PCI Holdings (TSE:3918) Beneish M-Score: 0.00 (As of Jun. 27, 2026)

What is PCI Holdings Beneish M-Score?

PCI Holdings TSE:3918 +0.08% 60 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates TSE:3918 with a GF Score™ of 60/100 and a GF Value™ of 円1,019.03 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 2,634 Software companies, PCI Holdings ranks worse than 37965.03% 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.

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

During the past 12 years, the highest Beneish M-Score of PCI Holdings was -1.62. The lowest was -3.05. And the median was -2.35.

PCI Holdings Beneish M-Score Related Terms

PCI Holdings Beneish M-Score Historical Data

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The historical data trend for PCI 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.

PCI Holdings Beneish M-Score Chart

PCI Holdings Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Mar25

Beneish M-Score

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-2.05

-2.39

-2.79

-2.35

0.00

PCI 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															0.00	-2.35	0.00	0.00	0.00

TSE:3918 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, PCI 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.

PCI Holdings Beneish M-Score vs Software Industry

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

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

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PCI Holdings Inc TSE:3918

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

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PCI 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 PCI 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar25) TTM:

Last Year (Sep24) TTM:

Total Receivables was 円4,451 Mil.
Revenue was 円0 Mil.
Gross Profit was 円0 Mil.
Total Current Assets was 円12,123 Mil.
Total Assets was 円15,900 Mil.
Property, Plant and Equipment(Net PPE) was 円830 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,439 Mil.
Long-Term Debt & Capital Lease Obligation was 円316 Mil.
Net Income was 円0 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円0 Mil.

Total Receivables was 円4,238 Mil.
Revenue was 円25,085 Mil.
Gross Profit was 円5,737 Mil.
Total Current Assets was 円11,667 Mil.
Total Assets was 円15,503 Mil.
Property, Plant and Equipment(Net PPE) was 円853 Mil.
Depreciation, Depletion and Amortization(DDA) was 円328 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,096 Mil.
Long-Term Debt & Capital Lease Obligation was 円367 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)
	=	(4450.526 / 0)	/	(4238.069 / 25084.943)
	=		/	0.168949
	=

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)
	=	(5736.795 / 25084.943)	/	(0 / 0)
	=	0.228695	/
	=

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 - (12123.167 + 830.104) / 15900.301)	/	(1 - (11667.429 + 853.126) / 15503.07)
	=	0.185344	/	0.192382
	=

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
	=	0	/	25084.943
	=

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))
	=	(328.444 / (328.444 + 853.126))	/	(0 / (0 + 830.104))
	=	0.277973	/	0
	=

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 / 0)	/	(0 / 25084.943)
	=		/	0
	=

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)
	=	((315.8 + 5438.517) / 15900.301)	/	((366.5 + 5095.772) / 15503.07)
	=	0.3619	/	0.352335
	=

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
	=	(0 - 0	-	0)	/	15900.301
	=	0

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

PCI Holdings (TSE:3918) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PCI Holdings and its competitors. According to the industry distribution chart, PCI Holdings ranks #999999 out of 2634 companies in the Software industry.

Is PCI Holdings' Beneish M-Score too high?

PCI Holdings' current Beneish M-Score is 0.00. Based on the distribution chart, PCI Holdings ranks #999999 out of 2634 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, PCI Holdings has a GF Score™ of 60/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

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

According to the Software industry distribution chart, PCI Holdings ranks #999999 out of 2634 companies for Beneish M-Score. This places PCI 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 PCI Holdings and its competitors. PCI Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PCI Holdings stock overvalued right now?

Based on GuruFocus' analysis, PCI Holdings (TSE:3918) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,019.03, compared to a current price of 円1,238.00 — trading 21.5% above its estimated fair value. The current Beneish M-Score is 0.00. PCI Holdings' overall GF Score™ is 60/100 with 1 warning sign 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 PCI Holdings (TSE:3918), the current Beneish M-Score is 0.00 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 PCI Holdings (TSE:3918) Overvalued in 2026?

Based on GuruFocus' analysis, PCI Holdings stock appears to be overvalued. The current stock price of 円1,238.00 is trading 21.5% above its estimated GF Value™ of 円1,019.03. GuruFocus considers PCI Holdings to be Modestly Overvalued.

Key valuation signals for TSE:3918:

Beneish M-Score: 0.00
GF Value™: 円1,019.03 vs. price of 円1,238.00 (21.5% above fair value)
GF Score™: 60/100 with 1 warning sign

No single metric tells the full story. See the TSE:3918 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PCI Holdings Business Description

Industry Technology Software

Comparable Companies TSE:9753 TSE:3937 TSE:6572 TSE:4418 TSE:3979 TSE:2315 TSE:3657 TSE:2332 TSE:9799 TSE:441A IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH

Address 21-19, Torakumon Ichime, Minato-ku, Tokyu Tiger Tortoise 4th Floor, Tokyo, JPN, 105-0001

Website http://www.pci-h.co.jp

PCI Holdings Inc provides information and technology solutions. The company's business segments are Technical Solutions, Business Solutions, and Internet of Things and Internet of Everything Solutions.

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

円1,238.00

Price

円1,019.03

GF Value

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