J.S.B.Co (TSE:3480) Beneish M-Score: -2.51 (As of Jun. 26, 2026)


TSE:3480 J.S.B.Co Ltd TSE:3480
70 GF Score
Price 円8,980.00
GF Value 円3,560.61
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is J.S.B.Co Beneish M-Score?

J.S.B.Co TSE:3480 70 Beneish M-Score is -2.51 as of Jun. 26, 2026. GuruFocus rates TSE:3480 with a GF Score™ of 70/100 and a GF Value™ of 円3,560.61 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, J.S.B.Co ranks better than 59.93% 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for J.S.B.Co's Beneish M-Score or its related term are showing as below:

TSE:3480' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.64   Max: -2.07
Current: -2.51

During the past 11 years, the highest Beneish M-Score of J.S.B.Co was -2.07. The lowest was -2.89. And the median was -2.64.

J.S.B.Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for J.S.B.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.

J.S.B.Co Beneish M-Score Chart

J.S.B.Co Annual Data
Trend Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.67 -2.65 -2.41 -2.89 -2.51

J.S.B.Co Quarterly Data
Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Oct24 Apr25 Jul25 Oct25 Jan26 Apr26
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 0.00 0.00 -2.51 0.00 0.00

J.S.B.Co Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, J.S.B.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.

J.S.B.Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, J.S.B.Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where J.S.B.Co's Beneish M-Score falls into.


TSE:3480
70GF Score
J.S.B.Co Ltd TSE:3480
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

J.S.B.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 J.S.B.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 * 0.9975+0.528 * 0.9944+0.404 * 0.9537+0.892 * 1.0937+0.115 * 1.024
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.018595-0.327 * 1.02
=-2.51

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was 円522 Mil.
Revenue was 円76,046 Mil.
Gross Profit was 円13,684 Mil.
Total Current Assets was 円19,913 Mil.
Total Assets was 円88,947 Mil.
Property, Plant and Equipment(Net PPE) was 円59,982 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,989 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円15,334 Mil.
Long-Term Debt & Capital Lease Obligation was 円28,312 Mil.
Net Income was 円5,151 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円6,805 Mil.
 Total Receivables was 円478 Mil.
Revenue was 円69,530 Mil.
Gross Profit was 円12,441 Mil.
Total Current Assets was 円19,773 Mil.
Total Assets was 円79,974 Mil.
Property, Plant and Equipment(Net PPE) was 円51,668 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,756 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円13,780 Mil.
Long-Term Debt & Capital Lease Obligation was 円24,692 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)
=(521.813 / 76045.573) / (478.293 / 69529.664)
=0.006862 / 0.006879
=0.9975

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)
=(12441.364 / 69529.664) / (13684.181 / 76045.573)
=0.178936 / 0.179947
=0.9944

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 - (19913.348 + 59982.465) / 88947.451) / (1 - (19773.07 + 51667.788) / 79973.984)
=0.101764 / 0.106699
=0.9537

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
=76045.573 / 69529.664
=1.0937

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))
=(1755.798 / (1755.798 + 51667.788)) / (1989.068 / (1989.068 + 59982.465))
=0.032866 / 0.032096
=1.024

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 / 76045.573) / (0 / 69529.664)
=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)
=((28312.245 + 15333.671) / 88947.451) / ((24691.822 + 13780.356) / 79973.984)
=0.490693 / 0.481059
=1.02

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
=(5151.212 - 0 - 6805.176) / 88947.451
=-0.018595

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.

J.S.B.Co has a M-score of -2.51 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 -2.51 mean?
J.S.B.Co (TSE:3480) has a Beneish M-Score of -2.51 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on J.S.B.Co and its competitors. According to the industry distribution chart, J.S.B.Co ranks #674 out of 1682 companies in the Real Estate industry, placing it in the top 40.1%.
Is J.S.B.Co's Beneish M-Score too high?
J.S.B.Co's current Beneish M-Score is -2.51. Based on the distribution chart, J.S.B.Co ranks #674 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, J.S.B.Co has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does J.S.B.Co's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, J.S.B.Co ranks #674 out of 1682 companies for Beneish M-Score. This puts J.S.B.Co 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 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 J.S.B.Co and its competitors. J.S.B.Co's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is J.S.B.Co stock overvalued right now?
Based on GuruFocus' analysis, J.S.B.Co (TSE:3480) is currently considered Significantly Overvalued. The stock's GF Value™ is 円3,560.61, compared to a current price of 円8,980.00 — trading 152.2% above its estimated fair value. The current Beneish M-Score is -2.51. J.S.B.Co's overall GF Score™ is 70/100 with 4 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 J.S.B.Co (TSE:3480), the current Beneish M-Score is -2.51 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 J.S.B.Co (TSE:3480) Overvalued in 2026?

Based on GuruFocus' analysis, J.S.B.Co stock appears to be overvalued. The current stock price of 円8,980.00 is trading 152.2% above its estimated GF Value™ of 円3,560.61. GuruFocus considers J.S.B.Co to be Significantly Overvalued.

Key valuation signals for TSE:3480:

  • Beneish M-Score: -2.51
  • GF Value™: 円3,560.61 vs. price of 円8,980.00 (152.2% above fair value)
  • GF Score™: 70/100 with 4 warning signs

No single metric tells the full story. See the TSE:3480 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

J.S.B.Co Business Description

Address 655 Inabado-cho, Shimogyo-ku, Kyoto Prefecture, Kyoto, JPN, 600-8415
J.S.B.Co Ltd is engaged in the real estate rental management business in Japan. The company provides real estate rental and management services and is involved in planning and proposing apartments mainly aimed at students, and handling the renting of buildings after completion. It also provides building maintenance and tenant support services, property management services from asset management companies, and planning and management services for student dormitories from universities and other organizations.
70GF Score

Get the complete analysis for TSE:3480

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

円8,980.00
Price
円3,560.61
GF Value