Studio Alice Co (TSE:2305) Beneish M-Score: -2.83 (As of Jun. 27, 2026)


TSE:2305 Studio Alice Co Ltd TSE:2305
65 GF Score
Price 円1,823.00
GF Value 円1,864.19
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Studio Alice Co Beneish M-Score?

Studio Alice Co TSE:2305 +1.50% 65 Beneish M-Score is -2.83 as of Jun. 27, 2026. GuruFocus rates TSE:2305 with a GF Score™ of 65/100 and a GF Value™ of 円1,864.19 (Fairly Valued). The stock has 4 warning signs investors should review. Among 92 Personal Services companies, Studio Alice Co ranks better than 70.65% 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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2305' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51   Med: -2.89   Max: -2.3
Current: -2.83

During the past 13 years, the highest Beneish M-Score of Studio Alice Co was -2.30. The lowest was -3.51. And the median was -2.89.

Studio Alice Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Studio Alice 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.

Studio Alice Co Beneish M-Score Chart

Studio Alice Co Annual Data
Trend Dec17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.20 -2.30 -2.89 -3.04 -2.83

Studio Alice Co Quarterly Data
May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.04 0.00 0.00 0.00 -2.83

TSE:2305 vs ROL, SCI, HRB: Beneish M-Score Comparison

For the Personal Services subindustry, Studio Alice 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.

Studio Alice Co Beneish M-Score vs Personal Services Industry

For the Personal Services industry and Consumer Cyclical sector, Studio Alice Co's Beneish M-Score distribution charts can be found below:

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


TSE:2305
65GF Score
Studio Alice Co Ltd TSE:2305
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Studio Alice 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 Studio Alice 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 * 1.0514+0.528 * 1.0722+0.404 * 1.0309+0.892 * 0.925+0.115 * 0.9869
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.096958-0.327 * 0.785
=-2.83

* 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 円901 Mil.
Revenue was 円32,928 Mil.
Gross Profit was 円7,198 Mil.
Total Current Assets was 円21,988 Mil.
Total Assets was 円38,393 Mil.
Property, Plant and Equipment(Net PPE) was 円12,288 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,443 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,811 Mil.
Long-Term Debt & Capital Lease Obligation was 円160 Mil.
Net Income was 円1,162 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,885 Mil.
 Total Receivables was 円926 Mil.
Revenue was 円35,598 Mil.
Gross Profit was 円8,344 Mil.
Total Current Assets was 円23,316 Mil.
Total Assets was 円41,224 Mil.
Property, Plant and Equipment(Net PPE) was 円13,620 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,753 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,854 Mil.
Long-Term Debt & Capital Lease Obligation was 円945 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)
=(900.806 / 32928.091) / (926.237 / 35598.139)
=0.027357 / 0.026019
=1.0514

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)
=(8344.08 / 35598.139) / (7198.376 / 32928.091)
=0.234397 / 0.218609
=1.0722

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 - (21987.659 + 12287.633) / 38392.801) / (1 - (23315.665 + 13619.554) / 41223.773)
=0.107247 / 0.104031
=1.0309

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
=32928.091 / 35598.139
=0.925

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))
=(3753.063 / (3753.063 + 13619.554)) / (3443.407 / (3443.407 + 12287.633))
=0.216033 / 0.218893
=0.9869

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 / 32928.091) / (0 / 35598.139)
=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)
=((159.78 + 4811.242) / 38392.801) / ((945.132 + 5853.997) / 41223.773)
=0.129478 / 0.164932
=0.785

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
=(1162.055 - 0 - 4884.559) / 38392.801
=-0.096958

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.

Studio Alice Co has a M-score of -2.83 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 -2.83 mean?
Studio Alice Co (TSE:2305) has a Beneish M-Score of -2.83 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Studio Alice Co and its competitors. According to the industry distribution chart, Studio Alice Co ranks #27 out of 92 companies in the Personal Services industry, placing it in the top 29.3%.
Is Studio Alice Co's Beneish M-Score too high?
Studio Alice Co's current Beneish M-Score is -2.83. Based on the distribution chart, Studio Alice Co ranks #27 out of 92 companies in the Personal Services industry, which is above the industry midpoint. Overall, Studio Alice Co has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Studio Alice Co's Beneish M-Score compare to ROL and SCI?
According to the Personal Services industry distribution chart, Studio Alice Co ranks #27 out of 92 companies for Beneish M-Score. This puts Studio Alice Co in the upper 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 Personal Services company?
A good Beneish M-Score depends on the Personal Services 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 Studio Alice Co and its competitors. Studio Alice Co's current Beneish M-Score is -2.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Studio Alice Co stock overvalued right now?
Based on GuruFocus' analysis, Studio Alice Co (TSE:2305) is currently considered Fairly Valued. The stock's GF Value™ is 円1,864.19, compared to a current price of 円1,823.00 — trading 2.2% below its estimated fair value. The current Beneish M-Score is -2.83. Studio Alice Co's overall GF Score™ is 65/100 with 4 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 Studio Alice Co (TSE:2305), the current Beneish M-Score is -2.83 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.

Is Studio Alice Co (TSE:2305) Overvalued in 2026?

Based on GuruFocus' analysis, Studio Alice Co stock appears to be undervalued. The current stock price of 円1,823.00 is trading 2.2% below its estimated GF Value™ of 円1,864.19. GuruFocus considers Studio Alice Co to be Fairly Valued.

Key valuation signals for TSE:2305:

  • Beneish M-Score: -2.83
  • GF Value™: 円1,864.19 vs. price of 円1,823.00 (2.2% below fair value)
  • GF Score™: 65/100 with 4 warning signs

No single metric tells the full story. See the TSE:2305 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Studio Alice Co Business Description

Address 1-8-17 Umeda, Kita-ku, Osaka, JPN, 530-0001
Studio Alice Co Ltd is a Japan-based company, engages in the photography business. The company offers shooting, production, and processing of studio photos and the production and printing of displays. It also provides production and sales of dresses and clothes for photo shooting. It offers maternity photo, shrine visit, one hundred days celebration, peach's festival, half birthday, birthday photo, admission, graduation, 1/2 adult ceremony, thirteen celebration, adult ceremony, bridal, and family picture shooting services.
65GF Score

Get the complete analysis for TSE:2305

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

円1,823.00
Price
円1,864.19
GF Value