NIPOF (Japan Hotel REIT Investment) Beneish M-Score: -2.33 (As of Jun. 24, 2026)

What is Japan Hotel REIT Investment Beneish M-Score?

Japan Hotel REIT Investment NIPOF 75 Beneish M-Score is -2.33 as of Jun. 24, 2026. GuruFocus rates NIPOF with a GF Score™ of 75/100 and a GF Value™ of $755.11 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 765 REITs companies, Japan Hotel REIT Investment ranks worse than 62.88% 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Japan Hotel REIT Investment's Beneish M-Score or its related term are showing as below:

NIPOF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.45 Max: -1.09
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Japan Hotel REIT Investment was -1.09. The lowest was -3.23. And the median was -2.45.

Japan Hotel REIT Investment Beneish M-Score Related Terms

Japan Hotel REIT Investment Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Japan Hotel REIT Investment'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.

Japan Hotel REIT Investment Beneish M-Score Chart

Japan Hotel REIT Investment Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.09

-3.18

-2.67

-2.37

-2.33

Japan Hotel REIT Investment Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.67	0.00	-2.37	0.00	-2.33

NIPOF vs HST, RHP, APLE: Beneish M-Score Comparison

For the REIT - Hotel & Motel subindustry, Japan Hotel REIT Investment'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.

Japan Hotel REIT Investment Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Japan Hotel REIT Investment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Japan Hotel REIT Investment's Beneish M-Score falls into.

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75GF Score

Japan Hotel REIT Investment Corp NIPOF

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

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Japan Hotel REIT Investment 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 Japan Hotel REIT Investment 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 * 0.9688

0.528 * 0.927

0.404 * 0.9604

0.892 * 1.3426

0.115 * 0.9711

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9031

4.679 * -0.011458

0.327 * 1.1403

-2.34

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $51.1 Mil.
Revenue was $292.2 Mil.
Gross Profit was $218.1 Mil.
Total Current Assets was $327.1 Mil.
Total Assets was $3,698.7 Mil.
Property, Plant and Equipment(Net PPE) was $3,110.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $42.9 Mil.
Selling, General, & Admin. Expense(SGA) was $17.0 Mil.
Total Current Liabilities was $275.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,497.6 Mil.
Net Income was $174.1 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $216.5 Mil.

Total Receivables was $39.3 Mil.
Revenue was $217.7 Mil.
Gross Profit was $150.6 Mil.
Total Current Assets was $279.5 Mil.
Total Assets was $3,243.7 Mil.
Property, Plant and Equipment(Net PPE) was $2,725.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.5 Mil.
Selling, General, & Admin. Expense(SGA) was $14.0 Mil.
Total Current Liabilities was $248.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,114.5 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)
	=	(51.119 / 292.239)	/	(39.304 / 217.673)
	=	0.174922	/	0.180564
	=	0.9688

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)
	=	(150.561 / 217.673)	/	(218.058 / 292.239)
	=	0.691684	/	0.746163
	=	0.927

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 - (327.068 + 3110.065) / 3698.705)	/	(1 - (279.488 + 2725.382) / 3243.722)
	=	0.07072	/	0.073635
	=	0.9604

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
	=	292.239	/	217.673
	=	1.3426

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))
	=	(36.524 / (36.524 + 2725.382))	/	(42.938 / (42.938 + 3110.065))
	=	0.013224	/	0.013618
	=	0.9711

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)
	=	(16.957 / 292.239)	/	(13.985 / 217.673)
	=	0.058024	/	0.064248
	=	0.9031

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)
	=	((1497.617 + 275.202) / 3698.705)	/	((1114.532 + 248.877) / 3243.722)
	=	0.479308	/	0.420322
	=	1.1403

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
	=	(174.102 - 0	-	216.481)	/	3698.705
	=	-0.011458

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.

Japan Hotel REIT Investment has a M-score of -2.34 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 -2.33 mean?

Japan Hotel REIT Investment (NIPOF) has a Beneish M-Score of -2.33 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Japan Hotel REIT Investment and its competitors. According to the industry distribution chart, Japan Hotel REIT Investment ranks #481 out of 765 companies in the REITs industry, placing it in the top 62.9%.

Is Japan Hotel REIT Investment's Beneish M-Score too high?

Japan Hotel REIT Investment's current Beneish M-Score is -2.33. Based on the distribution chart, Japan Hotel REIT Investment ranks #481 out of 765 companies in the REITs industry, which is below the industry midpoint. Overall, Japan Hotel REIT Investment has a GF Score™ of 75/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Japan Hotel REIT Investment's Beneish M-Score compare to HST and RHP?

According to the REITs industry distribution chart, Japan Hotel REIT Investment ranks #481 out of 765 companies for Beneish M-Score. This places Japan Hotel REIT Investment 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 REITs company?

A good Beneish M-Score depends on the REITs 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 Japan Hotel REIT Investment and its competitors. Japan Hotel REIT Investment's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Japan Hotel REIT Investment stock overvalued right now?

Based on GuruFocus' analysis, Japan Hotel REIT Investment (NIPOF) is currently considered Possible Value Trap. The stock's GF Value™ is $755.11, compared to a current price of $471.74 — trading 37.5% below its estimated fair value. The current Beneish M-Score is -2.33. Japan Hotel REIT Investment's overall GF Score™ is 75/100 with 5 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 Japan Hotel REIT Investment (NIPOF), the current Beneish M-Score is -2.33 as of Jun. 24, 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 Japan Hotel REIT Investment (NIPOF) Overvalued in 2026?

Based on GuruFocus' analysis, Japan Hotel REIT Investment stock appears to be undervalued. The current stock price of $471.74 is trading 37.5% below its estimated GF Value™ of $755.11. GuruFocus considers Japan Hotel REIT Investment to be Possible Value Trap.

Key valuation signals for NIPOF:

Beneish M-Score: -2.33
GF Value™: $755.11 vs. price of $471.74 (37.5% below fair value)
GF Score™: 75/100 with 5 warning signs

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

Japan Hotel REIT Investment Business Description

Industry Real Estate REITs

Comparable Companies TSE:8963 TSE:3287 TSE:3463 TSE:3472 TSE:401A HST RHP XPAR:COVH APLE PK DRH SHO PEB XHR SGX:8C8U RLJ SVC SGX:J85 XMAD:YATO INN

Other Exchanges 8985:Japan

Address 4-1-18, Ebisu, Shibuya-ku, Ebisu Neonato 4th Floor, Tokyo, JPN, 150-0013

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

Japan Hotel REIT Investment Corp is a real estate investment trust. It aims to achieve stable earnings and sustainable growth in the asset from mid- to long-term perspectives. The company invests in business hotels, resort hotels, and city hotels, mainly located in the metropolitan areas and other cities of Japan.

75GF Score

Get the complete analysis for NIPOF

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

$471.74

Price

$755.11

GF Value

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