TV Asahi Holdings (TSE:9409) Beneish M-Score: -2.47 (As of Jun. 26, 2026)

What is TV Asahi Holdings Beneish M-Score?

TV Asahi Holdings TSE:9409 +1.14% 75 Beneish M-Score is -2.47 as of Jun. 26, 2026. GuruFocus rates TSE:9409 with a GF Score™ of 75/100 and a GF Value™ of 円2,388.47 (Modestly Overvalued). Among 989 Media - Diversified companies, TV Asahi Holdings ranks worse than 56.62% 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:9409' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6 Med: -2.48 Max: -2.39
Current: -2.47

During the past 13 years, the highest Beneish M-Score of TV Asahi Holdings was -2.39. The lowest was -2.60. And the median was -2.48.

TV Asahi Holdings Beneish M-Score Related Terms

TV Asahi Holdings Beneish M-Score Historical Data

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The historical data trend for TV Asahi Holdings'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.

TV Asahi Holdings Beneish M-Score Chart

TV Asahi Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.60

-2.39

-2.50

-2.47

TV Asahi Holdings 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															-2.50	0.00	0.00	0.00	-2.47

TSE:9409 vs NXST: Beneish M-Score Comparison

For the Broadcasting subindustry, TV Asahi Holdings'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.

TV Asahi Holdings Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, TV Asahi Holdings's Beneish M-Score distribution charts can be found below:

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

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75GF Score

TV Asahi Holdings Corp TSE:9409

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

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TV Asahi Holdings 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 TV Asahi Holdings 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 * 0.9728

0.528 * 0.9179

0.404 * 0.9877

0.892 * 1.0476

0.115 * 1.0745

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.008102

0.327 * 1.0057

-2.47

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円92,367 Mil.
Revenue was 円339,487 Mil.
Gross Profit was 円103,468 Mil.
Total Current Assets was 円185,174 Mil.
Total Assets was 円581,109 Mil.
Property, Plant and Equipment(Net PPE) was 円154,390 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,214 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円86,542 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円29,654 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円24,946 Mil.

Total Receivables was 円90,632 Mil.
Revenue was 円324,056 Mil.
Gross Profit was 円90,659 Mil.
Total Current Assets was 円176,941 Mil.
Total Assets was 円559,558 Mil.
Property, Plant and Equipment(Net PPE) was 円147,143 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,478 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円82,858 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)
	=	(92367 / 339487)	/	(90632 / 324056)
	=	0.272078	/	0.27968
	=	0.9728

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)
	=	(90659 / 324056)	/	(103468 / 339487)
	=	0.279763	/	0.304778
	=	0.9179

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 - (185174 + 154390) / 581109)	/	(1 - (176941 + 147143) / 559558)
	=	0.415662	/	0.420821
	=	0.9877

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
	=	339487	/	324056
	=	1.0476

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))
	=	(9478 / (9478 + 147143))	/	(9214 / (9214 + 154390))
	=	0.060516	/	0.056319
	=	1.0745

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 / 339487)	/	(0 / 324056)
	=	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)
	=	((0 + 86542) / 581109)	/	((0 + 82858) / 559558)
	=	0.148926	/	0.148078
	=	1.0057

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
	=	(29654 - 0	-	24946)	/	581109
	=	0.008102

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.

TV Asahi Holdings has a M-score of -2.47 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 -2.47 mean?

TV Asahi Holdings (TSE:9409) has a Beneish M-Score of -2.47 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TV Asahi Holdings and its competitors. According to the industry distribution chart, TV Asahi Holdings ranks #560 out of 989 companies in the Media - Diversified industry, placing it in the top 56.6%.

Is TV Asahi Holdings' Beneish M-Score too high?

TV Asahi Holdings' current Beneish M-Score is -2.47. Based on the distribution chart, TV Asahi Holdings ranks #560 out of 989 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, TV Asahi Holdings has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does TV Asahi Holdings' Beneish M-Score compare to NXST?

According to the Media - Diversified industry distribution chart, TV Asahi Holdings ranks #560 out of 989 companies for Beneish M-Score. This places TV Asahi Holdings 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 Media - Diversified company?

A good Beneish M-Score depends on the Media - Diversified 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 TV Asahi Holdings and its competitors. TV Asahi Holdings's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TV Asahi Holdings stock overvalued right now?

Based on GuruFocus' analysis, TV Asahi Holdings (TSE:9409) is currently considered Modestly Overvalued. The stock's GF Value™ is 円2,388.47, compared to a current price of 円3,105.00 — trading 30% above its estimated fair value. The current Beneish M-Score is -2.47. TV Asahi Holdings' overall GF Score™ is 75/100. 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 TV Asahi Holdings (TSE:9409), the current Beneish M-Score is -2.47 as of Jun. 26, 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 TV Asahi Holdings (TSE:9409) Overvalued in 2026?

Based on GuruFocus' analysis, TV Asahi Holdings stock appears to be overvalued. The current stock price of 円3,105.00 is trading 30% above its estimated GF Value™ of 円2,388.47. GuruFocus considers TV Asahi Holdings to be Modestly Overvalued.

Key valuation signals for TSE:9409:

Beneish M-Score: -2.47
GF Value™: 円2,388.47 vs. price of 円3,105.00 (30% above fair value)
GF Score™: 75/100

No single metric tells the full story. See the TSE:9409 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TV Asahi Holdings Business Description

Industry Communication Services Media - Diversified

Comparable Companies TSE:9413 TSE:4676 TSE:9405 NGO:9402 TSE:4839 TSE:9414 FSE:9407 TSE:4838 TSE:9404 TSE:9401 LUX:SESGL TSE:9412 XTER:RRTL NXST LSE:ITV MIL:MFEB SHSE:600959 SAU:4072 ISX:EMTK BOM:532733

Other Exchanges THDDY:USA

Address 6-9-1, Roppongi, Minato-ku, Tokyo, JPN, 106-8001

Website http://www.tv-asahihd.co.jp

TV Asahi Holdings Corporation is a Japanese multimedia group. Ranging from its primary business of broadcast TV, the company owns and manages music publishing and miscellaneous businesses. The Television Broadcasting segment is involved in the production and broadcasting of TV programs. The Music Publishing segment attends to music copyrights and related rights as well as the artist management and recording businesses and through the Others segment, it is engaged in event management and the sale of digital goods such as DVDs. The company derives its revenue from TV Broadcasting Business.

75GF Score

Get the complete analysis for TSE:9409

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

円3,105.00

Price

円2,388.47

GF Value

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