ES-CON JAPAN (TSE:8892) Beneish M-Score: -2.24 (As of Jun. 27, 2026)

What is ES-CON JAPAN Beneish M-Score?

ES-CON JAPAN TSE:8892 +0.76% 65 Beneish M-Score is -2.24 as of Jun. 27, 2026. GuruFocus rates TSE:8892 with a GF Score™ of 65/100 and a GF Value™ of 円1,321.37 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, ES-CON JAPAN ranks worse than 58.2% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8892' s Beneish M-Score Range Over the Past 10 Years
Min: -2.24 Med: -1.79 Max: 1.34
Current: -2.24

During the past 13 years, the highest Beneish M-Score of ES-CON JAPAN was 1.34. The lowest was -2.24. And the median was -1.79.

ES-CON JAPAN Beneish M-Score Related Terms

ES-CON JAPAN Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ES-CON JAPAN'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.

ES-CON JAPAN Beneish M-Score Chart

ES-CON JAPAN Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Mar25

Mar26

Beneish M-Score

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-2.21

-2.20

-1.70

-1.88

-2.24

ES-CON JAPAN Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-1.88	0.00	0.00	0.00	-2.24

ES-CON JAPAN Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, ES-CON JAPAN'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.

ES-CON JAPAN Beneish M-Score vs Real Estate Industry

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

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

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65GF Score

ES-CON JAPAN Ltd TSE:8892

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

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ES-CON JAPAN 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 ES-CON JAPAN 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 * 0.9713

0.528 * 1.0727

0.404 * 0.9264

0.892 * 1.2062

0.115 * 1.0499

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7109

4.679 * 0.003588

0.327 * 1.002

-2.24

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円1,475 Mil.
Revenue was 円137,029 Mil.
Gross Profit was 円41,008 Mil.
Total Current Assets was 円372,134 Mil.
Total Assets was 円509,773 Mil.
Property, Plant and Equipment(Net PPE) was 円95,508 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,913 Mil.
Selling, General, & Admin. Expense(SGA) was 円5,555 Mil.
Total Current Liabilities was 円91,890 Mil.
Long-Term Debt & Capital Lease Obligation was 円309,006 Mil.
Net Income was 円12,191 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円10,362 Mil.

Total Receivables was 円1,259 Mil.
Revenue was 円113,603 Mil.
Gross Profit was 円36,469 Mil.
Total Current Assets was 円335,103 Mil.
Total Assets was 円459,847 Mil.
Property, Plant and Equipment(Net PPE) was 円83,719 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,685 Mil.
Selling, General, & Admin. Expense(SGA) was 円6,478 Mil.
Total Current Liabilities was 円95,654 Mil.
Long-Term Debt & Capital Lease Obligation was 円265,272 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)
	=	(1475 / 137029)	/	(1259 / 113603)
	=	0.010764	/	0.011082
	=	0.9713

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)
	=	(36469 / 113603)	/	(41008 / 137029)
	=	0.321021	/	0.299265
	=	1.0727

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 - (372134 + 95508) / 509773)	/	(1 - (335103 + 83719) / 459847)
	=	0.082647	/	0.089214
	=	0.9264

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
	=	137029	/	113603
	=	1.2062

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))
	=	(2685 / (2685 + 83719))	/	(2913 / (2913 + 95508))
	=	0.031075	/	0.029597
	=	1.0499

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)
	=	(5555 / 137029)	/	(6478 / 113603)
	=	0.040539	/	0.057023
	=	0.7109

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)
	=	((309006 + 91890) / 509773)	/	((265272 + 95654) / 459847)
	=	0.786421	/	0.784883
	=	1.002

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
	=	(12191 - 0	-	10362)	/	509773
	=	0.003588

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.

ES-CON JAPAN has a M-score of -2.24 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 -2.24 mean?

ES-CON JAPAN (TSE:8892) has a Beneish M-Score of -2.24 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ES-CON JAPAN and its competitors. According to the industry distribution chart, ES-CON JAPAN ranks #979 out of 1682 companies in the Real Estate industry, placing it in the top 58.2%.

Is ES-CON JAPAN's Beneish M-Score too high?

ES-CON JAPAN's current Beneish M-Score is -2.24. Based on the distribution chart, ES-CON JAPAN ranks #979 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, ES-CON JAPAN has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does ES-CON JAPAN's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, ES-CON JAPAN ranks #979 out of 1682 companies for Beneish M-Score. This places ES-CON JAPAN 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 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 ES-CON JAPAN and its competitors. ES-CON JAPAN's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ES-CON JAPAN stock overvalued right now?

Based on GuruFocus' analysis, ES-CON JAPAN (TSE:8892) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,321.37, compared to a current price of 円1,063.00 — trading 19.6% below its estimated fair value. The current Beneish M-Score is -2.24. ES-CON JAPAN's overall GF Score™ is 65/100 with 4 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 ES-CON JAPAN (TSE:8892), the current Beneish M-Score is -2.24 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.

Is ES-CON JAPAN (TSE:8892) Overvalued in 2026?

Based on GuruFocus' analysis, ES-CON JAPAN stock appears to be undervalued. The current stock price of 円1,063.00 is trading 19.6% below its estimated GF Value™ of 円1,321.37. GuruFocus considers ES-CON JAPAN to be Modestly Undervalued.

Key valuation signals for TSE:8892:

Beneish M-Score: -2.24
GF Value™: 円1,321.37 vs. price of 円1,063.00 (19.6% below fair value)
GF Score™: 65/100 with 4 warning signs

No single metric tells the full story. See the TSE:8892 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ES-CON JAPAN Business Description

Industry Real Estate Real Estate

Comparable Companies TSE:8871 TSE:8877 TSE:8897 TSE:3299 TSE:1847 TSE:1814 TSE:146A TSE:2983 TSE:5280 TSE:8931 HKSE:00016 HKSE:01109 DFM:EMAAR STC:VHM HKSE:00688 HKSE:01113 TSE:1925 ADX:ALDAR SGX:H78 DFM:EMAARDEV

Address 2-10-4 Toranomon, The Okura Prestige Tower 20th Floor, Minato-ku, Tokyo, JPN, 105-0001

Website https://www.es-conjapan.co.jp

ES-CON JAPAN Ltd is engaged in real estate development business. The company engages in New Urban Development, Residence, Commercial Facilities, Logistics Facilities, Hotels, Offices, Land Readjustment, Overseas, Social Development.

65GF Score

Get the complete analysis for TSE:8892

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

円1,063.00

Price

円1,321.37

GF Value

View TSE:8892 Analysis

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