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 -4.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for DREAM VISION Co's Beneish M-Score or its related term are showing as below:
TSE:3185'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.42 Med: -2.57 Max: -0.27
Current: -4.42
During the past 13 years, the highest Beneish M-Score of DREAM VISION Co was -0.27. The lowest was -4.42. And the median was -2.57.
DREAM VISION Co Beneish M-Score Related Terms
DREAM VISION Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for DREAM VISION 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:3185 vs AMZN, BABA, PDD: Beneish M-Score Comparison
For the Internet Retail subindustry, DREAM VISION 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.
DREAM VISION Co Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, DREAM VISION Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DREAM VISION 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 DREAM VISION 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 * 0.7261
+
0.528 * 0.9002
+
0.404 * 1.3559
+
0.892 * 0.7855
+
0.115 * 0.7705
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1718
+
4.679 * -0.313942
-
0.327 * 1.1872
=
-4.42
* 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))
=
(88.304 / (88.304 + 123.669))
/
(63.9 / (63.9 + 54.29))
=
0.416581
/
0.540655
=
0.7705
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
=
(-444.93 - 0
-
159.577)
/
1925.536
=
-0.313942
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.
DREAM VISION Co has a M-score of -4.42 suggests that the company is unlikely to be a manipulator.
DREAM VISION Co (TSE:3185) has a Beneish M-Score of -4.42 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DREAM VISION Co and its competitors. According to the industry distribution chart, DREAM VISION Co ranks #28 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 2.6%.
Is DREAM VISION Co's Beneish M-Score too high?
DREAM VISION Co's current Beneish M-Score is -4.42. Based on the distribution chart, DREAM VISION Co ranks #28 out of 1087 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, DREAM VISION Co has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does DREAM VISION Co's Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, DREAM VISION Co ranks #28 out of 1087 companies for Beneish M-Score. This places DREAM VISION Co in the top 3% 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 DREAM VISION Co and its competitors. DREAM VISION Co's current Beneish M-Score is -4.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DREAM VISION Co stock overvalued right now?
Based on GuruFocus' analysis, DREAM VISION Co (TSE:3185) is currently considered Significantly Overvalued. The stock's GF Value™ is 円89.79, compared to a current price of 円145.00 — trading 61.5% above its estimated fair value. The current Beneish M-Score is -4.42. DREAM VISION Co's overall GF Score™ is 44/100 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 DREAM VISION Co (TSE:3185), the current Beneish M-Score is -4.42 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 DREAM VISION Co (TSE:3185) Overvalued in 2026?
Based on GuruFocus' analysis, DREAM VISION Co stock appears to be overvalued.
The current stock price of 円145.00 is trading 61.5% above its estimated GF Value™ of 円89.79.
GuruFocus considers DREAM VISION Co to be Significantly Overvalued.
Key valuation signals for TSE:3185:
Beneish M-Score: -4.42
GF Value™: 円89.79 vs. price of 円145.00 (61.5% above fair value)
No single metric tells the full story. See the TSE:3185 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
DREAM VISION Co Ltd operates online shopping sites for clothing, shoes, and miscellaneous goods. The company is also involved in the toy business. It operates in three segments: apparel, jewelry, and toy businesses. The apparel segment handles planning and sales of fashion and miscellaneous goods via e-commerce platforms, primarily targeting young women, along with direct store sales focusing on brands like Plaza. The jewelry segment centers on planning and selling fashionable accessories, particularly for women, distributed through specialty stores and e-commerce. The toy segment involves planning, manufacturing, and selling toys, with production outsourced mainly to China.
44GF Score
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