Japan Real Estate Investment (TSE:8952) Beneish M-Score: -2.71 (As of Jun. 26, 2026)

What is Japan Real Estate Investment Beneish M-Score?

Japan Real Estate Investment TSE:8952 +1.72% 64 Beneish M-Score is -2.71 as of Jun. 26, 2026. GuruFocus rates TSE:8952 with a GF Score™ of 64/100 and a GF Value™ of 円111,805.74 (Fairly Valued). The stock has 6 warning signs investors should review. Among 764 REITs companies, Japan Real Estate Investment ranks better than 73.95% 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8952' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77 Med: -2.39 Max: -2.26
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Japan Real Estate Investment was -2.26. The lowest was -2.77. And the median was -2.39.

Japan Real Estate Investment Beneish M-Score Related Terms

Japan Real Estate Investment Beneish M-Score Historical Data

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The historical data trend for Japan Real Estate Investment'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.

Japan Real Estate Investment Beneish M-Score Chart

Japan Real Estate Investment Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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-2.77

-2.29

-2.40

-2.26

-2.71

Japan Real Estate Investment Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.26	0.00	-2.71	0.00

TSE:8952 vs BXP, ARE, VNO: Beneish M-Score Comparison

For the REIT - Office subindustry, Japan Real Estate Investment'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.

Japan Real Estate Investment Beneish M-Score vs REITs Industry

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

* The bar in red indicates where Japan Real Estate Investment's Beneish M-Score falls into.

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64GF Score

Japan Real Estate Investment Corp TSE:8952

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

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Japan Real Estate Investment 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 Japan Real Estate Investment 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 * 0.8755

0.528 * 1.0217

0.404 * 1.0125

0.892 * 1.0001

0.115 * 1.018

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.976

4.679 * -0.028906

0.327 * 1.0005

-2.71

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was 円662 Mil.
Revenue was 円84,002 Mil.
Gross Profit was 円45,033 Mil.
Total Current Assets was 円30,703 Mil.
Total Assets was 円1,076,615 Mil.
Property, Plant and Equipment(Net PPE) was 円1,033,794 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12,300 Mil.
Selling, General, & Admin. Expense(SGA) was 円4,667 Mil.
Total Current Liabilities was 円93,026 Mil.
Long-Term Debt & Capital Lease Obligation was 円379,493 Mil.
Net Income was 円36,669 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円67,790 Mil.

Total Receivables was 円756 Mil.
Revenue was 円83,996 Mil.
Gross Profit was 円46,008 Mil.
Total Current Assets was 円31,965 Mil.
Total Assets was 円1,069,551 Mil.
Property, Plant and Equipment(Net PPE) was 円1,025,696 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12,426 Mil.
Selling, General, & Admin. Expense(SGA) was 円4,781 Mil.
Total Current Liabilities was 円128,310 Mil.
Long-Term Debt & Capital Lease Obligation was 円340,893 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)
	=	(661.865 / 84001.515)	/	(755.894 / 83995.821)
	=	0.007879	/	0.008999
	=	0.8755

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)
	=	(46007.804 / 83995.821)	/	(45032.808 / 84001.515)
	=	0.547739	/	0.536095
	=	1.0217

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 - (30702.952 + 1033793.827) / 1076614.782)	/	(1 - (31964.576 + 1025696.203) / 1069551.22)
	=	0.011256	/	0.011117
	=	1.0125

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
	=	84001.515	/	83995.821
	=	1.0001

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))
	=	(12426.044 / (12426.044 + 1025696.203))	/	(12300.105 / (12300.105 + 1033793.827))
	=	0.01197	/	0.011758
	=	1.018

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)
	=	(4666.627 / 84001.515)	/	(4781.031 / 83995.821)
	=	0.055554	/	0.05692
	=	0.976

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)
	=	((379493.175 + 93026.295) / 1076614.782)	/	((340893.175 + 128310.153) / 1069551.22)
	=	0.438894	/	0.438692
	=	1.0005

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
	=	(36669.162 - 0	-	67789.924)	/	1076614.782
	=	-0.028906

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.

Japan Real Estate Investment has a M-score of -2.71 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 -2.71 mean?

Japan Real Estate Investment (TSE:8952) has a Beneish M-Score of -2.71 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Japan Real Estate Investment and its competitors. According to the industry distribution chart, Japan Real Estate Investment ranks #199 out of 764 companies in the REITs industry, placing it in the top 26%.

Is Japan Real Estate Investment's Beneish M-Score too high?

Japan Real Estate Investment's current Beneish M-Score is -2.71. Based on the distribution chart, Japan Real Estate Investment ranks #199 out of 764 companies in the REITs industry, which is above the industry midpoint. Overall, Japan Real Estate Investment has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Japan Real Estate Investment's Beneish M-Score compare to BXP and ARE?

According to the REITs industry distribution chart, Japan Real Estate Investment ranks #199 out of 764 companies for Beneish M-Score. This puts Japan Real Estate Investment 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 REITs company?

A good Beneish M-Score depends on the REITs 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 Japan Real Estate Investment and its competitors. Japan Real Estate Investment's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Japan Real Estate Investment stock overvalued right now?

Based on GuruFocus' analysis, Japan Real Estate Investment (TSE:8952) is currently considered Fairly Valued. The stock's GF Value™ is 円111,805.74, compared to a current price of 円118,000.00 — trading 5.5% above its estimated fair value. The current Beneish M-Score is -2.71. Japan Real Estate Investment's overall GF Score™ is 64/100 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 Japan Real Estate Investment (TSE:8952), the current Beneish M-Score is -2.71 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 Japan Real Estate Investment (TSE:8952) Overvalued in 2026?

Based on GuruFocus' analysis, Japan Real Estate Investment stock appears to be overvalued. The current stock price of 円118,000.00 is trading 5.5% above its estimated GF Value™ of 円111,805.74. GuruFocus considers Japan Real Estate Investment to be Fairly Valued.

Key valuation signals for TSE:8952:

Beneish M-Score: -2.71
GF Value™: 円111,805.74 vs. price of 円118,000.00 (5.5% above fair value)
GF Score™: 64/100 with 6 warning signs

No single metric tells the full story. See the TSE:8952 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Japan Real Estate Investment Business Description

Industry Real Estate REITs

Comparable Companies TSE:8951 TSE:8954 TSE:8976 TSE:3295 TSE:8987 TSE:3296 TSE:8975 TSE:8958 TSE:3290 TSE:2972 XMAD:MRL BXP ARE VNO XPAR:GFC SGX:N2IU SGX:AJBU CUZ ASX:DXS BOM:542602

Other Exchanges JUA:Germany

Address OTEMACHI Park Building 1-1-1 Otemachi, Chiyoda-ku, Tokyo, JPN, 100-0004

Website https://www.j-re.co.jp

Japan Real Estate Investment Corp, or J-REIT, is a Japanese real estate investment trust that invests in, owns, and leases office properties. The vast majority of the company's real estate portfolio is located within Tokyo's 23 wards and the Tokyo metropolitan area in terms of total value. Within this area, J-REIT's offices reside within the Tokyo central business district. The company derives nearly all of its income in the form of rental revenue from the leasing of its office properties. While J-REIT tenants hail from a diverse assortment of industries, firms from the service, information services, electric devices, and financial services industries are its customers.

64GF Score

Get the complete analysis for TSE:8952

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

円118,000.00

Price

円111,805.74

GF Value

View TSE:8952 Analysis

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