ROYAL HOLDINGS Co (TSE:8179) Beneish M-Score: -2.71 (As of Jun. 28, 2026)

What is ROYAL HOLDINGS Co Beneish M-Score?

ROYAL HOLDINGS Co TSE:8179 +0.66% 76 Beneish M-Score is -2.71 as of Jun. 28, 2026. GuruFocus rates TSE:8179 with a GF Score™ of 76/100 and a GF Value™ of 円1,472.97 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 356 Restaurants companies, ROYAL HOLDINGS Co ranks worse than 54.78% 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8179' s Beneish M-Score Range Over the Past 10 Years
Min: -3.87 Med: -2.71 Max: -2.25
Current: -2.71

During the past 13 years, the highest Beneish M-Score of ROYAL HOLDINGS Co was -2.25. The lowest was -3.87. And the median was -2.71.

ROYAL HOLDINGS Co Beneish M-Score Related Terms

ROYAL HOLDINGS Co Beneish M-Score Historical Data

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The historical data trend for ROYAL 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.

ROYAL HOLDINGS Co Beneish M-Score Chart

ROYAL HOLDINGS Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.32

-2.25

-2.66

-2.46

-2.71

ROYAL HOLDINGS Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	-2.71	0.00

TSE:8179 vs MCD, SBUX, CMG: Beneish M-Score Comparison

For the Restaurants subindustry, ROYAL 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.

ROYAL HOLDINGS Co Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, ROYAL HOLDINGS Co's Beneish M-Score distribution charts can be found below:

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

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76GF Score

ROYAL HOLDINGS Co Ltd TSE:8179

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

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ROYAL 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 ROYAL 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 * 1.0215

0.528 * 0.9856

0.404 * 1.1071

0.892 * 1.0877

0.115 * 0.874

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0428

4.679 * -0.072394

0.327 * 0.9988

-2.71

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was 円10,772 Mil.
Revenue was 円165,495 Mil.
Gross Profit was 円117,630 Mil.
Total Current Assets was 円36,974 Mil.
Total Assets was 円139,763 Mil.
Property, Plant and Equipment(Net PPE) was 円52,365 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,262 Mil.
Selling, General, & Admin. Expense(SGA) was 円11,518 Mil.
Total Current Liabilities was 円32,370 Mil.
Long-Term Debt & Capital Lease Obligation was 円42,452 Mil.
Net Income was 円5,660 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円15,778 Mil.

Total Receivables was 円9,695 Mil.
Revenue was 円152,150 Mil.
Gross Profit was 円106,585 Mil.
Total Current Assets was 円36,154 Mil.
Total Assets was 円127,738 Mil.
Property, Plant and Equipment(Net PPE) was 円49,955 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,754 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,155 Mil.
Total Current Liabilities was 円30,099 Mil.
Long-Term Debt & Capital Lease Obligation was 円38,369 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)
	=	(10772 / 165495)	/	(9695 / 152150)
	=	0.06509	/	0.06372
	=	1.0215

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)
	=	(106585 / 152150)	/	(117630 / 165495)
	=	0.700526	/	0.710777
	=	0.9856

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 - (36974 + 52365) / 139763)	/	(1 - (36154 + 49955) / 127738)
	=	0.360782	/	0.325894
	=	1.1071

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
	=	165495	/	152150
	=	1.0877

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))
	=	(6754 / (6754 + 49955))	/	(8262 / (8262 + 52365))
	=	0.119099	/	0.136276
	=	0.874

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)
	=	(11518 / 165495)	/	(10155 / 152150)
	=	0.069597	/	0.066743
	=	1.0428

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)
	=	((42452 + 32370) / 139763)	/	((38369 + 30099) / 127738)
	=	0.535349	/	0.536003
	=	0.9988

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
	=	(5660 - 0	-	15778)	/	139763
	=	-0.072394

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.

ROYAL HOLDINGS Co has a M-score of -2.71 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 -2.71 mean?

ROYAL HOLDINGS Co (TSE:8179) has a Beneish M-Score of -2.71 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ROYAL HOLDINGS Co and its competitors. According to the industry distribution chart, ROYAL HOLDINGS Co ranks #195 out of 356 companies in the Restaurants industry, placing it in the top 54.8%.

Is ROYAL HOLDINGS Co's Beneish M-Score too high?

ROYAL HOLDINGS Co's current Beneish M-Score is -2.71. Based on the distribution chart, ROYAL HOLDINGS Co ranks #195 out of 356 companies in the Restaurants industry, which is below the industry midpoint. Overall, ROYAL HOLDINGS Co has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does ROYAL HOLDINGS Co's Beneish M-Score compare to MCD and SBUX?

According to the Restaurants industry distribution chart, ROYAL HOLDINGS Co ranks #195 out of 356 companies for Beneish M-Score. This places ROYAL HOLDINGS Co 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 Restaurants company?

A good Beneish M-Score depends on the Restaurants 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 ROYAL HOLDINGS Co and its competitors. ROYAL HOLDINGS Co's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ROYAL HOLDINGS Co stock overvalued right now?

Based on GuruFocus' analysis, ROYAL HOLDINGS Co (TSE:8179) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,472.97, compared to a current price of 円1,225.00 — trading 16.8% below its estimated fair value. The current Beneish M-Score is -2.71. ROYAL HOLDINGS Co's overall GF Score™ is 76/100 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 ROYAL HOLDINGS Co (TSE:8179), the current Beneish M-Score is -2.71 as of Jun. 28, 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 ROYAL HOLDINGS Co (TSE:8179) Overvalued in 2026?

Based on GuruFocus' analysis, ROYAL HOLDINGS Co stock appears to be undervalued. The current stock price of 円1,225.00 is trading 16.8% below its estimated GF Value™ of 円1,472.97. GuruFocus considers ROYAL HOLDINGS Co to be Modestly Undervalued.

Key valuation signals for TSE:8179:

Beneish M-Score: -2.71
GF Value™: 円1,472.97 vs. price of 円1,225.00 (16.8% below fair value)
GF Score™: 76/100 with 2 warning signs

No single metric tells the full story. See the TSE:8179 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ROYAL HOLDINGS Co Business Description

Industry Consumer Cyclical Restaurants

Comparable Companies TSE:3543 TSE:7412 TSE:2695 TSE:3087 TSE:7630 TSE:9936 TSE:8153 TSE:9887 TSE:7611 TSE:9279 MCD SBUX LSE:CPG CMG YUM TSX:QSR TSX:QSP.UN DRI YUMC TXRH

Other Exchanges 8179:Japan

Address 3-28-5 Naka, Hakata-ku, Fukuoka, JPN, 154-8584

Website https://www.royal-holdings.co.jp

ROYAL HOLDINGS Co Ltd operates five core businesses in Japan: Restaurants, Hotels, Contract Food Services, In-Flight Catering, and Food Manufacturing. Royal's Restaurants business operates various brands, including Royal Host, Tenya, Cowboy Family, Shakey's, Sizzler, Hananoki, Royal Garden Cafe, pinkberry, The Third Cafe, and Rose Bakery. The company's Hotel business operates Richmond Hotels. Contract Food Services provides food in airports, highway service areas, department stores, and convention centers. In-Flight Catering provides meals for dozens of airlines all over the world. The Food Manufacturing business has two central kitchens in Japan that serve the company's other businesses. The group has four segments: restaurant business, contract business, Hotel Business, & Food Business.

76GF Score

Get the complete analysis for TSE:8179

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

円1,225.00

Price

円1,472.97

GF Value

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