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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 -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Happiness and D Co's Beneish M-Score or its related term are showing as below:
TSE:3174'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.87 Max: -1.97
Current: -3.45
During the past 13 years, the highest Beneish M-Score of Happiness and D Co was -1.97. The lowest was -3.45. And the median was -2.87.
Happiness and D Co Beneish M-Score Related Terms
Happiness and D Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Happiness and D 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.
TSE:3174 vs CASY, WSM, DKS: Beneish M-Score Comparison
For the Specialty Retail subindustry, Happiness and D 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.
Happiness and D Co Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Happiness and D Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Happiness and D Co's Beneish M-Score falls into.
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 Happiness and D Co 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 * 1.2048
+
0.528 * 0.9407
+
0.404 * 0.7795
+
0.892 * 0.8201
+
0.115 * 0.8376
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.173257
-
0.327 * 1.1456
=
-3.45
* 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.
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.
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))
=
(175.6 / (175.6 + 1113.966))
/
(145.529 / (145.529 + 749.59))
=
0.13617
/
0.162581
=
0.8376
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
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
=
(-808.614 - 0
-
170.407)
/
5650.695
=
-0.173257
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.
Happiness and D Co has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.
Happiness and D Co (TSE:3174) has a Beneish M-Score of -3.45 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Happiness and D Co and its competitors. According to the industry distribution chart, Happiness and D Co ranks #99 out of 1083 companies in the Retail - Cyclical industry, placing it in the top 9.1%.
Is Happiness and D Co's Beneish M-Score too high?
Happiness and D Co's current Beneish M-Score is -3.45. Based on the distribution chart, Happiness and D Co ranks #99 out of 1083 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Happiness and D Co has a GF Score™ of 46/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Happiness and D Co's Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Happiness and D Co ranks #99 out of 1083 companies for Beneish M-Score. This places Happiness and D Co 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 - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Happiness and D Co and its competitors. Happiness and D Co's current Beneish M-Score is -3.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Happiness and D Co stock overvalued right now?
Based on GuruFocus' analysis, Happiness and D Co (TSE:3174) is currently considered Modestly Undervalued. The stock's GF Value™ is 円555.25, compared to a current price of 円406.00 — trading 26.9% below its estimated fair value. The current Beneish M-Score is -3.45. Happiness and D Co's overall GF Score™ is 46/100 with 3 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 Happiness and D Co (TSE:3174), the current Beneish M-Score is -3.45 as of Jul. 14, 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 Happiness and D Co (TSE:3174) Overvalued in 2026?
Based on GuruFocus' analysis, Happiness and D Co stock appears to be undervalued.
The current stock price of 円406.00 is trading 26.9% below its estimated GF Value™ of 円555.25.
GuruFocus considers Happiness and D Co to be Modestly Undervalued.
Key valuation signals for TSE:3174:
Beneish M-Score: -3.45
GF Value™: 円555.25 vs. price of 円406.00 (26.9% below fair value)
No single metric tells the full story. See the TSE:3174 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Happiness and D Co Ltd manages branded gift stores in Japan. It is engaged in sales of imported brand products, including jewelry, such as imported brand jewelry and diamond jewelry consisting of rings, necklaces, earrings, and bracelets; as well as watches, handbags, and accessories. The company has stores located in Hokkaido, Tohoku, Kanto, Chubu and Chugoku among other locations.
46GF Score
Get the complete analysis for TSE:3174
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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