Feedforce Group (TSE:7068) Beneish M-Score: -2.69 (As of Jun. 27, 2026)

What is Feedforce Group Beneish M-Score?

Feedforce Group TSE:7068 +1.87% 73 Beneish M-Score is -2.69 as of Jun. 27, 2026. GuruFocus rates TSE:7068 with a GF Score™ of 73/100 and a GF Value™ of 円712.52 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 989 Media - Diversified companies, Feedforce Group ranks better than 58.14% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7068' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.42 Max: 1.72
Current: -2.69

During the past 9 years, the highest Beneish M-Score of Feedforce Group was 1.72. The lowest was -2.83. And the median was -2.42.

Feedforce Group Beneish M-Score Related Terms

Feedforce Group Beneish M-Score Historical Data

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The historical data trend for Feedforce Group'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.

Feedforce Group Beneish M-Score Chart

Feedforce Group Annual Data

Trend

May17

May18

May19

May20

May21

May22

May23

May24

May25

Beneish M-Score

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-2.79

-2.42

-2.30

-2.83

-2.69

Feedforce Group Quarterly Data
	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Nov24	May25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-2.83	0.00	-2.69	0.00	0.00

TSE:7068 vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Feedforce Group'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.

Feedforce Group Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Feedforce Group's Beneish M-Score distribution charts can be found below:

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

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73GF Score

Feedforce Group Inc TSE:7068

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Feedforce 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 Feedforce Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0647

0.528 * 0.9308

0.404 * 0.8889

0.892 * 1.0341

0.115 * 0.9991

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.052659

0.327 * 0.9214

-2.69

This Year (May25) TTM:

Last Year (May24) TTM:

Total Receivables was 円1,734 Mil.
Revenue was 円4,373 Mil.
Gross Profit was 円3,115 Mil.
Total Current Assets was 円6,425 Mil.
Total Assets was 円7,653 Mil.
Property, Plant and Equipment(Net PPE) was 円67 Mil.
Depreciation, Depletion and Amortization(DDA) was 円196 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,194 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,000 Mil.
Net Income was 円1,002 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,405 Mil.

Total Receivables was 円1,575 Mil.
Revenue was 円4,229 Mil.
Gross Profit was 円2,804 Mil.
Total Current Assets was 円6,198 Mil.
Total Assets was 円7,559 Mil.
Property, Plant and Equipment(Net PPE) was 円71 Mil.
Depreciation, Depletion and Amortization(DDA) was 円207 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,496 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,000 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)
	=	(1734 / 4373)	/	(1575 / 4229)
	=	0.396524	/	0.372428
	=	1.0647

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)
	=	(2804 / 4229)	/	(3115 / 4373)
	=	0.663041	/	0.712326
	=	0.9308

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 - (6425 + 67) / 7653)	/	(1 - (6198 + 71) / 7559)
	=	0.151705	/	0.170657
	=	0.8889

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
	=	4373	/	4229
	=	1.0341

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))
	=	(207 / (207 + 71))	/	(196 / (196 + 67))
	=	0.744604	/	0.745247
	=	0.9991

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 / 4373)	/	(0 / 4229)
	=	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)
	=	((1000 + 3194) / 7653)	/	((1000 + 3496) / 7559)
	=	0.54802	/	0.594788
	=	0.9214

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
	=	(1002 - 0	-	1405)	/	7653
	=	-0.052659

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.

Feedforce Group has a M-score of -2.69 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 -2.69 mean?

Feedforce Group (TSE:7068) has a Beneish M-Score of -2.69 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Feedforce Group and its competitors. According to the industry distribution chart, Feedforce Group ranks #414 out of 989 companies in the Media - Diversified industry, placing it in the top 41.9%.

Is Feedforce Group's Beneish M-Score too high?

Feedforce Group's current Beneish M-Score is -2.69. Based on the distribution chart, Feedforce Group ranks #414 out of 989 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, Feedforce Group has a GF Score™ of 73/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Feedforce Group's Beneish M-Score compare to APP and OMC?

According to the Media - Diversified industry distribution chart, Feedforce Group ranks #414 out of 989 companies for Beneish M-Score. This puts Feedforce Group in the upper 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 Media - Diversified company?

A good Beneish M-Score depends on the Media - Diversified 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 Feedforce Group and its competitors. Feedforce Group's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Feedforce Group stock overvalued right now?

Based on GuruFocus' analysis, Feedforce Group (TSE:7068) is currently considered Significantly Undervalued. The stock's GF Value™ is 円712.52, compared to a current price of 円490.00 — trading 31.2% below its estimated fair value. The current Beneish M-Score is -2.69. Feedforce Group's overall GF Score™ is 73/100 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 Feedforce Group (TSE:7068), the current Beneish M-Score is -2.69 as of Jun. 27, 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 Feedforce Group (TSE:7068) Overvalued in 2026?

Based on GuruFocus' analysis, Feedforce Group stock appears to be undervalued. The current stock price of 円490.00 is trading 31.2% below its estimated GF Value™ of 円712.52. GuruFocus considers Feedforce Group to be Significantly Undervalued.

Key valuation signals for TSE:7068:

Beneish M-Score: -2.69
GF Value™: 円712.52 vs. price of 円490.00 (31.2% below fair value)
GF Score™: 73/100 with 2 warning signs

No single metric tells the full story. See the TSE:7068 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Feedforce Group Business Description

Industry Communication Services Media - Diversified

Comparable Companies TSE:6094 TSE:6045 TSE:4286 TSE:7050 TSE:3675 TSE:2173 TSE:7354 TSE:9554 TSE:2491 TSE:6533 APP XPAR:PUB OMC SZSE:002027 TTD SZSE:300058 SZSE:002131 TSE:4324 XPAR:DEC TSE:4751

Address 1-2-6 Minamiaoyama, Minato-ku, 3rd Floor Lattice Aoyama Square, Tokyo, JPN, 107-0062

Website https://www.feedforce.jp

Feedforce Group Inc is involved in the data feed business, digital advertising business, social media marketing business, and other businesses. The company has three reportable segments are Professional Services Business, SaaS Business, and DX Business. The Professional Services Business consists of two main services, Anagrams and DF PLUS, and provides marketing support and solutions that utilize data feeds and listings to businesses, mainly enterprise companies. The SaaS Business consists of three main services: Social PLUS, dfplus.io, and EC Booster. The DX Business consists of four main services: App Unity, Rewire, FRACTA, and Shippinno.

73GF Score

Get the complete analysis for TSE:7068

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

円490.00

Price

円712.52

GF Value

View TSE:7068 Analysis

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