WA (TSE:7683) Beneish M-Score: -2.52 (As of Jun. 26, 2026)

WA TSE:7683 +0.71% 87 Beneish M-Score is -2.52 as of Jun. 26, 2026. GuruFocus rates TSE:7683 with a GF Score™ of 87/100 and a GF Value™ of 円1,404.84 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,087 Retail - Cyclical companies, WA ranks worse than 54.74% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7683' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77 Med: -2.22 Max: -1.95
Current: -2.52

During the past 9 years, the highest Beneish M-Score of WA was -1.95. The lowest was -2.77. And the median was -2.22.

WA Beneish M-Score Related Terms

WA Beneish M-Score Historical Data

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The historical data trend for WA'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.

WA Beneish M-Score Chart

WA Annual Data

Trend

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Beneish M-Score

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-2.77

-2.22

-1.99

-2.09

-2.52

WA Semi-Annual Data
	Jan18	Jan19	Jul19	Jan20	Jul20	Jan21	Jul21	Jan22	Jul22	Jan23	Jul23	Jan24	Jul24	Jan25	Jul25	Jan26
Beneish M-Score	Get a 7-Day Free Trial											-1.99	0.00	-2.09	0.00	-2.52

TSE:7683 vs TJX, ROST, BURL: Beneish M-Score Comparison

For the Apparel Retail subindustry, WA'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.

WA Beneish M-Score vs Retail - Cyclical Industry

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

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

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87GF Score

WA Inc TSE:7683

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

View Full Analysis

WA 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 WA 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 * 0.961

0.528 * 1.0113

0.404 * 1.1474

0.892 * 1.0231

0.115 * 1.0717

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.020842

0.327 * 0.9998

-2.52

This Year (Jan26) TTM:

Last Year (Jan25) TTM:

Total Receivables was 円1,969 Mil.
Revenue was 円23,327 Mil.
Gross Profit was 円14,185 Mil.
Total Current Assets was 円9,951 Mil.
Total Assets was 円13,457 Mil.
Property, Plant and Equipment(Net PPE) was 円2,529 Mil.
Depreciation, Depletion and Amortization(DDA) was 円607 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,831 Mil.
Long-Term Debt & Capital Lease Obligation was 円130 Mil.
Net Income was 円688 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円969 Mil.

Total Receivables was 円2,003 Mil.
Revenue was 円22,801 Mil.
Gross Profit was 円14,021 Mil.
Total Current Assets was 円10,002 Mil.
Total Assets was 円13,135 Mil.
Property, Plant and Equipment(Net PPE) was 円2,302 Mil.
Depreciation, Depletion and Amortization(DDA) was 円602 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,820 Mil.
Long-Term Debt & Capital Lease Obligation was 円94 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)
	=	(1969.071 / 23327.358)	/	(2002.798 / 22800.935)
	=	0.08441	/	0.087838
	=	0.961

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)
	=	(14021.183 / 22800.935)	/	(14185.265 / 23327.358)
	=	0.614939	/	0.608096
	=	1.0113

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 - (9951.243 + 2529.083) / 13457.251)	/	(1 - (10001.64 + 2302.236) / 13134.897)
	=	0.072595	/	0.063268
	=	1.1474

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
	=	23327.358	/	22800.935
	=	1.0231

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))
	=	(602.386 / (602.386 + 2302.236))	/	(606.871 / (606.871 + 2529.083))
	=	0.207389	/	0.19352
	=	1.0717

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 / 23327.358)	/	(0 / 22800.935)
	=	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)
	=	((129.581 + 1830.689) / 13457.251)	/	((93.879 + 1819.812) / 13134.897)
	=	0.145666	/	0.145695
	=	0.9998

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
	=	(688.073 - 0	-	968.552)	/	13457.251
	=	-0.020842

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.

WA has a M-score of -2.52 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 -2.52 mean?

WA (TSE:7683) has a Beneish M-Score of -2.52 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WA and its competitors. According to the industry distribution chart, WA ranks #595 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 54.7%.

Is WA's Beneish M-Score too high?

WA's current Beneish M-Score is -2.52. Based on the distribution chart, WA ranks #595 out of 1087 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, WA has a GF Score™ of 87/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does WA's Beneish M-Score compare to TJX and ROST?

According to the Retail - Cyclical industry distribution chart, WA ranks #595 out of 1087 companies for Beneish M-Score. This places WA 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 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 WA and its competitors. WA's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is WA stock overvalued right now?

Based on GuruFocus' analysis, WA (TSE:7683) is currently considered Fairly Valued. The stock's GF Value™ is 円1,404.84, compared to a current price of 円1,425.00 — trading 1.4% above its estimated fair value. The current Beneish M-Score is -2.52. WA's overall GF Score™ is 87/100 with 4 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 WA (TSE:7683), the current Beneish M-Score is -2.52 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 WA (TSE:7683) Overvalued in 2026?

Based on GuruFocus' analysis, WA stock appears to be overvalued. The current stock price of 円1,425.00 is trading 1.4% above its estimated GF Value™ of 円1,404.84. GuruFocus considers WA to be Fairly Valued.

Key valuation signals for TSE:7683:

Beneish M-Score: -2.52
GF Value™: 円1,404.84 vs. price of 円1,425.00 (1.4% above fair value)
GF Score™: 87/100 with 4 warning signs

No single metric tells the full story. See the TSE:7683 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.