Startia Holdings (TSE:3393) Beneish M-Score: -2.70 (As of Jul. 11, 2026)


TSE:3393 Startia Holdings Inc TSE:3393
90 GF Score
Price 円3,085.00
GF Value 円2,599.01
Valuation Modestly Overvalued
! 3 Warning Signs
View Full Analysis

What is Startia Holdings Beneish M-Score?

Startia Holdings TSE:3393 +1.15% 90 Beneish M-Score is -2.70 as of Jul. 11, 2026. GuruFocus rates TSE:3393 with a GF Score™ of 90/100 and a GF Value™ of 円2,599.01 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 2,627 Software companies, Startia Holdings ranks better than 61.32% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3393' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96   Med: -2.58   Max: -1.68
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Startia Holdings was -1.68. The lowest was -2.96. And the median was -2.58.

Startia Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Startia 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.

Startia Holdings Beneish M-Score Chart

Startia 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 -1.68 -2.70 -2.96 -2.23 -2.70

Startia Holdings Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 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 -2.96 0.00 -2.23 0.00 -2.70

TSE:3393 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Startia 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.

Startia Holdings Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Startia Holdings's Beneish M-Score distribution charts can be found below:

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


TSE:3393
90GF Score
Startia Holdings Inc TSE:3393
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Startia 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 Startia 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 * 1.0084+0.528 * 0.9859+0.404 * 0.8549+0.892 * 1.0711+0.115 * 0.9546
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.047541-0.327 * 0.9848
=-2.70

* 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3,780 Mil.
Revenue was 円23,790 Mil.
Gross Profit was 円10,829 Mil.
Total Current Assets was 円13,060 Mil.
Total Assets was 円15,548 Mil.
Property, Plant and Equipment(Net PPE) was 円197 Mil.
Depreciation, Depletion and Amortization(DDA) was 円505 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,922 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,133 Mil.
Net Income was 円2,318 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,057 Mil.
 Total Receivables was 円3,500 Mil.
Revenue was 円22,212 Mil.
Gross Profit was 円9,968 Mil.
Total Current Assets was 円11,530 Mil.
Total Assets was 円14,204 Mil.
Property, Plant and Equipment(Net PPE) was 円226 Mil.
Depreciation, Depletion and Amortization(DDA) was 円497 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,250 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,295 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)
=(3779.825 / 23790.045) / (3499.581 / 22211.76)
=0.158883 / 0.157555
=1.0084

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)
=(9967.988 / 22211.76) / (10828.834 / 23790.045)
=0.448771 / 0.455183
=0.9859

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 - (13060.197 + 196.821) / 15547.597) / (1 - (11529.9 + 226.426) / 14204.08)
=0.147327 / 0.172328
=0.8549

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
=23790.045 / 22211.76
=1.0711

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))
=(496.77 / (496.77 + 226.426)) / (504.978 / (504.978 + 196.821))
=0.686909 / 0.719548
=0.9546

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 / 23790.045) / (0 / 22211.76)
=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)
=((1132.836 + 5921.784) / 15547.597) / ((1294.992 + 5249.667) / 14204.08)
=0.453743 / 0.460759
=0.9848

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
=(2318.001 - 0 - 3057.149) / 15547.597
=-0.047541

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.

Startia Holdings has a M-score of -2.70 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 -2.70 mean?
Startia Holdings (TSE:3393) has a Beneish M-Score of -2.70 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Startia Holdings and its competitors. According to the industry distribution chart, Startia Holdings ranks #1016 out of 2627 companies in the Software industry, placing it in the top 38.7%.
Is Startia Holdings' Beneish M-Score too high?
Startia Holdings' current Beneish M-Score is -2.70. Based on the distribution chart, Startia Holdings ranks #1016 out of 2627 companies in the Software industry, which is above the industry midpoint. Overall, Startia Holdings has a GF Score™ of 90/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Startia Holdings' Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Startia Holdings ranks #1016 out of 2627 companies for Beneish M-Score. This puts Startia Holdings in the upper 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 Software company?
A good Beneish M-Score depends on the Software 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 Startia Holdings and its competitors. Startia Holdings's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Startia Holdings stock overvalued right now?
Based on GuruFocus' analysis, Startia Holdings (TSE:3393) is currently considered Modestly Overvalued. The stock's GF Value™ is 円2,599.01, compared to a current price of 円3,085.00 — trading 18.7% above its estimated fair value. The current Beneish M-Score is -2.70. Startia Holdings' overall GF Score™ is 90/100 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 Startia Holdings (TSE:3393), the current Beneish M-Score is -2.70 as of Jul. 11, 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 Startia Holdings (TSE:3393) Overvalued in 2026?

Based on GuruFocus' analysis, Startia Holdings stock appears to be overvalued. The current stock price of 円3,085.00 is trading 18.7% above its estimated GF Value™ of 円2,599.01. GuruFocus considers Startia Holdings to be Modestly Overvalued.

Key valuation signals for TSE:3393:

  • Beneish M-Score: -2.70
  • GF Value™: 円2,599.01 vs. price of 円3,085.00 (18.7% above fair value)
  • GF Score™: 90/100 with 3 warning signs

No single metric tells the full story. See the TSE:3393 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Startia Holdings Business Description

Address 2-3-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo, JPN, 163-0919
Startia Holdings Inc is engaged in the provision of information technology services in Japan. It operates through the following business divisions: the web solution-related division, the network solution-related divisions, and the business solution-related divisions.
90GF Score

Get the complete analysis for TSE:3393

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

円3,085.00
Price
円2,599.01
GF Value