SBI Shinsei Bank (TSE:8303) Beneish M-Score: -2.67 (As of Jun. 27, 2026)


TSE:8303 SBI Shinsei Bank Ltd TSE:8303
30 GF Score
Price 円1,389.50
! 1 Warning Sign
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What is SBI Shinsei Bank Beneish M-Score?

SBI Shinsei Bank TSE:8303 -0.39% 30 Beneish M-Score is -2.67 as of Jun. 27, 2026. GuruFocus rates TSE:8303 with a GF Score™ of 30/100. The stock has 1 warning sign investors should review. Among 1,397 Banks companies, SBI Shinsei Bank ranks better than 85.18% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8303' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.61   Max: -2.27
Current: -2.67

During the past 13 years, the highest Beneish M-Score of SBI Shinsei Bank was -2.27. The lowest was -2.82. And the median was -2.61.

TSE:8303
30GF Score
SBI Shinsei Bank Ltd TSE:8303
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SBI Shinsei Bank 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 Shinsei Bank 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 * 1+0.528 * 1+0.404 * 1.0006+0.892 * 1.1844+0.115 * 1.0518
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8886+4.679 * -0.072782-0.327 * 1.1263
=-2.67

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円0 Mil.
Revenue was 円517,502 Mil.
Gross Profit was 円517,502 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円24,741,359 Mil.
Property, Plant and Equipment(Net PPE) was 円59,321 Mil.
Depreciation, Depletion and Amortization(DDA) was 円16,337 Mil.
Selling, General, & Admin. Expense(SGA) was 円176,257 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,970,826 Mil.
Net Income was 円113,415 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,914,143 Mil.
 Total Receivables was 円0 Mil.
Revenue was 円436,946 Mil.
Gross Profit was 円436,946 Mil.
Total Current Assets was 円0 Mil.
Total Assets was 円20,329,862 Mil.
Property, Plant and Equipment(Net PPE) was 円60,364 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,739 Mil.
Selling, General, & Admin. Expense(SGA) was 円167,471 Mil.
Total Current Liabilities was 円0 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,167,442 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)
=(0 / 517502) / (0 / 436946)
=0 / 0
=1

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)
=(436946 / 436946) / (517502 / 517502)
=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 - (0 + 59321) / 24741359) / (1 - (0 + 60364) / 20329862)
=0.997602 / 0.997031
=1.0006

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
=517502 / 436946
=1.1844

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))
=(17739 / (17739 + 60364)) / (16337 / (16337 + 59321))
=0.227123 / 0.215932
=1.0518

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)
=(176257 / 517502) / (167471 / 436946)
=0.340592 / 0.383276
=0.8886

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)
=((2970826 + 0) / 24741359) / ((2167442 + 0) / 20329862)
=0.120075 / 0.106614
=1.1263

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
=(113415 - 0 - 1914143) / 24741359
=-0.072782

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 Shinsei Bank has a M-score of -2.67 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 -2.67 mean?
SBI Shinsei Bank (TSE:8303) has a Beneish M-Score of -2.67 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SBI Shinsei Bank and its competitors. According to the industry distribution chart, SBI Shinsei Bank ranks #207 out of 1397 companies in the Banks industry, placing it in the top 14.8%.
Is SBI Shinsei Bank's Beneish M-Score too high?
SBI Shinsei Bank's current Beneish M-Score is -2.67. Based on the distribution chart, SBI Shinsei Bank ranks #207 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, SBI Shinsei Bank has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does SBI Shinsei Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, SBI Shinsei Bank ranks #207 out of 1397 companies for Beneish M-Score. This places SBI Shinsei Bank in the top 15% 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 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 Shinsei Bank and its competitors. SBI Shinsei Bank's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SBI Shinsei Bank stock overvalued right now?
SBI Shinsei Bank (TSE:8303) has a current Beneish M-Score of -2.67. The current Beneish M-Score is -2.67. SBI Shinsei Bank's overall GF Score™ is 30/100 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 SBI Shinsei Bank (TSE:8303), the current Beneish M-Score is -2.67 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.

SBI Shinsei Bank Business Description

Address Nihonbashi Muromachi Nomura Building, 4-3, Nihonbashi-muromachi 2-chome, Chuo-ku, Tokyo, JPN, 103-8303
SBI Shinsei Bank Ltd is a commercial bank in Japan. It provides a broad range of value-added financial solutions to institutional and individual customers under the banner of "Better Banking. It offers PowerFlex account, free ATM network and internet banking service, and customer-friendly financial centers have redefined the Japanese retail banking experience.
30GF Score

Get the complete analysis for TSE:8303

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

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