Food Innovators Holdings (SGX:KYB) Beneish M-Score: -4.08 (As of Aug. 09, 2026)

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SGX:KYB Food Innovators Holdings Ltd SGX:KYB
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What is Food Innovators Holdings Beneish M-Score?

Food Innovators Holdings SGX:KYB 1 Beneish M-Score is -4.08 as of Aug. 09, 2026. GuruFocus rates SGX:KYB with a GF Score™ of 1/100. The stock has 6 warning signs investors should review. Among 357 Restaurants companies, Food Innovators Holdings ranks better than 93% 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 -4.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:KYB' s Beneish M-Score Range Over the Past 10 Years
Min: -4.29   Med: -4.08   Max: -3.43
Current: -4.08

During the past 5 years, the highest Beneish M-Score of Food Innovators Holdings was -3.43. The lowest was -4.29. And the median was -4.08.

Food Innovators Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Food Innovators 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.

Food Innovators Holdings Beneish M-Score Chart

Food Innovators Holdings Annual Data
Trend Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
0.00 0.00 -3.43 -4.29 -4.08

Food Innovators Holdings Semi-Annual Data
Feb22 Feb23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial -3.43 0.00 -4.29 0.00 -4.08

SGX:KYB vs MCD, SBUX, YUM: Beneish M-Score Comparison

For the Restaurants subindustry, Food Innovators 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.

Food Innovators Holdings Beneish M-Score vs Restaurants Industry

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

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


SGX:KYB
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Food Innovators Holdings Ltd SGX:KYB
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Food Innovators 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 Food Innovators Holdings 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 * 0.932+0.528 * 0.9115+0.404 * 0.9945+0.892 * 1.0736+0.115 * 0.9127
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8527+4.679 * -0.337507-0.327 * 0.9815
=-4.08

* 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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was S$5.21 Mil.
Revenue was S$46.31 Mil.
Gross Profit was S$7.23 Mil.
Total Current Assets was S$7.36 Mil.
Total Assets was S$56.07 Mil.
Property, Plant and Equipment(Net PPE) was S$34.72 Mil.
Depreciation, Depletion and Amortization(DDA) was S$17.03 Mil.
Selling, General, & Admin. Expense(SGA) was S$6.57 Mil.
Total Current Liabilities was S$21.46 Mil.
Long-Term Debt & Capital Lease Obligation was S$24.14 Mil.
Net Income was S$0.19 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$19.11 Mil.
 Total Receivables was S$5.20 Mil.
Revenue was S$43.14 Mil.
Gross Profit was S$6.14 Mil.
Total Current Assets was S$8.46 Mil.
Total Assets was S$63.24 Mil.
Property, Plant and Equipment(Net PPE) was S$38.93 Mil.
Depreciation, Depletion and Amortization(DDA) was S$16.71 Mil.
Selling, General, & Admin. Expense(SGA) was S$7.17 Mil.
Total Current Liabilities was S$24.24 Mil.
Long-Term Debt & Capital Lease Obligation was S$28.17 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)
=(5.207 / 46.312) / (5.204 / 43.136)
=0.112433 / 0.120642
=0.932

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)
=(6.139 / 43.136) / (7.231 / 46.312)
=0.142317 / 0.156137
=0.9115

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 - (7.362 + 34.72) / 56.067) / (1 - (8.455 + 38.925) / 63.243)
=0.249434 / 0.250826
=0.9945

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
=46.312 / 43.136
=1.0736

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))
=(16.71 / (16.71 + 38.925)) / (17.029 / (17.029 + 34.72))
=0.30035 / 0.329069
=0.9127

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)
=(6.567 / 46.312) / (7.173 / 43.136)
=0.141799 / 0.166288
=0.8527

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)
=((24.139 + 21.462) / 56.067) / ((28.17 + 24.236) / 63.243)
=0.81333 / 0.828645
=0.9815

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
=(0.19 - 0 - 19.113) / 56.067
=-0.337507

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.

Food Innovators Holdings has a M-score of -4.08 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 -4.08 mean?
Food Innovators Holdings (SGX:KYB) has a Beneish M-Score of -4.08 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Food Innovators Holdings and its competitors. According to the industry distribution chart, Food Innovators Holdings ranks #25 out of 357 companies in the Restaurants industry, placing it in the top 7%.
Is Food Innovators Holdings' Beneish M-Score too high?
Food Innovators Holdings' current Beneish M-Score is -4.08. Based on the distribution chart, Food Innovators Holdings ranks #25 out of 357 companies in the Restaurants industry, which is in the top quartile — a strong position relative to peers. Overall, Food Innovators Holdings has a GF Score™ of 1/100, reflecting its overall financial health beyond just this single metric.
How does Food Innovators Holdings' Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Food Innovators Holdings ranks #25 out of 357 companies for Beneish M-Score. This places Food Innovators Holdings in the top 7% of its industry — outperforming the majority of peers. 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Food Innovators Holdings and its competitors. Food Innovators Holdings's current Beneish M-Score is -4.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Food Innovators Holdings stock overvalued right now?
Food Innovators Holdings (SGX:KYB) has a current Beneish M-Score of -4.08. The current Beneish M-Score is -4.08. Food Innovators Holdings' overall GF Score™ is 1/100 with 6 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 Food Innovators Holdings (SGX:KYB), the current Beneish M-Score is -4.08 as of Aug. 09, 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.

Food Innovators Holdings Business Description

Address 5-18-11 Nishi-Ikebukuro, Dai-3 Aiwa Building, 5th Floor, Toshima-ku, Tokyo, JPN, 171-0021
Food Innovators Holdings Ltd is a multi-market operator in the food and beverage industry. Along with its subsidiaries, the company operates in two business segments: the Restaurant Leasing and Subleasing Business (RLSB) and the Food Retail Business (FRB). Maximum revenue is generated from its Food Retail Business, which owns and operates restaurants featuring menus that showcase Japanese cuisine and Japanese-inspired European offerings. In addition, it also provides F&B Consulting and Operations Management Services. The Restaurant Leasing and Subleasing Business (RLSB) segment leases restaurant premises from landlords and subleases them to restaurant tenants. Geographically, the group generates maximum revenue from Japan, followed by Singapore, Malaysia, and Taiwan.
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