Sekisui House (TSE:1928) Beneish M-Score: -2.51 (As of Jun. 26, 2026)

What is Sekisui House Beneish M-Score?

Sekisui House TSE:1928 +1.83% 90 Beneish M-Score is -2.51 as of Jun. 26, 2026. GuruFocus rates TSE:1928 with a GF Score™ of 90/100 and a GF Value™ of 円4,141.83 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 89 Homebuilding & Construction companies, Sekisui House ranks better than 74.16% 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:1928' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6 Med: -2.48 Max: -1.11
Current: -2.51

During the past 13 years, the highest Beneish M-Score of Sekisui House was -1.11. The lowest was -2.60. And the median was -2.48.

Sekisui House Beneish M-Score Related Terms

Sekisui House Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sekisui House'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.

Sekisui House Beneish M-Score Chart

Sekisui House Annual Data

Trend

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Beneish M-Score

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-2.54

-2.17

-2.19

-2.18

-2.51

Sekisui House Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	-2.51	0.00

TSE:1928 vs DHI, PHM, LEN: Beneish M-Score Comparison

For the Residential Construction subindustry, Sekisui House'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.

Sekisui House Beneish M-Score vs Homebuilding & Construction Industry

For the Homebuilding & Construction industry and Consumer Cyclical sector, Sekisui House's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sekisui House's Beneish M-Score falls into.

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90GF Score

Sekisui House Ltd TSE:1928

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

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Sekisui House 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 Sekisui House 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 * 0.9337

0.528 * 0.968

0.404 * 1.081

0.892 * 1.0343

0.115 * 0.7364

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0599

4.679 * 0.00315

0.327 * 0.9647

-2.51

This Year (Jan26) TTM:

Last Year (Jan25) TTM:

Total Receivables was 円203,890 Mil.
Revenue was 円4,197,922 Mil.
Gross Profit was 円839,819 Mil.
Total Current Assets was 円3,907,449 Mil.
Total Assets was 円5,006,637 Mil.
Property, Plant and Equipment(Net PPE) was 円466,146 Mil.
Depreciation, Depletion and Amortization(DDA) was 円42,761 Mil.
Selling, General, & Admin. Expense(SGA) was 円498,415 Mil.
Total Current Liabilities was 円1,398,171 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,298,310 Mil.
Net Income was 円232,095 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円216,325 Mil.

Total Receivables was 円211,114 Mil.
Revenue was 円4,058,583 Mil.
Gross Profit was 円785,993 Mil.
Total Current Assets was 円3,712,106 Mil.
Total Assets was 円4,808,848 Mil.
Property, Plant and Equipment(Net PPE) was 円534,240 Mil.
Depreciation, Depletion and Amortization(DDA) was 円35,235 Mil.
Selling, General, & Admin. Expense(SGA) was 円454,626 Mil.
Total Current Liabilities was 円1,555,648 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,129,068 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)
	=	(203890 / 4197922)	/	(211114 / 4058583)
	=	0.048569	/	0.052017
	=	0.9337

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)
	=	(785993 / 4058583)	/	(839819 / 4197922)
	=	0.193662	/	0.200056
	=	0.968

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 - (3907449 + 466146) / 5006637)	/	(1 - (3712106 + 534240) / 4808848)
	=	0.126441	/	0.116972
	=	1.081

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
	=	4197922	/	4058583
	=	1.0343

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))
	=	(35235 / (35235 + 534240))	/	(42761 / (42761 + 466146))
	=	0.061873	/	0.084025
	=	0.7364

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)
	=	(498415 / 4197922)	/	(454626 / 4058583)
	=	0.118729	/	0.112016
	=	1.0599

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)
	=	((1298310 + 1398171) / 5006637)	/	((1129068 + 1555648) / 4808848)
	=	0.538581	/	0.558287
	=	0.9647

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
	=	(232095 - 0	-	216325)	/	5006637
	=	0.00315

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.

Sekisui House has a M-score of -2.51 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 -2.51 mean?

Sekisui House (TSE:1928) has a Beneish M-Score of -2.51 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sekisui House and its competitors. According to the industry distribution chart, Sekisui House ranks #23 out of 89 companies in the Homebuilding & Construction industry, placing it in the top 25.8%.

Is Sekisui House's Beneish M-Score too high?

Sekisui House's current Beneish M-Score is -2.51. Based on the distribution chart, Sekisui House ranks #23 out of 89 companies in the Homebuilding & Construction industry, which is above the industry midpoint. Overall, Sekisui House has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Sekisui House's Beneish M-Score compare to DHI and PHM?

According to the Homebuilding & Construction industry distribution chart, Sekisui House ranks #23 out of 89 companies for Beneish M-Score. This puts Sekisui House in the upper 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 Homebuilding & Construction company?

A good Beneish M-Score depends on the Homebuilding & 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 Sekisui House and its competitors. Sekisui House's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sekisui House stock overvalued right now?

Based on GuruFocus' analysis, Sekisui House (TSE:1928) is currently considered Modestly Undervalued. The stock's GF Value™ is 円4,141.83, compared to a current price of 円3,340.00 — trading 19.4% below its estimated fair value. The current Beneish M-Score is -2.51. Sekisui House's overall GF Score™ is 90/100 with 3 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 Sekisui House (TSE:1928), the current Beneish M-Score is -2.51 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 Sekisui House (TSE:1928) Overvalued in 2026?

Based on GuruFocus' analysis, Sekisui House stock appears to be undervalued. The current stock price of 円3,340.00 is trading 19.4% below its estimated GF Value™ of 円4,141.83. GuruFocus considers Sekisui House to be Modestly Undervalued.

Key valuation signals for TSE:1928:

Beneish M-Score: -2.51
GF Value™: 円4,141.83 vs. price of 円3,340.00 (19.4% below fair value)
GF Score™: 90/100 with 3 warning signs

No single metric tells the full story. See the TSE:1928 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sekisui House Business Description

Industry Consumer Cyclical Homebuilding & Construction

Comparable Companies TSE:1911 TSE:1808 TSE:3291 TSE:8919 TSE:1419 TSE:3284 NGO:1869 TSE:8917 TSE:6073 TSE:2990 DHI PHM LEN NVR TOL IBP TMHC LSE:BTRW LSE:PSN MTH

Other Exchanges SKHSY:USA SKHSF:USA SPH1:Germany

Address 1-1-88 Oyodonaka, Kita-ku, Osaka, JPN, 531-0076

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

Sekisui House Ltd company's activities includes equity-method affiliates, is involved in the Custom Detached Houses Business, Rental Housing and Commercial Buildings Business, Architectural/Civil Engineering Business, Rental Housing Management Business, Remodeling Business, Development Business, Overseas Business, and carries out related business activities. Segments includes Custom detached houses Business, Rental housing and commercial buildings Business, Architectural / Civil engineering Business, Rental housing management Business, Remodeling Business, Development Business, and Overseas Business of which majority of revenue comes from Rental housing and commercial buildings Business.

90GF Score

Get the complete analysis for TSE:1928

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

円3,340.00

Price

円4,141.83

GF Value

View TSE:1928 Analysis

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