mil.
Gross Profit was 円189,380 Mil.
Total Current Assets was 円214,146 Mil.
Total Assets was 円1,140,509 Mil.
Property, Plant and Equipment(Net PPE) was 円766,606 Mil.
Depreciation, Depletion and Amortization(DDA) was 円38,410 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円212,706 Mil.
Long-Term Debt & Capital Lease Obligation was 円358,760 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)
	=	(64265 / 500393)	/	(61387 / 454393)
	=	0.128429	/	0.135097
	=	0.9506

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)
	=	(189380 / 454393)	/	(213080 / 500393)
	=	0.416776	/	0.425825
	=	0.9787

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 - (247728 + 794394) / 1222430)	/	(1 - (214146 + 766606) / 1140509)
	=	0.1475	/	0.140075
	=	1.053

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
	=	500393	/	454393
	=	1.1012

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))
	=	(38410 / (38410 + 766606))	/	(40232 / (40232 + 794394))
	=	0.047713	/	0.048204
	=	0.9898

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 / 500393)	/	(0 / 454393)
	=	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)
	=	((422451 + 204603) / 1222430)	/	((358760 + 212706) / 1140509)
	=	0.512957	/	0.501062
	=	1.0237

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
	=	(45468 - 0	-	72853)	/	1222430
	=	-0.022402

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.

Kyushu Railway Co has a M-score of -2.54 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 -2.54 mean?

Kyushu Railway Co (FSE:9142) has a Beneish M-Score of -2.54 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kyushu Railway Co and its competitors. According to the industry distribution chart, Kyushu Railway Co ranks #237 out of 537 companies in the Conglomerates industry, placing it in the top 44.1%.

Is Kyushu Railway Co's Beneish M-Score too high?

Kyushu Railway Co's current Beneish M-Score is -2.54. Based on the distribution chart, Kyushu Railway Co ranks #237 out of 537 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Kyushu Railway Co has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.

How does Kyushu Railway Co's Beneish M-Score compare to HON and MMM?

According to the Conglomerates industry distribution chart, Kyushu Railway Co ranks #237 out of 537 companies for Beneish M-Score. This puts Kyushu Railway 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 Conglomerates company?

A good Beneish M-Score depends on the Conglomerates 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 Kyushu Railway Co and its competitors. Kyushu Railway Co's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Kyushu Railway Co stock overvalued right now?

Kyushu Railway Co (FSE:9142) has a current Beneish M-Score of -2.54. The stock's GF Value™ is 円4,449.42, compared to a current price of 円3,610.00 — trading 18.9% below its estimated fair value. The current Beneish M-Score is -2.54. Kyushu Railway Co's overall GF Score™ is 72/100 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 Kyushu Railway Co (FSE:9142), the current Beneish M-Score is -2.54 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 Kyushu Railway Co (FSE:9142) Overvalued in 2026?

Based on GuruFocus' analysis, Kyushu Railway Co stock appears to be undervalued. The current stock price of 円3,610.00 is trading 18.9% below its estimated GF Value™ of 円4,449.42.

Key valuation signals for FSE:9142:

Beneish M-Score: -2.54
GF Value™: 円4,449.42 vs. price of 円3,610.00 (18.9% below fair value)
GF Score™: 72/100 with 2 warning signs

No single metric tells the full story. See the FSE:9142 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kyushu Railway Co Business Description

Industry Industrials Conglomerates

Comparable Companies TSE:8088 TSE:9008 TSE:5393 TSE:9006 TSE:9041 TSE:3105 TSE:8078 TSE:9024 TSE:8020 TSE:9048 ADX:IHC HON TSE:6501 TSE:8058 TSE:8031 TSE:8001 MMM TSE:8002 TSE:8053 TSE:5803

Other Exchanges KYHHY:USA 9142:Japan KRH:Germany

Address 3-25-21 Hakataekimae, Hakata-ku, Fukuoka, JPN, 812-8566

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

Kyushu Railway, or JR Kyushu, is one of seven Japanese railway companies formed when the government privatized Japan Rail in 1987. The rail company services the island of Kyushu, which is just off the South of Japan mainland. Kyushu is colloquially referred to as the 10:10:10 region—covering about 10% of Japan's landmass, housing about 10% of Japan's population and producing about 10% of Japan's gross domestic product. JR Kyushu operates three businesses: rail transportation; real estate and hotels; and construction, retail, restaurants, and business services.

72GF Score

Get the complete analysis for FSE:9142

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

円3,610.00

Price

円4,449.42

GF Value

View FSE:9142 Analysis

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