SRA Holdings (TSE:3817) Beneish M-Score: -2.33 (As of Jun. 27, 2026)

What is SRA Holdings Beneish M-Score?

SRA Holdings TSE:3817 +3.86% 76 Beneish M-Score is -2.33 as of Jun. 27, 2026. GuruFocus rates TSE:3817 with a GF Score™ of 76/100 and a GF Value™ of 円4,706.42 (Fairly Valued). Among 2,634 Software companies, SRA Holdings ranks worse than 62.98% 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3817' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.55 Max: -2.33
Current: -2.33

During the past 13 years, the highest Beneish M-Score of SRA Holdings was -2.33. The lowest was -3.05. And the median was -2.55.

SRA Holdings Beneish M-Score Related Terms

SRA Holdings Beneish M-Score Historical Data

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The historical data trend for SRA 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.

SRA Holdings Beneish M-Score Chart

SRA Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.34

-3.05

-2.41

-2.86

-2.33

SRA 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															-2.41	0.00	-2.86	0.00	-2.33

TSE:3817 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, SRA 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.

SRA Holdings Beneish M-Score vs Software Industry

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

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

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76GF Score

SRA Holdings Inc TSE:3817

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

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SRA 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 SRA Holdings 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 * 0.8911

0.528 * 0.9898

0.404 * 1.2227

0.892 * 1.0322

0.115 * 1.0284

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.017373

0.327 * 0.8357

-2.33

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円12,112 Mil.
Revenue was 円53,279 Mil.
Gross Profit was 円13,743 Mil.
Total Current Assets was 円35,973 Mil.
Total Assets was 円51,920 Mil.
Property, Plant and Equipment(Net PPE) was 円199 Mil.
Depreciation, Depletion and Amortization(DDA) was 円211 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円14,037 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円5,601 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,699 Mil.

Total Receivables was 円13,168 Mil.
Revenue was 円51,617 Mil.
Gross Profit was 円13,179 Mil.
Total Current Assets was 円38,516 Mil.
Total Assets was 円51,448 Mil.
Property, Plant and Equipment(Net PPE) was 円169 Mil.
Depreciation, Depletion and Amortization(DDA) was 円190 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円16,643 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
	=	(12112 / 53279)	/	(13168 / 51617)
	=	0.227332	/	0.25511
	=	0.8911

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)
	=	(13179 / 51617)	/	(13743 / 53279)
	=	0.255323	/	0.257944
	=	0.9898

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 - (35973 + 199) / 51920)	/	(1 - (38516 + 169) / 51448)
	=	0.303313	/	0.248076
	=	1.2227

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
	=	53279	/	51617
	=	1.0322

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))
	=	(190 / (190 + 169))	/	(211 / (211 + 199))
	=	0.529248	/	0.514634
	=	1.0284

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 / 53279)	/	(0 / 51617)
	=	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)
	=	((0 + 14037) / 51920)	/	((0 + 16643) / 51448)
	=	0.270358	/	0.323492
	=	0.8357

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
	=	(5601 - 0	-	4699)	/	51920
	=	0.017373

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.

SRA Holdings has a M-score of -2.33 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 -2.33 mean?

SRA Holdings (TSE:3817) has a Beneish M-Score of -2.33 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SRA Holdings and its competitors. According to the industry distribution chart, SRA Holdings ranks #1659 out of 2634 companies in the Software industry, placing it in the top 63%.

Is SRA Holdings' Beneish M-Score too high?

SRA Holdings' current Beneish M-Score is -2.33. Based on the distribution chart, SRA Holdings ranks #1659 out of 2634 companies in the Software industry, which is below the industry midpoint. Overall, SRA Holdings has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does SRA Holdings' Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, SRA Holdings ranks #1659 out of 2634 companies for Beneish M-Score. This places SRA 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 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 SRA Holdings and its competitors. SRA Holdings's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SRA Holdings stock overvalued right now?

Based on GuruFocus' analysis, SRA Holdings (TSE:3817) is currently considered Fairly Valued. The stock's GF Value™ is 円4,706.42, compared to a current price of 円4,445.00 — trading 5.6% below its estimated fair value. The current Beneish M-Score is -2.33. SRA Holdings' overall GF Score™ is 76/100. 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 SRA Holdings (TSE:3817), the current Beneish M-Score is -2.33 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 SRA Holdings (TSE:3817) Overvalued in 2026?

Based on GuruFocus' analysis, SRA Holdings stock appears to be undervalued. The current stock price of 円4,445.00 is trading 5.6% below its estimated GF Value™ of 円4,706.42. GuruFocus considers SRA Holdings to be Fairly Valued.

Key valuation signals for TSE:3817:

Beneish M-Score: -2.33
GF Value™: 円4,706.42 vs. price of 円4,445.00 (5.6% below fair value)
GF Score™: 76/100

No single metric tells the full story. See the TSE:3817 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SRA Holdings Business Description

Industry Technology Software

Comparable Companies TSE:4832 TSE:4674 TSE:3854 TSE:3962 TSE:4743 TSE:9742 TSE:3636 TSE:3844 TSE:9889 TSE:3762 IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH

Address 2-32-8 Minami-Ikebukuro, Toshima-ku, Tokyo, JPN, 171-0022

Website http://www.sra-hd.co.jp

SRA Holdings Inc is an information technology services provider. The company operates through three business areas: systems development, operation/administration services and product solutions marketing. The systems development includes financial IT services, embedded IT services, academic IT services, business systems development and infrastructure development. The operation/administration services include outsourcing services, infrastructure operation services and system operation services. The product solutions marketing includes cloud security, open source software, and development support. The company has an operational presence across Europe, India, China, and Singapore.

76GF Score

Get the complete analysis for TSE:3817

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

円4,445.00

Price

円4,706.42

GF Value

View TSE:3817 Analysis

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