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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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Business One Holdings's Beneish M-Score or its related term are showing as below:
FSE:4827'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -1.95 Max: -1.39
Current: -2.32
During the past 13 years, the highest Beneish M-Score of Business One Holdings was -1.39. The lowest was -3.13. And the median was -1.95.
Business One Holdings Beneish M-Score Related Terms
Business One Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Business One 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.
FSE:4827 vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Real Estate Services subindustry, Business One 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.
Business One Holdings Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Business One Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Business One Holdings'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 Business One Holdings 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 * 1.164
+
0.528 * 0.9765
+
0.404 * 0.9759
+
0.892 * 1.0498
+
0.115 * 0.9357
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.003418
-
0.327 * 0.9795
=
-2.32
* 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))
=
(567.907 / (567.907 + 12461.563))
/
(621.761 / (621.761 + 12726.619))
=
0.043586
/
0.04658
=
0.9357
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
=
(895.169 - 0
-
1006.632)
/
32606.61
=
-0.003418
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.
Business One Holdings has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Business One Holdings (FSE:4827) has a Beneish M-Score of -2.32 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Business One Holdings and its competitors. According to the industry distribution chart, Business One Holdings ranks #888 out of 1682 companies in the Real Estate industry, placing it in the top 52.8%.
Is Business One Holdings' Beneish M-Score too high?
Business One Holdings' current Beneish M-Score is -2.32. Based on the distribution chart, Business One Holdings ranks #888 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Business One Holdings has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Business One Holdings' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Business One Holdings ranks #888 out of 1682 companies for Beneish M-Score. This places Business One 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Business One Holdings and its competitors. Business One Holdings's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Business One Holdings stock overvalued right now?
Based on GuruFocus' analysis, Business One Holdings (FSE:4827) is currently considered Modestly Undervalued. The stock's GF Value™ is 円916.54, compared to a current price of 円802.00 — trading 12.5% below its estimated fair value. The current Beneish M-Score is -2.32. Business One Holdings' overall GF Score™ is 77/100 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 Business One Holdings (FSE:4827), the current Beneish M-Score is -2.32 as of Jul. 16, 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 Business One Holdings (FSE:4827) Overvalued in 2026?
Based on GuruFocus' analysis, Business One Holdings stock appears to be undervalued.
The current stock price of 円802.00 is trading 12.5% below its estimated GF Value™ of 円916.54.
GuruFocus considers Business One Holdings to be Modestly Undervalued.
Key valuation signals for FSE:4827:
Beneish M-Score: -2.32
GF Value™: 円916.54 vs. price of 円802.00 (12.5% below fair value)
No single metric tells the full story. See the FSE:4827 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Business One Holdings Inc provides real estate management services for condominiums. The company purchases and sells real estate properties; and develops and sells software products. It also has leasing management business, finance business, software business, health business. It develops and sells evaluation software for plumbing and electrical contractors.
77GF Score
Get the complete analysis for FSE:4827
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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