CVS Bay Area (TSE:2687) Beneish M-Score: -3.39 (As of Jun. 26, 2026)

What is CVS Bay Area Beneish M-Score?

CVS Bay Area TSE:2687 43 Beneish M-Score is -3.39 as of Jun. 26, 2026. GuruFocus rates TSE:2687 with a GF Score™ of 43/100 and a GF Value™ of 円606.55 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 293 Retail - Defensive companies, CVS Bay Area ranks better than 91.47% 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 -3.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2687' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -2.48 Max: 0.42
Current: -3.39

During the past 13 years, the highest Beneish M-Score of CVS Bay Area was 0.42. The lowest was -3.39. And the median was -2.48.

CVS Bay Area Beneish M-Score Related Terms

CVS Bay Area Beneish M-Score Historical Data

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The historical data trend for CVS Bay Area'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.

CVS Bay Area Beneish M-Score Chart

CVS Bay Area Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-3.03

-2.33

-2.34

-2.26

-3.39

CVS Bay Area Semi-Annual Data
	Aug16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24	Feb25	Aug25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-2.34	0.00	-2.26	0.00	-3.39

TSE:2687 vs KR: Beneish M-Score Comparison

For the Grocery Stores subindustry, CVS Bay Area'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.

CVS Bay Area Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, CVS Bay Area's Beneish M-Score distribution charts can be found below:

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

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43GF Score

CVS Bay Area Inc TSE:2687

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

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CVS Bay Area 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 CVS Bay Area 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 * 1.0123

0.528 * 0.9703

0.404 * 0.6877

0.892 * 1.0101

0.115 * 0.5084

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2347

4.679 * -0.137829

0.327 * 1.1469

-3.39

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was 円580 Mil.
Revenue was 円7,902 Mil.
Gross Profit was 円3,795 Mil.
Total Current Assets was 円2,714 Mil.
Total Assets was 円10,370 Mil.
Property, Plant and Equipment(Net PPE) was 円5,672 Mil.
Depreciation, Depletion and Amortization(DDA) was 円309 Mil.
Selling, General, & Admin. Expense(SGA) was 円334 Mil.
Total Current Liabilities was 円3,157 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,453 Mil.
Net Income was 円-1,140 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円289 Mil.

Total Receivables was 円568 Mil.
Revenue was 円7,823 Mil.
Gross Profit was 円3,645 Mil.
Total Current Assets was 円2,559 Mil.
Total Assets was 円11,266 Mil.
Property, Plant and Equipment(Net PPE) was 円5,572 Mil.
Depreciation, Depletion and Amortization(DDA) was 円150 Mil.
Selling, General, & Admin. Expense(SGA) was 円268 Mil.
Total Current Liabilities was 円2,942 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,319 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)
	=	(580.444 / 7902.05)	/	(567.658 / 7822.968)
	=	0.073455	/	0.072563
	=	1.0123

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)
	=	(3645.234 / 7822.968)	/	(3794.629 / 7902.05)
	=	0.465966	/	0.480208
	=	0.9703

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 - (2714.31 + 5671.919) / 10370.262)	/	(1 - (2559.255 + 5572.356) / 11265.693)
	=	0.191319	/	0.278197
	=	0.6877

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
	=	7902.05	/	7822.968
	=	1.0101

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))
	=	(150.456 / (150.456 + 5572.356))	/	(309.301 / (309.301 + 5671.919))
	=	0.026291	/	0.051712
	=	0.5084

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)
	=	(333.679 / 7902.05)	/	(267.554 / 7822.968)
	=	0.042227	/	0.034201
	=	1.2347

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)
	=	((3452.633 + 3157.091) / 10370.262)	/	((3318.901 + 2941.942) / 11265.693)
	=	0.637373	/	0.555744
	=	1.1469

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
	=	(-1139.869 - 0	-	289.456)	/	10370.262
	=	-0.137829

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.

CVS Bay Area has a M-score of -3.39 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 -3.39 mean?

CVS Bay Area (TSE:2687) has a Beneish M-Score of -3.39 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CVS Bay Area and its competitors. According to the industry distribution chart, CVS Bay Area ranks #25 out of 293 companies in the Retail - Defensive industry, placing it in the top 8.5%.

Is CVS Bay Area's Beneish M-Score too high?

CVS Bay Area's current Beneish M-Score is -3.39. Based on the distribution chart, CVS Bay Area ranks #25 out of 293 companies in the Retail - Defensive industry, which is in the top quartile — a strong position relative to peers. Overall, CVS Bay Area has a GF Score™ of 43/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does CVS Bay Area's Beneish M-Score compare to KR?

According to the Retail - Defensive industry distribution chart, CVS Bay Area ranks #25 out of 293 companies for Beneish M-Score. This places CVS Bay Area in the top 9% 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 Retail - Defensive company?

A good Beneish M-Score depends on the Retail - Defensive 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 CVS Bay Area and its competitors. CVS Bay Area's current Beneish M-Score is -3.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CVS Bay Area stock overvalued right now?

Based on GuruFocus' analysis, CVS Bay Area (TSE:2687) is currently considered Modestly Undervalued. The stock's GF Value™ is 円606.55, compared to a current price of 円475.00 — trading 21.7% below its estimated fair value. The current Beneish M-Score is -3.39. CVS Bay Area's overall GF Score™ is 43/100 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 CVS Bay Area (TSE:2687), the current Beneish M-Score is -3.39 as of Jun. 26, 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 CVS Bay Area (TSE:2687) Overvalued in 2026?

Based on GuruFocus' analysis, CVS Bay Area stock appears to be undervalued. The current stock price of 円475.00 is trading 21.7% below its estimated GF Value™ of 円606.55. GuruFocus considers CVS Bay Area to be Modestly Undervalued.

Key valuation signals for TSE:2687:

Beneish M-Score: -3.39
GF Value™: 円606.55 vs. price of 円475.00 (21.7% below fair value)
GF Score™: 43/100 with 6 warning signs

No single metric tells the full story. See the TSE:2687 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CVS Bay Area Business Description

Industry Consumer Defensive Retail - Defensive

Comparable Companies TSE:2747 TSE:7544 TSE:7515 TSE:9259 TSE:4380 TSE:2735 TSE:9846 TSE:9993 TSX:L KR XAMS:AD LSE:TSCO ASX:WOW TSE:3382 TSX:WN ASX:COL TSX:MRU XPAR:CA BKK:CPALL OHEL:KESKOA

Address 1-7-1 Nakase Mihama Ward, 26th floor, CVS Bay Area Building, Chiba, JPN, 261-0023

Website http://www.cvs-bayarea.co.jp

CVS Bay Area Inc engaged in operating convenience store named Lawson and business hotel named Bay Hotel. The company is also engaged in mansion front business at condominiums and reception and office butler service for enterprise, and cleaning business.

43GF Score

Get the complete analysis for TSE:2687

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

円475.00

Price

円606.55

GF Value

View TSE:2687 Analysis

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