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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Fukuoka REIT's Beneish M-Score or its related term are showing as below:
TSE:8968'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.32 Max: -1.7
Current: -2.31
During the past 13 years, the highest Beneish M-Score of Fukuoka REIT was -1.70. The lowest was -2.99. And the median was -2.32.
Fukuoka REIT Beneish M-Score Related Terms
Fukuoka REIT Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Fukuoka REIT'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.
For the REIT - Diversified subindustry, Fukuoka REIT'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.
Fukuoka REIT Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, Fukuoka REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fukuoka REIT'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 Fukuoka REIT 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 * 1.2899
+
0.528 * 0.9544
+
0.404 * 0.9438
+
0.892 * 1.0536
+
0.115 * 1.0021
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0213
+
4.679 * -0.016092
-
0.327 * 1.0572
=
-2.31
* 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))
=
(3031.33 / (3031.33 + 185374.532))
/
(3223.538 / (3223.538 + 197548.117))
=
0.016089
/
0.016056
=
1.0021
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
=
(6446.086 - 0
-
9907.316)
/
215083.946
=
-0.016092
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.
Fukuoka REIT has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
Fukuoka REIT (TSE:8968) has a Beneish M-Score of -2.31 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fukuoka REIT and its competitors. According to the industry distribution chart, Fukuoka REIT ranks #494 out of 764 companies in the REITs industry, placing it in the top 64.7%.
Is Fukuoka REIT's Beneish M-Score too high?
Fukuoka REIT's current Beneish M-Score is -2.31. Based on the distribution chart, Fukuoka REIT ranks #494 out of 764 companies in the REITs industry, which is below the industry midpoint. Overall, Fukuoka REIT has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fukuoka REIT's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Fukuoka REIT ranks #494 out of 764 companies for Beneish M-Score. This places Fukuoka REIT 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 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 Fukuoka REIT and its competitors. Fukuoka REIT's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fukuoka REIT stock overvalued right now?
Based on GuruFocus' analysis, Fukuoka REIT (TSE:8968) is currently considered Fairly Valued. The stock's GF Value™ is 円177,136.95, compared to a current price of 円173,100.00 — trading 2.3% below its estimated fair value. The current Beneish M-Score is -2.31. Fukuoka REIT's overall GF Score™ is 64/100 with 5 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 Fukuoka REIT (TSE:8968), the current Beneish M-Score is -2.31 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 Fukuoka REIT (TSE:8968) Overvalued in 2026?
Based on GuruFocus' analysis, Fukuoka REIT stock appears to be undervalued.
The current stock price of 円173,100.00 is trading 2.3% below its estimated GF Value™ of 円177,136.95.
GuruFocus considers Fukuoka REIT to be Fairly Valued.
Key valuation signals for TSE:8968:
Beneish M-Score: -2.31
GF Value™: 円177,136.95 vs. price of 円173,100.00 (2.3% below fair value)
No single metric tells the full story. See the TSE:8968 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fukuoka REIT Corp is an REIT based in Japan. The company manages a portfolio with a focus on entertainment retail facilities and office buildings in the Fukuoka metropolitan area and other neighbouring areas in the Kyushu region. Fukuoka REIT's asset manager, Fukuoka Realty, provides real estate management, acquisition, arrangement of new property, fundraising, and other operations under contracts. The firm diversifies in retail, office buildings, and other types of property, including residences, hotels, logistics facilities, and public and other facilities. Retail property represents more than half of the portfolio assets.
64GF Score
Get the complete analysis for TSE:8968
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:8968 has been successfully added to your 
