Kyoto Financial Group (TSE:5844) Beneish M-Score: -0.63 (As of Jul. 14, 2026)

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TSE:5844 Kyoto Financial Group Inc TSE:5844
60 GF Score
Price 円4,700.00
GF Value 円5,864.47
Valuation Modestly Undervalued
! 6 Warning Signs
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What is Kyoto Financial Group Beneish M-Score?

Kyoto Financial Group TSE:5844 +0.86% 60 Beneish M-Score is -0.63 as of Jul. 14, 2026. GuruFocus rates TSE:5844 with a GF Score™ of 60/100 and a GF Value™ of 円5,864.47 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,399 Banks companies, Kyoto Financial Group ranks worse than 98.07% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -0.63 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:5844' s Beneish M-Score Range Over the Past 10 Years
Min: -4.76   Med: -2.41   Max: -0.63
Current: -0.63

During the past 13 years, the highest Beneish M-Score of Kyoto Financial Group was -0.63. The lowest was -4.76. And the median was -2.41.

TSE:5844
60GF Score
Kyoto Financial Group Inc TSE:5844
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kyoto Financial Group 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 Kyoto Financial Group 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+0.528 * 1+0.404 * 0.9996+0.892 * 2.4086+0.115 * 0.9693
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4501+4.679 * 0.10089-0.327 * 0.8946
=-0.63

* 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0 Mil.
Revenue was 円315,742 Mil.
Gross Profit was 円315,742 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円11,825,666 Mil.
Property, Plant and Equipment(Net PPE) was 円80,921 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,965 Mil.
Selling, General, & Admin. Expense(SGA) was 円66,438 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円439,632 Mil.
Net Income was 円96,723 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-1,096,370 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円131,089 Mil.
Gross Profit was 円131,089 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円12,161,140 Mil.
Property, Plant and Equipment(Net PPE) was 円78,421 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,655 Mil.
Selling, General, & Admin. Expense(SGA) was 円61,284 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円505,350 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)
=(0 / 315742) / (0 / 131089)
=0 / 0
=1

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)
=(131089 / 131089) / (315742 / 315742)
=1 / 1
=1

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 - (0 + 80921) / 11825666) / (1 - (0 + 78421) / 12161140)
=0.993157 / 0.993552
=0.9996

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
=315742 / 131089
=2.4086

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))
=(4655 / (4655 + 78421)) / (4965 / (4965 + 80921))
=0.056033 / 0.057809
=0.9693

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)
=(66438 / 315742) / (61284 / 131089)
=0.210419 / 0.467499
=0.4501

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)
=((439632 + 0) / 11825666) / ((505350 + 0) / 12161140)
=0.037176 / 0.041554
=0.8946

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
=(96723 - 0 - -1096370) / 11825666
=0.10089

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.

Kyoto Financial Group has a M-score of -0.63 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 -0.63 mean?
Kyoto Financial Group (TSE:5844) has a Beneish M-Score of -0.63 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kyoto Financial Group and its competitors. According to the industry distribution chart, Kyoto Financial Group ranks #1372 out of 1399 companies in the Banks industry, placing it in the top 98.1%.
Is Kyoto Financial Group's Beneish M-Score too high?
Kyoto Financial Group's current Beneish M-Score is -0.63. Based on the distribution chart, Kyoto Financial Group ranks #1372 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Kyoto Financial Group has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kyoto Financial Group's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Kyoto Financial Group ranks #1372 out of 1399 companies for Beneish M-Score. This places Kyoto Financial Group 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Kyoto Financial Group and its competitors. Kyoto Financial Group's current Beneish M-Score is -0.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kyoto Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Kyoto Financial Group (TSE:5844) is currently considered Modestly Undervalued. The stock's GF Value™ is 円5,864.47, compared to a current price of 円4,700.00 — trading 19.9% below its estimated fair value. The current Beneish M-Score is -0.63. Kyoto Financial Group's overall GF Score™ is 60/100 with 6 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 Kyoto Financial Group (TSE:5844), the current Beneish M-Score is -0.63 as of Jul. 14, 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 Kyoto Financial Group (TSE:5844) Overvalued in 2026?

Based on GuruFocus' analysis, Kyoto Financial Group stock appears to be undervalued. The current stock price of 円4,700.00 is trading 19.9% below its estimated GF Value™ of 円5,864.47. GuruFocus considers Kyoto Financial Group to be Modestly Undervalued.

Key valuation signals for TSE:5844:

  • Beneish M-Score: -0.63
  • GF Value™: 円5,864.47 vs. price of 円4,700.00 (19.9% below fair value)
  • GF Score™: 60/100 with 6 warning signs

No single metric tells the full story. See the TSE:5844 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kyoto Financial Group Business Description

Address 700 Yakushimaecho, Karasuma-dori Matsubaraagaru, Shimogyo-ku, Kyoto, JPN, 600-8652
Kyoto Financial Group Inc operates through its subsidiary Bank of Kyoto, which provides regional banking and other financial solutions. Its portfolio of offerings comprises savings accounts, investment trusts, deposits, mutual funds, credit and debit cards, and government bonds.
60GF Score

Get the complete analysis for TSE:5844

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

円4,700.00
Price
円5,864.47
GF Value