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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 Orix Jreit's Beneish M-Score or its related term are showing as below:
TSE:8954'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -2.55 Max: -1.7
Current: -2.67
During the past 13 years, the highest Beneish M-Score of Orix Jreit was -1.70. The lowest was -2.72. And the median was -2.55.
Orix Jreit Beneish M-Score Related Terms
Orix Jreit Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Orix Jreit'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.
TSE:8954 vs BXP, ARE, VNO: Beneish M-Score Comparison
For the REIT - Office subindustry, Orix Jreit'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.
Orix Jreit Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, Orix Jreit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orix Jreit's Beneish M-Score falls into.
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 Orix Jreit 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 * 0.895
+
0.528 * 0.9486
+
0.404 * 1.1116
+
0.892 * 0.9828
+
0.115 * 1.03
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0391
+
4.679 * -0.015329
-
0.327 * 1.0503
=
-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.
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.
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))
=
(7830 / (7830 + 645911))
/
(8066 / (8066 + 685627))
=
0.011977
/
0.011628
=
1.03
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
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
=
(23511 - 0
-
34524)
/
718423
=
-0.015329
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.
Orix Jreit has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
Orix Jreit (TSE:8954) has a Beneish M-Score of -2.67 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Orix Jreit and its competitors. According to the industry distribution chart, Orix Jreit ranks #223 out of 754 companies in the REITs industry, placing it in the top 29.6%.
Is Orix Jreit's Beneish M-Score too high?
Orix Jreit's current Beneish M-Score is -2.67. Based on the distribution chart, Orix Jreit ranks #223 out of 754 companies in the REITs industry, which is above the industry midpoint. Overall, Orix Jreit has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Orix Jreit's Beneish M-Score compare to BXP and ARE?
According to the REITs industry distribution chart, Orix Jreit ranks #223 out of 754 companies for Beneish M-Score. This puts Orix Jreit 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 Orix Jreit and its competitors. Orix Jreit'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 Orix Jreit stock overvalued right now?
Based on GuruFocus' analysis, Orix Jreit (TSE:8954) is currently considered Fairly Valued. The stock's GF Value™ is 円101,646.15, compared to a current price of 円101,700.00 — trading 0.1% above its estimated fair value. The current Beneish M-Score is -2.67. Orix Jreit's overall GF Score™ is 71/100 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 Orix Jreit (TSE:8954), the current Beneish M-Score is -2.67 as of Jul. 25, 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 Orix Jreit (TSE:8954) Overvalued in 2026?
Based on GuruFocus' analysis, Orix Jreit stock appears to be overvalued.
The current stock price of 円101,700.00 is trading 0.1% above its estimated GF Value™ of 円101,646.15.
GuruFocus considers Orix Jreit to be Fairly Valued.
Key valuation signals for TSE:8954:
Beneish M-Score: -2.67
GF Value™: 円101,646.15 vs. price of 円101,700.00 (0.1% above fair value)
No single metric tells the full story. See the TSE:8954 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Orix Jreit Inc is a real estate investment trust engaged in the acquisition, ownership, and leasing of properties throughout Japan. In terms of asset acquisition price, the majority of the company's real estate portfolio comprises office buildings. Retail facilities and residential properties together also make up a considerable percentage of this portfolio. Orix JREIT's real estate assets are mostly located in the Greater Tokyo area, with those in the Central Wards of Tokyo representing the geographic segment in terms of property acquisition price. The company derives nearly all of its income in the form of rental revenue from tenants.
71GF Score
Get the complete analysis for TSE:8954
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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