Storage-OH Co (TSE:2997) Beneish M-Score: -2.33 (As of Jun. 26, 2026)


TSE:2997 Storage-OH Co Ltd TSE:2997
67 GF Score
Price 円938.00
GF Value 円827.72
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is Storage-OH Co Beneish M-Score?

Storage-OH Co TSE:2997 -0.32% 67 Beneish M-Score is -2.33 as of Jun. 26, 2026. GuruFocus rates TSE:2997 with a GF Score™ of 67/100 and a GF Value™ of 円827.72 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,682 Real Estate companies, Storage-OH Co ranks worse than 52.02% 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2997' s Beneish M-Score Range Over the Past 10 Years
Min: -2.33   Med: -1.81   Max: 27.83
Current: -2.33

During the past 7 years, the highest Beneish M-Score of Storage-OH Co was 27.83. The lowest was -2.33. And the median was -1.81.

Storage-OH Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Storage-OH 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.

Storage-OH Co Beneish M-Score Chart

Storage-OH Co Annual Data
Trend Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Beneish M-Score
Get a 7-Day Free Trial -1.03 -1.81 -2.26 27.83 -2.33

Storage-OH Co Semi-Annual Data
Jan20 Jan21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -2.26 0.00 27.83 0.00 -2.33

TSE:2997 vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Storage-OH 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.

Storage-OH Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Storage-OH Co's Beneish M-Score distribution charts can be found below:

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


TSE:2997
67GF Score
Storage-OH Co Ltd TSE:2997
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Storage-OH 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 Storage-OH Co 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 * 1.045+0.528 * 0.8407+0.404 * 0.6999+0.892 * 0.9383+0.115 * 0.1795
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.107148-0.327 * 1.1036
=-2.33

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was 円70 Mil.
Revenue was 円4,000 Mil.
Gross Profit was 円705 Mil.
Total Current Assets was 円3,687 Mil.
Total Assets was 円4,707 Mil.
Property, Plant and Equipment(Net PPE) was 円895 Mil.
Depreciation, Depletion and Amortization(DDA) was 円45 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,810 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,411 Mil.
Net Income was 円117 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-387 Mil.
 Total Receivables was 円72 Mil.
Revenue was 円4,263 Mil.
Gross Profit was 円631 Mil.
Total Current Assets was 円2,770 Mil.
Total Assets was 円3,632 Mil.
Property, Plant and Equipment(Net PPE) was 円722 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,225 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,026 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)
=(70.12 / 3999.797) / (71.515 / 4262.911)
=0.017531 / 0.016776
=1.045

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)
=(631.391 / 4262.911) / (704.658 / 3999.797)
=0.148113 / 0.176173
=0.8407

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 - (3686.538 + 894.575) / 4707.312) / (1 - (2770.293 + 722.437) / 3631.843)
=0.026809 / 0.038304
=0.6999

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
=3999.797 / 4262.911
=0.9383

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))
=(6.237 / (6.237 + 722.437)) / (44.797 / (44.797 + 894.575))
=0.008559 / 0.047688
=0.1795

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 / 3999.797) / (0 / 4262.911)
=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)
=((1410.918 + 1810.019) / 4707.312) / ((1026.374 + 1225.425) / 3631.843)
=0.684241 / 0.620016
=1.1036

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
=(117.12 - 0 - -387.257) / 4707.312
=0.107148

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.

Storage-OH Co has a M-score of -2.33 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 -2.33 mean?
Storage-OH Co (TSE:2997) has a Beneish M-Score of -2.33 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Storage-OH Co and its competitors. According to the industry distribution chart, Storage-OH Co ranks #875 out of 1682 companies in the Real Estate industry, placing it in the top 52%.
Is Storage-OH Co's Beneish M-Score too high?
Storage-OH Co's current Beneish M-Score is -2.33. Based on the distribution chart, Storage-OH Co ranks #875 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Storage-OH Co has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Storage-OH Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Storage-OH Co ranks #875 out of 1682 companies for Beneish M-Score. This places Storage-OH 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Storage-OH Co and its competitors. Storage-OH Co's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Storage-OH Co stock overvalued right now?
Based on GuruFocus' analysis, Storage-OH Co (TSE:2997) is currently considered Modestly Overvalued. The stock's GF Value™ is 円827.72, compared to a current price of 円938.00 — trading 13.3% above its estimated fair value. The current Beneish M-Score is -2.33. Storage-OH Co's overall GF Score™ is 67/100 with 6 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 Storage-OH Co (TSE:2997), the current Beneish M-Score is -2.33 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 Storage-OH Co (TSE:2997) Overvalued in 2026?

Based on GuruFocus' analysis, Storage-OH Co stock appears to be overvalued. The current stock price of 円938.00 is trading 13.3% above its estimated GF Value™ of 円827.72. GuruFocus considers Storage-OH Co to be Modestly Overvalued.

Key valuation signals for TSE:2997:

  • Beneish M-Score: -2.33
  • GF Value™: 円827.72 vs. price of 円938.00 (13.3% above fair value)
  • GF Score™: 67/100 with 6 warning signs

No single metric tells the full story. See the TSE:2997 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Storage-OH Co Business Description

Address 1-9-23 Ichikawa Minami, 4th Floor, Keiyo Jyusetsu Ichikawa Building, Chiba Prefecture, Ichikawa, JPN, 272-0033
Storage-OH Co Ltd is engaged in the planning, development, operation, and management of self-storage-type storage rooms. Its reportable business segments are storage room operation and management, storage room development and sales, and other real estate transactions. The majority of its revenue is generated from the storage room development and sales segment, which plans and develops self-storage facilities and sells them to real estate investors. The storage room operation and management segment rents out storage rooms to users and manages and operates them, and the other real estate transactions segment acts as an intermediary and resells real estate other than storage facilities to real estate investors.
67GF Score

Get the complete analysis for TSE:2997

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

円938.00
Price
円827.72
GF Value