Nishi-Nippon Financial Holdings (FSE:7189) Beneish M-Score: -2.08 (As of Jun. 26, 2026)


FSE:7189 Nishi-Nippon Financial Holdings Inc FSE:7189
57 GF Score
Price 円1,885.00
GF Value 円1,097,224.05
! 4 Warning Signs
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What is Nishi-Nippon Financial Holdings Beneish M-Score?

Nishi-Nippon Financial Holdings FSE:7189 57 Beneish M-Score is -2.08 as of Jun. 26, 2026. GuruFocus rates FSE:7189 with a GF Score™ of 57/100 and a GF Value™ of 円1,097,224.05. The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Nishi-Nippon Financial Holdings ranks worse than 88.19% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FSE:7189' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92   Med: -2.53   Max: -2.08
Current: -2.08

During the past 10 years, the highest Beneish M-Score of Nishi-Nippon Financial Holdings was -2.08. The lowest was -2.92. And the median was -2.53.

FSE:7189
57GF Score
Nishi-Nippon Financial Holdings Inc FSE:7189
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nishi-Nippon Financial 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 Nishi-Nippon Financial 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+0.528 * 1+0.404 * 0.9978+0.892 * 1.2317+0.115 * 1.2015
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.841+4.679 * 0.007638-0.327 * 0.6791
=-2.08

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円0 Mil.
Revenue was 円190,231 Mil.
Gross Profit was 円190,231 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円13,852,267 Mil.
Property, Plant and Equipment(Net PPE) was 円147,013 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,582 Mil.
Selling, General, & Admin. Expense(SGA) was 円87,121 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,392,802 Mil.
Net Income was 円40,116 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-65,691 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円154,442 Mil.
Gross Profit was 円154,442 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円13,582,451 Mil.
Property, Plant and Equipment(Net PPE) was 円115,006 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,243 Mil.
Selling, General, & Admin. Expense(SGA) was 円84,103 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,011,116 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)
=(0 / 190231) / (0 / 154442)
=0 / 0
=1

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)
=(154442 / 154442) / (190231 / 190231)
=1 / 1
=1

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 - (0 + 147013) / 13852267) / (1 - (0 + 115006) / 13582451)
=0.989387 / 0.991533
=0.9978

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
=190231 / 154442
=1.2317

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))
=(6243 / (6243 + 115006)) / (6582 / (6582 + 147013))
=0.051489 / 0.042853
=1.2015

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)
=(87121 / 190231) / (84103 / 154442)
=0.457975 / 0.54456
=0.841

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)
=((1392802 + 0) / 13852267) / ((2011116 + 0) / 13582451)
=0.100547 / 0.148067
=0.6791

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
=(40116 - 0 - -65691) / 13852267
=0.007638

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.

Nishi-Nippon Financial Holdings has a M-score of -2.08 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 -2.08 mean?
Nishi-Nippon Financial Holdings (FSE:7189) has a Beneish M-Score of -2.08 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nishi-Nippon Financial Holdings and its competitors. According to the industry distribution chart, Nishi-Nippon Financial Holdings ranks #1232 out of 1397 companies in the Banks industry, placing it in the top 88.2%.
Is Nishi-Nippon Financial Holdings' Beneish M-Score too high?
Nishi-Nippon Financial Holdings' current Beneish M-Score is -2.08. Based on the distribution chart, Nishi-Nippon Financial Holdings ranks #1232 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Nishi-Nippon Financial Holdings has a GF Score™ of 57/100, reflecting its overall financial health beyond just this single metric.
How does Nishi-Nippon Financial Holdings' Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Nishi-Nippon Financial Holdings ranks #1232 out of 1397 companies for Beneish M-Score. This places Nishi-Nippon Financial 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Nishi-Nippon Financial Holdings and its competitors. Nishi-Nippon Financial Holdings's current Beneish M-Score is -2.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nishi-Nippon Financial Holdings stock overvalued right now?
Nishi-Nippon Financial Holdings (FSE:7189) has a current Beneish M-Score of -2.08. The stock's GF Value™ is 円1,097,224.05, compared to a current price of 円1,885.00 — trading 99.8% below its estimated fair value. The current Beneish M-Score is -2.08. Nishi-Nippon Financial Holdings' overall GF Score™ is 57/100 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 Nishi-Nippon Financial Holdings (FSE:7189), the current Beneish M-Score is -2.08 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 Nishi-Nippon Financial Holdings (FSE:7189) Overvalued in 2026?

Based on GuruFocus' analysis, Nishi-Nippon Financial Holdings stock appears to be undervalued. The current stock price of 円1,885.00 is trading 99.8% below its estimated GF Value™ of 円1,097,224.05.

Key valuation signals for FSE:7189:

  • Beneish M-Score: -2.08
  • GF Value™: 円1,097,224.05 vs. price of 円1,885.00 (99.8% below fair value)
  • GF Score™: 57/100 with 4 warning signs

No single metric tells the full story. See the FSE:7189 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nishi-Nippon Financial Holdings Business Description

Other Exchanges 7189:Japan
Address 3-1-1 Hakata Station, Hakata Ward, Fukuoka, JPN, 812-0011
Nishi-Nippon Financial Holdings Inc is a bank holding company. The company, through its holding, offers banking products and services. The Banking segment offers a broad range of financial services, including deposits, loans, securities investment, domestic and foreign exchange, and the sale of investment trust and insurance products.
57GF Score

Get the complete analysis for FSE:7189

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

円1,885.00
Price
円1,097,224.05
GF Value