Kioxia Holdings (TSE:285A) Beneish M-Score: -1.51 (As of Jul. 05, 2026)


TSE:285A Kioxia Holdings Corp TSE:285A
9 GF Score
Price 円83,300.00
! 2 Warning Signs
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What is Kioxia Holdings Beneish M-Score?

Kioxia Holdings TSE:285A +9.23% 9 Beneish M-Score is -1.51 as of Jul. 05, 2026. GuruFocus rates TSE:285A with a GF Score™ of 9/100. The stock has 2 warning signs investors should review. Among 987 Semiconductors companies, Kioxia Holdings ranks worse than 83.28% 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.

Warning Sign:

Beneish M-Score -1.51 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:285A' s Beneish M-Score Range Over the Past 10 Years
Min: -1.51   Med: -1.51   Max: -1.51
Current: -1.51

During the past 5 years, the highest Beneish M-Score of Kioxia Holdings was -1.51. The lowest was -1.51. And the median was -1.51.

Kioxia Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kioxia Holdings'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.

Kioxia Holdings Beneish M-Score Chart

Kioxia Holdings Annual Data
Trend Mar19 Mar20 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 0.00 -1.51

Kioxia Holdings Quarterly Data
Mar19 Jun19 Mar20 Jun20 Mar24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 -2.13 -1.47 -1.51

TSE:285A vs NVDA, AVGO, MU: Beneish M-Score Comparison

For the Semiconductors subindustry, Kioxia Holdings'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.

Kioxia Holdings Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Kioxia Holdings's Beneish M-Score distribution charts can be found below:

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


TSE:285A
9GF Score
Kioxia Holdings Corp TSE:285A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kioxia Holdings 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 Kioxia Holdings 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 * 1.2607+0.528 * 0.5798+0.404 * 0.8137+0.892 * 2.196+0.115 * 0.8173
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6543+4.679 * -0.016815-0.327 * 0.9948
=-1.51

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円660,559 Mil.
Revenue was 211707 + 1334776 + 448346 + 342799 = 円2,337,628 Mil.
Gross Profit was 449630 + 369957 + 122138 + 71179 = 円1,012,904 Mil.
Total Current Assets was 円1,617,829 Mil.
Total Assets was 円3,690,071 Mil.
Property, Plant and Equipment(Net PPE) was 円1,233,347 Mil.
Depreciation, Depletion and Amortization(DDA) was 円312,826 Mil.
Selling, General, & Admin. Expense(SGA) was 円146,581 Mil.
Total Current Liabilities was 円1,098,008 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,033,826 Mil.
Net Income was 348794 + 146756 + 40656 + 18284 = 円554,490 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 119221 + 322167 + 114046 + 61106 = 円616,540 Mil.
 Total Receivables was 円238,594 Mil.
Revenue was 347094 + 449958 + 0 + 267460 = 円1,064,512 Mil.
Gross Profit was 64016 + 152374 + 0 + 51046 = 円267,436 Mil.
Total Current Assets was 円806,709 Mil.
Total Assets was 円2,919,679 Mil.
Property, Plant and Equipment(Net PPE) was 円1,297,244 Mil.
Depreciation, Depletion and Amortization(DDA) was 円257,027 Mil.
Selling, General, & Admin. Expense(SGA) was 円102,017 Mil.
Total Current Liabilities was 円985,173 Mil.
Long-Term Debt & Capital Lease Obligation was 円710,492 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)
=(660559 / 2337628) / (238594 / 1064512)
=0.282577 / 0.224135
=1.2607

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)
=(267436 / 1064512) / (1012904 / 2337628)
=0.251229 / 0.433304
=0.5798

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 - (1617829 + 1233347) / 3690071) / (1 - (806709 + 1297244) / 2919679)
=0.227338 / 0.279389
=0.8137

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
=2337628 / 1064512
=2.196

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))
=(257027 / (257027 + 1297244)) / (312826 / (312826 + 1233347))
=0.165368 / 0.202323
=0.8173

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)
=(146581 / 2337628) / (102017 / 1064512)
=0.062705 / 0.095835
=0.6543

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)
=((1033826 + 1098008) / 3690071) / ((710492 + 985173) / 2919679)
=0.577722 / 0.580771
=0.9948

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
=(554490 - 0 - 616540) / 3690071
=-0.016815

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.

Kioxia Holdings has a M-score of -1.51 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.51 mean?
Kioxia Holdings (TSE:285A) has a Beneish M-Score of -1.51 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kioxia Holdings and its competitors. According to the industry distribution chart, Kioxia Holdings ranks #822 out of 987 companies in the Semiconductors industry, placing it in the top 83.3%.
Is Kioxia Holdings' Beneish M-Score too high?
Kioxia Holdings' current Beneish M-Score is -1.51. Based on the distribution chart, Kioxia Holdings ranks #822 out of 987 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Kioxia Holdings has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Kioxia Holdings' Beneish M-Score compare to NVDA and AVGO?
According to the Semiconductors industry distribution chart, Kioxia Holdings ranks #822 out of 987 companies for Beneish M-Score. This places Kioxia Holdings in the lower 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Kioxia Holdings and its competitors. Kioxia Holdings's current Beneish M-Score is -1.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kioxia Holdings stock overvalued right now?
Kioxia Holdings (TSE:285A) has a current Beneish M-Score of -1.51. The current Beneish M-Score is -1.51. Kioxia Holdings' overall GF Score™ is 9/100 with 2 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 Kioxia Holdings (TSE:285A), the current Beneish M-Score is -1.51 as of Jul. 05, 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.

Kioxia Holdings Business Description

Other Exchanges KXIAY:USAKI5:Germany
Address 3-1-21, Shibaura, Minato-ku, Tokyo, JPN, 108-0023
Kioxia Holdings is a Japan-based semiconductor memory manufacturer focusing on NAND memory chips. The company is currently the third-largest NAND supplier globally, with a 14% market share as of 2024. The largest single shareholder of Kioxia is currently Toshiba, which had a 21.9% stake as of November 2025. Kioxia operates nine fabs across Japan: seven in Yokkaichi and two in Kitakami. They are mostly run via a joint venture with Sandisk, Flash Ventures. Flash Ventures is 51% owned by Kioxia. The company's memory chips are used in various consumer electronics and enterprise infrastructure, such as PCs, smartphones, servers, and USB sticks. Of Kioxia's revenue, 51% comes from the sales of NAND memory used in solid-state drives, which are used in PCs and servers.
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円83,300.00
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