Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
KajimaTSE:1812 -3.01%78 Beneish M-Score is -2.42 as of Jul. 29, 2026. GuruFocus rates TSE:1812 with a GF Score™ of 78/100 and a GF Value™ of 円3,362.01 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,697 Construction companies, Kajima ranks worse than 55.04% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kajima's Beneish M-Score or its related term are showing as below:
TSE:1812'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -2.34 Max: -2.05
Current: -2.42
During the past 13 years, the highest Beneish M-Score of Kajima was -2.05. The lowest was -2.74. And the median was -2.34.
Kajima Beneish M-Score Related Terms
Kajima Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Kajima'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.
TSE:1812 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Kajima'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.
Kajima Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Kajima's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kajima'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 Kajima 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 * 0.9948
+
0.528 * 0.7994
+
0.404 * 1.0795
+
0.892 * 1.0534
+
0.115 * 0.9683
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * 0.017307
-
0.327 * 0.9558
=
-2.42
* 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))
=
(30851 / (30851 + 588601))
/
(33472 / (33472 + 617311))
=
0.049804
/
0.051433
=
0.9683
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
=
(177334 - 0
-
114606)
/
3624341
=
0.017307
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.
Kajima has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
Kajima (TSE:1812) has a Beneish M-Score of -2.42 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kajima and its competitors. According to the industry distribution chart, Kajima ranks #934 out of 1697 companies in the Construction industry, placing it in the top 55%.
Is Kajima's Beneish M-Score too high?
Kajima's current Beneish M-Score is -2.42. Based on the distribution chart, Kajima ranks #934 out of 1697 companies in the Construction industry, which is below the industry midpoint. Overall, Kajima has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kajima's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Kajima ranks #934 out of 1697 companies for Beneish M-Score. This places Kajima 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Kajima and its competitors. Kajima's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kajima stock overvalued right now?
Based on GuruFocus' analysis, Kajima (TSE:1812) is currently considered Significantly Overvalued. The stock's GF Value™ is 円3,362.01, compared to a current price of 円5,485.00 — trading 63.1% above its estimated fair value. The current Beneish M-Score is -2.42. Kajima's overall GF Score™ is 78/100 with 1 warning sign 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 Kajima (TSE:1812), the current Beneish M-Score is -2.42 as of Jul. 29, 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 Kajima (TSE:1812) Overvalued in 2026?
Based on GuruFocus' analysis, Kajima stock appears to be overvalued.
The current stock price of 円5,485.00 is trading 63.1% above its estimated GF Value™ of 円3,362.01.
GuruFocus considers Kajima to be Significantly Overvalued.
Key valuation signals for TSE:1812:
Beneish M-Score: -2.42
GF Value™: 円3,362.01 vs. price of 円5,485.00 (63.1% above fair value)
No single metric tells the full story. See the TSE:1812 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kajima Corp provides civil engineering and project management for multiple industries. It works in multiple phases, from planning and development to maintenance and renovation. The company constructs skyscrapers, power plants, office buildings, and other large structures. It enters into contracts to complete construction work at the designated site and add the necessary improvements. The company has five reportable segments: civil engineering, building business, real estate development, and other domestic subsidiaries, and overseas subsidiaries. The company utilizes research and development for all segments and allows engineers to receive training and enhance expertise through various programs. Japan accounts for the majority of the total revenue.
78GF Score
Get the complete analysis for TSE:1812
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:1812 has been successfully added to your 
