Qol Holdings Co (TSE:3034) Beneish M-Score: -2.62 (As of Jun. 27, 2026)

What is Qol Holdings Co Beneish M-Score?

Qol Holdings Co TSE:3034 +0.11% 89 Beneish M-Score is -2.62 as of Jun. 27, 2026. GuruFocus rates TSE:3034 with a GF Score™ of 89/100 and a GF Value™ of 円2,274.64 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 633 Healthcare Providers & Services companies, Qol Holdings Co ranks better than 53.55% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3034' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.69 Max: -2.21
Current: -2.62

During the past 13 years, the highest Beneish M-Score of Qol Holdings Co was -2.21. The lowest was -3.13. And the median was -2.69.

Qol Holdings Co Beneish M-Score Related Terms

Qol Holdings Co Beneish M-Score Historical Data

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The historical data trend for Qol Holdings 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.

Qol Holdings Co Beneish M-Score Chart

Qol Holdings Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.75

-2.76

-2.80

-2.43

-2.62

Qol Holdings Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.43	0.00	0.00	0.00	-2.62

Qol Holdings Co Beneish M-Score Competitor Comparison

For the Pharmaceutical Retailers subindustry, Qol Holdings 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.

Qol Holdings Co Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Qol Holdings Co's Beneish M-Score distribution charts can be found below:

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

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89GF Score

Qol Holdings Co Ltd TSE:3034

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

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Qol Holdings 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 Qol Holdings Co 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 * 1.0968

0.528 * 1.0518

0.404 * 1.005

0.892 * 1.1015

0.115 * 0.8892

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.071195

0.327 * 1.0202

-2.62

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円25,826 Mil.
Revenue was 円290,772 Mil.
Gross Profit was 円40,902 Mil.
Total Current Assets was 円59,277 Mil.
Total Assets was 円158,116 Mil.
Property, Plant and Equipment(Net PPE) was 円22,199 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,812 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円76,134 Mil.
Long-Term Debt & Capital Lease Obligation was 円18,226 Mil.
Net Income was 円7,408 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円18,665 Mil.

Total Receivables was 円21,377 Mil.
Revenue was 円263,972 Mil.
Gross Profit was 円39,056 Mil.
Total Current Assets was 円60,348 Mil.
Total Assets was 円159,669 Mil.
Property, Plant and Equipment(Net PPE) was 円22,313 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,360 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円74,202 Mil.
Long-Term Debt & Capital Lease Obligation was 円19,202 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)
	=	(25826 / 290772)	/	(21377 / 263972)
	=	0.088819	/	0.080982
	=	1.0968

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)
	=	(39056 / 263972)	/	(40902 / 290772)
	=	0.147955	/	0.140667
	=	1.0518

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 - (59277 + 22199) / 158116)	/	(1 - (60348 + 22313) / 159669)
	=	0.484707	/	0.482298
	=	1.005

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
	=	290772	/	263972
	=	1.1015

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))
	=	(8360 / (8360 + 22313))	/	(9812 / (9812 + 22199))
	=	0.272552	/	0.30652
	=	0.8892

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 / 290772)	/	(0 / 263972)
	=	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)
	=	((18226 + 76134) / 158116)	/	((19202 + 74202) / 159669)
	=	0.596777	/	0.584985
	=	1.0202

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
	=	(7408 - 0	-	18665)	/	158116
	=	-0.071195

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.

Qol Holdings Co has a M-score of -2.62 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 -2.62 mean?

Qol Holdings Co (TSE:3034) has a Beneish M-Score of -2.62 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Qol Holdings Co and its competitors. According to the industry distribution chart, Qol Holdings Co ranks #294 out of 633 companies in the Healthcare Providers & Services industry, placing it in the top 46.4%.

Is Qol Holdings Co's Beneish M-Score too high?

Qol Holdings Co's current Beneish M-Score is -2.62. Based on the distribution chart, Qol Holdings Co ranks #294 out of 633 companies in the Healthcare Providers & Services industry, which is above the industry midpoint. Overall, Qol Holdings Co has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Qol Holdings Co's Beneish M-Score compare to competitors?

According to the Healthcare Providers & Services industry distribution chart, Qol Holdings Co ranks #294 out of 633 companies for Beneish M-Score. This puts Qol Holdings 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 Healthcare Providers & Services company?

A good Beneish M-Score depends on the Healthcare Providers & 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 Qol Holdings Co and its competitors. Qol Holdings Co's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Qol Holdings Co stock overvalued right now?

Based on GuruFocus' analysis, Qol Holdings Co (TSE:3034) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,274.64, compared to a current price of 円1,822.00 — trading 19.9% below its estimated fair value. The current Beneish M-Score is -2.62. Qol Holdings Co's overall GF Score™ is 89/100 with 1 warning sign 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 Qol Holdings Co (TSE:3034), the current Beneish M-Score is -2.62 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 Qol Holdings Co (TSE:3034) Overvalued in 2026?

Based on GuruFocus' analysis, Qol Holdings Co stock appears to be undervalued. The current stock price of 円1,822.00 is trading 19.9% below its estimated GF Value™ of 円2,274.64. GuruFocus considers Qol Holdings Co to be Modestly Undervalued.

Key valuation signals for TSE:3034:

Beneish M-Score: -2.62
GF Value™: 円2,274.64 vs. price of 円1,822.00 (19.9% below fair value)
GF Score™: 89/100 with 1 warning sign

No single metric tells the full story. See the TSE:3034 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Qol Holdings Co Business Description

Industry Healthcare Healthcare Providers & Services

Comparable Companies TSE:2664 TSE:9267 TSE:7679 TSE:3417 TSE:4350 TSE:3544 TSE:2934 TSE:2796 TSE:7129 TSE:9627 HKSE:06618 HKSE:00241 BSP:RADL3 TSE:3088 TSE:3391 SHSE:603939 SAU:4164 JSE:CLS TSE:7649 TSE:3349

Address 4-3-1, Toranomon, 37th Floor, Shiroyama Trust Tower, Minato-ku, Tokyo, JPN, 105-8452

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

Qol Holdings Co Ltd provides pharmacy services under health insurance and sells pharmaceutical products. Its mission is to create healthy and comfortable living environments for everybody in those communities. The company operates through: Pharmacy and BPO segments. Under the Pharmacy segment the company puts customers first in-store development strategy, which is based on building one-on-one relationships with drug-prescribing clinics and hospitals in order to get the pharmacy services that include medical information. The BPO contracting segment includes clinical trials and projects and develops pamphlets and websites for medical institutions to promote sales of pharmaceutical products and provide advice on proper pharmaceutical product.

89GF Score

Get the complete analysis for TSE:3034

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

円1,822.00

Price

円2,274.64

GF Value

View TSE:3034 Analysis

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