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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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for San Holdings's Beneish M-Score or its related term are showing as below:
TSE:9628'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.93 Med: -2.48 Max: -1.49
Current: -2.72
During the past 13 years, the highest Beneish M-Score of San Holdings was -1.49. The lowest was -2.93. And the median was -2.48.
San Holdings Beneish M-Score Related Terms
San Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for San 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.
TSE:9628 vs ROL, SCI, FTDR: Beneish M-Score Comparison
For the Personal Services subindustry, San 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.
San Holdings Beneish M-Score vs Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, San Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where San Holdings'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 San Holdings 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 * 0.8797
+
0.528 * 0.9786
+
0.404 * 2.988
+
0.892 * 1.4255
+
0.115 * 0.7236
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 2.7365
+
4.679 * -0.011974
-
0.327 * 3.8
=
-2.72
* 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))
=
(941 / (941 + 22524))
/
(1855 / (1855 + 31615))
=
0.040102
/
0.055423
=
0.7236
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
=
(4721 - 0
-
5476)
/
63053
=
-0.011974
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.
San Holdings has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
San Holdings (TSE:9628) has a Beneish M-Score of -2.72 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on San Holdings and its competitors. According to the industry distribution chart, San Holdings ranks #39 out of 89 companies in the Personal Services industry, placing it in the top 43.8%.
Is San Holdings' Beneish M-Score too high?
San Holdings' current Beneish M-Score is -2.72. Based on the distribution chart, San Holdings ranks #39 out of 89 companies in the Personal Services industry, which is above the industry midpoint. Overall, San Holdings has a GF Score™ of 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does San Holdings' Beneish M-Score compare to ROL and SCI?
According to the Personal Services industry distribution chart, San Holdings ranks #39 out of 89 companies for Beneish M-Score. This puts San 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 Personal Services company?
A good Beneish M-Score depends on the Personal Services 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 San Holdings and its competitors. San Holdings's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is San Holdings stock overvalued right now?
Based on GuruFocus' analysis, San Holdings (TSE:9628) is currently considered Significantly Undervalued. The stock's GF Value™ is 円2,106.08, compared to a current price of 円1,433.00 — trading 32% below its estimated fair value. The current Beneish M-Score is -2.72. San Holdings' overall GF Score™ is 79/100 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 San Holdings (TSE:9628), the current Beneish M-Score is -2.72 as of Jul. 14, 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 San Holdings (TSE:9628) Overvalued in 2026?
Based on GuruFocus' analysis, San Holdings stock appears to be undervalued.
The current stock price of 円1,433.00 is trading 32% below its estimated GF Value™ of 円2,106.08.
GuruFocus considers San Holdings to be Significantly Undervalued.
Key valuation signals for TSE:9628:
Beneish M-Score: -2.72
GF Value™: 円2,106.08 vs. price of 円1,433.00 (32% below fair value)
No single metric tells the full story. See the TSE:9628 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
San Holdings Inc is a Japan-based holding company along with its subsidiaries the firm is engaged in funerary business. It arranges funerals and provides funerary services according to individual customers.
79GF Score
Get the complete analysis for TSE:9628
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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