Art Vivant Co (TSE:7523) Beneish M-Score: -2.77 (As of Jun. 26, 2026)

What is Art Vivant Co Beneish M-Score?

Art Vivant Co TSE:7523 -1.49% 90 Beneish M-Score is -2.77 as of Jun. 26, 2026. GuruFocus rates TSE:7523 with a GF Score™ of 90/100 and a GF Value™ of 円1,504.46 (Fairly Valued). The stock has 2 warning signs investors should review. Among 92 Personal Services companies, Art Vivant Co ranks better than 63.04% 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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7523' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.32 Max: -2.18
Current: -2.77

During the past 13 years, the highest Beneish M-Score of Art Vivant Co was -2.18. The lowest was -2.82. And the median was -2.32.

Art Vivant Co Beneish M-Score Related Terms

Art Vivant Co Beneish M-Score Historical Data

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The historical data trend for Art Vivant Co'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.

Art Vivant Co Beneish M-Score Chart

Art Vivant Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.19

-2.18

-2.55

-2.77

Art Vivant Co 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															-2.18	0.00	-2.55	0.00	-2.77

TSE:7523 vs ROL, SCI, HRB: Beneish M-Score Comparison

For the Personal Services subindustry, Art Vivant Co'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.

Art Vivant Co Beneish M-Score vs Personal Services Industry

For the Personal Services industry and Consumer Cyclical sector, Art Vivant Co's Beneish M-Score distribution charts can be found below:

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

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Art Vivant Co Ltd TSE:7523

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

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Art Vivant Co 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 Art Vivant Co 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 * 0.9531

0.528 * 1.0495

0.404 * 0.5881

0.892 * 1.1811

0.115 * 0.9892

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.05632

0.327 * 0.9964

-2.77

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円18,027 Mil.
Revenue was 円12,675 Mil.
Gross Profit was 円8,071 Mil.
Total Current Assets was 円33,245 Mil.
Total Assets was 円36,646 Mil.
Property, Plant and Equipment(Net PPE) was 円722 Mil.
Depreciation, Depletion and Amortization(DDA) was 円95 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円18,710 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,342 Mil.
Net Income was 円1,688 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,751 Mil.

Total Receivables was 円16,014 Mil.
Revenue was 円10,731 Mil.
Gross Profit was 円7,172 Mil.
Total Current Assets was 円29,681 Mil.
Total Assets was 円34,773 Mil.
Property, Plant and Equipment(Net PPE) was 円770 Mil.
Depreciation, Depletion and Amortization(DDA) was 円100 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円16,474 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,622 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)
	=	(18027.203 / 12674.953)	/	(16013.774 / 10731.448)
	=	1.42227	/	1.492229
	=	0.9531

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)
	=	(7171.744 / 10731.448)	/	(8071.065 / 12674.953)
	=	0.668292	/	0.636773
	=	1.0495

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 - (33244.555 + 722.45) / 36645.852)	/	(1 - (29681.055 + 770.089) / 34773.472)
	=	0.073101	/	0.1243
	=	0.5881

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
	=	12674.953	/	10731.448
	=	1.1811

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))
	=	(99.543 / (99.543 + 770.089))	/	(94.542 / (94.542 + 722.45))
	=	0.114466	/	0.11572
	=	0.9892

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 / 12674.953)	/	(0 / 10731.448)
	=	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)
	=	((1341.82 + 18710.342) / 36645.852)	/	((2621.679 + 16474.481) / 34773.472)
	=	0.547188	/	0.549159
	=	0.9964

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
	=	(1687.574 - 0	-	3751.48)	/	36645.852
	=	-0.05632

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.

Art Vivant Co has a M-score of -2.77 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 -2.77 mean?

Art Vivant Co (TSE:7523) has a Beneish M-Score of -2.77 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Art Vivant Co and its competitors. According to the industry distribution chart, Art Vivant Co ranks #34 out of 92 companies in the Personal Services industry, placing it in the top 37%.

Is Art Vivant Co's Beneish M-Score too high?

Art Vivant Co's current Beneish M-Score is -2.77. Based on the distribution chart, Art Vivant Co ranks #34 out of 92 companies in the Personal Services industry, which is above the industry midpoint. Overall, Art Vivant Co has a GF Score™ of 90/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Art Vivant Co's Beneish M-Score compare to ROL and SCI?

According to the Personal Services industry distribution chart, Art Vivant Co ranks #34 out of 92 companies for Beneish M-Score. This puts Art Vivant Co 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 Personal Services company?

A good Beneish M-Score depends on the Personal Services 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 Art Vivant Co and its competitors. Art Vivant Co's current Beneish M-Score is -2.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Art Vivant Co stock overvalued right now?

Based on GuruFocus' analysis, Art Vivant Co (TSE:7523) is currently considered Fairly Valued. The stock's GF Value™ is 円1,504.46, compared to a current price of 円1,650.00 — trading 9.7% above its estimated fair value. The current Beneish M-Score is -2.77. Art Vivant Co's overall GF Score™ is 90/100 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 Art Vivant Co (TSE:7523), the current Beneish M-Score is -2.77 as of Jun. 26, 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 Art Vivant Co (TSE:7523) Overvalued in 2026?

Based on GuruFocus' analysis, Art Vivant Co stock appears to be overvalued. The current stock price of 円1,650.00 is trading 9.7% above its estimated GF Value™ of 円1,504.46. GuruFocus considers Art Vivant Co to be Fairly Valued.

Key valuation signals for TSE:7523:

Beneish M-Score: -2.77
GF Value™: 円1,504.46 vs. price of 円1,650.00 (9.7% above fair value)
GF Score™: 90/100 with 2 warning signs

No single metric tells the full story. See the TSE:7523 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Art Vivant Co Business Description

Industry Consumer Cyclical Personal Services

Comparable Companies TSE:9731 TSE:7358 TSE:9251 TSE:6039 TSE:6571 TSE:6184 TSE:7378 TSE:2485 TSE:4331 TSE:7084 ROL SCI HRB FTDR ANDG BFAM HKSE:08603 LSE:XPS XTER:CWC CSV

Address 4-13-14, Higashi-Shinagawa, 13th Floor, Glass Cube, Tokyo, JPN, 140-0002

Website https://www.artvivant.net

Art Vivant Co Ltd is a Japan-based company engaged in operating art galleries. It is involved in selling mainly contemporary art printings and selection of popular artists at stores and exhibitions. The company offered products include paintings such as prints, oil paintings, watercolor, arts and crafts, and sculptures, among other products.

90GF Score

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

円1,650.00

Price

円1,504.46

GF Value

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