GAIA (TSE:154A) Beneish M-Score: -2.11 (As of Jun. 27, 2026)


TSE:154A GAIA Inc TSE:154A
27 GF Score
Price 円6,610.00
! 3 Warning Signs
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What is GAIA Beneish M-Score?

GAIA TSE:154A 27 Beneish M-Score is -2.11 as of Jun. 27, 2026. GuruFocus rates TSE:154A with a GF Score™ of 27/100. The stock has 3 warning signs investors should review.

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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:154A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74   Med: -2.6   Max: -2.11
Current: -2.11

During the past 5 years, the highest Beneish M-Score of GAIA was -2.11. The lowest was -2.74. And the median was -2.60.

GAIA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GAIA'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.

GAIA Beneish M-Score Chart

GAIA Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.60 -2.74 -2.11

GAIA Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.60 0.00 -2.74 0.00 -2.11

TSE:154A vs : Beneish M-Score Comparison

For the Asset Management subindustry, GAIA'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.

GAIA Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, GAIA's Beneish M-Score distribution charts can be found below:

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


TSE:154A
27GF Score
GAIA Inc TSE:154A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

GAIA 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 GAIA 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 * 0.9605+0.528 * 1+0.404 * 0.9012+0.892 * 1.0707+0.115 * 1.3156
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.087379-0.327 * 1.2034
=-2.11

* 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47.6 Mil.
Revenue was 円564.3 Mil.
Gross Profit was 円564.3 Mil.
Total Current Assets was 円340.5 Mil.
Total Assets was 円418.8 Mil.
Property, Plant and Equipment(Net PPE) was 円13.8 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3.3 Mil.
Selling, General, & Admin. Expense(SGA) was 円0.0 Mil.
Total Current Liabilities was 円86.2 Mil.
Long-Term Debt & Capital Lease Obligation was 円65.0 Mil.
Net Income was 円23.9 Mil.
Gross Profit was 円0.0 Mil.
Cash Flow from Operations was 円-12.7 Mil.
 Total Receivables was 円46.3 Mil.
Revenue was 円527.0 Mil.
Gross Profit was 円527.0 Mil.
Total Current Assets was 円296.9 Mil.
Total Assets was 円368.2 Mil.
Property, Plant and Equipment(Net PPE) was 円8.3 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2.9 Mil.
Selling, General, & Admin. Expense(SGA) was 円0.0 Mil.
Total Current Liabilities was 円105.9 Mil.
Long-Term Debt & Capital Lease Obligation was 円4.6 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)
=(47.583 / 564.256) / (46.272 / 527.014)
=0.084329 / 0.0878
=0.9605

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)
=(527.014 / 527.014) / (564.256 / 564.256)
=1 / 1
=1

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 - (340.494 + 13.758) / 418.821) / (1 - (296.91 + 8.291) / 368.185)
=0.154168 / 0.171066
=0.9012

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
=564.256 / 527.014
=1.0707

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))
=(2.852 / (2.852 + 8.291)) / (3.323 / (3.323 + 13.758))
=0.255945 / 0.194544
=1.3156

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 / 564.256) / (0 / 527.014)
=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)
=((65 + 86.178) / 418.821) / ((4.579 + 105.861) / 368.185)
=0.360961 / 0.299958
=1.2034

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
=(23.918 - 0 - -12.678) / 418.821
=0.087379

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.

GAIA has a M-score of -2.11 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 -2.11 mean?
GAIA (TSE:154A) has a Beneish M-Score of -2.11 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GAIA and its competitors.
Is GAIA's Beneish M-Score too high?
GAIA's current Beneish M-Score is -2.11. Overall, GAIA has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does GAIA's Beneish M-Score compare to ?
GAIA's Beneish M-Score of -2.11 can be compared against companies in the Asset Management 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 GAIA and its competitors. GAIA's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GAIA stock overvalued right now?
GAIA (TSE:154A) has a current Beneish M-Score of -2.11. The current Beneish M-Score is -2.11. GAIA's overall GF Score™ is 27/100 with 3 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 GAIA (TSE:154A), the current Beneish M-Score is -2.11 as of Jun. 27, 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.

GAIA Business Description

Comparable Companies
Address 3-2-11 Nishishinjuku, Office 10th Floor, Shinjuku Mitsui Building No. 2, Shinjuku-ku, Tokyo, JPN, 160-0023
GAIA Inc is engaged in asset management design advice business (financial planning business). It business includes financial services related to financial planning business, financial instruments intermediary service, insurance agency business, and bank agency business by fee-based IFA (Independent Financial Advisor).
27GF Score

Get the complete analysis for TSE:154A

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

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