MUGEN ESTATE Co (TSE:3299) Beneish M-Score: -1.15 (As of Jun. 27, 2026)

What is MUGEN ESTATE Co Beneish M-Score?

MUGEN ESTATE Co TSE:3299 +1.29% 76 Beneish M-Score is -1.15 as of Jun. 27, 2026. GuruFocus rates TSE:3299 with a GF Score™ of 76/100 and a GF Value™ of 円2,030.18 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,682 Real Estate companies, MUGEN ESTATE Co ranks worse than 83.47% 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 -1.15 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:3299' s Beneish M-Score Range Over the Past 10 Years
Min: -3.64 Med: -1.92 Max: -0.86
Current: -1.15

During the past 13 years, the highest Beneish M-Score of MUGEN ESTATE Co was -0.86. The lowest was -3.64. And the median was -1.92.

MUGEN ESTATE Co Beneish M-Score Related Terms

MUGEN ESTATE Co Beneish M-Score Historical Data

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The historical data trend for MUGEN ESTATE 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.

MUGEN ESTATE Co Beneish M-Score Chart

MUGEN ESTATE Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.26

-1.70

-2.00

-1.83

-1.15

MUGEN ESTATE Co Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Dec24	Mar25	Jun25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-1.83	0.00	0.00	-1.15	0.00

MUGEN ESTATE Co Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, MUGEN ESTATE 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.

MUGEN ESTATE Co Beneish M-Score vs Real Estate Industry

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

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

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76GF Score

MUGEN ESTATE Co Ltd TSE:3299

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

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MUGEN ESTATE 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 MUGEN ESTATE Co 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 * 1.2725

0.528 * 0.9407

0.404 * 1.9707

0.892 * 1.0977

0.115 * 1.5044

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.125729

0.327 * 1.0522

-1.15

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was 円88 Mil.
Revenue was 円68,262 Mil.
Gross Profit was 円19,328 Mil.
Total Current Assets was 円98,354 Mil.
Total Assets was 円106,698 Mil.
Property, Plant and Equipment(Net PPE) was 円5,929 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,045 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円29,956 Mil.
Long-Term Debt & Capital Lease Obligation was 円39,490 Mil.
Net Income was 円6,659 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-6,756 Mil.

Total Receivables was 円63 Mil.
Revenue was 円62,187 Mil.
Gross Profit was 円16,564 Mil.
Total Current Assets was 円83,725 Mil.
Total Assets was 円87,503 Mil.
Property, Plant and Equipment(Net PPE) was 円2,773 Mil.
Depreciation, Depletion and Amortization(DDA) was 円807 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円22,296 Mil.
Long-Term Debt & Capital Lease Obligation was 円31,829 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)
	=	(88 / 68262)	/	(63 / 62187)
	=	0.001289	/	0.001013
	=	1.2725

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)
	=	(16564 / 62187)	/	(19328 / 68262)
	=	0.266358	/	0.283144
	=	0.9407

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 - (98354 + 5929) / 106698)	/	(1 - (83725 + 2773) / 87503)
	=	0.022634	/	0.011485
	=	1.9707

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
	=	68262	/	62187
	=	1.0977

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))
	=	(807 / (807 + 2773))	/	(1045 / (1045 + 5929))
	=	0.225419	/	0.149842
	=	1.5044

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 / 68262)	/	(0 / 62187)
	=	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)
	=	((39490 + 29956) / 106698)	/	((31829 + 22296) / 87503)
	=	0.650865	/	0.61855
	=	1.0522

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
	=	(6659 - 0	-	-6756)	/	106698
	=	0.125729

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.

MUGEN ESTATE Co has a M-score of -1.15 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 -1.15 mean?

MUGEN ESTATE Co (TSE:3299) has a Beneish M-Score of -1.15 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MUGEN ESTATE Co and its competitors. According to the industry distribution chart, MUGEN ESTATE Co ranks #1404 out of 1682 companies in the Real Estate industry, placing it in the top 83.5%.

Is MUGEN ESTATE Co's Beneish M-Score too high?

MUGEN ESTATE Co's current Beneish M-Score is -1.15. Based on the distribution chart, MUGEN ESTATE Co ranks #1404 out of 1682 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, MUGEN ESTATE Co has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does MUGEN ESTATE Co's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, MUGEN ESTATE Co ranks #1404 out of 1682 companies for Beneish M-Score. This places MUGEN ESTATE 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 MUGEN ESTATE Co and its competitors. MUGEN ESTATE Co's current Beneish M-Score is -1.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is MUGEN ESTATE Co stock overvalued right now?

Based on GuruFocus' analysis, MUGEN ESTATE Co (TSE:3299) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,030.18, compared to a current price of 円1,805.00 — trading 11.1% below its estimated fair value. The current Beneish M-Score is -1.15. MUGEN ESTATE Co's overall GF Score™ is 76/100 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 MUGEN ESTATE Co (TSE:3299), the current Beneish M-Score is -1.15 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.

Is MUGEN ESTATE Co (TSE:3299) Overvalued in 2026?

Based on GuruFocus' analysis, MUGEN ESTATE Co stock appears to be undervalued. The current stock price of 円1,805.00 is trading 11.1% below its estimated GF Value™ of 円2,030.18. GuruFocus considers MUGEN ESTATE Co to be Modestly Undervalued.

Key valuation signals for TSE:3299:

Beneish M-Score: -1.15
GF Value™: 円2,030.18 vs. price of 円1,805.00 (11.1% below fair value)
GF Score™: 76/100 with 3 warning signs

No single metric tells the full story. See the TSE:3299 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

MUGEN ESTATE Co Business Description

Industry Real Estate Real Estate

Comparable Companies TSE:1847 TSE:1814 TSE:8897 TSE:146A TSE:2983 TSE:5280 TSE:8931 TSE:8887 TSE:2981 TSE:2984 HKSE:00016 HKSE:01109 DFM:EMAAR STC:VHM HKSE:00688 HKSE:01113 TSE:1925 ADX:ALDAR SGX:H78 DFM:EMAARDEV

Address No. 19 No. 3, Mugen Nihonbashi Building, Hamamatsu-cho Sanchome 19, Tokyo, JPN, 103-0007

Website http://www.mugen-estate.co.jp

MUGEN ESTATE Co Ltd is a Japanese real estate company. The company offers a diverse portfolio of versatile properties including residential-type owned condominiums, investment-type condominiums and office buildings. The company is involved in buying and selling of properties, leasing business, brokerage business, property management business, and interior and exterior refurbishment business.

76GF Score

Get the complete analysis for TSE:3299

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

円1,805.00

Price

円2,030.18

GF Value

View TSE:3299 Analysis

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