JGC Holdings (TSE:1963) Beneish M-Score: -3.15 (As of Jun. 24, 2026)


TSE:1963 JGC Holdings Corp TSE:1963
64 GF Score
Price 円2,573.50
GF Value 円1,314.16
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is JGC Holdings Beneish M-Score?

JGC Holdings TSE:1963 -1.36% 64 Beneish M-Score is -3.15 as of Jun. 24, 2026. GuruFocus rates TSE:1963 with a GF Score™ of 64/100 and a GF Value™ of 円1,314.16 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,704 Construction companies, JGC Holdings ranks better than 86.5% 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 -3.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:1963' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.89   Max: 18.22
Current: -3.15

During the past 13 years, the highest Beneish M-Score of JGC Holdings was 18.22. The lowest was -3.58. And the median was -2.89.

JGC Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for JGC Holdings'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.

JGC Holdings Beneish M-Score Chart

JGC Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.02 -3.02 1.65 -3.03 -3.15

JGC Holdings 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.03 0.00 0.00 0.00 -3.15

TSE:1963 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, JGC Holdings'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.

JGC Holdings Beneish M-Score vs Construction Industry

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

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


TSE:1963
64GF Score
JGC Holdings Corp TSE:1963
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

JGC Holdings 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 JGC Holdings 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 * 1.0873+0.528 * 0.2563+0.404 * 0.9095+0.892 * 0.8685+0.115 * 1.0011
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.04537-0.327 * 0.9866
=-3.15

* 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 円174,222 Mil.
Revenue was 円745,280 Mil.
Gross Profit was 円64,144 Mil.
Total Current Assets was 円613,271 Mil.
Total Assets was 円838,793 Mil.
Property, Plant and Equipment(Net PPE) was 円94,561 Mil.
Depreciation, Depletion and Amortization(DDA) was 円11,321 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円357,285 Mil.
Long-Term Debt & Capital Lease Obligation was 円34,024 Mil.
Net Income was 円41,842 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円79,898 Mil.
 Total Receivables was 円184,489 Mil.
Revenue was 円858,082 Mil.
Gross Profit was 円18,926 Mil.
Total Current Assets was 円561,267 Mil.
Total Assets was 円784,175 Mil.
Property, Plant and Equipment(Net PPE) was 円88,296 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,584 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円346,928 Mil.
Long-Term Debt & Capital Lease Obligation was 円23,887 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)
=(174222 / 745280) / (184489 / 858082)
=0.233767 / 0.215002
=1.0873

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)
=(18926 / 858082) / (64144 / 745280)
=0.022056 / 0.086067
=0.2563

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 - (613271 + 94561) / 838793) / (1 - (561267 + 88296) / 784175)
=0.15613 / 0.171661
=0.9095

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
=745280 / 858082
=0.8685

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))
=(10584 / (10584 + 88296)) / (11321 / (11321 + 94561))
=0.107039 / 0.106921
=1.0011

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 / 745280) / (0 / 858082)
=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)
=((34024 + 357285) / 838793) / ((23887 + 346928) / 784175)
=0.466514 / 0.472873
=0.9866

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
=(41842 - 0 - 79898) / 838793
=-0.04537

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.

JGC Holdings has a M-score of -3.15 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 -3.15 mean?
JGC Holdings (TSE:1963) has a Beneish M-Score of -3.15 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JGC Holdings and its competitors. According to the industry distribution chart, JGC Holdings ranks #230 out of 1704 companies in the Construction industry, placing it in the top 13.5%.
Is JGC Holdings' Beneish M-Score too high?
JGC Holdings' current Beneish M-Score is -3.15. Based on the distribution chart, JGC Holdings ranks #230 out of 1704 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, JGC Holdings has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does JGC Holdings' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, JGC Holdings ranks #230 out of 1704 companies for Beneish M-Score. This places JGC Holdings in the top 14% of its industry — outperforming the majority of peers. 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 JGC Holdings and its competitors. JGC Holdings's current Beneish M-Score is -3.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JGC Holdings stock overvalued right now?
Based on GuruFocus' analysis, JGC Holdings (TSE:1963) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,314.16, compared to a current price of 円2,573.50 — trading 95.8% above its estimated fair value. The current Beneish M-Score is -3.15. JGC Holdings' overall GF Score™ is 64/100 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 JGC Holdings (TSE:1963), the current Beneish M-Score is -3.15 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 JGC Holdings (TSE:1963) Overvalued in 2026?

Based on GuruFocus' analysis, JGC Holdings stock appears to be overvalued. The current stock price of 円2,573.50 is trading 95.8% above its estimated GF Value™ of 円1,314.16. GuruFocus considers JGC Holdings to be Significantly Overvalued.

Key valuation signals for TSE:1963:

  • Beneish M-Score: -3.15
  • GF Value™: 円1,314.16 vs. price of 円2,573.50 (95.8% above fair value)
  • GF Score™: 64/100 with 5 warning signs

No single metric tells the full story. See the TSE:1963 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

JGC Holdings Business Description

Address 2-3-1 Minatomirai, Nishi-Ku, Kanagawa, Yokohama-shi, JPN, 220-6001
JGC Holdings Corp is a Japan-based company engaged in providing infrastructure construction services. The company operates through two segments. The Comprehensive Engineering segment provides EPC services including design, procurement, construction, and commissioning of equipment and facilities for petroleum, oil refining, petrochemicals, gas, and LNG. The Functional Materials Manufacturing segment produces and sells catalysts, nanoparticle technology products, clean and safety materials, electronic materials, high-performance ceramics, and next-generation energy solutions. The Others segment includes consulting, office support, desalination, and crude oil and gas production and sales. It generates the majority of its revenue from the Comprehensive engineering segment.
64GF Score

Get the complete analysis for TSE:1963

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

円2,573.50
Price
円1,314.16
GF Value