ORIX (ORXCF) Beneish M-Score: -2.24 (As of Jun. 24, 2026)


ORXCF ORIX Corp ORXCF
75 GF Score
Price $36.37
GF Value $27.75
Valuation Significantly Overvalued
! 7 Warning Signs
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What is ORIX Beneish M-Score?

ORIX ORXCF -2.58% 75 Beneish M-Score is -2.24 as of Jun. 24, 2026. GuruFocus rates ORXCF with a GF Score™ of 75/100 and a GF Value™ of $27.75 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 86 Diversified Financial Services companies, ORIX ranks worse than 60.47% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ORXCF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77   Med: -2.61   Max: 0.28
Current: -2.24

During the past 13 years, the highest Beneish M-Score of ORIX was 0.28. The lowest was -2.77. And the median was -2.61.

ORXCF
75GF Score
ORIX Corp ORXCF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ORIX 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 ORIX 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 * 0.8843+0.528 * 1+0.404 * 1.0029+0.892 * 1.1831+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9455+4.679 * 0.026213-0.327 * 0.9749
=-2.28

* 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 $16,692 Mil.
Revenue was 3822.61 + 3542.199 + 2946.074 + 3976.108 = $14,287 Mil.
Gross Profit was 3822.61 + 3542.199 + 2946.074 + 3976.108 = $14,287 Mil.
Total Current Assets was $0 Mil.
Total Assets was $113,451 Mil.
Property, Plant and Equipment(Net PPE) was $14,052 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $10,558 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $37,596 Mil.
Net Income was 362.926 + 760.536 + 1107.837 + 742.562 = $2,974 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
 Total Receivables was $15,955 Mil.
Revenue was 2956.186 + 3244.237 + 2541.468 + 3333.796 = $12,076 Mil.
Gross Profit was 2956.186 + 3244.237 + 2541.468 + 3333.796 = $12,076 Mil.
Total Current Assets was $0 Mil.
Total Assets was $113,153 Mil.
Property, Plant and Equipment(Net PPE) was $14,298 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $9,438 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $38,462 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)
=(16691.958 / 14286.991) / (15954.839 / 12075.687)
=1.168333 / 1.321237
=0.8843

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)
=(12075.687 / 12075.687) / (14286.991 / 14286.991)
=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 + 14051.532) / 113451.41) / (1 - (0 + 14297.748) / 113152.573)
=0.876145 / 0.873642
=1.0029

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
=14286.991 / 12075.687
=1.1831

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))
=(0 / (0 + 14297.748)) / (0 / (0 + 14051.532))
=0 / 0
=1

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)
=(10558.101 / 14286.991) / (9438.336 / 12075.687)
=0.739001 / 0.781598
=0.9455

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)
=((37595.522 + 0) / 113451.41) / ((38462.433 + 0) / 113152.573)
=0.33138 / 0.339917
=0.9749

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
=(2973.861 - 0 - 0) / 113451.41
=0.026213

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.

ORIX has a M-score of -2.28 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 -2.24 mean?
ORIX (ORXCF) has a Beneish M-Score of -2.24 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ORIX and its competitors. According to the industry distribution chart, ORIX ranks #52 out of 86 companies in the Diversified Financial Services industry, placing it in the top 60.5%.
Is ORIX's Beneish M-Score too high?
ORIX's current Beneish M-Score is -2.24. Based on the distribution chart, ORIX ranks #52 out of 86 companies in the Diversified Financial Services industry, which is below the industry midpoint. Overall, ORIX has a GF Score™ of 75/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ORIX's Beneish M-Score compare to FRHC and VOYA?
According to the Diversified Financial Services industry distribution chart, ORIX ranks #52 out of 86 companies for Beneish M-Score. This places ORIX 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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial Services 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 ORIX and its competitors. ORIX's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ORIX stock overvalued right now?
Based on GuruFocus' analysis, ORIX (ORXCF) is currently considered Significantly Overvalued. The stock's GF Value™ is $27.75, compared to a current price of $36.37 — trading 31.1% above its estimated fair value. The current Beneish M-Score is -2.24. ORIX's overall GF Score™ is 75/100 with 7 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 ORIX (ORXCF), the current Beneish M-Score is -2.24 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 ORIX (ORXCF) Overvalued in 2026?

Based on GuruFocus' analysis, ORIX stock appears to be overvalued. The current stock price of $36.37 is trading 31.1% above its estimated GF Value™ of $27.75. GuruFocus considers ORIX to be Significantly Overvalued.

Key valuation signals for ORXCF:

  • Beneish M-Score: -2.24
  • GF Value™: $27.75 vs. price of $36.37 (31.1% above fair value)
  • GF Score™: 75/100 with 7 warning signs

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

ORIX Business Description

Address 2-4-1 Hamamatsu-cho, World Trade Center Building, South Tower, Minato-ku, Tokyo, JPN, 105-5135
ORIX Corp is a diversified financial services company with operations in Corporate Financial Services, Maintenance Leasing, Real Estate, PE Investment and Concession, Environment and Energy, Insurance, Banking and Credit, Aircraft and Ships, ORIX USA, ORIX Europe, Asia, and Australia and engages in various other fee businesses by providing products and services aligned with customer needs to its core customer base of domestic small and medium-sized enterprises. Orix's numerous divisions finance leases of large-ticket items like ships, airplanes, and technology equipment. The company generates the majority of its revenue from Corporate Financial Services and Maintenance Leasing operations and Real Estate operations.
75GF Score

Get the complete analysis for ORXCF

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

$36.37
Price
$27.75
GF Value