Tokyo Lifestyle Co., Ltd.
TKLF Consumer Cyclical Specialty Retail
Tokyo Lifestyle Co., Ltd.’s revenue for fiscal 2026 (year ended March 2026) was $373.2 million, up 77.6% from fiscal 2025. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Tokyo Lifestyle Co., Ltd. (TKLF) Beneish M-score
Tokyo Lifestyle Co., Ltd.'s Beneish M-score for fiscal 2026 is −1.53; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −1.53 | 0.71 |
| FY2025 | −2.24 | (0.18) |
| FY2024 | −2.06 | (2.18) |
| FY2023 | 0.12 | 2.13 |
| FY2022 | −2.02 | (0.40) |
| FY2021 | −1.62 | (0.43) |
| FY2020 | −1.19 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.89 | |
| Gross margin index | 1.51 | — | 0.80 | |
| Asset quality index | 0.67 | — | 0.27 | |
| Sales growth index | 1.78 | — | 1.58 | |
| Depreciation index | 0.40 | — | 0.05 | |
| SG&A index | 0.73 | — | −0.13 | |
| Total accruals to total assets | 0.05 | — | 0.22 | |
| Leverage index | 1.12 | — | −0.37 | |
| Beneish M-score | Flagged by the model | −1.53 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| POLCQ Polished.com Inc. compare | −3.9× |
| TCSGQ Container Store (The) compare | −3.2× |
| BQ Boqii Holding Limited Sponsored ADR compare | −2.5× |
| CONNQ Conn's, Inc. compare | −2.1× |
| JBDI JBDI Holdings Limited compare | −2.0× |
| TLF Tandy Leather Factory, Inc. compare | −2.0× |
| RECT Rectitude Holdings Ltd. compare | −1.7× |
| TKLF Tokyo Lifestyle Co., Ltd. | −1.5× |
| CGTL Creative Global Technology Holdings Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI