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Seiwa Holdings CoTSE:523A -8.04%15 Beneish M-Score is -2.65 as of Jul. 18, 2026. GuruFocus rates TSE:523A with a GF Score™ of 15/100. The stock has 1 warning sign investors should review. Among 1,022 Business Services companies, Seiwa Holdings Co ranks better than 57.93% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Seiwa Holdings Co's Beneish M-Score or its related term are showing as below:
TSE:523A'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.73 Max: -2.65
Current: -2.65
During the past 4 years, the highest Beneish M-Score of Seiwa Holdings Co was -2.65. The lowest was -2.81. And the median was -2.73.
Seiwa Holdings Co Beneish M-Score Related Terms
Seiwa Holdings Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Seiwa Holdings 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.
TSE:523A vs CTAS, CPRT, ULS: Beneish M-Score Comparison
For the Specialty Business Services subindustry, Seiwa Holdings 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.
Seiwa Holdings Co Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, Seiwa Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Seiwa Holdings Co's Beneish M-Score falls into.
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 Seiwa Holdings 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 * 0.8676
+
0.528 * 0.8535
+
0.404 * 0.7382
+
0.892 * 1.0311
+
0.115 * 0.9637
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9814
+
4.679 * -0.005367
-
0.327 * 0.6056
=
-2.65
* 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.
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.
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))
=
(371 / (371 + 3126))
/
(431 / (431 + 3484))
=
0.106091
/
0.110089
=
0.9637
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
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
=
(1080 - 0
-
1159)
/
14719
=
-0.005367
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.
Seiwa Holdings Co has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Seiwa Holdings Co (TSE:523A) has a Beneish M-Score of -2.65 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Seiwa Holdings Co and its competitors. According to the industry distribution chart, Seiwa Holdings Co ranks #430 out of 1022 companies in the Business Services industry, placing it in the top 42.1%.
Is Seiwa Holdings Co's Beneish M-Score too high?
Seiwa Holdings Co's current Beneish M-Score is -2.65. Based on the distribution chart, Seiwa Holdings Co ranks #430 out of 1022 companies in the Business Services industry, which is above the industry midpoint. Overall, Seiwa Holdings Co has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Seiwa Holdings Co's Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Seiwa Holdings Co ranks #430 out of 1022 companies for Beneish M-Score. This puts Seiwa Holdings 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Seiwa Holdings Co and its competitors. Seiwa Holdings Co's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Seiwa Holdings Co stock overvalued right now?
Seiwa Holdings Co (TSE:523A) has a current Beneish M-Score of -2.65. The current Beneish M-Score is -2.65. Seiwa Holdings Co's overall GF Score™ is 15/100 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 Seiwa Holdings Co (TSE:523A), the current Beneish M-Score is -2.65 as of Jul. 18, 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.
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