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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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for AEON Co's Beneish M-Score or its related term are showing as below:
TSE:8267'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.73 Med: -2.6 Max: -2.53
Current: -2.73
During the past 13 years, the highest Beneish M-Score of AEON Co was -2.53. The lowest was -2.73. And the median was -2.60.
AEON Co Beneish M-Score Related Terms
AEON Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for AEON 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.
For the Department Stores subindustry, AEON 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.
AEON Co Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, AEON Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AEON Co's Beneish M-Score falls into.
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 AEON Co for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9932
+
0.528 * 1.0152
+
0.404 * 1.0229
+
0.892 * 1.0573
+
0.115 * 1.0332
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9595
+
4.679 * -0.068571
-
0.327 * 1.0179
=
-2.73
* 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.
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.
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))
=
(362059 / (362059 + 3599604))
/
(382499 / (382499 + 3941556))
=
0.091391
/
0.088458
=
1.0332
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
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
=
(72677 - 0
-
1126589)
/
15369658
=
-0.068571
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.
AEON Co has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
AEON Co (TSE:8267) has a Beneish M-Score of -2.73 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AEON Co and its competitors. According to the industry distribution chart, AEON Co ranks #413 out of 1085 companies in the Retail - Cyclical industry, placing it in the top 38.1%.
Is AEON Co's Beneish M-Score too high?
AEON Co's current Beneish M-Score is -2.73. Based on the distribution chart, AEON Co ranks #413 out of 1085 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, AEON Co has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does AEON Co's Beneish M-Score compare to DDS and M?
According to the Retail - Cyclical industry distribution chart, AEON Co ranks #413 out of 1085 companies for Beneish M-Score. This puts AEON 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 AEON Co and its competitors. AEON Co's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AEON Co stock overvalued right now?
Based on GuruFocus' analysis, AEON Co (TSE:8267) is currently considered Fairly Valued. The stock's GF Value™ is 円1,328.98, compared to a current price of 円1,339.00 — trading 0.8% above its estimated fair value. The current Beneish M-Score is -2.73. AEON Co's overall GF Score™ is 68/100 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 AEON Co (TSE:8267), the current Beneish M-Score is -2.73 as of Jul. 25, 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 AEON Co (TSE:8267) Overvalued in 2026?
Based on GuruFocus' analysis, AEON Co stock appears to be overvalued.
The current stock price of 円1,339.00 is trading 0.8% above its estimated GF Value™ of 円1,328.98.
GuruFocus considers AEON Co to be Fairly Valued.
Key valuation signals for TSE:8267:
Beneish M-Score: -2.73
GF Value™: 円1,328.98 vs. price of 円1,339.00 (0.8% above fair value)
No single metric tells the full story. See the TSE:8267 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AEON Co Ltd is a holding company engaged in comprehensive finance, development, and services with a focus on retail businesses. The Comprehensive Finance segment covers credit cards, banking, insurance, and related services. The Developer segment handles shopping center development, leasing, facility management, amusement, and restaurants. The Discount Store (DS) segment operates discount stores, while the General Supermarket (GMS) segment includes supermarkets and bento delicatessen specialty stores. The Health & Wellness segment runs drugstores and pharmacies. The International segment focuses on retail in ASEAN and China. Services/Specialty Store includes casual fashion, footwear, and variety goods. Supermarket (SM) operates supermarkets, convenience stores, and small outlets.
68GF Score
Get the complete analysis for TSE:8267
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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