Logos Holdings (TSE:205A) Beneish M-Score: 64.76 (As of Jun. 27, 2026) — 111% Above Median


TSE:205A Logos Holdings Inc TSE:205A
11 GF Score
Price 円1,588.00
! 3 Warning Signs
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What is Logos Holdings Beneish M-Score?

Logos Holdings TSE:205A -0.13% 11 Beneish M-Score is 64.76 as of Jun. 27, 2026, which is 111% above its 10-year median of 30.73. GuruFocus rates TSE:205A with a GF Score™ of 11/100. The stock has 3 warning signs investors should review. Among 89 Homebuilding & Construction companies, Logos Holdings ranks worse than 100% 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.

Warning Sign:

Beneish M-Score 64.76 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:205A' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31   Med: 30.73   Max: 64.76
Current: 64.76

During the past 4 years, the highest Beneish M-Score of Logos Holdings was 64.76. The lowest was -3.31. And the median was 30.73.

Logos Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Logos 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.

Logos Holdings Beneish M-Score Chart

Logos Holdings Annual Data
Trend May22 May23 May24 May25
Beneish M-Score
0.00 0.00 -3.31 64.76

Logos Holdings Quarterly Data
May22 May23 Feb24 May24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 64.76 0.00 0.00 0.00

TSE:205A vs DHI, PHM, LEN: Beneish M-Score Comparison

For the Residential Construction subindustry, Logos 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.

Logos Holdings Beneish M-Score vs Homebuilding & Construction Industry

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

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


TSE:205A
11GF Score
Logos Holdings Inc TSE:205A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Logos 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 Logos 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 * 74.1343+0.528 * 1.0695+0.404 * 1.5591+0.892 * 1.1436+0.115 * 0.9884
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.084975-0.327 * 1.0953
=64.76

* 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 (May25) TTM:Last Year (May24) TTM:
Total Receivables was 円360 Mil.
Revenue was 円36,269 Mil.
Gross Profit was 円6,308 Mil.
Total Current Assets was 円14,352 Mil.
Total Assets was 円21,123 Mil.
Property, Plant and Equipment(Net PPE) was 円3,089 Mil.
Depreciation, Depletion and Amortization(DDA) was 円275 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円12,802 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,713 Mil.
Net Income was 円200 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,995 Mil.
 Total Receivables was 円4 Mil.
Revenue was 円31,715 Mil.
Gross Profit was 円5,899 Mil.
Total Current Assets was 円9,518 Mil.
Total Assets was 円13,391 Mil.
Property, Plant and Equipment(Net PPE) was 円2,376 Mil.
Depreciation, Depletion and Amortization(DDA) was 円209 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円8,015 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,122 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)
=(360.296 / 36269.311) / (4.238 / 31714.58)
=0.009934 / 0.000134
=74.1343

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)
=(5898.955 / 31714.58) / (6307.644 / 36269.311)
=0.186001 / 0.173911
=1.0695

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 - (14351.739 + 3088.729) / 21122.677) / (1 - (9517.6 + 2375.787) / 13390.586)
=0.174325 / 0.11181
=1.5591

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
=36269.311 / 31714.58
=1.1436

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))
=(208.857 / (208.857 + 2375.787)) / (275.015 / (275.015 + 3088.729))
=0.080807 / 0.081759
=0.9884

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 / 36269.311) / (0 / 31714.58)
=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)
=((4712.547 + 12801.887) / 21122.677) / ((2122.202 + 8014.64) / 13390.586)
=0.829177 / 0.757013
=1.0953

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
=(199.832 - 0 - 1994.728) / 21122.677
=-0.084975

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.

Logos Holdings has a M-score of 64.76 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 64.76 mean?
Logos Holdings (TSE:205A) has a Beneish M-Score of 64.76 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Logos Holdings and its competitors. This is 111% above median its historical median of 30.73. According to the industry distribution chart, Logos Holdings ranks #89 out of 89 companies in the Homebuilding & Construction industry.
Is Logos Holdings' Beneish M-Score too high?
Logos Holdings' current Beneish M-Score of 64.76 is 111% above median its 10-year median of 30.73. Based on the distribution chart, Logos Holdings ranks #89 out of 89 companies in the Homebuilding & Construction industry, which is in the bottom quartile relative to peers. Overall, Logos Holdings has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Logos Holdings' Beneish M-Score compare to DHI and PHM?
According to the Homebuilding & Construction industry distribution chart, Logos Holdings ranks #89 out of 89 companies for Beneish M-Score. This places Logos Holdings 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 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 Logos Holdings and its competitors. Logos Holdings's current Beneish M-Score is 64.76, which is 111% above median its own 10-year median of 30.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Logos Holdings stock overvalued right now?
Logos Holdings (TSE:205A) has a current Beneish M-Score of 64.76. The current Beneish M-Score is 64.76, which is 111% above median its 10-year median of 30.73. Logos Holdings' overall GF Score™ is 11/100 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 Logos Holdings (TSE:205A), the current Beneish M-Score is 64.76 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.

Logos Holdings Business Description

Address 2-1 Higashi 3-jo Minami 13-chome, Hokkaido, Obihiro, JPN, 080?0803
Logos Holdings Inc is engaged in two business Housing division: Housing design, construction and sales. Real estate division: Land purchase, sale, intermediation and brokerage.
11GF Score

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