Toho Co (TSE:9602) Beneish M-Score: -2.47 (As of Jun. 28, 2026)

What is Toho Co Beneish M-Score?

Toho Co TSE:9602 -1.25% 96 Beneish M-Score is -2.47 as of Jun. 28, 2026. GuruFocus rates TSE:9602 with a GF Score™ of 96/100 and a GF Value™ of 円1,597.94 (Modestly Undervalued). Among 983 Media - Diversified companies, Toho Co ranks worse than 56.87% 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 Toho Co's Beneish M-Score or its related term are showing as below:

TSE:9602' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.5 Max: -2.27
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Toho Co was -2.27. The lowest was -2.90. And the median was -2.50.

Toho Co Beneish M-Score Related Terms

Toho Co Beneish M-Score Historical Data

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The historical data trend for Toho 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.

Toho Co Beneish M-Score Chart

Toho Co Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-2.90

-2.59

-2.50

-2.68

-2.47

Toho Co Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-2.68	-1.95	-2.17	-1.95	-2.47

TSE:9602 vs NFLX, DIS, WBD: Beneish M-Score Comparison

For the Entertainment subindustry, Toho 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.

Toho Co Beneish M-Score vs Media - Diversified Industry

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

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

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96GF Score

Toho Co Ltd TSE:9602

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

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Toho 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 Toho Co 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 * 0.907

0.528 * 1.0432

0.404 * 0.9893

0.892 * 1.1516

0.115 * 1.0257

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9169

4.679 * -0.019299

0.327 * 0.9693

-2.47

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was 円74,134 Mil.
Revenue was 79297 + 89689 + 106799 + 84878 = 円360,663 Mil.
Gross Profit was 33968 + 40953 + 44607 + 40065 = 円159,593 Mil.
Total Current Assets was 円234,036 Mil.
Total Assets was 円702,934 Mil.
Property, Plant and Equipment(Net PPE) was 円247,927 Mil.
Depreciation, Depletion and Amortization(DDA) was 円14,923 Mil.
Selling, General, & Admin. Expense(SGA) was 円11,005 Mil.
Total Current Liabilities was 円95,252 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,275 Mil.
Net Income was 5181 + 13137 + 21885 + 11565 = 円51,768 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 12195 + 5384 + 25446 + 22309 = 円65,334 Mil.

Total Receivables was 円70,976 Mil.
Revenue was 79002 + 70488 + 77705 + 85976 = 円313,171 Mil.
Gross Profit was 35316 + 30034 + 35839 + 43370 = 円144,559 Mil.
Total Current Assets was 円202,050 Mil.
Total Assets was 円653,068 Mil.
Property, Plant and Equipment(Net PPE) was 円243,502 Mil.
Depreciation, Depletion and Amortization(DDA) was 円15,056 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,422 Mil.
Total Current Liabilities was 円90,941 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,575 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)
	=	(74134 / 360663)	/	(70976 / 313171)
	=	0.205549	/	0.226637
	=	0.907

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)
	=	(144559 / 313171)	/	(159593 / 360663)
	=	0.461598	/	0.442499
	=	1.0432

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 - (234036 + 247927) / 702934)	/	(1 - (202050 + 243502) / 653068)
	=	0.314355	/	0.317756
	=	0.9893

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
	=	360663	/	313171
	=	1.1516

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))
	=	(15056 / (15056 + 243502))	/	(14923 / (14923 + 247927))
	=	0.058231	/	0.056774
	=	1.0257

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)
	=	(11005 / 360663)	/	(10422 / 313171)
	=	0.030513	/	0.033279
	=	0.9169

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)
	=	((1275 + 95252) / 702934)	/	((1575 + 90941) / 653068)
	=	0.13732	/	0.141664
	=	0.9693

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
	=	(51768 - 0	-	65334)	/	702934
	=	-0.019299

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.

Toho Co 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?

Toho Co (TSE:9602) has a Beneish M-Score of -2.47 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Toho Co and its competitors. According to the industry distribution chart, Toho Co ranks #559 out of 983 companies in the Media - Diversified industry, placing it in the top 56.9%.

Is Toho Co's Beneish M-Score too high?

Toho Co's current Beneish M-Score is -2.47. Based on the distribution chart, Toho Co ranks #559 out of 983 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, Toho Co has a GF Score™ of 96/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Toho Co's Beneish M-Score compare to NFLX and DIS?

According to the Media - Diversified industry distribution chart, Toho Co ranks #559 out of 983 companies for Beneish M-Score. This places Toho 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 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 Toho Co and its competitors. Toho Co'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 Toho Co stock overvalued right now?

Based on GuruFocus' analysis, Toho Co (TSE:9602) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,597.94, compared to a current price of 円1,262.00 — trading 21% below its estimated fair value. The current Beneish M-Score is -2.47. Toho Co's overall GF Score™ is 96/100. 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 Toho Co (TSE:9602), the current Beneish M-Score is -2.47 as of Jun. 28, 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 Toho Co (TSE:9602) Overvalued in 2026?

Based on GuruFocus' analysis, Toho Co stock appears to be undervalued. The current stock price of 円1,262.00 is trading 21% below its estimated GF Value™ of 円1,597.94. GuruFocus considers Toho Co to be Modestly Undervalued.

Key valuation signals for TSE:9602:

Beneish M-Score: -2.47
GF Value™: 円1,597.94 vs. price of 円1,262.00 (21% below fair value)
GF Score™: 96/100

No single metric tells the full story. See the TSE:9602 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Toho Co Business Description

Industry Communication Services Media - Diversified

Comparable Companies TSE:4816 TSE:9605 TSE:5032 TSE:9601 TSE:2329 TSE:7860 TSE:4301 TSE:3791 TSE:2378 TSE:414A NFLX DIS WBD XAMS:UMG LYV FOXA FWONA ROKU XPAR:BOL WMG

Other Exchanges TKCOF:USA TOH:Germany TOH:Germany

Address 1-2-2 Yurakucho, Chiyoda-ku, Tokyo, JPN, 100-8415

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

Toho Co Ltd is a diversified media company with interests in the film and theater businesses. The company operates through three primary business segments: movie, theater, and real estate. The movie segment generates the vast majority of its revenue and is involved in the production and distribution of feature films. The theater segment is involved in planning, producing, and performing stage productions. The corporate real estate segment leases land and buildings. The company generates the vast majority of its revenue in Japan.

96GF Score

Get the complete analysis for TSE:9602

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

円1,262.00

Price

円1,597.94

GF Value

View TSE:9602 Analysis

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