ACGBF (Agricultural Bank of China) Beneish M-Score: -2.70 (As of Jun. 26, 2026)


ACGBF Agricultural Bank of China Ltd ACGBF
49 GF Score
Price $0.74
GF Value $0.64
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Agricultural Bank of China Beneish M-Score?

Agricultural Bank of China ACGBF 49 Beneish M-Score is -2.70 as of Jun. 26, 2026. GuruFocus rates ACGBF with a GF Score™ of 49/100 and a GF Value™ of $0.64 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Agricultural Bank of China ranks better than 86.61% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ACGBF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -2.53   Max: -2.3
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Agricultural Bank of China was -2.30. The lowest was -2.90. And the median was -2.53.

ACGBF
49GF Score
Agricultural Bank of China Ltd ACGBF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Agricultural Bank of China 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 Agricultural Bank of China 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 * 1.0003+0.892 * 1.0701+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0039+4.679 * -0.071974-0.327 * 0.7838
=-2.68

* 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 29924.406 + 24690.624 + 25376.992 + 25471.283 = $105,463 Mil.
Gross Profit was 29924.406 + 24690.624 + 25376.992 + 25471.283 = $105,463 Mil.
Total Current Assets was $0 Mil.
Total Assets was $7,404,032 Mil.
Property, Plant and Equipment(Net PPE) was $22,626 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $-1,989 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $459,035 Mil.
Net Income was 10908.867 + 9964.505 + 11419.808 + 9411.593 = $41,705 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 171912.334 + 11185.115 + 144356.566 + 247149.741 = $574,604 Mil.
 Total Receivables was $0 Mil.
Revenue was 25740.692 + 23391.844 + 24502.544 + 24917.364 = $98,552 Mil.
Gross Profit was 25740.692 + 23391.844 + 24502.544 + 24917.364 = $98,552 Mil.
Total Current Assets was $0 Mil.
Total Assets was $6,182,522 Mil.
Property, Plant and Equipment(Net PPE) was $21,022 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $-1,852 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $489,009 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 / 105463.305) / (0 / 98552.444)
=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)
=(98552.444 / 98552.444) / (105463.305 / 105463.305)
=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 + 22625.76) / 7404032.298) / (1 - (0 + 21022.168) / 6182522.037)
=0.996944 / 0.9966
=1.0003

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
=105463.305 / 98552.444
=1.0701

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))
=(0 / (0 + 21022.168)) / (0 / (0 + 22625.76))
=0 / 0
=1

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)
=(-1989.167 / 105463.305) / (-1851.526 / 98552.444)
=-0.018861 / -0.018787
=1.0039

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)
=((459035.417 + 0) / 7404032.298) / ((489009.146 + 0) / 6182522.037)
=0.061998 / 0.079095
=0.7838

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
=(41704.773 - 0 - 574603.756) / 7404032.298
=-0.071974

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.

Agricultural Bank of China has a M-score of -2.68 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 -2.70 mean?
Agricultural Bank of China (ACGBF) has a Beneish M-Score of -2.70 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Agricultural Bank of China and its competitors. According to the industry distribution chart, Agricultural Bank of China ranks #187 out of 1397 companies in the Banks industry, placing it in the top 13.4%.
Is Agricultural Bank of China's Beneish M-Score too high?
Agricultural Bank of China's current Beneish M-Score is -2.70. Based on the distribution chart, Agricultural Bank of China ranks #187 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Agricultural Bank of China has a GF Score™ of 49/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Agricultural Bank of China's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Agricultural Bank of China ranks #187 out of 1397 companies for Beneish M-Score. This places Agricultural Bank of China in the top 13% of its industry — outperforming the majority of peers. 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 Agricultural Bank of China and its competitors. Agricultural Bank of China's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Agricultural Bank of China stock overvalued right now?
Based on GuruFocus' analysis, Agricultural Bank of China (ACGBF) is currently considered Modestly Overvalued. The stock's GF Value™ is $0.64, compared to a current price of $0.74 — trading 15.5% above its estimated fair value. The current Beneish M-Score is -2.70. Agricultural Bank of China's overall GF Score™ is 49/100 with 2 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 Agricultural Bank of China (ACGBF), the current Beneish M-Score is -2.70 as of Jun. 26, 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 Agricultural Bank of China (ACGBF) Overvalued in 2026?

Based on GuruFocus' analysis, Agricultural Bank of China stock appears to be overvalued. The current stock price of $0.74 is trading 15.5% above its estimated GF Value™ of $0.64. GuruFocus considers Agricultural Bank of China to be Modestly Overvalued.

Key valuation signals for ACGBF:

  • Beneish M-Score: -2.70
  • GF Value™: $0.64 vs. price of $0.74 (15.5% above fair value)
  • GF Score™: 49/100 with 2 warning signs

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

Agricultural Bank of China Business Description

Address 50 Connaught Road, 25th Floor, Agricultural Bank of China Tower, Central, Hong Kong, HKG
As one of the Big Four banks, ABC is headquartered in Beijing. The bank evolved from a state-owned specialized bank to a state-controlled commercial bank. It was listed on the Hong Kong and Shanghai Stock Exchanges in 2010. ABC operates a more than 22,000-branch network in China, providing corporate and retail banking products and services, and carries out treasury operations for its accounts or for its customers. Shareholders Central Huijin, China's state-owned investment company, and the Ministry of Finance own 40.14% and 35.29%, respectively. Corporate banking, retail banking, and wholesale banking accounted for 36%, 53%, and 7% of total revenue in 2025, respectively. Rural banking and urban banking contributed 49.6% and 50.4%, respectively, of total revenue during the same period.
49GF Score

Get the complete analysis for ACGBF

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

$0.74
Price
$0.64
GF Value