Nomura Real Estate Holdings (TSE:3231) Beneish M-Score: -2.14 (As of Jun. 26, 2026)


TSE:3231 Nomura Real Estate Holdings Inc TSE:3231
78 GF Score
Price 円913.30
GF Value 円1,084.03
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is Nomura Real Estate Holdings Beneish M-Score?

Nomura Real Estate Holdings TSE:3231 +1.43% 78 Beneish M-Score is -2.14 as of Jun. 26, 2026. GuruFocus rates TSE:3231 with a GF Score™ of 78/100 and a GF Value™ of 円1,084.03 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,682 Real Estate companies, Nomura Real Estate Holdings ranks worse than 63.02% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3231' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.27   Max: -1.44
Current: -2.14

During the past 13 years, the highest Beneish M-Score of Nomura Real Estate Holdings was -1.44. The lowest was -2.69. And the median was -2.27.

Nomura Real Estate Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nomura Real Estate 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.

Nomura Real Estate Holdings Beneish M-Score Chart

Nomura Real Estate 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 -2.33 -1.44 -2.69 -1.97 -2.14

Nomura Real Estate 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 -1.97 0.00 0.00 0.00 -2.14

TSE:3231 vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Nomura Real Estate 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.

Nomura Real Estate Holdings Beneish M-Score vs Real Estate Industry

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

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


TSE:3231
78GF Score
Nomura Real Estate Holdings Inc TSE:3231
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nomura Real Estate 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 Nomura Real Estate 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 * 0.9468+0.528 * 1.0961+0.404 * 1.2175+0.892 * 1.244+0.115 * 0.6329
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.013504-0.327 * 0.9787
=-2.14

* 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38,199 Mil.
Revenue was 円942,505 Mil.
Gross Profit was 円302,581 Mil.
Total Current Assets was 円1,647,512 Mil.
Total Assets was 円2,811,989 Mil.
Property, Plant and Equipment(Net PPE) was 円814,197 Mil.
Depreciation, Depletion and Amortization(DDA) was 円29,366 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円457,202 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,380,732 Mil.
Net Income was 円82,880 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円44,906 Mil.
 Total Receivables was 円32,432 Mil.
Revenue was 円757,638 Mil.
Gross Profit was 円266,601 Mil.
Total Current Assets was 円1,484,563 Mil.
Total Assets was 円2,686,569 Mil.
Property, Plant and Equipment(Net PPE) was 円927,129 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20,888 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円600,622 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,193,505 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)
=(38199 / 942505) / (32432 / 757638)
=0.040529 / 0.042807
=0.9468

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)
=(266601 / 757638) / (302581 / 942505)
=0.351884 / 0.321039
=1.0961

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 - (1647512 + 814197) / 2811989) / (1 - (1484563 + 927129) / 2686569)
=0.124567 / 0.102315
=1.2175

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
=942505 / 757638
=1.244

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))
=(20888 / (20888 + 927129)) / (29366 / (29366 + 814197))
=0.022033 / 0.034812
=0.6329

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 / 942505) / (0 / 757638)
=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)
=((1380732 + 457202) / 2811989) / ((1193505 + 600622) / 2686569)
=0.653606 / 0.667813
=0.9787

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
=(82880 - 0 - 44906) / 2811989
=0.013504

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.

Nomura Real Estate Holdings has a M-score of -2.14 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 -2.14 mean?
Nomura Real Estate Holdings (TSE:3231) has a Beneish M-Score of -2.14 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nomura Real Estate Holdings and its competitors. According to the industry distribution chart, Nomura Real Estate Holdings ranks #1060 out of 1682 companies in the Real Estate industry, placing it in the top 63%.
Is Nomura Real Estate Holdings' Beneish M-Score too high?
Nomura Real Estate Holdings' current Beneish M-Score is -2.14. Based on the distribution chart, Nomura Real Estate Holdings ranks #1060 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Nomura Real Estate Holdings has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nomura Real Estate Holdings' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Nomura Real Estate Holdings ranks #1060 out of 1682 companies for Beneish M-Score. This places Nomura Real Estate 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 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 Nomura Real Estate Holdings and its competitors. Nomura Real Estate Holdings's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Real Estate Holdings stock overvalued right now?
Based on GuruFocus' analysis, Nomura Real Estate Holdings (TSE:3231) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,084.03, compared to a current price of 円913.30 — trading 15.7% below its estimated fair value. The current Beneish M-Score is -2.14. Nomura Real Estate Holdings' overall GF Score™ is 78/100 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 Nomura Real Estate Holdings (TSE:3231), the current Beneish M-Score is -2.14 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 Nomura Real Estate Holdings (TSE:3231) Overvalued in 2026?

Based on GuruFocus' analysis, Nomura Real Estate Holdings stock appears to be undervalued. The current stock price of 円913.30 is trading 15.7% below its estimated GF Value™ of 円1,084.03. GuruFocus considers Nomura Real Estate Holdings to be Modestly Undervalued.

Key valuation signals for TSE:3231:

  • Beneish M-Score: -2.14
  • GF Value™: 円1,084.03 vs. price of 円913.30 (15.7% below fair value)
  • GF Score™: 78/100 with 3 warning signs

No single metric tells the full story. See the TSE:3231 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nomura Real Estate Holdings Business Description

Other Exchanges NMEHF:USA
Address 2-26 Nishi-Shinjuku 1-chome, Shinjuku Nomura Building, Shinjuku-ku, Tokyo, JPN, 163-0566
Nomura Real Estate Holdings Inc comprises Nomura Real Estate Development and other group companies. It operates in residential development, leasing, investment management, property brokerage, commercial real estate, property management, and other areas. Residential development is the leading business and provides a diverse group of services. Condominiums and detached housing are among the various property types offered. The group launches numerous properties under its branded names, like Proud and Ohana, in various parts of the Tokyo metropolitan area. In addition to commercial property development, the group provides corporate real estate brokerage and architectural design.
78GF Score

Get the complete analysis for TSE:3231

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

円913.30
Price
円1,084.03
GF Value