Chiyoda Co (TSE:8185) Beneish M-Score: -2.12 (As of Jun. 27, 2026)

What is Chiyoda Co Beneish M-Score?

Chiyoda Co TSE:8185 -0.52% 61 Beneish M-Score is -2.12 as of Jun. 27, 2026. GuruFocus rates TSE:8185 with a GF Score™ of 61/100 and a GF Value™ of 円920.22 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Chiyoda Co ranks worse than 75.53% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8185' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -2.46 Max: -2.12
Current: -2.12

During the past 13 years, the highest Beneish M-Score of Chiyoda Co was -2.12. The lowest was -2.69. And the median was -2.46.

Chiyoda Co Beneish M-Score Related Terms

Chiyoda Co Beneish M-Score Historical Data

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The historical data trend for Chiyoda 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.

Chiyoda Co Beneish M-Score Chart

Chiyoda Co Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-2.58

-2.15

-2.32

-2.46

-2.12

Chiyoda Co Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-2.46	0.00	0.00	0.00	-2.12

TSE:8185 vs TJX, ROST, BURL: Beneish M-Score Comparison

For the Apparel Retail subindustry, Chiyoda 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.

Chiyoda Co Beneish M-Score vs Retail - Cyclical Industry

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

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

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61GF Score

Chiyoda Co Ltd TSE:8185

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

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Chiyoda 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 Chiyoda 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 * 1.1812

0.528 * 1.0116

0.404 * 1.073

0.892 * 0.8861

0.115 * 1.054

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1313

4.679 * 0.061493

0.327 * 1.0389

-2.12

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was 円3,185 Mil.
Revenue was 円81,377 Mil.
Gross Profit was 円38,317 Mil.
Total Current Assets was 円43,566 Mil.
Total Assets was 円71,016 Mil.
Property, Plant and Equipment(Net PPE) was 円12,805 Mil.
Depreciation, Depletion and Amortization(DDA) was 円734 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,584 Mil.
Total Current Liabilities was 円15,566 Mil.
Long-Term Debt & Capital Lease Obligation was 円365 Mil.
Net Income was 円237 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-4,130 Mil.

Total Receivables was 円3,043 Mil.
Revenue was 円91,835 Mil.
Gross Profit was 円43,744 Mil.
Total Current Assets was 円51,090 Mil.
Total Assets was 円79,076 Mil.
Property, Plant and Equipment(Net PPE) was 円12,788 Mil.
Depreciation, Depletion and Amortization(DDA) was 円775 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,575 Mil.
Total Current Liabilities was 円16,527 Mil.
Long-Term Debt & Capital Lease Obligation was 円548 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)
	=	(3185 / 81377)	/	(3043 / 91835)
	=	0.039139	/	0.033136
	=	1.1812

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)
	=	(43744 / 91835)	/	(38317 / 81377)
	=	0.476333	/	0.470858
	=	1.0116

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 - (43566 + 12805) / 71016)	/	(1 - (51090 + 12788) / 79076)
	=	0.206221	/	0.192195
	=	1.073

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
	=	81377	/	91835
	=	0.8861

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))
	=	(775 / (775 + 12788))	/	(734 / (734 + 12805))
	=	0.057141	/	0.054214
	=	1.054

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)
	=	(3584 / 81377)	/	(3575 / 91835)
	=	0.044042	/	0.038929
	=	1.1313

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)
	=	((365 + 15566) / 71016)	/	((548 + 16527) / 79076)
	=	0.22433	/	0.215932
	=	1.0389

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
	=	(237 - 0	-	-4130)	/	71016
	=	0.061493

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.

Chiyoda Co has a M-score of -2.12 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 -2.12 mean?

Chiyoda Co (TSE:8185) has a Beneish M-Score of -2.12 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chiyoda Co and its competitors. According to the industry distribution chart, Chiyoda Co ranks #821 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 75.5%.

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

Chiyoda Co's current Beneish M-Score is -2.12. Based on the distribution chart, Chiyoda Co ranks #821 out of 1087 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Chiyoda Co has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

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

According to the Retail - Cyclical industry distribution chart, Chiyoda Co ranks #821 out of 1087 companies for Beneish M-Score. This places Chiyoda 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 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 Chiyoda Co and its competitors. Chiyoda Co's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Chiyoda Co stock overvalued right now?

Based on GuruFocus' analysis, Chiyoda Co (TSE:8185) is currently considered Fairly Valued. The stock's GF Value™ is 円920.22, compared to a current price of 円955.00 — trading 3.8% above its estimated fair value. The current Beneish M-Score is -2.12. Chiyoda Co's overall GF Score™ is 61/100 with 5 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 Chiyoda Co (TSE:8185), the current Beneish M-Score is -2.12 as of Jun. 27, 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 Chiyoda Co (TSE:8185) Overvalued in 2026?

Based on GuruFocus' analysis, Chiyoda Co stock appears to be overvalued. The current stock price of 円955.00 is trading 3.8% above its estimated GF Value™ of 円920.22. GuruFocus considers Chiyoda Co to be Fairly Valued.

Key valuation signals for TSE:8185:

Beneish M-Score: -2.12
GF Value™: 円920.22 vs. price of 円955.00 (3.8% above fair value)
GF Score™: 61/100 with 5 warning signs

No single metric tells the full story. See the TSE:8185 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chiyoda Co Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies TSE:8018 TSE:7683 TSE:2792 TSE:3548 TSE:9837 TSE:3415 TSE:2686 TSE:7416 TSE:3566 TSE:3083 XMAD:ITX TJX TSE:9983 ROST BURL LSE:NXT BOM:500251 LULU TSX:ATZ GAP

Address 4-30-16 Ogikubo, Suginami-ku, 5th Floor, Fujisawa Building, Suginami-ku, Tokyo, JPN, 167-8505

Website https://www.chiyodagrp.co.jp

Chiyoda Co Ltd operates shoe and clothing retail stores in Japan. The shoe segment accounts for roughly three-fourths of total company revenue. Chiyoda has more than 1,000 shoe stores, which sell both private-label and national brands and operate mainly under the names Shoe Plaza and Tokyo Shoes Retailing Center. The majority of Chiyoda's shoe sales are in the athletic footwear, adult men's, and adult women's categories. The remaining sales are in the clothing segment, where the company operates nearly 500 stores, mainly under the Mac-House brand name.

61GF Score

Get the complete analysis for TSE:8185

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

円955.00

Price

円920.22

GF Value

View TSE:8185 Analysis

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