Fitcrew (TSE:469A) Beneish M-Score: -0.74 (As of Jul. 21, 2026)

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TSE:469A Fitcrew Inc TSE:469A
13 GF Score
Price 円1,478.00
! 2 Warning Signs
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What is Fitcrew Beneish M-Score?

Fitcrew TSE:469A +0.89% 13 Beneish M-Score is -0.74 as of Jul. 21, 2026. GuruFocus rates TSE:469A with a GF Score™ of 13/100. The stock has 2 warning signs investors should review. Among 821 Travel & Leisure companies, Fitcrew ranks worse than 93.42% 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.

Warning Sign:

Beneish M-Score -0.74 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:469A' s Beneish M-Score Range Over the Past 10 Years
Min: -0.74   Med: -0.74   Max: -0.74
Current: -0.74

During the past 3 years, the highest Beneish M-Score of Fitcrew was -0.74. The lowest was -0.74. And the median was -0.74.

Fitcrew Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fitcrew'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.

Fitcrew Beneish M-Score Chart

Fitcrew Annual Data
Trend Nov23 Nov24 Nov25
Beneish M-Score
0.00 0.00 -0.74

Fitcrew Quarterly Data
Nov23 Nov24 Aug25 Nov25 Feb26 May26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -0.74 0.00 0.00

TSE:469A vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Fitcrew'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.

Fitcrew Beneish M-Score vs Travel & Leisure Industry

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

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


TSE:469A
13GF Score
Fitcrew Inc TSE:469A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Fitcrew 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 Fitcrew 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 * 1.8005+0.528 * 0.9304+0.404 * 1.3661+0.892 * 1.1901+0.115 * 0.9961
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.141352-0.327 * 0.8193
=-0.74

* 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 (Nov25) TTM:Last Year (Nov24) TTM:
Total Receivables was 円353 Mil.
Revenue was 円2,921 Mil.
Gross Profit was 円1,161 Mil.
Total Current Assets was 円1,013 Mil.
Total Assets was 円1,869 Mil.
Property, Plant and Equipment(Net PPE) was 円555 Mil.
Depreciation, Depletion and Amortization(DDA) was 円78 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円744 Mil.
Long-Term Debt & Capital Lease Obligation was 円355 Mil.
Net Income was 円249 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-15 Mil.
 Total Receivables was 円165 Mil.
Revenue was 円2,454 Mil.
Gross Profit was 円908 Mil.
Total Current Assets was 円1,063 Mil.
Total Assets was 円1,821 Mil.
Property, Plant and Equipment(Net PPE) was 円544 Mil.
Depreciation, Depletion and Amortization(DDA) was 円76 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円856 Mil.
Long-Term Debt & Capital Lease Obligation was 円450 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)
=(352.625 / 2920.951) / (164.571 / 2454.42)
=0.120723 / 0.067051
=1.8005

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)
=(907.801 / 2454.42) / (1161.166 / 2920.951)
=0.369864 / 0.39753
=0.9304

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 - (1013.054 + 555.387) / 1868.865) / (1 - (1062.666 + 543.736) / 1820.642)
=0.160752 / 0.117673
=1.3661

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
=2920.951 / 2454.42
=1.1901

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))
=(76.42 / (76.42 + 543.736)) / (78.403 / (78.403 + 555.387))
=0.123227 / 0.123705
=0.9961

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 / 2920.951) / (0 / 2454.42)
=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)
=((355.053 + 743.616) / 1868.865) / ((449.933 + 856.451) / 1820.642)
=0.58788 / 0.71754
=0.8193

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
=(249.219 - 0 - -14.949) / 1868.865
=0.141352

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.

Fitcrew has a M-score of -0.74 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.74 mean?
Fitcrew (TSE:469A) has a Beneish M-Score of -0.74 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fitcrew and its competitors. According to the industry distribution chart, Fitcrew ranks #767 out of 821 companies in the Travel & Leisure industry, placing it in the top 93.4%.
Is Fitcrew's Beneish M-Score too high?
Fitcrew's current Beneish M-Score is -0.74. Based on the distribution chart, Fitcrew ranks #767 out of 821 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Fitcrew has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Fitcrew's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Fitcrew ranks #767 out of 821 companies for Beneish M-Score. This places Fitcrew 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 Fitcrew and its competitors. Fitcrew's current Beneish M-Score is -0.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fitcrew stock overvalued right now?
Fitcrew (TSE:469A) has a current Beneish M-Score of -0.74. The current Beneish M-Score is -0.74. Fitcrew's overall GF Score™ is 13/100 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 Fitcrew (TSE:469A), the current Beneish M-Score is -0.74 as of Jul. 21, 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.

Fitcrew Business Description

Address 1-13-9 Utsubohonmachi, Nishi-ku, Chuo Building 1st floor, Osaka, JPN, 550-0004
Fitcrew Inc is principally engaged in the operation of personal training gyms and personal trainer training schools.
13GF Score

Get the complete analysis for TSE:469A

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

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