BSN Media Holdings (TSE:9408) Beneish M-Score: -2.59 (As of Jun. 28, 2026)

What is BSN Media Holdings Beneish M-Score?

BSN Media Holdings TSE:9408 61 Beneish M-Score is -2.59 as of Jun. 28, 2026. GuruFocus rates TSE:9408 with a GF Score™ of 61/100 and a GF Value™ of 円1,897.47 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,632 Software companies, BSN Media Holdings ranks better than 53.15% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BSN Media Holdings's Beneish M-Score or its related term are showing as below:

TSE:9408' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.56 Max: -2.26
Current: -2.59

During the past 13 years, the highest Beneish M-Score of BSN Media Holdings was -2.26. The lowest was -3.02. And the median was -2.56.

BSN Media Holdings Beneish M-Score Related Terms

BSN Media Holdings Beneish M-Score Historical Data

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The historical data trend for BSN Media Holdings'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.

BSN Media Holdings Beneish M-Score Chart

BSN Media Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-3.02

-2.45

-2.26

-2.40

-2.59

BSN Media Holdings 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															-2.26	0.00	-2.40	0.00	-2.59

TSE:9408 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, BSN Media Holdings'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.

BSN Media Holdings Beneish M-Score vs Software Industry

For the Software industry and Technology sector, BSN Media Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BSN Media Holdings's Beneish M-Score falls into.

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61GF Score

BSN Media Holdings Inc TSE:9408

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

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BSN Media Holdings 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 BSN Media Holdings 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 * 0.8884

0.528 * 1.0103

0.404 * 1.1558

0.892 * 1.0567

0.115 * 1.0264

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.029265

0.327 * 0.9806

-2.59

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円5,436 Mil.
Revenue was 円25,757 Mil.
Gross Profit was 円6,825 Mil.
Total Current Assets was 円16,530 Mil.
Total Assets was 円36,938 Mil.
Property, Plant and Equipment(Net PPE) was 円7,724 Mil.
Depreciation, Depletion and Amortization(DDA) was 円902 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,505 Mil.
Long-Term Debt & Capital Lease Obligation was 円812 Mil.
Net Income was 円1,385 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,466 Mil.

Total Receivables was 円5,790 Mil.
Revenue was 円24,375 Mil.
Gross Profit was 円6,526 Mil.
Total Current Assets was 円16,054 Mil.
Total Assets was 円33,315 Mil.
Property, Plant and Equipment(Net PPE) was 円7,363 Mil.
Depreciation, Depletion and Amortization(DDA) was 円885 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,151 Mil.
Long-Term Debt & Capital Lease Obligation was 円659 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)
	=	(5435.673 / 25756.581)	/	(5790.29 / 24375.376)
	=	0.21104	/	0.237547
	=	0.8884

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)
	=	(6525.522 / 24375.376)	/	(6825.146 / 25756.581)
	=	0.26771	/	0.264986
	=	1.0103

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 - (16530.456 + 7723.958) / 36937.572)	/	(1 - (16054.457 + 7362.558) / 33314.508)
	=	0.343367	/	0.297093
	=	1.1558

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
	=	25756.581	/	24375.376
	=	1.0567

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))
	=	(885.392 / (885.392 + 7362.558))	/	(902.196 / (902.196 + 7723.958))
	=	0.107347	/	0.104588
	=	1.0264

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)
	=	(0 / 25756.581)	/	(0 / 24375.376)
	=	0	/	0
	=	1

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)
	=	((812.14 + 5504.593) / 36937.572)	/	((658.662 + 5151.413) / 33314.508)
	=	0.171011	/	0.174401
	=	0.9806

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
	=	(1384.928 - 0	-	2465.894)	/	36937.572
	=	-0.029265

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.

BSN Media Holdings has a M-score of -2.59 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 -2.59 mean?

BSN Media Holdings (TSE:9408) has a Beneish M-Score of -2.59 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BSN Media Holdings and its competitors. According to the industry distribution chart, BSN Media Holdings ranks #1233 out of 2632 companies in the Software industry, placing it in the top 46.8%.

Is BSN Media Holdings' Beneish M-Score too high?

BSN Media Holdings' current Beneish M-Score is -2.59. Based on the distribution chart, BSN Media Holdings ranks #1233 out of 2632 companies in the Software industry, which is above the industry midpoint. Overall, BSN Media Holdings has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does BSN Media Holdings' Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, BSN Media Holdings ranks #1233 out of 2632 companies for Beneish M-Score. This puts BSN Media Holdings 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 Software company?

A good Beneish M-Score depends on the Software 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 BSN Media Holdings and its competitors. BSN Media Holdings's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is BSN Media Holdings stock overvalued right now?

Based on GuruFocus' analysis, BSN Media Holdings (TSE:9408) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,897.47, compared to a current price of 円2,750.00 — trading 44.9% above its estimated fair value. The current Beneish M-Score is -2.59. BSN Media Holdings' overall GF Score™ is 61/100 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 BSN Media Holdings (TSE:9408), the current Beneish M-Score is -2.59 as of Jun. 28, 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 BSN Media Holdings (TSE:9408) Overvalued in 2026?

Based on GuruFocus' analysis, BSN Media Holdings stock appears to be overvalued. The current stock price of 円2,750.00 is trading 44.9% above its estimated GF Value™ of 円1,897.47. GuruFocus considers BSN Media Holdings to be Significantly Overvalued.

Key valuation signals for TSE:9408:

Beneish M-Score: -2.59
GF Value™: 円1,897.47 vs. price of 円2,750.00 (44.9% above fair value)
GF Score™: 61/100 with 4 warning signs

No single metric tells the full story. See the TSE:9408 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BSN Media Holdings Business Description

Industry Technology Software

Comparable Companies TSE:4053 TSE:3676 TSE:431A TSE:2354 TSE:3997 TSE:436A TSE:3925 TSE:4498 TSE:4761 TSE:4055 IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH

Address 3-18 Kawagishi-cho, Niigata, JPN, 951-8655

Website https://www.ohbsn.com

BSN Media Holdings Inc is engaged in basic broadcasting and general broadcasting business. The business activities of the company include planning, production, and sale of broadcast programs, entertainment of various kinds of events like art, music, and sports, and publications. The company's operating segments are Broadcasting Business, System-related Business, Building Services, and Other Businesses. The Broadcasting Business is mainly engaged in general radio and television broadcasting. The System-related business is mainly engaged in IT solution-related businesses such as system integration. The Building Services and Other Business is mainly engaged in building management and real estate business. The majority of its revenue is generated from the System-related Business.

61GF Score

Get the complete analysis for TSE:9408

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

円2,750.00

Price

円1,897.47

GF Value

View TSE:9408 Analysis

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