AZoom Co (TSE:3496) Beneish M-Score: -2.14 (As of Jun. 26, 2026)

What is AZoom Co Beneish M-Score?

AZoom Co TSE:3496 -0.25% 90 Beneish M-Score is -2.14 as of Jun. 26, 2026. GuruFocus rates TSE:3496 with a GF Score™ of 90/100 and a GF Value™ of 円5,694.60 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,682 Real Estate companies, AZoom Co ranks worse than 63.02% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3496' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.22 Max: -0.6
Current: -2.14

During the past 10 years, the highest Beneish M-Score of AZoom Co was -0.60. The lowest was -3.07. And the median was -2.22.

AZoom Co Beneish M-Score Related Terms

AZoom Co Beneish M-Score Historical Data

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The historical data trend for AZoom 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.

AZoom Co Beneish M-Score Chart

AZoom Co Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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-2.72

-2.33

-1.95

-2.21

-2.14

AZoom Co Semi-Annual Data
	Sep16	Sep17	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial													0.00	-2.21	0.00	-2.14	0.00

TSE:3496 vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, AZoom 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.

AZoom Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, AZoom Co's Beneish M-Score distribution charts can be found below:

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

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90GF Score

AZoom Co Ltd TSE:3496

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

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AZoom 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 AZoom 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 * 1.1563

0.528 * 0.9912

0.404 * 0.8225

0.892 * 1.2787

0.115 * 0.9121

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.01312

0.327 * 0.7125

-2.14

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was 円218 Mil.
Revenue was 円13,480 Mil.
Gross Profit was 円5,697 Mil.
Total Current Assets was 円7,366 Mil.
Total Assets was 円8,894 Mil.
Property, Plant and Equipment(Net PPE) was 円119 Mil.
Depreciation, Depletion and Amortization(DDA) was 円179 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,640 Mil.
Long-Term Debt & Capital Lease Obligation was 円42 Mil.
Net Income was 円1,832 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,949 Mil.

Total Receivables was 円148 Mil.
Revenue was 円10,542 Mil.
Gross Profit was 円4,416 Mil.
Total Current Assets was 円4,368 Mil.
Total Assets was 円5,554 Mil.
Property, Plant and Equipment(Net PPE) was 円116 Mil.
Depreciation, Depletion and Amortization(DDA) was 円141 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,402 Mil.
Long-Term Debt & Capital Lease Obligation was 円72 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)
	=	(218.374 / 13479.945)	/	(147.686 / 10541.614)
	=	0.0162	/	0.01401
	=	1.1563

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)
	=	(4416.326 / 10541.614)	/	(5697.376 / 13479.945)
	=	0.418942	/	0.422656
	=	0.9912

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 - (7365.787 + 118.58) / 8894.313)	/	(1 - (4368.014 + 115.64) / 5554.044)
	=	0.158522	/	0.192723
	=	0.8225

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
	=	13479.945	/	10541.614
	=	1.2787

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))
	=	(140.506 / (140.506 + 115.64))	/	(178.918 / (178.918 + 118.58))
	=	0.548539	/	0.601409
	=	0.9121

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 / 13479.945)	/	(0 / 10541.614)
	=	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)
	=	((42.356 + 1640.151) / 8894.313)	/	((72.416 + 1402.222) / 5554.044)
	=	0.189167	/	0.265507
	=	0.7125

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
	=	(1831.836 - 0	-	1948.529)	/	8894.313
	=	-0.01312

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.

AZoom Co has a M-score of -2.14 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 -2.14 mean?

AZoom Co (TSE:3496) has a Beneish M-Score of -2.14 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AZoom Co and its competitors. According to the industry distribution chart, AZoom Co ranks #1060 out of 1682 companies in the Real Estate industry, placing it in the top 63%.

Is AZoom Co's Beneish M-Score too high?

AZoom Co's current Beneish M-Score is -2.14. Based on the distribution chart, AZoom Co ranks #1060 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, AZoom Co has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does AZoom Co's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, AZoom Co ranks #1060 out of 1682 companies for Beneish M-Score. This places AZoom Co 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 Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 AZoom Co and its competitors. AZoom Co's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is AZoom Co stock overvalued right now?

Based on GuruFocus' analysis, AZoom Co (TSE:3496) is currently considered Modestly Undervalued. The stock's GF Value™ is 円5,694.60, compared to a current price of 円4,060.00 — trading 28.7% below its estimated fair value. The current Beneish M-Score is -2.14. AZoom Co's overall GF Score™ is 90/100 with 2 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 AZoom Co (TSE:3496), the current Beneish M-Score is -2.14 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 AZoom Co (TSE:3496) Overvalued in 2026?

Based on GuruFocus' analysis, AZoom Co stock appears to be undervalued. The current stock price of 円4,060.00 is trading 28.7% below its estimated GF Value™ of 円5,694.60. GuruFocus considers AZoom Co to be Modestly Undervalued.

Key valuation signals for TSE:3496:

Beneish M-Score: -2.14
GF Value™: 円5,694.60 vs. price of 円4,060.00 (28.7% below fair value)
GF Score™: 90/100 with 2 warning signs

No single metric tells the full story. See the TSE:3496 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

AZoom Co Business Description

Industry Real Estate Real Estate

Comparable Companies TSE:3245 TSE:8914 TSE:2975 TSE:3482 TSE:9661 TSE:8864 TSE:3252 TSE:8844 TSE:3479 TSE:2780 STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON

Address 2-1-1, Yoyogi, 16th Floor, Shinjuku Mines Tower, Shibuya-Ku, Tokyo, JPN, 151-0053

Website https://azoom.jp

AZoom Co Ltd offers commercial services. It engages in buying and selling, mediation, management, and leasing of real estate. The company mainly provides outsourced parking lot operations for property owners. It is also involved in business development through the Internet; Internet media development and operation, and management of parking lots.

90GF Score

Get the complete analysis for TSE:3496

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

円4,060.00

Price

円5,694.60

GF Value

View TSE:3496 Analysis

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