Elitz Holdings Co (TSE:5533) Beneish M-Score: -2.44 (As of Jul. 11, 2026)


TSE:5533 Elitz Holdings Co Ltd TSE:5533
64 GF Score
Price 円2,049.00
GF Value 円2,062.83
Valuation Fairly Valued
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What is Elitz Holdings Co Beneish M-Score?

Elitz Holdings Co TSE:5533 +1.09% 64 Beneish M-Score is -2.44 as of Jul. 11, 2026. GuruFocus rates TSE:5533 with a GF Score™ of 64/100 and a GF Value™ of 円2,062.83 (Fairly Valued). Among 1,683 Real Estate companies, Elitz Holdings Co ranks better than 55.32% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5533' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59   Med: -2.44   Max: -2.34
Current: -2.44

During the past 5 years, the highest Beneish M-Score of Elitz Holdings Co was -2.34. The lowest was -2.59. And the median was -2.44.

Elitz Holdings Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Elitz 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.

Elitz Holdings Co Beneish M-Score Chart

Elitz Holdings Co Annual Data
Trend Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.59 -2.34 -2.44

Elitz Holdings Co 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 -2.34 0.00 -2.44 0.00

TSE:5533 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Elitz 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.

Elitz Holdings Co Beneish M-Score vs Real Estate Industry

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

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


TSE:5533
64GF Score
Elitz Holdings Co Ltd TSE:5533
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Elitz Holdings Co 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 Elitz 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 * 0.9741+0.528 * 1.0143+0.404 * 1.0331+0.892 * 1.0943+0.115 * 0.9374
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.017772-0.327 * 0.8459
=-2.44

* 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302 Mil.
Revenue was 円6,386 Mil.
Gross Profit was 円4,871 Mil.
Total Current Assets was 円5,724 Mil.
Total Assets was 円9,552 Mil.
Property, Plant and Equipment(Net PPE) was 円3,129 Mil.
Depreciation, Depletion and Amortization(DDA) was 円140 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,028 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,659 Mil.
Net Income was 円699 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円869 Mil.
 Total Receivables was 円283 Mil.
Revenue was 円5,836 Mil.
Gross Profit was 円4,515 Mil.
Total Current Assets was 円5,355 Mil.
Total Assets was 円9,080 Mil.
Property, Plant and Equipment(Net PPE) was 円3,082 Mil.
Depreciation, Depletion and Amortization(DDA) was 円129 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,337 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,807 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)
=(302.119 / 6385.724) / (283.43 / 5835.613)
=0.047312 / 0.048569
=0.9741

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)
=(4515.439 / 5835.613) / (4871.354 / 6385.724)
=0.773773 / 0.762851
=1.0143

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 - (5723.715 + 3128.695) / 9551.518) / (1 - (5354.732 + 3081.786) / 9079.805)
=0.073193 / 0.070848
=1.0331

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
=6385.724 / 5835.613
=1.0943

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))
=(128.899 / (128.899 + 3081.786)) / (139.999 / (139.999 + 3128.695))
=0.040147 / 0.04283
=0.9374

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 / 6385.724) / (0 / 5835.613)
=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)
=((1658.962 + 2027.95) / 9551.518) / ((1806.585 + 2336.93) / 9079.805)
=0.386003 / 0.456344
=0.8459

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
=(699.29 - 0 - 869.044) / 9551.518
=-0.017772

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.

Elitz Holdings Co has a M-score of -2.44 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 -2.44 mean?
Elitz Holdings Co (TSE:5533) has a Beneish M-Score of -2.44 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elitz Holdings Co and its competitors. According to the industry distribution chart, Elitz Holdings Co ranks #752 out of 1683 companies in the Real Estate industry, placing it in the top 44.7%.
Is Elitz Holdings Co's Beneish M-Score too high?
Elitz Holdings Co's current Beneish M-Score is -2.44. Based on the distribution chart, Elitz Holdings Co ranks #752 out of 1683 companies in the Real Estate industry, which is above the industry midpoint. Overall, Elitz Holdings Co has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Elitz Holdings Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Elitz Holdings Co ranks #752 out of 1683 companies for Beneish M-Score. This puts Elitz 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 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 Elitz Holdings Co and its competitors. Elitz Holdings Co's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Elitz Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, Elitz Holdings Co (TSE:5533) is currently considered Fairly Valued. The stock's GF Value™ is 円2,062.83, compared to a current price of 円2,049.00 — trading 0.7% below its estimated fair value. The current Beneish M-Score is -2.44. Elitz Holdings Co's overall GF Score™ is 64/100. 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 Elitz Holdings Co (TSE:5533), the current Beneish M-Score is -2.44 as of Jul. 11, 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 Elitz Holdings Co (TSE:5533) Overvalued in 2026?

Based on GuruFocus' analysis, Elitz Holdings Co stock appears to be undervalued. The current stock price of 円2,049.00 is trading 0.7% below its estimated GF Value™ of 円2,062.83. GuruFocus considers Elitz Holdings Co to be Fairly Valued.

Key valuation signals for TSE:5533:

  • Beneish M-Score: -2.44
  • GF Value™: 円2,062.83 vs. price of 円2,049.00 (0.7% below fair value)
  • GF Score™: 64/100

No single metric tells the full story. See the TSE:5533 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Elitz Holdings Co Business Description

Address 55-1 Sambo Horikawacho, Aneyakoji-agaru Horikawa-dori, Elitz Oike building, Nakagyo ward, Kyoto, JPN, 604-8266
Elitz Holdings Co Ltd is engaged in Real estate leasing operations, Real estate fund administration, Real estate planning and consulting, Recruitment agency, Management of group companies engaged in real estate brokerage and administration business, system development and sales business, and incidental operation.
64GF Score

Get the complete analysis for TSE:5533

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

円2,049.00
Price
円2,062.83
GF Value