IVY Cosmetics (TSE:4918) Beneish M-Score: -3.08 (As of Jul. 12, 2026)


TSE:4918 IVY Cosmetics Corp TSE:4918
47 GF Score
Price 円338.00
GF Value 円233.15
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is IVY Cosmetics Beneish M-Score?

IVY Cosmetics TSE:4918 -0.59% 47 Beneish M-Score is -3.08 as of Jul. 12, 2026. GuruFocus rates TSE:4918 with a GF Score™ of 47/100 and a GF Value™ of 円233.15 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,851 Consumer Packaged Goods companies, IVY Cosmetics ranks better than 85.95% 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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4918' s Beneish M-Score Range Over the Past 10 Years
Min: -4.09   Med: -2.85   Max: -0.73
Current: -3.08

During the past 13 years, the highest Beneish M-Score of IVY Cosmetics was -0.73. The lowest was -4.09. And the median was -2.85.

IVY Cosmetics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IVY Cosmetics'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.

IVY Cosmetics Beneish M-Score Chart

IVY Cosmetics Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.35 -3.42 -2.86 -3.01 -3.08

IVY Cosmetics Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.86 0.00 -3.01 0.00 -3.08

TSE:4918 vs PG, CL, KVUE: Beneish M-Score Comparison

For the Household & Personal Products subindustry, IVY Cosmetics'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.

IVY Cosmetics Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, IVY Cosmetics's Beneish M-Score distribution charts can be found below:

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


TSE:4918
47GF Score
IVY Cosmetics Corp TSE:4918
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

IVY Cosmetics 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 IVY Cosmetics 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 * 0.8286+0.528 * 1.0107+0.404 * 0.9416+0.892 * 0.9016+0.115 * 0.9418
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.07865-0.327 * 0.8936
=-3.08

* 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943 Mil.
Revenue was 円2,642 Mil.
Gross Profit was 円1,842 Mil.
Total Current Assets was 円2,543 Mil.
Total Assets was 円3,643 Mil.
Property, Plant and Equipment(Net PPE) was 円790 Mil.
Depreciation, Depletion and Amortization(DDA) was 円50 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円817 Mil.
Long-Term Debt & Capital Lease Obligation was 円149 Mil.
Net Income was 円165 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円451 Mil.
 Total Receivables was 円1,262 Mil.
Revenue was 円2,930 Mil.
Gross Profit was 円2,065 Mil.
Total Current Assets was 円2,472 Mil.
Total Assets was 円3,567 Mil.
Property, Plant and Equipment(Net PPE) was 円774 Mil.
Depreciation, Depletion and Amortization(DDA) was 円46 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円885 Mil.
Long-Term Debt & Capital Lease Obligation was 円173 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)
=(942.692 / 2641.736) / (1261.733 / 2929.931)
=0.356846 / 0.430636
=0.8286

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)
=(2065.186 / 2929.931) / (1842.338 / 2641.736)
=0.704858 / 0.697397
=1.0107

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 - (2543.317 + 790.419) / 3642.862) / (1 - (2472.064 + 773.655) / 3567.189)
=0.084858 / 0.090119
=0.9416

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
=2641.736 / 2929.931
=0.9016

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))
=(45.742 / (45.742 + 773.655)) / (49.802 / (49.802 + 790.419))
=0.055824 / 0.059273
=0.9418

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 / 2641.736) / (0 / 2929.931)
=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)
=((148.946 + 816.824) / 3642.862) / ((173.484 + 884.795) / 3567.189)
=0.265113 / 0.29667
=0.8936

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
=(164.525 - 0 - 451.036) / 3642.862
=-0.07865

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.

IVY Cosmetics has a M-score of -3.08 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 -3.08 mean?
IVY Cosmetics (TSE:4918) has a Beneish M-Score of -3.08 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IVY Cosmetics and its competitors. According to the industry distribution chart, IVY Cosmetics ranks #260 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 14%.
Is IVY Cosmetics' Beneish M-Score too high?
IVY Cosmetics' current Beneish M-Score is -3.08. Based on the distribution chart, IVY Cosmetics ranks #260 out of 1851 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, IVY Cosmetics has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does IVY Cosmetics' Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, IVY Cosmetics ranks #260 out of 1851 companies for Beneish M-Score. This places IVY Cosmetics in the top 14% 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 IVY Cosmetics and its competitors. IVY Cosmetics's current Beneish M-Score is -3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IVY Cosmetics stock overvalued right now?
Based on GuruFocus' analysis, IVY Cosmetics (TSE:4918) is currently considered Significantly Overvalued. The stock's GF Value™ is 円233.15, compared to a current price of 円338.00 — trading 45% above its estimated fair value. The current Beneish M-Score is -3.08. IVY Cosmetics' overall GF Score™ is 47/100 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 IVY Cosmetics (TSE:4918), the current Beneish M-Score is -3.08 as of Jul. 12, 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 IVY Cosmetics (TSE:4918) Overvalued in 2026?

Based on GuruFocus' analysis, IVY Cosmetics stock appears to be overvalued. The current stock price of 円338.00 is trading 45% above its estimated GF Value™ of 円233.15. GuruFocus considers IVY Cosmetics to be Significantly Overvalued.

Key valuation signals for TSE:4918:

  • Beneish M-Score: -3.08
  • GF Value™: 円233.15 vs. price of 円338.00 (45% above fair value)
  • GF Score™: 47/100 with 3 warning signs

No single metric tells the full story. See the TSE:4918 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

IVY Cosmetics Business Description

Address Akasaka 6 - chome, Minato - ku, Ibby Building, No. 18, Tokyo, JPN, 107-8463
IVY Cosmetics Corp manufactures & sells cosmetics, beauty supplements, and beauty-related products. It provides products for skin care, makeup, hair care, body care. Its products include Wrinkle Lotion, Accell Essence, Ivy Formula 30, Basic Ex, & Ateur Grace. It also provides health food/ equipment, substrate/UV countermeasure.
47GF Score

Get the complete analysis for TSE:4918

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

円338.00
Price
円233.15
GF Value