Keikyu (TSE:9006) Beneish M-Score: -2.03 (As of Jun. 30, 2026)

What is Keikyu Beneish M-Score?

Keikyu TSE:9006 +2.35% 80 Beneish M-Score is -2.03 as of Jun. 30, 2026. GuruFocus rates TSE:9006 with a GF Score™ of 80/100 and a GF Value™ of 円1,659.39 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 536 Conglomerates companies, Keikyu ranks worse than 81.34% 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:9006' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.44 Max: -1.77
Current: -2.03

During the past 13 years, the highest Beneish M-Score of Keikyu was -1.77. The lowest was -3.17. And the median was -2.44.

Keikyu Beneish M-Score Related Terms

Keikyu Beneish M-Score Historical Data

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The historical data trend for Keikyu'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.

Keikyu Beneish M-Score Chart

Keikyu Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.71

-2.47

-2.41

-2.23

-2.03

Keikyu 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															-2.23	0.00	0.00	0.00	-2.03

TSE:9006 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Keikyu'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.

Keikyu Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Keikyu's Beneish M-Score distribution charts can be found below:

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

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Keikyu Corp TSE:9006

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

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Keikyu 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 Keikyu 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 * 1.4906

0.528 * 1.0168

0.404 * 1.0722

0.892 * 1.0352

0.115 * 1.0512

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.018096

0.327 * 0.9865

-2.03

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円30,336 Mil.
Revenue was 円304,192 Mil.
Gross Profit was 円80,030 Mil.
Total Current Assets was 円197,632 Mil.
Total Assets was 円1,128,720 Mil.
Property, Plant and Equipment(Net PPE) was 円730,033 Mil.
Depreciation, Depletion and Amortization(DDA) was 円29,286 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円223,613 Mil.
Long-Term Debt & Capital Lease Obligation was 円392,145 Mil.
Net Income was 円27,492 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円47,917 Mil.

Total Receivables was 円19,660 Mil.
Revenue was 円293,860 Mil.
Gross Profit was 円78,613 Mil.
Total Current Assets was 円191,544 Mil.
Total Assets was 円1,039,708 Mil.
Property, Plant and Equipment(Net PPE) was 円675,434 Mil.
Depreciation, Depletion and Amortization(DDA) was 円28,541 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円220,904 Mil.
Long-Term Debt & Capital Lease Obligation was 円354,034 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)
	=	(30336 / 304192)	/	(19660 / 293860)
	=	0.099726	/	0.066903
	=	1.4906

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)
	=	(78613 / 293860)	/	(80030 / 304192)
	=	0.267519	/	0.26309
	=	1.0168

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 - (197632 + 730033) / 1128720)	/	(1 - (191544 + 675434) / 1039708)
	=	0.178127	/	0.166133
	=	1.0722

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
	=	304192	/	293860
	=	1.0352

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))
	=	(28541 / (28541 + 675434))	/	(29286 / (29286 + 730033))
	=	0.040543	/	0.038569
	=	1.0512

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 / 304192)	/	(0 / 293860)
	=	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)
	=	((392145 + 223613) / 1128720)	/	((354034 + 220904) / 1039708)
	=	0.545537	/	0.55298
	=	0.9865

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
	=	(27492 - 0	-	47917)	/	1128720
	=	-0.018096

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.

Keikyu has a M-score of -2.03 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 -2.03 mean?

Keikyu (TSE:9006) has a Beneish M-Score of -2.03 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Keikyu and its competitors. According to the industry distribution chart, Keikyu ranks #436 out of 536 companies in the Conglomerates industry, placing it in the top 81.3%.

Is Keikyu's Beneish M-Score too high?

Keikyu's current Beneish M-Score is -2.03. Based on the distribution chart, Keikyu ranks #436 out of 536 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, Keikyu has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Keikyu's Beneish M-Score compare to HON and MMM?

According to the Conglomerates industry distribution chart, Keikyu ranks #436 out of 536 companies for Beneish M-Score. This places Keikyu 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 Conglomerates company?

A good Beneish M-Score depends on the Conglomerates 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 Keikyu and its competitors. Keikyu's current Beneish M-Score is -2.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Keikyu stock overvalued right now?

Based on GuruFocus' analysis, Keikyu (TSE:9006) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,659.39, compared to a current price of 円1,481.00 — trading 10.8% below its estimated fair value. The current Beneish M-Score is -2.03. Keikyu's overall GF Score™ is 80/100 with 3 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 Keikyu (TSE:9006), the current Beneish M-Score is -2.03 as of Jun. 30, 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 Keikyu (TSE:9006) Overvalued in 2026?

Based on GuruFocus' analysis, Keikyu stock appears to be undervalued. The current stock price of 円1,481.00 is trading 10.8% below its estimated GF Value™ of 円1,659.39. GuruFocus considers Keikyu to be Modestly Undervalued.

Key valuation signals for TSE:9006:

Beneish M-Score: -2.03
GF Value™: 円1,659.39 vs. price of 円1,481.00 (10.8% below fair value)
GF Score™: 80/100 with 3 warning signs

No single metric tells the full story. See the TSE:9006 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Keikyu Business Description

Industry Industrials Conglomerates

Comparable Companies TSE:3105 TSE:9048 TSE:8020 TSE:8078 TSE:9008 TSE:8088 TSE:9045 TSE:3401 TSE:9418 TSE:9142 ADX:IHC HON TSE:6501 TSE:8058 MMM TSE:8001 TSE:8031 TSE:5803 TSE:8002 TSE:8053

Other Exchanges KHEXF:USA

Address 1-2-8 Takashima, Nishi-ku, Kanagawa Prefecture, Yokohama, JPN, 220-8625

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

Keikyu Corp operates a variety of businesses mainly along railway lines, focusing on railways and buses. The group has four reportable segments: Transportation, Real Estate, Leisure and Services, and Distribution. The Transportation segment includes train, bus, and taxi services; the Real Estate segment involves land and building sales and rentals; the Leisure and Services segment covers hotels, leisure facilities, golf courses, and restaurants; and the Distribution segment handles sales mainly through department stores and retail operations. It generates the majority of its revenue from the Transportation business segment.

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

円1,481.00

Price

円1,659.39

GF Value

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