AABKF (Aareal Bank AG) Beneish M-Score: -2.18 (As of Jun. 27, 2026)


AABKF Aareal Bank AG AABKF
20 GF Score
Price $31.99
GF Value $35.41
! 3 Warning Signs
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What is Aareal Bank AG Beneish M-Score?

Aareal Bank AG AABKF 20 Beneish M-Score is -2.18 as of Jun. 27, 2026. GuruFocus rates AABKF with a GF Score™ of 20/100 and a GF Value™ of $35.41. The stock has 3 warning signs investors should review.

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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Aareal Bank AG's Beneish M-Score or its related term are showing as below:

AABKF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78   Med: -2.44   Max: -1.81
Current: -2.18

During the past 13 years, the highest Beneish M-Score of Aareal Bank AG was -1.81. The lowest was -3.78. And the median was -2.44.

AABKF
20GF Score
Aareal Bank AG AABKF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aareal Bank AG 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 Aareal Bank AG 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 * 1.0009+0.892 * 1.0323+0.115 * 2.4028
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8215+4.679 * 0.015602-0.327 * 0.9845
=-2.18

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $0 Mil.
Revenue was $1,200 Mil.
Gross Profit was $1,200 Mil.
Total Current Assets was $0 Mil.
Total Assets was $50,067 Mil.
Property, Plant and Equipment(Net PPE) was $83 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $142 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $28,491 Mil.
Net Income was $2,381 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,600 Mil.
 Total Receivables was $0 Mil.
Revenue was $1,162 Mil.
Gross Profit was $1,162 Mil.
Total Current Assets was $0 Mil.
Total Assets was $51,072 Mil.
Property, Plant and Equipment(Net PPE) was $130 Mil.
Depreciation, Depletion and Amortization(DDA) was $81 Mil.
Selling, General, & Admin. Expense(SGA) was $168 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $29,519 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 / 1200) / (0 / 1162.486)
=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)
=(1162.486 / 1162.486) / (1200 / 1200)
=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 + 82.723) / 50067.016) / (1 - (0 + 129.771) / 51071.974)
=0.998348 / 0.997459
=1.0009

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
=1200 / 1162.486
=1.0323

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))
=(80.698 / (80.698 + 129.771)) / (15.707 / (15.707 + 82.723))
=0.38342 / 0.159575
=2.4028

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)
=(142.408 / 1200) / (167.939 / 1162.486)
=0.118673 / 0.144465
=0.8215

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)
=((28491.099 + 0) / 50067.016) / ((29519.084 + 0) / 51071.974)
=0.569059 / 0.57799
=0.9845

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
=(2381.152 - 0 - 1600) / 50067.016
=0.015602

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.

Aareal Bank AG has a M-score of -2.18 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 -2.18 mean?
Aareal Bank AG (AABKF) has a Beneish M-Score of -2.18 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aareal Bank AG and its competitors.
Is Aareal Bank AG's Beneish M-Score too high?
Aareal Bank AG's current Beneish M-Score is -2.18. Overall, Aareal Bank AG has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Aareal Bank AG's Beneish M-Score compare to PNC and USB?
Aareal Bank AG's Beneish M-Score of -2.18 can be compared against companies in the Banks 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Aareal Bank AG and its competitors. Aareal Bank AG's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aareal Bank AG stock overvalued right now?
Aareal Bank AG (AABKF) has a current Beneish M-Score of -2.18. The stock's GF Value™ is $35.41, compared to a current price of $31.99 — trading 9.7% below its estimated fair value. The current Beneish M-Score is -2.18. Aareal Bank AG's overall GF Score™ is 20/100 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 Aareal Bank AG (AABKF), the current Beneish M-Score is -2.18 as of Jun. 27, 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 Aareal Bank AG (AABKF) Overvalued in 2026?

Based on GuruFocus' analysis, Aareal Bank AG stock appears to be undervalued. The current stock price of $31.99 is trading 9.7% below its estimated GF Value™ of $35.41.

Key valuation signals for AABKF:

  • Beneish M-Score: -2.18
  • GF Value™: $35.41 vs. price of $31.99 (9.7% below fair value)
  • GF Score™: 20/100 with 3 warning signs

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

Aareal Bank AG Business Description

Address Paulinenstrasse 15, Wiesbaden, HE, DEU, 65189
Aareal Bank AG is the parent company of the Aareal Bank Group, an international purveyor of financing services that specializes in commercial property financing. The group's companies are organized into two business segments: Structured Property Financing and Banking & Digital Solutions. In the Structured property financing segment, the group facilitates property investments for its domestic and international clients, and is active in Europe, North America, and the Asia/Pacific region. The banking & digital solutions segment provides sector-specific payments processes to its clients from the institutional housing industry, the commercial property sector, as well as to the energy and utilities industry. The majority of the bank's new financing opportunities take place in Western Europe.
20GF Score

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

$31.99
Price
$35.41
GF Value