Nishimatsu Construction Co (TSE:1820) Beneish M-Score: -2.27 (As of Jun. 27, 2026)

What is Nishimatsu Construction Co Beneish M-Score?

Nishimatsu Construction Co TSE:1820 +0.90% 83 Beneish M-Score is -2.27 as of Jun. 27, 2026. GuruFocus rates TSE:1820 with a GF Score™ of 83/100 and a GF Value™ of 円5,244.59 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,704 Construction companies, Nishimatsu Construction Co ranks worse than 64.85% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:1820' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.45 Max: -1.81
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Nishimatsu Construction Co was -1.81. The lowest was -2.98. And the median was -2.45.

Nishimatsu Construction Co Beneish M-Score Related Terms

Nishimatsu Construction Co Beneish M-Score Historical Data

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The historical data trend for Nishimatsu Construction Co'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.

Nishimatsu Construction Co Beneish M-Score Chart

Nishimatsu Construction Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.98

-2.49

-2.38

-2.27

Nishimatsu Construction Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.38	0.00	0.00	0.00	-2.27

TSE:1820 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Nishimatsu Construction Co'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.

Nishimatsu Construction Co Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Nishimatsu Construction Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nishimatsu Construction Co's Beneish M-Score falls into.

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83GF Score

Nishimatsu Construction Co Ltd TSE:1820

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

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Nishimatsu Construction Co 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 Nishimatsu Construction Co 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 * 1.148

0.528 * 0.8773

0.404 * 0.8653

0.892 * 1.0797

0.115 * 0.8918

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.030642

0.327 * 1.0123

-2.27

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円264,732 Mil.
Revenue was 円396,029 Mil.
Gross Profit was 円54,283 Mil.
Total Current Assets was 円390,966 Mil.
Total Assets was 円686,012 Mil.
Property, Plant and Equipment(Net PPE) was 円184,701 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,067 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円347,976 Mil.
Long-Term Debt & Capital Lease Obligation was 円117,974 Mil.
Net Income was 円24,066 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,045 Mil.

Total Receivables was 円213,590 Mil.
Revenue was 円366,810 Mil.
Gross Profit was 円44,108 Mil.
Total Current Assets was 円299,147 Mil.
Total Assets was 円592,046 Mil.
Property, Plant and Equipment(Net PPE) was 円182,842 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,460 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円260,859 Mil.
Long-Term Debt & Capital Lease Obligation was 円136,364 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)
	=	(264732 / 396029)	/	(213590 / 366810)
	=	0.668466	/	0.582291
	=	1.148

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)
	=	(44108 / 366810)	/	(54283 / 396029)
	=	0.120248	/	0.137068
	=	0.8773

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 - (390966 + 184701) / 686012)	/	(1 - (299147 + 182842) / 592046)
	=	0.16085	/	0.185893
	=	0.8653

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
	=	396029	/	366810
	=	1.0797

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))
	=	(4460 / (4460 + 182842))	/	(5067 / (5067 + 184701))
	=	0.023812	/	0.026701
	=	0.8918

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)
	=	(0 / 396029)	/	(0 / 366810)
	=	0	/	0
	=	1

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)
	=	((117974 + 347976) / 686012)	/	((136364 + 260859) / 592046)
	=	0.679216	/	0.670933
	=	1.0123

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
	=	(24066 - 0	-	3045)	/	686012
	=	0.030642

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.

Nishimatsu Construction Co has a M-score of -2.27 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 -2.27 mean?

Nishimatsu Construction Co (TSE:1820) has a Beneish M-Score of -2.27 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nishimatsu Construction Co and its competitors. According to the industry distribution chart, Nishimatsu Construction Co ranks #1105 out of 1704 companies in the Construction industry, placing it in the top 64.8%.

Is Nishimatsu Construction Co's Beneish M-Score too high?

Nishimatsu Construction Co's current Beneish M-Score is -2.27. Based on the distribution chart, Nishimatsu Construction Co ranks #1105 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Nishimatsu Construction Co has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Nishimatsu Construction Co's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Nishimatsu Construction Co ranks #1105 out of 1704 companies for Beneish M-Score. This places Nishimatsu Construction Co 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 Nishimatsu Construction Co and its competitors. Nishimatsu Construction Co's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nishimatsu Construction Co stock overvalued right now?

Based on GuruFocus' analysis, Nishimatsu Construction Co (TSE:1820) is currently considered Fairly Valued. The stock's GF Value™ is 円5,244.59, compared to a current price of 円5,291.00 — trading 0.9% above its estimated fair value. The current Beneish M-Score is -2.27. Nishimatsu Construction Co's overall GF Score™ is 83/100 with 2 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 Nishimatsu Construction Co (TSE:1820), the current Beneish M-Score is -2.27 as of Jun. 27, 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 Nishimatsu Construction Co (TSE:1820) Overvalued in 2026?

Based on GuruFocus' analysis, Nishimatsu Construction Co stock appears to be overvalued. The current stock price of 円5,291.00 is trading 0.9% above its estimated GF Value™ of 円5,244.59. GuruFocus considers Nishimatsu Construction Co to be Fairly Valued.

Key valuation signals for TSE:1820:

Beneish M-Score: -2.27
GF Value™: 円5,244.59 vs. price of 円5,291.00 (0.9% above fair value)
GF Score™: 83/100 with 2 warning signs

No single metric tells the full story. See the TSE:1820 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nishimatsu Construction Co Business Description

Industry Industrials Construction

Comparable Companies TSE:1946 TSE:6055 TSE:1833 TSE:6366 TSE:1861 TSE:1885 TSE:1968 TSE:1414 TSE:1941 TSE:1926 PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Address 23-1, Toranomon 1-chome, 10th Floor Toranomon Hills Mori Tower, Minato-ku, Tokyo, JPN, 105-6310

Website http://www.nishimatsu.co.jp

Nishimatsu Construction Co Ltd is a Japanese construction and real estate business. The company operates through three segments: civil engineering, building construction, real estate, and others. Together, the civil engineering and building construction segments generate the vast majority of consolidated revenue, and design and construct harbours, airports, highways, dams, tunnels, railways, high-rise buildings, and power plants. The company principally operates in Japan and across Asia, and derives the majority of revenue domestically.

83GF Score

Get the complete analysis for TSE:1820

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

円5,291.00

Price

円5,244.59

GF Value

View TSE:1820 Analysis

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