New Art Holdings Co (TSE:7638) Beneish M-Score: -2.76 (As of Jun. 26, 2026)

What is New Art Holdings Co Beneish M-Score?

New Art Holdings Co TSE:7638 +0.38% 79 Beneish M-Score is -2.76 as of Jun. 26, 2026. GuruFocus rates TSE:7638 with a GF Score™ of 79/100 and a GF Value™ of 円2,081.52 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,087 Retail - Cyclical companies, New Art Holdings Co ranks better than 63.94% 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7638' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.42 Max: -1.41
Current: -2.76

During the past 13 years, the highest Beneish M-Score of New Art Holdings Co was -1.41. The lowest was -2.95. And the median was -2.42.

New Art Holdings Co Beneish M-Score Related Terms

New Art Holdings Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for New Art Holdings 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.

New Art Holdings Co Beneish M-Score Chart

New Art Holdings Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

Get a 7-Day Free Trial

-2.38

-2.45

-2.94

-1.41

-2.76

New Art Holdings 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															-2.94	0.00	-1.41	0.00	-2.76

TSE:7638 vs TPR: Beneish M-Score Comparison

For the Luxury Goods subindustry, New Art Holdings 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.

New Art Holdings Co Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, New Art Holdings Co's Beneish M-Score distribution charts can be found below:

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

Save Embed

79GF Score

New Art Holdings Co Ltd TSE:7638

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

View Full Analysis

New Art Holdings 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 New Art Holdings 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 * 0.736

0.528 * 1.0082

0.404 * 0.9833

0.892 * 1.1582

0.115 * 0.7286

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.037207

0.327 * 0.8985

-2.76

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円2,450 Mil.
Revenue was 円32,018 Mil.
Gross Profit was 円19,281 Mil.
Total Current Assets was 円19,116 Mil.
Total Assets was 円28,105 Mil.
Property, Plant and Equipment(Net PPE) was 円7,010 Mil.
Depreciation, Depletion and Amortization(DDA) was 円836 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円11,557 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,512 Mil.
Net Income was 円2,354 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,399 Mil.

Total Receivables was 円2,874 Mil.
Revenue was 円27,644 Mil.
Gross Profit was 円16,783 Mil.
Total Current Assets was 円17,549 Mil.
Total Assets was 円27,329 Mil.
Property, Plant and Equipment(Net PPE) was 円7,823 Mil.
Depreciation, Depletion and Amortization(DDA) was 円658 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円12,421 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,804 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)
	=	(2450.23 / 32017.754)	/	(2874.236 / 27644.229)
	=	0.076527	/	0.103972
	=	0.736

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)
	=	(16782.887 / 27644.229)	/	(19280.925 / 32017.754)
	=	0.607103	/	0.602195
	=	1.0082

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 - (19115.866 + 7010.486) / 28105.074)	/	(1 - (17548.747 + 7823.095) / 27328.584)
	=	0.070404	/	0.071601
	=	0.9833

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
	=	32017.754	/	27644.229
	=	1.1582

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))
	=	(658.368 / (658.368 + 7823.095))	/	(835.89 / (835.89 + 7010.486))
	=	0.077624	/	0.106532
	=	0.7286

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 / 32017.754)	/	(0 / 27644.229)
	=	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)
	=	((2511.787 + 11556.73) / 28105.074)	/	((2803.916 + 12421.076) / 27328.584)
	=	0.500569	/	0.557109
	=	0.8985

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
	=	(2353.759 - 0	-	3399.471)	/	28105.074
	=	-0.037207

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.

New Art Holdings Co has a M-score of -2.76 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 -2.76 mean?

New Art Holdings Co (TSE:7638) has a Beneish M-Score of -2.76 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on New Art Holdings Co and its competitors. According to the industry distribution chart, New Art Holdings Co ranks #392 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 36.1%.

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

New Art Holdings Co's current Beneish M-Score is -2.76. Based on the distribution chart, New Art Holdings Co ranks #392 out of 1087 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, New Art Holdings Co has a GF Score™ of 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does New Art Holdings Co's Beneish M-Score compare to TPR?

According to the Retail - Cyclical industry distribution chart, New Art Holdings Co ranks #392 out of 1087 companies for Beneish M-Score. This puts New Art Holdings 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 Retail - Cyclical company?

A good Beneish M-Score depends on the Retail - Cyclical 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 New Art Holdings Co and its competitors. New Art Holdings Co's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is New Art Holdings Co stock overvalued right now?

Based on GuruFocus' analysis, New Art Holdings Co (TSE:7638) is currently considered Significantly Undervalued. The stock's GF Value™ is 円2,081.52, compared to a current price of 円1,315.00 — trading 36.8% below its estimated fair value. The current Beneish M-Score is -2.76. New Art Holdings Co's overall GF Score™ is 79/100 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 New Art Holdings Co (TSE:7638), the current Beneish M-Score is -2.76 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 New Art Holdings Co (TSE:7638) Overvalued in 2026?

Based on GuruFocus' analysis, New Art Holdings Co stock appears to be undervalued. The current stock price of 円1,315.00 is trading 36.8% below its estimated GF Value™ of 円2,081.52. GuruFocus considers New Art Holdings Co to be Significantly Undervalued.

Key valuation signals for TSE:7638:

Beneish M-Score: -2.76
GF Value™: 円2,081.52 vs. price of 円1,315.00 (36.8% below fair value)
GF Score™: 79/100 with 2 warning signs

No single metric tells the full story. See the TSE:7638 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

New Art Holdings Co Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies TSE:367A TSE:9990 TSE:7794 TSE:7769 TSE:8139 TSE:7771 TSE:9904 TSE:7872 TSE:7937 TSE:7810 XPAR:MC XPAR:RMS XSWX:CFR XPAR:CDI NSE:TITAN XPAR:KER TPR XSWX:UHR HKSE:01929 HKSE:01913

Address 2-6-3 Ginza, Chuo-ku, Tokyo, JPN, 104-0061

Website http://www.newart-ir.jp

New Art Holdings Co Ltd is engaged in the business of jewellery business which include bridal jewellery, beauty salon, and art business. The products of the company includes ginza diamond shiraji and exelco diamond. The company's segments: Jewelry and Art Auction Business; Health & Beauty business; and Other Businesses.

79GF Score

Get the complete analysis for TSE:7638

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

円1,315.00

Price

円2,081.52

GF Value

View TSE:7638 Analysis

See Beneish M-Score data for all stocks →