Greenland Resort Co (TSE:9656) Beneish M-Score: -2.41 (As of Jul. 03, 2026)

What is Greenland Resort Co Beneish M-Score?

Greenland Resort Co TSE:9656 60 Beneish M-Score is -2.41 as of Jul. 03, 2026. GuruFocus rates TSE:9656 with a GF Score™ of 60/100 and a GF Value™ of 円639.58 (Fairly Valued). The stock has 5 warning signs investors should review. Among 820 Travel & Leisure companies, Greenland Resort Co ranks worse than 67.32% 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Greenland Resort Co's Beneish M-Score or its related term are showing as below:

TSE:9656' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.51 Max: 2.38
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Greenland Resort Co was 2.38. The lowest was -3.34. And the median was -2.51.

Greenland Resort Co Beneish M-Score Related Terms

Greenland Resort Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Greenland Resort 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.

Greenland Resort Co Beneish M-Score Chart

Greenland Resort Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.34

-2.85

-2.66

-2.44

-2.41

Greenland Resort Co Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Dec24	Mar25	Jun25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.44	0.00	0.00	-2.41	0.00

TSE:9656 vs LVS, MGM, WYNN: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, Greenland Resort 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.

Greenland Resort Co Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Greenland Resort Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Greenland Resort Co's Beneish M-Score falls into.

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60GF Score

Greenland Resort Co Ltd TSE:9656

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

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Greenland Resort Co 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 Greenland Resort Co 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 * 1.0673

0.528 * 1.0269

0.404 * 1.1399

0.892 * 1.0063

0.115 * 0.979

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.008927

0.327 * 1.0653

-2.41

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was 円312 Mil.
Revenue was 円6,453 Mil.
Gross Profit was 円1,426 Mil.
Total Current Assets was 円1,025 Mil.
Total Assets was 円20,105 Mil.
Property, Plant and Equipment(Net PPE) was 円17,905 Mil.
Depreciation, Depletion and Amortization(DDA) was 円356 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,153 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,152 Mil.
Net Income was 円487 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円667 Mil.

Total Receivables was 円290 Mil.
Revenue was 円6,412 Mil.
Gross Profit was 円1,455 Mil.
Total Current Assets was 円848 Mil.
Total Assets was 円19,010 Mil.
Property, Plant and Equipment(Net PPE) was 円17,187 Mil.
Depreciation, Depletion and Amortization(DDA) was 円334 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,429 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,054 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)
	=	(311.894 / 6452.959)	/	(290.395 / 6412.347)
	=	0.048333	/	0.045287
	=	1.0673

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)
	=	(1454.914 / 6412.347)	/	(1425.756 / 6452.959)
	=	0.226893	/	0.220946
	=	1.0269

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 - (1024.692 + 17904.852) / 20104.804)	/	(1 - (848.491 + 17186.74) / 19010.098)
	=	0.058457	/	0.051282
	=	1.1399

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
	=	6452.959	/	6412.347
	=	1.0063

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))
	=	(334.387 / (334.387 + 17186.74))	/	(355.983 / (355.983 + 17904.852))
	=	0.019085	/	0.019494
	=	0.979

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 / 6452.959)	/	(0 / 6412.347)
	=	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)
	=	((2151.538 + 5152.766) / 20104.804)	/	((2053.834 + 4429.108) / 19010.098)
	=	0.363311	/	0.341026
	=	1.0653

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
	=	(487.127 - 0	-	666.596)	/	20104.804
	=	-0.008927

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.

Greenland Resort Co has a M-score of -2.41 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 -2.41 mean?

Greenland Resort Co (TSE:9656) has a Beneish M-Score of -2.41 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Greenland Resort Co and its competitors. According to the industry distribution chart, Greenland Resort Co ranks #552 out of 820 companies in the Travel & Leisure industry, placing it in the top 67.3%.

Is Greenland Resort Co's Beneish M-Score too high?

Greenland Resort Co's current Beneish M-Score is -2.41. Based on the distribution chart, Greenland Resort Co ranks #552 out of 820 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Greenland Resort Co has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Greenland Resort Co's Beneish M-Score compare to LVS and MGM?

According to the Travel & Leisure industry distribution chart, Greenland Resort Co ranks #552 out of 820 companies for Beneish M-Score. This places Greenland Resort Co 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 Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure 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 Greenland Resort Co and its competitors. Greenland Resort Co's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Greenland Resort Co stock overvalued right now?

Based on GuruFocus' analysis, Greenland Resort Co (TSE:9656) is currently considered Fairly Valued. The stock's GF Value™ is 円639.58, compared to a current price of 円598.00 — trading 6.5% below its estimated fair value. The current Beneish M-Score is -2.41. Greenland Resort Co's overall GF Score™ is 60/100 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 Greenland Resort Co (TSE:9656), the current Beneish M-Score is -2.41 as of Jul. 03, 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 Greenland Resort Co (TSE:9656) Overvalued in 2026?

Based on GuruFocus' analysis, Greenland Resort Co stock appears to be undervalued. The current stock price of 円598.00 is trading 6.5% below its estimated GF Value™ of 円639.58. GuruFocus considers Greenland Resort Co to be Fairly Valued.

Key valuation signals for TSE:9656:

Beneish M-Score: -2.41
GF Value™: 円639.58 vs. price of 円598.00 (6.5% below fair value)
GF Score™: 60/100 with 5 warning signs

No single metric tells the full story. See the TSE:9656 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Greenland Resort Co Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies TSE:6040 LVS HKSE:00027 HKSE:01928 MGM WYNN BYD CZR STC:VPL SGX:G13 MTN HKSE:02282 HGV RRR XPAR:BAIN BOM:544325 VAC HKSE:01128 PENN IST:PKENT

Address 1616 Shimoide, Kumamoto Prefecture, Arao, JPN, 864-8691

Website https://www.greenland.co.jp

Greenland Resort Co Ltd is a Japan-based company engaged in the leisure business. The group primarily engages in the management and operation of amusement parks, hotels, golf courses, and related facilities. Its core business segments include the amusement park business, golf business, hotel business, real estate business, and civil engineering and construction. It also offers tourism services and manages restaurants and sports facilities.

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

円598.00

Price

円639.58

GF Value

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