Tosei Reit Investment (TSE:3451) Beneish M-Score: -3.07 (As of Jun. 30, 2026)

What is Tosei Reit Investment Beneish M-Score?

Tosei Reit Investment TSE:3451 +0.60% 62 Beneish M-Score is -3.07 as of Jun. 30, 2026. GuruFocus rates TSE:3451 with a GF Score™ of 62/100 and a GF Value™ of 円142,503.42 (Fairly Valued). The stock has 5 warning signs investors should review. Among 764 REITs companies, Tosei Reit Investment ranks better than 90.71% 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 -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3451' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.48 Max: 0.07
Current: -3.07

During the past 11 years, the highest Beneish M-Score of Tosei Reit Investment was 0.07. The lowest was -3.07. And the median was -2.48.

Tosei Reit Investment Beneish M-Score Related Terms

Tosei Reit Investment Beneish M-Score Historical Data

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The historical data trend for Tosei Reit Investment'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.

Tosei Reit Investment Beneish M-Score Chart

Tosei Reit Investment Annual Data

Trend

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Oct24

Oct25

Beneish M-Score

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-1.87

-2.48

-2.66

-2.07

-3.07

Tosei Reit Investment Semi-Annual Data
	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24	Apr25	Oct25	Apr26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.07	0.00	-3.07	0.00

TSE:3451 vs VICI, WPC: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Tosei Reit Investment'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.

Tosei Reit Investment Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Tosei Reit Investment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tosei Reit Investment's Beneish M-Score falls into.

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62GF Score

Tosei Reit Investment Corp TSE:3451

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

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Tosei Reit Investment 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 Tosei Reit Investment 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 * 0.4104

0.528 * 0.9918

0.404 * 0.987

0.892 * 1.025

0.115 * 0.9805

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9884

4.679 * -0.012295

0.327 * 1.0085

-3.07

This Year (Oct25) TTM:

Last Year (Oct24) TTM:

Total Receivables was 円11 Mil.
Revenue was 円7,421 Mil.
Gross Profit was 円4,199 Mil.
Total Current Assets was 円8,575 Mil.
Total Assets was 円90,793 Mil.
Property, Plant and Equipment(Net PPE) was 円81,067 Mil.
Depreciation, Depletion and Amortization(DDA) was 円954 Mil.
Selling, General, & Admin. Expense(SGA) was 円471 Mil.
Total Current Liabilities was 円10,208 Mil.
Long-Term Debt & Capital Lease Obligation was 円34,600 Mil.
Net Income was 円2,894 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,011 Mil.

Total Receivables was 円26 Mil.
Revenue was 円7,240 Mil.
Gross Profit was 円4,063 Mil.
Total Current Assets was 円8,564 Mil.
Total Assets was 円89,969 Mil.
Property, Plant and Equipment(Net PPE) was 円80,249 Mil.
Depreciation, Depletion and Amortization(DDA) was 円926 Mil.
Selling, General, & Admin. Expense(SGA) was 円465 Mil.
Total Current Liabilities was 円9,027 Mil.
Long-Term Debt & Capital Lease Obligation was 円35,000 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)
	=	(11.096 / 7421.001)	/	(26.379 / 7240.027)
	=	0.001495	/	0.003643
	=	0.4104

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)
	=	(4062.903 / 7240.027)	/	(4199.001 / 7421.001)
	=	0.561172	/	0.565827
	=	0.9918

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 - (8574.82 + 81067.448) / 90793.299)	/	(1 - (8563.726 + 80249.406) / 89968.698)
	=	0.012677	/	0.012844
	=	0.987

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
	=	7421.001	/	7240.027
	=	1.025

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))
	=	(926.082 / (926.082 + 80249.406))	/	(954.296 / (954.296 + 81067.448))
	=	0.011408	/	0.011635
	=	0.9805

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)
	=	(471.431 / 7421.001)	/	(465.33 / 7240.027)
	=	0.063527	/	0.064272
	=	0.9884

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)
	=	((34600 + 10208.32) / 90793.299)	/	((35000 + 9026.558) / 89968.698)
	=	0.49352	/	0.489354
	=	1.0085

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
	=	(2894.344 - 0	-	4010.626)	/	90793.299
	=	-0.012295

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.

Tosei Reit Investment has a M-score of -3.07 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 -3.07 mean?

Tosei Reit Investment (TSE:3451) has a Beneish M-Score of -3.07 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tosei Reit Investment and its competitors. According to the industry distribution chart, Tosei Reit Investment ranks #71 out of 764 companies in the REITs industry, placing it in the top 9.3%.

Is Tosei Reit Investment's Beneish M-Score too high?

Tosei Reit Investment's current Beneish M-Score is -3.07. Based on the distribution chart, Tosei Reit Investment ranks #71 out of 764 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Tosei Reit Investment has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Tosei Reit Investment's Beneish M-Score compare to VICI and WPC?

According to the REITs industry distribution chart, Tosei Reit Investment ranks #71 out of 764 companies for Beneish M-Score. This places Tosei Reit Investment in the top 9% of its industry — outperforming the majority of peers. 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 REITs company?

A good Beneish M-Score depends on the REITs 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 Tosei Reit Investment and its competitors. Tosei Reit Investment's current Beneish M-Score is -3.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Tosei Reit Investment stock overvalued right now?

Based on GuruFocus' analysis, Tosei Reit Investment (TSE:3451) is currently considered Fairly Valued. The stock's GF Value™ is 円142,503.42, compared to a current price of 円134,300.00 — trading 5.8% below its estimated fair value. The current Beneish M-Score is -3.07. Tosei Reit Investment's overall GF Score™ is 62/100 with 5 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 Tosei Reit Investment (TSE:3451), the current Beneish M-Score is -3.07 as of Jun. 30, 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 Tosei Reit Investment (TSE:3451) Overvalued in 2026?

Based on GuruFocus' analysis, Tosei Reit Investment stock appears to be undervalued. The current stock price of 円134,300.00 is trading 5.8% below its estimated GF Value™ of 円142,503.42. GuruFocus considers Tosei Reit Investment to be Fairly Valued.

Key valuation signals for TSE:3451:

Beneish M-Score: -3.07
GF Value™: 円142,503.42 vs. price of 円134,300.00 (5.8% below fair value)
GF Score™: 62/100 with 5 warning signs

No single metric tells the full story. See the TSE:3451 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tosei Reit Investment Business Description

Industry Real Estate REITs

Comparable Companies TSE:2989 TSE:3470 TSE:3488 TSE:3476 TSE:3492 TSE:3487 TSE:8977 TSE:3468 TSE:8968 TSE:8957 ASX:GMG VICI WPC BSP:HSRE11 ASX:CHC ASX:SGP XPAR:COV ASX:GPT LSE:LAND MEX:FUNO11

Address 4-5-4 Shibaura, Tamachi Tosei Building, Minato-ku, Tokyo, JPN

Website https://www.toseicorp.co.jp

Tosei Reit Investment Corp is a Japanese company operating in the real estate industry. The company invests in real estate and other assets and the investments are spread across Offices, Commercial facility and Housing.

62GF Score

Get the complete analysis for TSE:3451

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

円134,300.00

Price

円142,503.42

GF Value

View TSE:3451 Analysis

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