PTZH (Photozou Holdings) Beneish M-Score: 0.00 (As of Jun. 26, 2026)

What is Photozou Holdings Beneish M-Score?

Photozou Holdings PTZH 12 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates PTZH with a GF Score™ of 12/100.

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.

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

During the past 10 years, the highest Beneish M-Score of Photozou Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

Photozou Holdings Beneish M-Score Related Terms

Photozou Holdings Beneish M-Score Historical Data

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The historical data trend for Photozou 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.

Photozou Holdings Beneish M-Score Chart

Photozou Holdings Annual Data

Trend

Nov15

Nov16

Nov17

Nov18

Nov19

Nov20

Nov21

Nov22

Nov23

Nov24

Beneish M-Score

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0.00

8.88

-4.65

-8.10

0.00

Photozou Holdings Quarterly Data
	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24
Beneish M-Score	Get a 7-Day Free Trial															-8.10	-9.73	-1.48	-2.46	0.00

PTZH vs GHST, BQ, SPEV: Beneish M-Score Comparison

For the Specialty Retail subindustry, Photozou 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.

Photozou Holdings Beneish M-Score vs Retail - Cyclical Industry

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

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

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Photozou Holdings Inc PTZH

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Photozou Holdings 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 Photozou Holdings 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Nov24) TTM:

Last Year (Nov23) TTM:

Total Receivables was $0.03 Mil.
Revenue was 0.042 + 0.055 + 0.046 + 0.037 = $0.18 Mil.
Gross Profit was 0.033 + 0.043 + 0.018 + 0.006 = $0.10 Mil.
Total Current Assets was $0.44 Mil.
Total Assets was $0.47 Mil.
Property, Plant and Equipment(Net PPE) was $0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.42 Mil.
Total Current Liabilities was $1.02 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.065 + -0.045 + -0.073 + -0.146 = $-0.33 Mil.
Non Operating Income was -0.01 + -0.001 + 0 + 0 = $-0.01 Mil.
Cash Flow from Operations was 0.112 + -0.043 + -0.055 + -0.137 = $-0.12 Mil.

Total Receivables was $0.02 Mil.
Revenue was 0.02 + 0.012 + 0.02 + 0.023 = $0.08 Mil.
Gross Profit was -0.006 + -0.003 + 0.002 + 0.002 = $-0.01 Mil.
Total Current Assets was $0.10 Mil.
Total Assets was $0.16 Mil.
Property, Plant and Equipment(Net PPE) was $0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.26 Mil.
Total Current Liabilities was $0.82 Mil.
Long-Term Debt & Capital Lease Obligation was $0.01 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)
	=	(0.025 / 0.18)	/	(0.019 / 0.075)
	=	0.138889	/	0.253333
	=

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)
	=	(-0.005 / 0.075)	/	(0.1 / 0.18)
	=	-0.066667	/	0.555556
	=

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 - (0.436 + 0.033) / 0.468)	/	(1 - (0.101 + 0.055) / 0.156)
	=	-0.002137	/	0
	=

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
	=	0.18	/	0.075
	=

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))
	=	(0 / (0 + 0.055))	/	(0.021 / (0.021 + 0.033))
	=	0	/	0.388889
	=

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)
	=	(0.418 / 0.18)	/	(0.26 / 0.075)
	=	2.322222	/	3.466667
	=

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 + 1.022) / 0.468)	/	((0.006 + 0.818) / 0.156)
	=	2.183761	/	5.282051
	=

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
	=	(-0.329 - -0.011	-	-0.123)	/	0.468
	=	-0.416667

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Photozou Holdings (PTZH) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Photozou Holdings and its competitors.

Is Photozou Holdings' Beneish M-Score too high?

Photozou Holdings' current Beneish M-Score is 0.00. Overall, Photozou Holdings has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.

How does Photozou Holdings' Beneish M-Score compare to GHST and BQ?

Photozou Holdings' Beneish M-Score of 0.00 can be compared against companies in the Retail - Cyclical 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 Photozou Holdings and its competitors. Photozou Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Photozou Holdings stock overvalued right now?

Photozou Holdings (PTZH) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Photozou Holdings' overall GF Score™ is 12/100. 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 Photozou Holdings (PTZH), the current Beneish M-Score is 0.00 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.

Photozou Holdings Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies GHST BQ SPEV PTLE JRSS ALLGF QSJC LNBY NVVE JBDI TSX:ATD TSCO ULTA WSM CASY SHSE:601888 DKS BBY ADX:ADNOCDIST TPE:3045

Address Yotsuya Shinjuku-ku, 4-30-4th Floor, Tokyo, JPN, 160-0004

Website https://www.photozouhd.com

Photozou Holdings Inc is focused on online advertising and the sale of used cameras. The firm engages in offering used cameras, which include mainly high-class digital single-lens reflex cameras. In addition, it provides two types of advertising services including managing online photo contests and web advertising services specifically geared toward advertisements. The majority of its revenue is derived from the sale of used cameras.

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$0.59

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