Star Flyer (TSE:9206) Beneish M-Score: -2.57 (As of Jun. 29, 2026)

What is Star Flyer Beneish M-Score?

Star Flyer TSE:9206 -0.57% 58 Beneish M-Score is -2.57 as of Jun. 29, 2026. GuruFocus rates TSE:9206 with a GF Score™ of 58/100 and a GF Value™ of 円2,841.61 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 960 Transportation companies, Star Flyer ranks worse than 52.08% 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 Star Flyer's Beneish M-Score or its related term are showing as below:

TSE:9206' s Beneish M-Score Range Over the Past 10 Years
Min: -4.78 Med: -2.89 Max: -1.5
Current: -2.57

During the past 13 years, the highest Beneish M-Score of Star Flyer was -1.50. The lowest was -4.78. And the median was -2.89.

Star Flyer Beneish M-Score Related Terms

Star Flyer Beneish M-Score Historical Data

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The historical data trend for Star Flyer'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.

Star Flyer Beneish M-Score Chart

Star Flyer Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.50

-4.78

-2.84

-3.07

-2.57

Star Flyer 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															-2.84	0.00	-3.07	0.00	-2.57

TSE:9206 vs DAL, UAL, LUV: Beneish M-Score Comparison

For the Airlines subindustry, Star Flyer'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.

Star Flyer Beneish M-Score vs Transportation Industry

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

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

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58GF Score

Star Flyer Inc TSE:9206

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

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Star Flyer 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 Star Flyer 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 * 1.0867

0.528 * 0.9221

0.404 * 0.881

0.892 * 1.0442

0.115 * 1.3952

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.030491

0.327 * 1.0799

-2.57

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円3,942 Mil.
Revenue was 円44,795 Mil.
Gross Profit was 円5,115 Mil.
Total Current Assets was 円20,568 Mil.
Total Assets was 円36,896 Mil.
Property, Plant and Equipment(Net PPE) was 円12,680 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,208 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円6,570 Mil.
Long-Term Debt & Capital Lease Obligation was 円9,498 Mil.
Net Income was 円434 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,559 Mil.

Total Receivables was 円3,474 Mil.
Revenue was 円42,900 Mil.
Gross Profit was 円4,517 Mil.
Total Current Assets was 円16,326 Mil.
Total Assets was 円24,531 Mil.
Property, Plant and Equipment(Net PPE) was 円5,452 Mil.
Depreciation, Depletion and Amortization(DDA) was 円753 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円7,662 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,231 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)
	=	(3942 / 44795)	/	(3474 / 42900)
	=	0.088001	/	0.080979
	=	1.0867

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)
	=	(4517 / 42900)	/	(5115 / 44795)
	=	0.105291	/	0.114187
	=	0.9221

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 - (20568 + 12680) / 36896)	/	(1 - (16326 + 5452) / 24531)
	=	0.098873	/	0.112225
	=	0.881

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
	=	44795	/	42900
	=	1.0442

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))
	=	(753 / (753 + 5452))	/	(1208 / (1208 + 12680))
	=	0.121354	/	0.086982
	=	1.3952

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 / 44795)	/	(0 / 42900)
	=	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)
	=	((9498 + 6570) / 36896)	/	((2231 + 7662) / 24531)
	=	0.435494	/	0.403286
	=	1.0799

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
	=	(434 - 0	-	1559)	/	36896
	=	-0.030491

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.

Star Flyer 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?

Star Flyer (TSE:9206) has a Beneish M-Score of -2.57 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Star Flyer and its competitors. According to the industry distribution chart, Star Flyer ranks #500 out of 960 companies in the Transportation industry, placing it in the top 52.1%.

Is Star Flyer's Beneish M-Score too high?

Star Flyer's current Beneish M-Score is -2.57. Based on the distribution chart, Star Flyer ranks #500 out of 960 companies in the Transportation industry, which is below the industry midpoint. Overall, Star Flyer has a GF Score™ of 58/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Star Flyer's Beneish M-Score compare to DAL and UAL?

According to the Transportation industry distribution chart, Star Flyer ranks #500 out of 960 companies for Beneish M-Score. This places Star Flyer 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 Transportation company?

A good Beneish M-Score depends on the Transportation 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 Star Flyer and its competitors. Star Flyer'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 Star Flyer stock overvalued right now?

Based on GuruFocus' analysis, Star Flyer (TSE:9206) is currently considered Significantly Undervalued. The stock's GF Value™ is 円2,841.61, compared to a current price of 円1,920.00 — trading 32.4% below its estimated fair value. The current Beneish M-Score is -2.57. Star Flyer's overall GF Score™ is 58/100 with 4 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 Star Flyer (TSE:9206), the current Beneish M-Score is -2.57 as of Jun. 29, 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 Star Flyer (TSE:9206) Overvalued in 2026?

Based on GuruFocus' analysis, Star Flyer stock appears to be undervalued. The current stock price of 円1,920.00 is trading 32.4% below its estimated GF Value™ of 円2,841.61. GuruFocus considers Star Flyer to be Significantly Undervalued.

Key valuation signals for TSE:9206:

Beneish M-Score: -2.57
GF Value™: 円2,841.61 vs. price of 円1,920.00 (32.4% below fair value)
GF Score™: 58/100 with 4 warning signs

No single metric tells the full story. See the TSE:9206 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Star Flyer Business Description

Industry Industrials Transportation

Comparable Companies TSE:7677 TSE:9017 TSE:9036 TSE:9051 TSE:9173 TSE:9063 TSE:9193 TSE:9060 TSE:9355 TSE:9366 DAL UAL DUB:RYA LSE:IAG LUV NSE:INDIGO SGX:C6L SHSE:601111 XSGO:LTM XTER:LHA

Address 6 Kuko Kitamachi, Starflyer Kitakyushu Airport Headquarters Building, Kokuraminami-ku, Kitakyushu, Fukuoka, JPN, 800-0306

Website https://www.starflyer.jp

Star Flyer Inc operates as an airline carrier in the aviation industry. The company provides air transportation services for passengers, baggage, and cargo. Star Flyer also offers shuttle services between key Japanese cities.

58GF Score

Get the complete analysis for TSE:9206

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

円1,920.00

Price

円2,841.61

GF Value

View TSE:9206 Analysis

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