Sunny Side Up Group (TSE:2180) Beneish M-Score: -3.05 (As of Jul. 08, 2026)

What is Sunny Side Up Group Beneish M-Score?

Sunny Side Up Group TSE:2180 63 Beneish M-Score is -3.05 as of Jul. 08, 2026. GuruFocus rates TSE:2180 with a GF Score™ of 63/100 and a GF Value™ of 円709.51 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 977 Media - Diversified companies, Sunny Side Up Group ranks better than 77.79% 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 -3.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2180' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.52 Max: -1.96
Current: -3.05

During the past 13 years, the highest Beneish M-Score of Sunny Side Up Group was -1.96. The lowest was -3.30. And the median was -2.52.

Sunny Side Up Group Beneish M-Score Related Terms

Sunny Side Up Group Beneish M-Score Historical Data

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The historical data trend for Sunny Side Up Group'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.

Sunny Side Up Group Beneish M-Score Chart

Sunny Side Up Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.00

-2.86

-2.08

-2.48

-3.05

Sunny Side Up Group Quarterly Data
	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Dec24	Jun25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.48	0.00	-3.05	0.00	0.00

TSE:2180 vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Sunny Side Up Group'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.

Sunny Side Up Group Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Sunny Side Up Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sunny Side Up Group's Beneish M-Score falls into.

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63GF Score

Sunny Side Up Group Inc TSE:2180

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

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Sunny Side Up Group 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 Sunny Side Up Group 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 * 1.0814

0.528 * 1.01

0.404 * 0.6624

0.892 * 1.0938

0.115 * 0.8955

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.118926

0.327 * 1.0971

-3.05

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was 円3,065 Mil.
Revenue was 円19,587 Mil.
Gross Profit was 円4,588 Mil.
Total Current Assets was 円8,626 Mil.
Total Assets was 円10,410 Mil.
Property, Plant and Equipment(Net PPE) was 円1,052 Mil.
Depreciation, Depletion and Amortization(DDA) was 円156 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,866 Mil.
Long-Term Debt & Capital Lease Obligation was 円465 Mil.
Net Income was 円949 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,187 Mil.

Total Receivables was 円2,591 Mil.
Revenue was 円17,908 Mil.
Gross Profit was 円4,236 Mil.
Total Current Assets was 円6,550 Mil.
Total Assets was 円8,473 Mil.
Property, Plant and Equipment(Net PPE) was 円1,024 Mil.
Depreciation, Depletion and Amortization(DDA) was 円134 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,362 Mil.
Long-Term Debt & Capital Lease Obligation was 円592 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)
	=	(3064.922 / 19587.229)	/	(2591.323 / 17908.253)
	=	0.156476	/	0.1447
	=	1.0814

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)
	=	(4236.327 / 17908.253)	/	(4587.756 / 19587.229)
	=	0.236557	/	0.234222
	=	1.01

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 - (8626.305 + 1051.635) / 10409.778)	/	(1 - (6549.627 + 1023.957) / 8472.908)
	=	0.070303	/	0.106141
	=	0.6624

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
	=	19587.229	/	17908.253
	=	1.0938

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))
	=	(134.099 / (134.099 + 1023.957))	/	(156.182 / (156.182 + 1051.635))
	=	0.115797	/	0.129309
	=	0.8955

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 / 19587.229)	/	(0 / 17908.253)
	=	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)
	=	((464.889 + 4865.697) / 10409.778)	/	((592.156 + 3362.433) / 8472.908)
	=	0.512075	/	0.466733
	=	1.0971

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
	=	(948.768 - 0	-	2186.763)	/	10409.778
	=	-0.118926

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.

Sunny Side Up Group has a M-score of -3.05 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 -3.05 mean?

Sunny Side Up Group (TSE:2180) has a Beneish M-Score of -3.05 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sunny Side Up Group and its competitors. According to the industry distribution chart, Sunny Side Up Group ranks #217 out of 977 companies in the Media - Diversified industry, placing it in the top 22.2%.

Is Sunny Side Up Group's Beneish M-Score too high?

Sunny Side Up Group's current Beneish M-Score is -3.05. Based on the distribution chart, Sunny Side Up Group ranks #217 out of 977 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, Sunny Side Up Group has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Sunny Side Up Group's Beneish M-Score compare to APP and OMC?

According to the Media - Diversified industry distribution chart, Sunny Side Up Group ranks #217 out of 977 companies for Beneish M-Score. This places Sunny Side Up Group in the top 22% 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 Media - Diversified company?

A good Beneish M-Score depends on the Media - Diversified 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 Sunny Side Up Group and its competitors. Sunny Side Up Group's current Beneish M-Score is -3.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sunny Side Up Group stock overvalued right now?

Based on GuruFocus' analysis, Sunny Side Up Group (TSE:2180) is currently considered Significantly Overvalued. The stock's GF Value™ is 円709.51, compared to a current price of 円1,306.00 — trading 84.1% above its estimated fair value. The current Beneish M-Score is -3.05. Sunny Side Up Group's overall GF Score™ is 63/100 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 Sunny Side Up Group (TSE:2180), the current Beneish M-Score is -3.05 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.

Is Sunny Side Up Group (TSE:2180) Overvalued in 2026?

Based on GuruFocus' analysis, Sunny Side Up Group stock appears to be overvalued. The current stock price of 円1,306.00 is trading 84.1% above its estimated GF Value™ of 円709.51. GuruFocus considers Sunny Side Up Group to be Significantly Overvalued.

Key valuation signals for TSE:2180:

Beneish M-Score: -3.05
GF Value™: 円709.51 vs. price of 円1,306.00 (84.1% above fair value)
GF Score™: 63/100 with 3 warning signs

No single metric tells the full story. See the TSE:2180 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sunny Side Up Group Business Description

Industry Communication Services Media - Diversified

Comparable Companies TSE:300A TSE:9782 TSE:2148 TSE:9211 TSE:378A TSE:7354 TSE:4767 TSE:2130 TSE:7095 TSE:4499 APP XPAR:PUB OMC SZSE:002027 TTD SZSE:300058 TSE:4324 SZSE:002131 XPAR:DEC LFTO

Address 4-23-5 Sendagaya, JPR Sendagaya Building, 7th Floor, Shibuya-ku, Tokyo, JPN, 151-0051

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

Sunny Side Up Group Inc is engaged in the public relations (PR) business in Japan. Its PR services include publicity, PR events, media relations, media training, retainer contracts, press releases, press conferences, symposium, risk management, crisis management, reputation management, and advertorials, among other services. Its segments include Brand Communication Business, Food Branding Business, and Business Development.

63GF Score

Get the complete analysis for TSE:2180

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

円1,306.00

Price

円709.51

GF Value

View TSE:2180 Analysis

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