Showcase (TSE:3909) Beneish M-Score: -2.36 (As of Jun. 26, 2026)


TSE:3909 Showcase Inc TSE:3909
53 GF Score
Price 円186.00
GF Value 円559.11
Valuation Significantly Undervalued
! 3 Warning Signs
View Full Analysis

What is Showcase Beneish M-Score?

Showcase TSE:3909 -2.11% 53 Beneish M-Score is -2.36 as of Jun. 26, 2026. GuruFocus rates TSE:3909 with a GF Score™ of 53/100 and a GF Value™ of 円559.11 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,634 Software companies, Showcase ranks worse than 61.69% 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3909' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.45   Max: -0.13
Current: -2.36

During the past 12 years, the highest Beneish M-Score of Showcase was -0.13. The lowest was -3.58. And the median was -2.45.

Showcase Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Showcase'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.

Showcase Beneish M-Score Chart

Showcase Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.41 -2.29 -0.13 -2.45 -2.36

Showcase Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 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 0.00 -2.36 0.00 0.00 0.00

TSE:3909 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Showcase'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.

Showcase Beneish M-Score vs Software Industry

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

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


TSE:3909
53GF Score
Showcase Inc TSE:3909
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Showcase 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 Showcase 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 * 1.3898+0.528 * 1.164+0.404 * 0.317+0.892 * 1.0929+0.115 * 0.9997
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.020018-0.327 * 1.118
=-2.36

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was 円709 Mil.
Revenue was 円6,211 Mil.
Gross Profit was 円1,507 Mil.
Total Current Assets was 円2,994 Mil.
Total Assets was 円3,486 Mil.
Property, Plant and Equipment(Net PPE) was 円225 Mil.
Depreciation, Depletion and Amortization(DDA) was 円251 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,405 Mil.
Long-Term Debt & Capital Lease Obligation was 円722 Mil.
Net Income was 円-743 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-673 Mil.
 Total Receivables was 円467 Mil.
Revenue was 円5,684 Mil.
Gross Profit was 円1,605 Mil.
Total Current Assets was 円2,448 Mil.
Total Assets was 円3,461 Mil.
Property, Plant and Equipment(Net PPE) was 円177 Mil.
Depreciation, Depletion and Amortization(DDA) was 円197 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,334 Mil.
Long-Term Debt & Capital Lease Obligation was 円555 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)
=(708.651 / 6211.422) / (466.584 / 5683.668)
=0.114088 / 0.082092
=1.3898

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)
=(1604.849 / 5683.668) / (1506.786 / 6211.422)
=0.282361 / 0.242583
=1.164

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 - (2994.395 + 224.574) / 3486.185) / (1 - (2447.544 + 176.815) / 3461.127)
=0.07665 / 0.241762
=0.317

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
=6211.422 / 5683.668
=1.0929

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))
=(197.232 / (197.232 + 176.815)) / (250.669 / (250.669 + 224.574))
=0.527292 / 0.527454
=0.9997

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 / 6211.422) / (0 / 5683.668)
=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)
=((722.335 + 1405.408) / 3486.185) / ((555.004 + 1334.457) / 3461.127)
=0.610336 / 0.545909
=1.118

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
=(-742.757 - 0 - -672.97) / 3486.185
=-0.020018

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.

Showcase has a M-score of -2.36 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 -2.36 mean?
Showcase (TSE:3909) has a Beneish M-Score of -2.36 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Showcase and its competitors. According to the industry distribution chart, Showcase ranks #1625 out of 2634 companies in the Software industry, placing it in the top 61.7%.
Is Showcase's Beneish M-Score too high?
Showcase's current Beneish M-Score is -2.36. Based on the distribution chart, Showcase ranks #1625 out of 2634 companies in the Software industry, which is below the industry midpoint. Overall, Showcase has a GF Score™ of 53/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Showcase's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Showcase ranks #1625 out of 2634 companies for Beneish M-Score. This places Showcase 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 Showcase and its competitors. Showcase's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Showcase stock overvalued right now?
Based on GuruFocus' analysis, Showcase (TSE:3909) is currently considered Significantly Undervalued. The stock's GF Value™ is 円559.11, compared to a current price of 円186.00 — trading 66.7% below its estimated fair value. The current Beneish M-Score is -2.36. Showcase's overall GF Score™ is 53/100 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 Showcase (TSE:3909), the current Beneish M-Score is -2.36 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 Showcase (TSE:3909) Overvalued in 2026?

Based on GuruFocus' analysis, Showcase stock appears to be undervalued. The current stock price of 円186.00 is trading 66.7% below its estimated GF Value™ of 円559.11. GuruFocus considers Showcase to be Significantly Undervalued.

Key valuation signals for TSE:3909:

  • Beneish M-Score: -2.36
  • GF Value™: 円559.11 vs. price of 円186.00 (66.7% below fair value)
  • GF Score™: 53/100 with 3 warning signs

No single metric tells the full story. See the TSE:3909 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Showcase Business Description

Address 1-9-9, Roppongi, 14th Floor, Roppongi First Building, Minato-ku, Tokyo, JPN, 106-0032
Showcase Inc is engaged in web marketing services. Its operations are carried out through the following business segments: DX Cloud Business, Advertising and Media Business, Investment-related Business, and Information and Communications-related Business. The DX Cloud Business is engaged in the SaaS business. The Advertising and Media Business operates owned media and affiliate advertising. The Investment-related business provides SmartPitch, an online matching platform by Showcase Capital Inc., connecting startups with operating companies, VCs, and CVCs, while also supporting startup growth and fundraising for listed companies. The Information and Communications Related Business is engaged in the sale of used smartphones.
53GF Score

Get the complete analysis for TSE:3909

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

円186.00
Price
円559.11
GF Value