Succeed Co (TSE:9256) Beneish M-Score: -0.42 (As of Jun. 27, 2026)


TSE:9256 Succeed Co Ltd TSE:9256
75 GF Score
Price 円5,410.00
GF Value 円1,067.96
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Succeed Co Beneish M-Score?

Succeed Co TSE:9256 +14.86% 75 Beneish M-Score is -0.42 as of Jun. 27, 2026. GuruFocus rates TSE:9256 with a GF Score™ of 75/100 and a GF Value™ of 円1,067.96 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 243 Education companies, Succeed Co ranks worse than 94.65% 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.

Warning Sign:

Beneish M-Score -0.42 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:9256' s Beneish M-Score Range Over the Past 10 Years
Min: -2.38   Med: -2.28   Max: -0.42
Current: -0.42

During the past 7 years, the highest Beneish M-Score of Succeed Co was -0.42. The lowest was -2.38. And the median was -2.28.

Succeed Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Succeed 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.

Succeed Co Beneish M-Score Chart

Succeed Co Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.38 -2.28 -2.38 -1.39 -0.42

Succeed Co Semi-Annual Data
Mar20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.38 0.00 -1.39 0.00 -0.42

TSE:9256 vs EDU, TAL, GHC: Beneish M-Score Comparison

For the Education & Training Services subindustry, Succeed 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.

Succeed Co Beneish M-Score vs Education Industry

For the Education industry and Consumer Defensive sector, Succeed Co's Beneish M-Score distribution charts can be found below:

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


TSE:9256
75GF Score
Succeed Co Ltd TSE:9256
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Succeed 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 Succeed 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 * 1.9389+0.528 * 0.9624+0.404 * 3.2446+0.892 * 1.2361+0.115 * 0.6623
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.036803-0.327 * 1.0955
=-0.42

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円528 Mil.
Revenue was 円4,289 Mil.
Gross Profit was 円820 Mil.
Total Current Assets was 円2,609 Mil.
Total Assets was 円3,391 Mil.
Property, Plant and Equipment(Net PPE) was 円195 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円652 Mil.
Long-Term Debt & Capital Lease Obligation was 円2 Mil.
Net Income was 円247 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円122 Mil.
 Total Receivables was 円220 Mil.
Revenue was 円3,470 Mil.
Gross Profit was 円638 Mil.
Total Current Assets was 円2,611 Mil.
Total Assets was 円3,002 Mil.
Property, Plant and Equipment(Net PPE) was 円230 Mil.
Depreciation, Depletion and Amortization(DDA) was 円15 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円529 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
=(528.088 / 4289.115) / (220.345 / 3469.824)
=0.123123 / 0.063503
=1.9389

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)
=(638.222 / 3469.824) / (819.743 / 4289.115)
=0.183935 / 0.191122
=0.9624

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 - (2609.046 + 195.431) / 3391.379) / (1 - (2611.325 + 230.19) / 3001.613)
=0.173057 / 0.053337
=3.2446

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
=4289.115 / 3469.824
=1.2361

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))
=(15.039 / (15.039 + 230.19)) / (19.942 / (19.942 + 195.431))
=0.061326 / 0.092593
=0.6623

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 / 4289.115) / (0 / 3469.824)
=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)
=((2.358 + 652.225) / 3391.379) / ((0 + 528.843) / 3001.613)
=0.193014 / 0.176186
=1.0955

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
=(246.74 - 0 - 121.926) / 3391.379
=0.036803

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.

Succeed Co has a M-score of -0.42 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.42 mean?
Succeed Co (TSE:9256) has a Beneish M-Score of -0.42 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Succeed Co and its competitors. According to the industry distribution chart, Succeed Co ranks #230 out of 243 companies in the Education industry, placing it in the top 94.7%.
Is Succeed Co's Beneish M-Score too high?
Succeed Co's current Beneish M-Score is -0.42. Based on the distribution chart, Succeed Co ranks #230 out of 243 companies in the Education industry, which is in the bottom quartile relative to peers. Overall, Succeed Co has a GF Score™ of 75/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Succeed Co's Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, Succeed Co ranks #230 out of 243 companies for Beneish M-Score. This places Succeed 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 an Education company?
A good Beneish M-Score depends on the Education 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 Succeed Co and its competitors. Succeed Co's current Beneish M-Score is -0.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Succeed Co stock overvalued right now?
Based on GuruFocus' analysis, Succeed Co (TSE:9256) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,067.96, compared to a current price of 円5,410.00 — trading 406.6% above its estimated fair value. The current Beneish M-Score is -0.42. Succeed Co's overall GF Score™ is 75/100 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 Succeed Co (TSE:9256), the current Beneish M-Score is -0.42 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 Succeed Co (TSE:9256) Overvalued in 2026?

Based on GuruFocus' analysis, Succeed Co stock appears to be overvalued. The current stock price of 円5,410.00 is trading 406.6% above its estimated GF Value™ of 円1,067.96. GuruFocus considers Succeed Co to be Significantly Overvalued.

Key valuation signals for TSE:9256:

  • Beneish M-Score: -0.42
  • GF Value™: 円1,067.96 vs. price of 円5,410.00 (406.6% above fair value)
  • GF Score™: 75/100 with 4 warning signs

No single metric tells the full story. See the TSE:9256 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Succeed Co Business Description

Address 1-4-15 Takadanobaba, 8th Floor, Taiki Life Takadanobaba Building, Shinjuku-ku, Tokyo, JPN, 169-0075
Succeed Co Ltd is engaged in providing In-house educational services such as the operation of tutoring classes, the introduction of tutors, and others. The company's reportable segments are: welfare human resource support business, educational human resource support business, individual instruction classroom business, and private tutoring business. Maximum revenue is generated from its individual instruction classroom business, which operates community-based individualized tutoring schools providing lessons to meet various needs, such as school supplementary lessons, exam preparation, and preparation for various tests for students from the first grade of elementary school to university entrance exam candidates.
75GF Score

Get the complete analysis for TSE:9256

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

円5,410.00
Price
円1,067.96
GF Value