AXP (American Express Co) Beneish M-Score: -2.47 (As of Jun. 25, 2026)


AXP American Express Co AXP
78 GF Score
Price $342.46
GF Value $321.08
Valuation Fairly Valued
! 3 Warning Signs
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What is American Express Co Beneish M-Score?

American Express Co AXP -0.03% 78 Beneish M-Score is -2.47 as of Jun. 25, 2026. GuruFocus rates AXP with a GF Score™ of 78/100 and a GF Value™ of $321.08 (Fairly Valued). The stock has 3 warning signs investors should review. Among 483 Credit Services companies, American Express Co ranks better than 66.05% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AXP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51   Med: -2.54   Max: -2.4
Current: -2.47

During the past 13 years, the highest Beneish M-Score of American Express Co was -2.40. The lowest was -3.51. And the median was -2.54.

AXP
78GF Score
American Express Co AXP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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American Express 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 American Express 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 * 1+0.528 * 1+0.404 * 0.9955+0.892 * 1.1051+0.115 * 1.2091
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9907+4.679 * -0.020227-0.327 * 1.0477
=-2.47

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0 Mil.
Revenue was 18908 + 18981 + 18426 + 17856 = $74,171 Mil.
Gross Profit was 18908 + 18981 + 18426 + 17856 = $74,171 Mil.
Total Current Assets was $0 Mil.
Total Assets was $308,894 Mil.
Property, Plant and Equipment(Net PPE) was $7,240 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,812 Mil.
Selling, General, & Admin. Expense(SGA) was $15,624 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $58,750 Mil.
Net Income was 2971 + 2462 + 2902 + 2885 = $11,220 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 3804 + 3067 + 6233 + 4364 = $17,468 Mil.
 Total Receivables was $0 Mil.
Revenue was 16967 + 17179 + 16636 + 16333 = $67,115 Mil.
Gross Profit was 16967 + 17179 + 16636 + 16333 = $67,115 Mil.
Total Current Assets was $0 Mil.
Total Assets was $282,244 Mil.
Property, Plant and Equipment(Net PPE) was $5,383 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,719 Mil.
Selling, General, & Admin. Expense(SGA) was $14,270 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $51,236 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)
=(0 / 74171) / (0 / 67115)
=0 / 0
=1

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)
=(67115 / 67115) / (74171 / 74171)
=1 / 1
=1

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 - (0 + 7240) / 308894) / (1 - (0 + 5383) / 282244)
=0.976562 / 0.980928
=0.9955

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
=74171 / 67115
=1.1051

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))
=(1719 / (1719 + 5383)) / (1812 / (1812 + 7240))
=0.242044 / 0.200177
=1.2091

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)
=(15624 / 74171) / (14270 / 67115)
=0.210648 / 0.21262
=0.9907

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)
=((58750 + 0) / 308894) / ((51236 + 0) / 282244)
=0.190195 / 0.181531
=1.0477

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
=(11220 - 0 - 17468) / 308894
=-0.020227

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.

American Express Co has a M-score of -2.47 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 -2.47 mean?
American Express Co (AXP) has a Beneish M-Score of -2.47 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on American Express Co and its competitors. According to the industry distribution chart, American Express Co ranks #164 out of 483 companies in the Credit Services industry, placing it in the top 34%.
Is American Express Co's Beneish M-Score too high?
American Express Co's current Beneish M-Score is -2.47. Based on the distribution chart, American Express Co ranks #164 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, American Express Co has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does American Express Co's Beneish M-Score compare to COF and PYPL?
According to the Credit Services industry distribution chart, American Express Co ranks #164 out of 483 companies for Beneish M-Score. This puts American Express 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 a Credit Services company?
A good Beneish M-Score depends on the Credit 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 American Express Co and its competitors. American Express Co's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is American Express Co stock overvalued right now?
Based on GuruFocus' analysis, American Express Co (AXP) is currently considered Fairly Valued. The stock's GF Value™ is $321.08, compared to a current price of $342.46 — trading 6.7% above its estimated fair value. The current Beneish M-Score is -2.47. American Express Co's overall GF Score™ is 78/100 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 American Express Co (AXP), the current Beneish M-Score is -2.47 as of Jun. 25, 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 American Express Co (AXP) Overvalued in 2026?

Based on GuruFocus' analysis, American Express Co stock appears to be overvalued. The current stock price of $342.46 is trading 6.7% above its estimated GF Value™ of $321.08. GuruFocus considers American Express Co to be Fairly Valued.

Key valuation signals for AXP:

  • Beneish M-Score: -2.47
  • GF Value™: $321.08 vs. price of $342.46 (6.7% above fair value)
  • GF Score™: 78/100 with 3 warning signs

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

American Express Co Business Description

Address 200 Vesey Street, New York, NY, USA, 10285
American Express is a global financial institution, operating in about 130 countries, that provides consumers and businesses charge and credit card payment products. The company also operates a highly profitable merchant payment network. It operates in four segments: US consumer services, US commercial services, international card services, and global merchant and network services. In addition to payment products, the company's commercial business offers expense management tools, consulting services, and business loans.
78GF Score

Get the complete analysis for AXP

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

$342.46
Price
$321.08
GF Value