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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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Toyo Logistics Co's Beneish M-Score or its related term are showing as below:
TSE:9306'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.61 Max: -2.41
Current: -2.53
During the past 13 years, the highest Beneish M-Score of Toyo Logistics Co was -2.41. The lowest was -2.78. And the median was -2.61.
Toyo Logistics Co Beneish M-Score Related Terms
Toyo Logistics Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Toyo Logistics 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.
TSE:9306 vs UPS, FDX, JBHT: Beneish M-Score Comparison
For the Integrated Freight & Logistics subindustry, Toyo Logistics 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.
Toyo Logistics Co Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Toyo Logistics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toyo Logistics 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 Toyo Logistics 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 * 0.9425
+
0.528 * 0.9597
+
0.404 * 1.0812
+
0.892 * 1.0334
+
0.115 * 0.9577
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.011665
-
0.327 * 0.9271
=
-2.53
* 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))
=
(1463.262 / (1463.262 + 24732.245))
/
(1555.411 / (1555.411 + 25113.084))
=
0.055859
/
0.058324
=
0.9577
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
=
(1662.194 - 0
-
2249.422)
/
50339.778
=
-0.011665
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.
Toyo Logistics Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Toyo Logistics Co (TSE:9306) has a Beneish M-Score of -2.53 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Toyo Logistics Co and its competitors. According to the industry distribution chart, Toyo Logistics Co ranks #535 out of 965 companies in the Transportation industry, placing it in the top 55.4%.
Is Toyo Logistics Co's Beneish M-Score too high?
Toyo Logistics Co's current Beneish M-Score is -2.53. Based on the distribution chart, Toyo Logistics Co ranks #535 out of 965 companies in the Transportation industry, which is below the industry midpoint. Overall, Toyo Logistics Co has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Toyo Logistics Co's Beneish M-Score compare to UPS and FDX?
According to the Transportation industry distribution chart, Toyo Logistics Co ranks #535 out of 965 companies for Beneish M-Score. This places Toyo Logistics 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 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 Toyo Logistics Co and its competitors. Toyo Logistics Co's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toyo Logistics Co stock overvalued right now?
Based on GuruFocus' analysis, Toyo Logistics Co (TSE:9306) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,636.91, compared to a current price of 円2,028.00 — trading 23.9% above its estimated fair value. The current Beneish M-Score is -2.53. Toyo Logistics Co's overall GF Score™ is 72/100 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 Toyo Logistics Co (TSE:9306), the current Beneish M-Score is -2.53 as of Jul. 17, 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 Toyo Logistics Co (TSE:9306) Overvalued in 2026?
Based on GuruFocus' analysis, Toyo Logistics Co stock appears to be overvalued.
The current stock price of 円2,028.00 is trading 23.9% above its estimated GF Value™ of 円1,636.91.
GuruFocus considers Toyo Logistics Co to be Modestly Overvalued.
Key valuation signals for TSE:9306:
Beneish M-Score: -2.53
GF Value™: 円1,636.91 vs. price of 円2,028.00 (23.9% above fair value)
No single metric tells the full story. See the TSE:9306 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toyo Logistics Co Ltd is a Japan-based company operating in the logistics sector. It is mainly engaged in providing warehousing and transportation services. The company offers international and domestic logistics. In international logistics, the company offers import, export, and international transportation services including customs clearance and ship handling. The company also offers domestic logistics services including trunk room, document storage center, and book storage services. Toyo is also engaged in real estate business including design, construction, management, and development of products.
72GF Score
Get the complete analysis for TSE:9306
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