IACE Travel (TSE:343A) Beneish M-Score: -2.25 (As of Jul. 18, 2026)

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TSE:343A IACE Travel Corp TSE:343A
20 GF Score
Price 円1,414.00
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What is IACE Travel Beneish M-Score?

IACE Travel TSE:343A +0.93% 20 Beneish M-Score is -2.25 as of Jul. 18, 2026. GuruFocus rates TSE:343A with a GF Score™ of 20/100. Among 819 Travel & Leisure companies, IACE Travel ranks worse than 75.09% 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:343A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.42   Med: -2.34   Max: -2.25
Current: -2.25

During the past 4 years, the highest Beneish M-Score of IACE Travel was -2.25. The lowest was -2.42. And the median was -2.34.

IACE Travel Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IACE Travel'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.

IACE Travel Beneish M-Score Chart

IACE Travel Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.42 -2.25

IACE Travel Semi-Annual Data
Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.42 0.00 -2.25

TSE:343A vs BKNG, ABNB, RCL: Beneish M-Score Comparison

For the Travel Services subindustry, IACE Travel'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.

IACE Travel Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, IACE Travel's Beneish M-Score distribution charts can be found below:

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


TSE:343A
20GF Score
IACE Travel Corp TSE:343A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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IACE Travel 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 IACE Travel 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 * 1.0221+0.528 * 0.9712+0.404 * 0.8226+0.892 * 1.1192+0.115 * 0.9994
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.013024-0.327 * 0.6165
=-2.25

* 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3,717 Mil.
Revenue was 円3,015 Mil.
Gross Profit was 円2,327 Mil.
Total Current Assets was 円5,446 Mil.
Total Assets was 円5,775 Mil.
Property, Plant and Equipment(Net PPE) was 円1 Mil.
Depreciation, Depletion and Amortization(DDA) was 円36 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,477 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円530 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円455 Mil.
 Total Receivables was 円3,249 Mil.
Revenue was 円2,694 Mil.
Gross Profit was 円2,019 Mil.
Total Current Assets was 円4,553 Mil.
Total Assets was 円4,891 Mil.
Property, Plant and Equipment(Net PPE) was 円1 Mil.
Depreciation, Depletion and Amortization(DDA) was 円32 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,029 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
=(3717.008 / 3015.28) / (3249.308 / 2694.038)
=1.232724 / 1.206111
=1.0221

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)
=(2019.362 / 2694.038) / (2327.267 / 3015.28)
=0.749567 / 0.771825
=0.9712

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 - (5446.416 + 1.209) / 5774.877) / (1 - (4552.919 + 1.116) / 4890.979)
=0.056668 / 0.068891
=0.8226

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
=3015.28 / 2694.038
=1.1192

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))
=(32.396 / (32.396 + 1.116)) / (35.792 / (35.792 + 1.209))
=0.966698 / 0.967325
=0.9994

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 / 3015.28) / (0 / 2694.038)
=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)
=((0 + 1476.95) / 5774.877) / ((0 + 2028.948) / 4890.979)
=0.255754 / 0.414835
=0.6165

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
=(529.739 - 0 - 454.529) / 5774.877
=0.013024

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.

IACE Travel has a M-score of -2.25 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 -2.25 mean?
IACE Travel (TSE:343A) has a Beneish M-Score of -2.25 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IACE Travel and its competitors. According to the industry distribution chart, IACE Travel ranks #615 out of 819 companies in the Travel & Leisure industry, placing it in the top 75.1%.
Is IACE Travel's Beneish M-Score too high?
IACE Travel's current Beneish M-Score is -2.25. Based on the distribution chart, IACE Travel ranks #615 out of 819 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, IACE Travel has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does IACE Travel's Beneish M-Score compare to BKNG and ABNB?
According to the Travel & Leisure industry distribution chart, IACE Travel ranks #615 out of 819 companies for Beneish M-Score. This places IACE Travel 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 IACE Travel and its competitors. IACE Travel's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IACE Travel stock overvalued right now?
IACE Travel (TSE:343A) has a current Beneish M-Score of -2.25. The current Beneish M-Score is -2.25. IACE Travel's overall GF Score™ is 20/100. 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 IACE Travel (TSE:343A), the current Beneish M-Score is -2.25 as of Jul. 18, 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.

IACE Travel Business Description

Address 1-14-5 Nihombashi-Bakuro-cho, Chuo-ku, Tokyo, JPN, 103-0002
IACE Travel Corp is engaged in travel business that operates the cloud-based booking system Smart BTM and provides business travel management services.
20GF Score

Get the complete analysis for TSE:343A

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

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