Loive Co (TSE:352A) Beneish M-Score: -2.59 (As of Jul. 05, 2026)


TSE:352A Loive Co Ltd TSE:352A
14 GF Score
Price 円505.00
! 3 Warning Signs
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What is Loive Co Beneish M-Score?

Loive Co TSE:352A -0.20% 14 Beneish M-Score is -2.59 as of Jul. 05, 2026. GuruFocus rates TSE:352A with a GF Score™ of 14/100. The stock has 3 warning signs investors should review. Among 823 Travel & Leisure companies, Loive Co ranks worse than 54.43% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:352A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59   Med: -2.59   Max: -2.59
Current: -2.59

During the past 3 years, the highest Beneish M-Score of Loive Co was -2.59. The lowest was -2.59. And the median was -2.59.

Loive Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Loive 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.

Loive Co Beneish M-Score Chart

Loive Co Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.59

Loive Co Semi-Annual Data
Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score 0.00 0.00 0.00 -2.59 0.00

TSE:352A vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Loive 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.

Loive Co Beneish M-Score vs Travel & Leisure Industry

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

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


TSE:352A
14GF Score
Loive Co Ltd TSE:352A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Loive 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 Loive 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 * 0.9738+0.528 * 0.974+0.404 * 0.9022+0.892 * 1.3658+0.115 * 1.1699
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.079532-0.327 * 1.0266
=-2.59

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was 円829 Mil.
Revenue was 円8,492 Mil.
Gross Profit was 円3,301 Mil.
Total Current Assets was 円2,919 Mil.
Total Assets was 円7,892 Mil.
Property, Plant and Equipment(Net PPE) was 円3,724 Mil.
Depreciation, Depletion and Amortization(DDA) was 円317 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,972 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,767 Mil.
Net Income was 円500 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,128 Mil.
 Total Receivables was 円624 Mil.
Revenue was 円6,218 Mil.
Gross Profit was 円2,354 Mil.
Total Current Assets was 円1,936 Mil.
Total Assets was 円5,282 Mil.
Property, Plant and Equipment(Net PPE) was 円2,419 Mil.
Depreciation, Depletion and Amortization(DDA) was 円244 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,998 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,743 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)
=(829.242 / 8492.006) / (623.525 / 6217.816)
=0.09765 / 0.10028
=0.9738

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)
=(2354.469 / 6217.816) / (3301.497 / 8492.006)
=0.378665 / 0.388777
=0.974

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 - (2919.306 + 3723.815) / 7892.075) / (1 - (1935.783 + 2419.38) / 5281.564)
=0.158254 / 0.175403
=0.9022

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
=8492.006 / 6217.816
=1.3658

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))
=(244.148 / (244.148 + 2419.38)) / (316.583 / (316.583 + 3723.815))
=0.091663 / 0.078354
=1.1699

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 / 8492.006) / (0 / 6217.816)
=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)
=((2767.125 + 2971.509) / 7892.075) / ((1742.559 + 1998.485) / 5281.564)
=0.727139 / 0.708321
=1.0266

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
=(500.473 - 0 - 1128.146) / 7892.075
=-0.079532

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.

Loive Co has a M-score of -2.59 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 -2.59 mean?
Loive Co (TSE:352A) has a Beneish M-Score of -2.59 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Loive Co and its competitors. According to the industry distribution chart, Loive Co ranks #448 out of 823 companies in the Travel & Leisure industry, placing it in the top 54.4%.
Is Loive Co's Beneish M-Score too high?
Loive Co's current Beneish M-Score is -2.59. Based on the distribution chart, Loive Co ranks #448 out of 823 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Loive Co has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Loive Co's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Loive Co ranks #448 out of 823 companies for Beneish M-Score. This places Loive 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 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 Loive Co and its competitors. Loive Co's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Loive Co stock overvalued right now?
Loive Co (TSE:352A) has a current Beneish M-Score of -2.59. The current Beneish M-Score is -2.59. Loive Co's overall GF Score™ is 14/100 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 Loive Co (TSE:352A), the current Beneish M-Score is -2.59 as of Jul. 05, 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.

Loive Co Business Description

Address 5-1 Kita 7-jo Nishi 4-chome, 4th floor, Ito 110 Building, Kita-ku, Hokkaido, Sapporo, JPN, 150-0033
Loive Co Ltd operates multiple fitness and wellness businesses, focusing on women-centric and specialized training programs. Its key business area include loive Business, Surf Fit Business, Pilates K Business, Online school, and REDY'S GYM Business.
14GF Score

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

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