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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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kose Holdings's Beneish M-Score or its related term are showing as below:
TSE:4922'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.4 Max: -2.15
Current: -2.24
During the past 13 years, the highest Beneish M-Score of Kose Holdings was -2.15. The lowest was -2.85. And the median was -2.40.
Kose Holdings Beneish M-Score Related Terms
Kose Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Kose Holdings'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.
TSE:4922 vs PG, CL, KVUE: Beneish M-Score Comparison
For the Household & Personal Products subindustry, Kose Holdings'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.
Kose Holdings Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Kose Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kose Holdings's Beneish M-Score falls into.
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 Kose Holdings 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 * 1.0958
+
0.528 * 0.9988
+
0.404 * 1.1183
+
0.892 * 1.023
+
0.115 * 0.9685
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.974
+
4.679 * 0.010105
-
0.327 * 0.8783
=
-2.24
* 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.
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.
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))
=
(10883 / (10883 + 73749))
/
(12524 / (12524 + 81800))
=
0.128592
/
0.132776
=
0.9685
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
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
=
(15114 - 0
-
11138)
/
393454
=
0.010105
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.
Kose Holdings has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
Kose Holdings (TSE:4922) has a Beneish M-Score of -2.24 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kose Holdings and its competitors. According to the industry distribution chart, Kose Holdings ranks #1295 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 70%.
Is Kose Holdings' Beneish M-Score too high?
Kose Holdings' current Beneish M-Score is -2.24. Based on the distribution chart, Kose Holdings ranks #1295 out of 1851 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Kose Holdings has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kose Holdings' Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, Kose Holdings ranks #1295 out of 1851 companies for Beneish M-Score. This places Kose Holdings 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 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 Kose Holdings and its competitors. Kose Holdings's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kose Holdings stock overvalued right now?
Based on GuruFocus' analysis, Kose Holdings (TSE:4922) is currently considered Significantly Undervalued. The stock's GF Value™ is 円8,956.97, compared to a current price of 円5,580.00 — trading 37.7% below its estimated fair value. The current Beneish M-Score is -2.24. Kose Holdings' overall GF Score™ is 70/100 with 5 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 Kose Holdings (TSE:4922), the current Beneish M-Score is -2.24 as of Jul. 22, 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 Kose Holdings (TSE:4922) Overvalued in 2026?
Based on GuruFocus' analysis, Kose Holdings stock appears to be undervalued.
The current stock price of 円5,580.00 is trading 37.7% below its estimated GF Value™ of 円8,956.97.
GuruFocus considers Kose Holdings to be Significantly Undervalued.
Key valuation signals for TSE:4922:
Beneish M-Score: -2.24
GF Value™: 円8,956.97 vs. price of 円5,580.00 (37.7% below fair value)
No single metric tells the full story. See the TSE:4922 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kose is Japan's second-largest beauty company, best known for its prestige skincare brands such as Decorte and Albion. Founded in 1946, the company remains under the management of the Kobayashi family. Albion, a fully consolidated subsidiary in which Kose holds a 79.5% stake, operates independently under a separate brand of the Kobayashi family. With a portfolio of 37 brands spanning multiple price points, the group captured approximately 15% of Japan's premium beauty segment in 2024, according to Euromonitor. Japan remains its core market, contributing over 60% of sales, followed by North America (19%) and Asia (13%). The company distributes its products through a diversified channel mix of department stores, specialty retailers, drugstores, travel retail, and e-commerce platforms.
70GF Score
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