KING Co (TSE:8118) Beneish M-Score: -2.57 (As of Jul. 19, 2026)

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Valuation Significantly Overvalued

6 Warning Signs

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What is KING Co Beneish M-Score?

KING Co TSE:8118 +0.24% 61 Beneish M-Score is -2.57 as of Jul. 19, 2026. GuruFocus rates TSE:8118 with a GF Score™ of 61/100 and a GF Value™ of 円689.10 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,000 Manufacturing - Apparel & Accessories companies, KING Co ranks better than 53.6% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8118' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.61 Max: -2.42
Current: -2.57

During the past 13 years, the highest Beneish M-Score of KING Co was -2.42. The lowest was -2.89. And the median was -2.61.

KING Co Beneish M-Score Related Terms

KING Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KING 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.

KING Co Beneish M-Score Chart

KING Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.75

-2.61

-2.42

-2.53

-2.57

KING 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															-2.42	0.00	-2.53	0.00	-2.57

KING Co Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, KING 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.

KING Co Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, KING Co's Beneish M-Score distribution charts can be found below:

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

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61GF Score

KING Co Ltd TSE:8118

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

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KING 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 KING 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 * 0.9413

0.528 * 0.9921

0.404 * 1.4406

0.892 * 0.9605

0.115 * 0.9744

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.029948

0.327 * 1.1077

-2.57

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円632 Mil.
Revenue was 円7,835 Mil.
Gross Profit was 円4,538 Mil.
Total Current Assets was 円11,730 Mil.
Total Assets was 円26,746 Mil.
Property, Plant and Equipment(Net PPE) was 円9,119 Mil.
Depreciation, Depletion and Amortization(DDA) was 円415 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,773 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円625 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,426 Mil.

Total Receivables was 円699 Mil.
Revenue was 円8,157 Mil.
Gross Profit was 円4,687 Mil.
Total Current Assets was 円12,818 Mil.
Total Assets was 円25,717 Mil.
Property, Plant and Equipment(Net PPE) was 円8,963 Mil.
Depreciation, Depletion and Amortization(DDA) was 円397 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,539 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
	=	(632 / 7835)	/	(699 / 8157)
	=	0.080664	/	0.085693
	=	0.9413

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)
	=	(4687 / 8157)	/	(4538 / 7835)
	=	0.574599	/	0.579196
	=	0.9921

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 - (11730 + 9119) / 26746)	/	(1 - (12818 + 8963) / 25717)
	=	0.220482	/	0.153051
	=	1.4406

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
	=	7835	/	8157
	=	0.9605

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))
	=	(397 / (397 + 8963))	/	(415 / (415 + 9119))
	=	0.042415	/	0.043528
	=	0.9744

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 / 7835)	/	(0 / 8157)
	=	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)
	=	((0 + 1773) / 26746)	/	((0 + 1539) / 25717)
	=	0.06629	/	0.059844
	=	1.1077

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
	=	(625 - 0	-	1426)	/	26746
	=	-0.029948

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.

KING Co has a M-score of -2.57 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 -2.57 mean?

KING Co (TSE:8118) has a Beneish M-Score of -2.57 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KING Co and its competitors. According to the industry distribution chart, KING Co ranks #464 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 46.4%.

Is KING Co's Beneish M-Score too high?

KING Co's current Beneish M-Score is -2.57. Based on the distribution chart, KING Co ranks #464 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, KING Co has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does KING Co's Beneish M-Score compare to competitors?

According to the Manufacturing - Apparel & Accessories industry distribution chart, KING Co ranks #464 out of 1000 companies for Beneish M-Score. This puts KING 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 Manufacturing - Apparel & Accessories company?

A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 KING Co and its competitors. KING Co's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is KING Co stock overvalued right now?

Based on GuruFocus' analysis, KING Co (TSE:8118) is currently considered Significantly Overvalued. The stock's GF Value™ is 円689.10, compared to a current price of 円1,244.00 — trading 80.5% above its estimated fair value. The current Beneish M-Score is -2.57. KING Co's overall GF Score™ is 61/100 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 KING Co (TSE:8118), the current Beneish M-Score is -2.57 as of Jul. 19, 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 KING Co (TSE:8118) Overvalued in 2026?

Based on GuruFocus' analysis, KING Co stock appears to be overvalued. The current stock price of 円1,244.00 is trading 80.5% above its estimated GF Value™ of 円689.10. GuruFocus considers KING Co to be Significantly Overvalued.

Key valuation signals for TSE:8118:

Beneish M-Score: -2.57
GF Value™: 円689.10 vs. price of 円1,244.00 (80.5% above fair value)
GF Score™: 61/100 with 6 warning signs

No single metric tells the full story. See the TSE:8118 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

KING Co Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies TSE:7856 TSE:3501 TSE:3109 TSE:3580 TSE:8101 TSE:4235 TSE:3571 TSE:3123 TSE:365A TSE:3190 SZSE:301526 TSE:3402 SHSE:601233 HKSE:02313 SHSE:603306 TPE:1402 TSE:3110 BOM:532889 SHSE:600295 SZSE:000158

Address 2-14-9 Nishi Gotanda Shinagawa-ku, Tokyo, JPN, 141-0031

Website http://www.king-group.co.jp

KING Co Ltd is a textile producer and apparel maker of cloths. The company produces printed textiles and manufactures ready-made suits, sweaters, jackets, skirts, slacks, scarves, bags, and others. It sells its products under the brand name PINORE, C'EST CHIC'A, LUPUY, AUSTIN REED, PRIDE BIS, among others.

61GF Score

Get the complete analysis for TSE:8118

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

円1,244.00

Price

円689.10

GF Value

View TSE:8118 Analysis

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