Top's (TSE:243A) Beneish M-Score: -1.98 (As of Jun. 27, 2026)


TSE:243A Top's Inc TSE:243A
16 GF Score
Price 円1,122.00
! 5 Warning Signs
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What is Top's Beneish M-Score?

Top's TSE:243A 16 Beneish M-Score is -1.98 as of Jun. 27, 2026. GuruFocus rates TSE:243A with a GF Score™ of 16/100. The stock has 5 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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:243A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6   Med: -2.29   Max: -1.98
Current: -1.98

During the past 4 years, the highest Beneish M-Score of Top's was -1.98. The lowest was -2.60. And the median was -2.29.

Top's Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Top's'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.

Top's Beneish M-Score Chart

Top's Annual Data
Trend Sep22 Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.60 -1.98

Top's Semi-Annual Data
Sep22 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.60 0.00 -1.98 0.00

TSE:243A vs MCD, SBUX, CMG: Beneish M-Score Comparison

For the Restaurants subindustry, Top's'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.

Top's Beneish M-Score vs Restaurants Industry

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

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


TSE:243A
16GF Score
Top's Inc TSE:243A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Top's 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 Top's 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 * 1.3503+0.528 * 1.0012+0.404 * 1.3128+0.892 * 1.0065+0.115 * 3.4124
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.039667-0.327 * 2.2766
=-1.98

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was 円316 Mil.
Revenue was 円3,469 Mil.
Gross Profit was 円1,961 Mil.
Total Current Assets was 円1,028 Mil.
Total Assets was 円2,845 Mil.
Property, Plant and Equipment(Net PPE) was 円1,724 Mil.
Depreciation, Depletion and Amortization(DDA) was 円14 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円331 Mil.
Long-Term Debt & Capital Lease Obligation was 円567 Mil.
Net Income was 円111 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-2 Mil.
 Total Receivables was 円233 Mil.
Revenue was 円3,447 Mil.
Gross Profit was 円1,951 Mil.
Total Current Assets was 円1,303 Mil.
Total Assets was 円2,118 Mil.
Property, Plant and Equipment(Net PPE) was 円763 Mil.
Depreciation, Depletion and Amortization(DDA) was 円22 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円287 Mil.
Long-Term Debt & Capital Lease Obligation was 円7 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)
=(316.263 / 3469.276) / (232.69 / 3446.725)
=0.091161 / 0.06751
=1.3503

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)
=(1950.883 / 3446.725) / (1961.362 / 3469.276)
=0.566011 / 0.565352
=1.0012

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 - (1028.374 + 1724.427) / 2845.096) / (1 - (1302.596 + 762.795) / 2117.722)
=0.03244 / 0.024711
=1.3128

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
=3469.276 / 3446.725
=1.0065

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))
=(21.645 / (21.645 + 762.795)) / (14.058 / (14.058 + 1724.427))
=0.027593 / 0.008086
=3.4124

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 / 3469.276) / (0 / 3446.725)
=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)
=((567.281 + 330.944) / 2845.096) / ((6.98 + 286.697) / 2117.722)
=0.31571 / 0.138676
=2.2766

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
=(111.292 - 0 - -1.564) / 2845.096
=0.039667

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.

Top's has a M-score of -1.98 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 -1.98 mean?
Top's (TSE:243A) has a Beneish M-Score of -1.98 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Top's and its competitors.
Is Top's' Beneish M-Score too high?
Top's' current Beneish M-Score is -1.98. Overall, Top's has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Top's' Beneish M-Score compare to MCD and SBUX?
Top's' Beneish M-Score of -1.98 can be compared against companies in the Restaurants 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 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 Top's and its competitors. Top's's current Beneish M-Score is -1.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top's stock overvalued right now?
Top's (TSE:243A) has a current Beneish M-Score of -1.98. The current Beneish M-Score is -1.98. Top's' overall GF Score™ is 16/100 with 5 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 Top's (TSE:243A), the current Beneish M-Score is -1.98 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.

Top's Business Description

Address 3-16-11 Akasaka, Minato-ku, Tokyo, JPN, 107-0052
Top's Inc is engaged in manufacturing and selling of Western-style confectionery. The company is operating restaurants that serve light meals.
16GF Score

Get the complete analysis for TSE:243A

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

円1,122.00
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