SBI Aruhi (TSE:7198) Beneish M-Score: -2.04 (As of Jun. 30, 2026)

What is SBI Aruhi Beneish M-Score?

SBI Aruhi TSE:7198 -1.14% 62 Beneish M-Score is -2.04 as of Jun. 30, 2026. GuruFocus rates TSE:7198 with a GF Score™ of 62/100 and a GF Value™ of 円903.68 (Modestly Undervalued). The stock has 9 warning signs investors should review. Among 1,399 Banks companies, SBI Aruhi ranks worse than 89.56% 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:7198' s Beneish M-Score Range Over the Past 10 Years
Min: -2.63 Med: -2.12 Max: -1.9
Current: -2.04

During the past 11 years, the highest Beneish M-Score of SBI Aruhi was -1.90. The lowest was -2.63. And the median was -2.12.

SBI Aruhi Beneish M-Score Related Terms

SBI Aruhi Beneish M-Score Historical Data

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The historical data trend for SBI Aruhi'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.

SBI Aruhi Beneish M-Score Chart

SBI Aruhi Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.38

-2.63

-1.90

-2.19

-2.04

SBI Aruhi Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.19	-2.09	-2.22	-2.11	-2.04

TSE:7198 vs RKT, FNMA, PFSI: Beneish M-Score Comparison

For the Mortgage Finance subindustry, SBI Aruhi'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.

SBI Aruhi Beneish M-Score vs Banks Industry

For the Banks industry and Financial Services sector, SBI Aruhi's Beneish M-Score distribution charts can be found below:

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

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62GF Score

SBI Aruhi Corp TSE:7198

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

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SBI Aruhi 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 SBI Aruhi 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 * 1.0431

0.528 * 1

0.404 * 0.9011

0.892 * 1.1253

0.115 * 1.0608

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9279

4.679 * 0.072262

0.327 * 1.0814

-2.04

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円134,482 Mil.
Revenue was 6101 + 7190 + 6325 + 5470 = 円25,086 Mil.
Gross Profit was 6101 + 7190 + 6325 + 5470 = 円25,086 Mil.
Total Current Assets was 円189,591 Mil.
Total Assets was 円229,415 Mil.
Property, Plant and Equipment(Net PPE) was 円5,122 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,784 Mil.
Selling, General, & Admin. Expense(SGA) was 円14,567 Mil.
Total Current Liabilities was 円852 Mil.
Long-Term Debt & Capital Lease Obligation was 円132,182 Mil.
Net Income was 88 + 879 + 534 + 300 = 円1,801 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -15123 + -302 + 847 + -199 = 円-14,777 Mil.

Total Receivables was 円114,565 Mil.
Revenue was 5785 + 5772 + 5256 + 5479 = 円22,292 Mil.
Gross Profit was 5785 + 5772 + 5256 + 5479 = 円22,292 Mil.
Total Current Assets was 円167,167 Mil.
Total Assets was 円205,679 Mil.
Property, Plant and Equipment(Net PPE) was 円3,987 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,505 Mil.
Selling, General, & Admin. Expense(SGA) was 円13,950 Mil.
Total Current Liabilities was 円418 Mil.
Long-Term Debt & Capital Lease Obligation was 円109,877 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)
	=	(134482 / 25086)	/	(114565 / 22292)
	=	5.360839	/	5.139288
	=	1.0431

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)
	=	(22292 / 22292)	/	(25086 / 25086)
	=	1	/	1
	=	1

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 - (189591 + 5122) / 229415)	/	(1 - (167167 + 3987) / 205679)
	=	0.151263	/	0.167859
	=	0.9011

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
	=	25086	/	22292
	=	1.1253

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))
	=	(1505 / (1505 + 3987))	/	(1784 / (1784 + 5122))
	=	0.274035	/	0.258326
	=	1.0608

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)
	=	(14567 / 25086)	/	(13950 / 22292)
	=	0.580682	/	0.625785
	=	0.9279

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)
	=	((132182 + 852) / 229415)	/	((109877 + 418) / 205679)
	=	0.579884	/	0.536248
	=	1.0814

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
	=	(1801 - 0	-	-14777)	/	229415
	=	0.072262

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.

SBI Aruhi has a M-score of -2.04 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 -2.04 mean?

SBI Aruhi (TSE:7198) has a Beneish M-Score of -2.04 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SBI Aruhi and its competitors. According to the industry distribution chart, SBI Aruhi ranks #1253 out of 1399 companies in the Banks industry, placing it in the top 89.6%.

Is SBI Aruhi's Beneish M-Score too high?

SBI Aruhi's current Beneish M-Score is -2.04. Based on the distribution chart, SBI Aruhi ranks #1253 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, SBI Aruhi has a GF Score™ of 62/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does SBI Aruhi's Beneish M-Score compare to RKT and FNMA?

According to the Banks industry distribution chart, SBI Aruhi ranks #1253 out of 1399 companies for Beneish M-Score. This places SBI Aruhi 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 Banks company?

A good Beneish M-Score depends on the Banks 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 SBI Aruhi and its competitors. SBI Aruhi's current Beneish M-Score is -2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SBI Aruhi stock overvalued right now?

Based on GuruFocus' analysis, SBI Aruhi (TSE:7198) is currently considered Modestly Undervalued. The stock's GF Value™ is 円903.68, compared to a current price of 円783.00 — trading 13.4% below its estimated fair value. The current Beneish M-Score is -2.04. SBI Aruhi's overall GF Score™ is 62/100 with 9 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 SBI Aruhi (TSE:7198), the current Beneish M-Score is -2.04 as of Jun. 30, 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 SBI Aruhi (TSE:7198) Overvalued in 2026?

Based on GuruFocus' analysis, SBI Aruhi stock appears to be undervalued. The current stock price of 円783.00 is trading 13.4% below its estimated GF Value™ of 円903.68. GuruFocus considers SBI Aruhi to be Modestly Undervalued.

Key valuation signals for TSE:7198:

Beneish M-Score: -2.04
GF Value™: 円903.68 vs. price of 円783.00 (13.4% below fair value)
GF Score™: 62/100 with 9 warning signs

No single metric tells the full story. See the TSE:7198 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SBI Aruhi Business Description

Industry Financial Services Banks

Comparable Companies TSE:8772 TSE:7192 TSE:7196 TSE:196A RKT FNMA NSE:BAJAJHFL PFSI FMCC NSE:LICHSGFIN NSE:PNBHOUSING LSE:OSB NSE:AADHARHFC BOM:535789 LSE:PAG WD BOM:543335 BOM:543259 BOM:541988 BOM:511196

Address 1-6-1 Roppongi, Izumi Garden Tower 8th Floor, Minato-ku, Tokyo, JPN, 106-6008

Website https://www.sbiaruhi-group.jp

SBI Aruhi Corp is a Japan-based mortgage specialist financial institution. The company provides insurance brokerage, mortgage lending, bank agency and other services.

62GF Score

Get the complete analysis for TSE:7198

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

円783.00

Price

円903.68

GF Value

View TSE:7198 Analysis

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