Realgate (TSE:5532) Beneish M-Score: -3.16 (As of Jun. 26, 2026)


TSE:5532 Realgate Inc TSE:5532
42 GF Score
Price 円3,180.00
GF Value 円1,476.04
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Realgate Beneish M-Score?

Realgate TSE:5532 -5.50% 42 Beneish M-Score is -3.16 as of Jun. 26, 2026. GuruFocus rates TSE:5532 with a GF Score™ of 42/100 and a GF Value™ of 円1,476.04 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,682 Real Estate companies, Realgate ranks better than 87.69% 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 -3.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5532' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.72   Max: -2.09
Current: -3.16

During the past 5 years, the highest Beneish M-Score of Realgate was -2.09. The lowest was -3.16. And the median was -2.72.

Realgate Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Realgate'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.

Realgate Beneish M-Score Chart

Realgate Annual Data
Trend Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.72 -2.09 -3.16

Realgate Semi-Annual Data
Sep21 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 -2.09 0.00 -3.16 0.00

TSE:5532 vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Realgate'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.

Realgate Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Realgate's Beneish M-Score distribution charts can be found below:

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


TSE:5532
42GF Score
Realgate Inc TSE:5532
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Realgate 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 Realgate 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 * 0.8181+0.528 * 0.9493+0.404 * 0.7936+0.892 * 1.2319+0.115 * 1.6137
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.141145-0.327 * 1.0602
=-3.16

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was 円708 Mil.
Revenue was 円9,792 Mil.
Gross Profit was 円1,677 Mil.
Total Current Assets was 円4,472 Mil.
Total Assets was 円21,265 Mil.
Property, Plant and Equipment(Net PPE) was 円14,441 Mil.
Depreciation, Depletion and Amortization(DDA) was 円399 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,901 Mil.
Long-Term Debt & Capital Lease Obligation was 円12,293 Mil.
Net Income was 円559 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,561 Mil.
 Total Receivables was 円703 Mil.
Revenue was 円7,948 Mil.
Gross Profit was 円1,292 Mil.
Total Current Assets was 円5,527 Mil.
Total Assets was 円15,895 Mil.
Property, Plant and Equipment(Net PPE) was 円8,153 Mil.
Depreciation, Depletion and Amortization(DDA) was 円370 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,838 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,580 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)
=(708.143 / 9791.998) / (702.658 / 7948.486)
=0.072319 / 0.088401
=0.8181

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)
=(1292.301 / 7948.486) / (1677.086 / 9791.998)
=0.162585 / 0.171271
=0.9493

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 - (4472.266 + 14440.749) / 21264.732) / (1 - (5526.633 + 8153.064) / 15894.719)
=0.110592 / 0.139356
=0.7936

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
=9791.998 / 7948.486
=1.2319

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))
=(369.555 / (369.555 + 8153.064)) / (398.754 / (398.754 + 14440.749))
=0.043362 / 0.026871
=1.6137

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 / 9791.998) / (0 / 7948.486)
=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)
=((12293.383 + 3901.427) / 21264.732) / ((5580.105 + 5837.629) / 15894.719)
=0.761581 / 0.718335
=1.0602

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
=(559.22 - 0 - 3560.622) / 21264.732
=-0.141145

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.

Realgate has a M-score of -3.16 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 -3.16 mean?
Realgate (TSE:5532) has a Beneish M-Score of -3.16 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Realgate and its competitors. According to the industry distribution chart, Realgate ranks #207 out of 1682 companies in the Real Estate industry, placing it in the top 12.3%.
Is Realgate's Beneish M-Score too high?
Realgate's current Beneish M-Score is -3.16. Based on the distribution chart, Realgate ranks #207 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Realgate has a GF Score™ of 42/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Realgate's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Realgate ranks #207 out of 1682 companies for Beneish M-Score. This places Realgate in the top 12% of its industry — outperforming the majority of peers. 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 Realgate and its competitors. Realgate's current Beneish M-Score is -3.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Realgate stock overvalued right now?
Based on GuruFocus' analysis, Realgate (TSE:5532) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,476.04, compared to a current price of 円3,180.00 — trading 115.4% above its estimated fair value. The current Beneish M-Score is -3.16. Realgate's overall GF Score™ is 42/100 with 6 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 Realgate (TSE:5532), the current Beneish M-Score is -3.16 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 Realgate (TSE:5532) Overvalued in 2026?

Based on GuruFocus' analysis, Realgate stock appears to be overvalued. The current stock price of 円3,180.00 is trading 115.4% above its estimated GF Value™ of 円1,476.04. GuruFocus considers Realgate to be Significantly Overvalued.

Key valuation signals for TSE:5532:

  • Beneish M-Score: -3.16
  • GF Value™: 円1,476.04 vs. price of 円3,180.00 (115.4% above fair value)
  • GF Score™: 42/100 with 6 warning signs

No single metric tells the full story. See the TSE:5532 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Realgate Business Description

Address 3-51-10 Sendagaya, PORTAL POINT HARAJUKU, Shibuya-ku, Tokyo, JPN, 151-0051
Realgate Inc is engaged in the Real estate consulting business, sales business, brokerage business, leasing business, management and operation business, construction and design supervision business, construction and interior construction contract business, and non-life insurance agency business. Realgate, a real estate revitalization company, has become a neighborhood development company.
42GF Score

Get the complete analysis for TSE:5532

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

円3,180.00
Price
円1,476.04
GF Value