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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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Saibu Gas Holdings Co's Beneish M-Score or its related term are showing as below:
TSE:9536'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.62 Max: -2.33
Current: -2.66
During the past 13 years, the highest Beneish M-Score of Saibu Gas Holdings Co was -2.33. The lowest was -2.78. And the median was -2.62.
Saibu Gas Holdings Co Beneish M-Score Related Terms
Saibu Gas Holdings Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Saibu Gas Holdings Co'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 Utilities - Regulated Gas subindustry, Saibu Gas Holdings Co'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.
Saibu Gas Holdings Co Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Saibu Gas Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Saibu Gas Holdings Co'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 Saibu Gas Holdings Co 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 * 0.8629
+
0.528 * 0.9754
+
0.404 * 1.2221
+
0.892 * 1.029
+
0.115 * 1.1671
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.03903
-
0.327 * 0.9714
=
-2.66
* 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))
=
(18270 / (18270 + 231090))
/
(15687 / (15687 + 234185))
=
0.073268
/
0.06278
=
1.1671
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
=
(7147 - 0
-
25329)
/
465845
=
-0.03903
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.
Saibu Gas Holdings Co has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Saibu Gas Holdings Co (TSE:9536) has a Beneish M-Score of -2.66 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saibu Gas Holdings Co and its competitors. According to the industry distribution chart, Saibu Gas Holdings Co ranks #200 out of 488 companies in the Utilities - Regulated industry, placing it in the top 41%.
Is Saibu Gas Holdings Co's Beneish M-Score too high?
Saibu Gas Holdings Co's current Beneish M-Score is -2.66. Based on the distribution chart, Saibu Gas Holdings Co ranks #200 out of 488 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Saibu Gas Holdings Co has a GF Score™ of 62/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Saibu Gas Holdings Co's Beneish M-Score compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Saibu Gas Holdings Co ranks #200 out of 488 companies for Beneish M-Score. This puts Saibu Gas Holdings Co 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Saibu Gas Holdings Co and its competitors. Saibu Gas Holdings Co's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saibu Gas Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, Saibu Gas Holdings Co (TSE:9536) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,923.91, compared to a current price of 円2,349.00 — trading 22.1% above its estimated fair value. The current Beneish M-Score is -2.66. Saibu Gas Holdings Co's overall GF Score™ is 62/100 with 3 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 Saibu Gas Holdings Co (TSE:9536), the current Beneish M-Score is -2.66 as of Jul. 22, 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 Saibu Gas Holdings Co (TSE:9536) Overvalued in 2026?
Based on GuruFocus' analysis, Saibu Gas Holdings Co stock appears to be overvalued.
The current stock price of 円2,349.00 is trading 22.1% above its estimated GF Value™ of 円1,923.91.
GuruFocus considers Saibu Gas Holdings Co to be Modestly Overvalued.
Key valuation signals for TSE:9536:
Beneish M-Score: -2.66
GF Value™: 円1,923.91 vs. price of 円2,349.00 (22.1% above fair value)
No single metric tells the full story. See the TSE:9536 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Saibu Gas Holdings Co Ltd is a Japanese natural gas utility that produces, supplies, and sells natural gas and petroleum products. The company segments its operations into gas, liquefied petroleum gas, real estate, and "other" business units. The company primarily distributes and sells natural gas and LPG in the Fukuoka and Kitakyushu areas in the northern part of the Japanese island of Kyushu. Saibu sells gas and liquefied natural gas products to a variety of utility and industrial customers through long-term agreements. The company also is involved in the heating, gas equipment, and photovoltaic power generation business through its other activities.
62GF Score
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