Tokai Holdings (TSE:3167) Beneish M-Score: -2.79 (As of Jun. 26, 2026)


TSE:3167 Tokai Holdings Corp TSE:3167
70 GF Score
Price 円1,143.00
GF Value 円1,033.66
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is Tokai Holdings Beneish M-Score?

Tokai Holdings TSE:3167 +0.62% 70 Beneish M-Score is -2.79 as of Jun. 26, 2026. GuruFocus rates TSE:3167 with a GF Score™ of 70/100 and a GF Value™ of 円1,033.66 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 537 Conglomerates companies, Tokai Holdings ranks better than 77.28% 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.

Good Sign:

Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3167' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05   Med: -2.83   Max: -2.67
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Tokai Holdings was -2.67. The lowest was -3.05. And the median was -2.83.

Tokai Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tokai 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.

Tokai Holdings Beneish M-Score Chart

Tokai Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.67 -2.77 -2.93 -2.70 -2.79

Tokai Holdings 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 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 -2.70 0.00 0.00 0.00 -2.79

TSE:3167 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Tokai 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.

Tokai Holdings Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Tokai Holdings's Beneish M-Score distribution charts can be found below:

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


TSE:3167
70GF Score
Tokai Holdings Corp TSE:3167
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tokai 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 Tokai 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 * 0.9778+0.528 * 0.9755+0.404 * 1.1199+0.892 * 1.0056+0.115 * 1.0142
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.074987-0.327 * 0.944
=-2.79

* 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32,721 Mil.
Revenue was 円244,838 Mil.
Gross Profit was 円96,630 Mil.
Total Current Assets was 円55,345 Mil.
Total Assets was 円219,586 Mil.
Property, Plant and Equipment(Net PPE) was 円115,897 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,724 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円61,264 Mil.
Long-Term Debt & Capital Lease Obligation was 円44,452 Mil.
Net Income was 円10,749 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円27,215 Mil.
 Total Receivables was 円33,277 Mil.
Revenue was 円243,482 Mil.
Gross Profit was 円93,739 Mil.
Total Current Assets was 円54,955 Mil.
Total Assets was 円211,114 Mil.
Property, Plant and Equipment(Net PPE) was 円114,655 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,821 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円61,582 Mil.
Long-Term Debt & Capital Lease Obligation was 円46,080 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)
=(32721 / 244838) / (33277 / 243482)
=0.133643 / 0.136671
=0.9778

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)
=(93739 / 243482) / (96630 / 244838)
=0.384994 / 0.394669
=0.9755

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 - (55345 + 115897) / 219586) / (1 - (54955 + 114655) / 211114)
=0.22016 / 0.196595
=1.1199

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
=244838 / 243482
=1.0056

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))
=(17821 / (17821 + 114655)) / (17724 / (17724 + 115897))
=0.134522 / 0.132644
=1.0142

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 / 244838) / (0 / 243482)
=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)
=((44452 + 61264) / 219586) / ((46080 + 61582) / 211114)
=0.481433 / 0.509971
=0.944

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
=(10749 - 0 - 27215) / 219586
=-0.074987

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.

Tokai Holdings has a M-score of -2.79 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 -2.79 mean?
Tokai Holdings (TSE:3167) has a Beneish M-Score of -2.79 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tokai Holdings and its competitors. According to the industry distribution chart, Tokai Holdings ranks #122 out of 537 companies in the Conglomerates industry, placing it in the top 22.7%.
Is Tokai Holdings' Beneish M-Score too high?
Tokai Holdings' current Beneish M-Score is -2.79. Based on the distribution chart, Tokai Holdings ranks #122 out of 537 companies in the Conglomerates industry, which is in the top quartile — a strong position relative to peers. Overall, Tokai Holdings has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tokai Holdings' Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Tokai Holdings ranks #122 out of 537 companies for Beneish M-Score. This places Tokai Holdings in the top 23% 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Tokai Holdings and its competitors. Tokai Holdings's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tokai Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tokai Holdings (TSE:3167) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,033.66, compared to a current price of 円1,143.00 — trading 10.6% above its estimated fair value. The current Beneish M-Score is -2.79. Tokai Holdings' overall GF Score™ is 70/100 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 Tokai Holdings (TSE:3167), the current Beneish M-Score is -2.79 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 Tokai Holdings (TSE:3167) Overvalued in 2026?

Based on GuruFocus' analysis, Tokai Holdings stock appears to be overvalued. The current stock price of 円1,143.00 is trading 10.6% above its estimated GF Value™ of 円1,033.66. GuruFocus considers Tokai Holdings to be Modestly Overvalued.

Key valuation signals for TSE:3167:

  • Beneish M-Score: -2.79
  • GF Value™: 円1,033.66 vs. price of 円1,143.00 (10.6% above fair value)
  • GF Score™: 70/100 with 6 warning signs

No single metric tells the full story. See the TSE:3167 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tokai Holdings Business Description

Address 2-6-8, Tokiwa-Cho, Aoi-ku, Shizuoka Prefecture, Shizuoka, JPN, 5008828
Tokai Holdings Corp is engaged in miscellaneous business operations. The scope of its activities includes energy, residential real estate and cable television. The energy business relates to the sale of liquefied petroleum gas, liquefied natural gas, oil products, high-pressure gas such as oxygen and nitrogen. The real estate division is responsible for the construction and design of residential buildings and stores. The communication division is engaged in software development, information processing service, optical fiber leasing, data transmission, and the sale of asymmetric digital subscriber line.
70GF Score

Get the complete analysis for TSE:3167

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

円1,143.00
Price
円1,033.66
GF Value