Barcos Co (NGO:7790) Beneish M-Score: -2.25 (As of Jul. 08, 2026)


NGO:7790 Barcos Co Ltd NGO:7790
23 GF Score
Price 円1,027.00
! 9 Warning Signs
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What is Barcos Co Beneish M-Score?

Barcos Co NGO:7790 -1.72% 23 Beneish M-Score is -2.25 as of Jul. 08, 2026. GuruFocus rates NGO:7790 with a GF Score™ of 23/100. The stock has 9 warning signs investors should review. Among 1,081 Retail - Cyclical companies, Barcos Co ranks worse than 70.12% 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:7790' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.27   Max: -0.58
Current: -2.25

During the past 8 years, the highest Beneish M-Score of Barcos Co was -0.58. The lowest was -2.70. And the median was -2.27.

Barcos Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Barcos 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.

Barcos Co Beneish M-Score Chart

Barcos Co Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.46 -2.28 -0.58 -2.70 -2.25

Barcos Co Semi-Annual Data
Dec18 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -0.58 0.00 -2.70 0.00 -2.25

NGO:7790 vs TPR: Beneish M-Score Comparison

For the Luxury Goods subindustry, Barcos 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.

Barcos Co Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Barcos Co's Beneish M-Score distribution charts can be found below:

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


NGO:7790
23GF Score
Barcos Co Ltd NGO:7790
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Barcos 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 Barcos 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 * 0.9943+0.528 * 1.027+0.404 * 1.1456+0.892 * 1.0957+0.115 * 0.7583
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.018227-0.327 * 0.9528
=-2.25

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was 円603 Mil.
Revenue was 円5,504 Mil.
Gross Profit was 円3,725 Mil.
Total Current Assets was 円2,259 Mil.
Total Assets was 円4,580 Mil.
Property, Plant and Equipment(Net PPE) was 円501 Mil.
Depreciation, Depletion and Amortization(DDA) was 円160 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,914 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,594 Mil.
Net Income was 円51 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-33 Mil.
 Total Receivables was 円553 Mil.
Revenue was 円5,024 Mil.
Gross Profit was 円3,491 Mil.
Total Current Assets was 円2,241 Mil.
Total Assets was 円4,468 Mil.
Property, Plant and Equipment(Net PPE) was 円677 Mil.
Depreciation, Depletion and Amortization(DDA) was 円153 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,855 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,737 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)
=(602.652 / 5504.338) / (553.181 / 5023.589)
=0.109487 / 0.110117
=0.9943

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)
=(3491.392 / 5023.589) / (3724.915 / 5504.338)
=0.695 / 0.676724
=1.027

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 - (2258.587 + 500.929) / 4579.831) / (1 - (2241.088 + 676.638) / 4467.924)
=0.397463 / 0.346962
=1.1456

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
=5504.338 / 5023.589
=1.0957

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))
=(152.52 / (152.52 + 676.638)) / (160.424 / (160.424 + 500.929))
=0.183946 / 0.242569
=0.7583

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 / 5504.338) / (0 / 5023.589)
=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)
=((1594.342 + 1914.281) / 4579.831) / ((1736.947 + 1855.346) / 4467.924)
=0.766103 / 0.804018
=0.9528

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
=(50.661 - 0 - -32.817) / 4579.831
=0.018227

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.

Barcos Co has a M-score of -2.25 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 -2.25 mean?
Barcos Co (NGO:7790) has a Beneish M-Score of -2.25 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Barcos Co and its competitors. According to the industry distribution chart, Barcos Co ranks #758 out of 1081 companies in the Retail - Cyclical industry, placing it in the top 70.1%.
Is Barcos Co's Beneish M-Score too high?
Barcos Co's current Beneish M-Score is -2.25. Based on the distribution chart, Barcos Co ranks #758 out of 1081 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Barcos Co has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does Barcos Co's Beneish M-Score compare to TPR?
According to the Retail - Cyclical industry distribution chart, Barcos Co ranks #758 out of 1081 companies for Beneish M-Score. This places Barcos 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 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 Barcos Co and its competitors. Barcos Co's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Barcos Co stock overvalued right now?
Barcos Co (NGO:7790) has a current Beneish M-Score of -2.25. The current Beneish M-Score is -2.25. Barcos Co's overall GF Score™ is 23/100 with 9 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 Barcos Co (NGO:7790), the current Beneish M-Score is -2.25 as of Jul. 08, 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.

Barcos Co Business Description

Address 48-1 Nakae, Tottori Prefecture, kurayoshi city, JPN, 682-0002
Barcos Co Ltd offers a wide range of creative women's bags at domestic and overseas department stores and select shops in Japan.
23GF Score

Get the complete analysis for NGO:7790

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

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