ANZGF (ANZ Group Holdings) Beneish M-Score: -2.50 (As of Jun. 25, 2026)


ANZGF ANZ Group Holdings Ltd ANZGF
63 GF Score
Price $24.62
GF Value $25.35
Valuation Fairly Valued
! 4 Warning Signs
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What is ANZ Group Holdings Beneish M-Score?

ANZ Group Holdings ANZGF 63 Beneish M-Score is -2.50 as of Jun. 25, 2026. GuruFocus rates ANZGF with a GF Score™ of 63/100 and a GF Value™ of $25.35 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,396 Banks companies, ANZ Group Holdings ranks better than 69.84% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ANZ Group Holdings's Beneish M-Score or its related term are showing as below:

ANZGF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -2.53   Max: -2.43
Current: -2.5

During the past 13 years, the highest Beneish M-Score of ANZ Group Holdings was -2.43. The lowest was -2.71. And the median was -2.53.

ANZGF
63GF Score
ANZ Group Holdings Ltd ANZGF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ANZ Group Holdings 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 ANZ Group 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 * 1+0.528 * 1+0.404 * 1.0002+0.892 * 1.0677+0.115 * 0.8765
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.095+4.679 * -0.015588-0.327 * 1.0157
=-2.53

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was $0 Mil.
Revenue was $14,714 Mil.
Gross Profit was $14,714 Mil.
Total Current Assets was $0 Mil.
Total Assets was $855,612 Mil.
Property, Plant and Equipment(Net PPE) was $1,414 Mil.
Depreciation, Depletion and Amortization(DDA) was $714 Mil.
Selling, General, & Admin. Expense(SGA) was $776 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $145,003 Mil.
Net Income was $3,886 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $17,223 Mil.
 Total Receivables was $0 Mil.
Revenue was $13,781 Mil.
Gross Profit was $13,781 Mil.
Total Current Assets was $0 Mil.
Total Assets was $832,170 Mil.
Property, Plant and Equipment(Net PPE) was $1,504 Mil.
Depreciation, Depletion and Amortization(DDA) was $627 Mil.
Selling, General, & Admin. Expense(SGA) was $664 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $138,854 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 / 14714.38) / (0 / 13781.313)
=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)
=(13781.313 / 13781.313) / (14714.38 / 14714.38)
=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 + 1414.248) / 855612.137) / (1 - (0 + 1504.401) / 832169.939)
=0.998347 / 0.998192
=1.0002

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
=14714.38 / 13781.313
=1.0677

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))
=(626.947 / (626.947 + 1504.401)) / (714.38 / (714.38 + 1414.248))
=0.294155 / 0.335606
=0.8765

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)
=(775.726 / 14714.38) / (663.507 / 13781.313)
=0.052719 / 0.048145
=1.095

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)
=((145002.639 + 0) / 855612.137) / ((138853.758 + 0) / 832169.939)
=0.169472 / 0.166857
=1.0157

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
=(3885.884 - 0 - 17222.955) / 855612.137
=-0.015588

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.

ANZ Group Holdings has a M-score of -2.53 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 -2.50 mean?
ANZ Group Holdings (ANZGF) has a Beneish M-Score of -2.50 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ANZ Group Holdings and its competitors. According to the industry distribution chart, ANZ Group Holdings ranks #421 out of 1396 companies in the Banks industry, placing it in the top 30.2%.
Is ANZ Group Holdings' Beneish M-Score too high?
ANZ Group Holdings' current Beneish M-Score is -2.50. Based on the distribution chart, ANZ Group Holdings ranks #421 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, ANZ Group Holdings has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does ANZ Group Holdings' Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, ANZ Group Holdings ranks #421 out of 1396 companies for Beneish M-Score. This puts ANZ Group 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 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 ANZ Group Holdings and its competitors. ANZ Group Holdings's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ANZ Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, ANZ Group Holdings (ANZGF) is currently considered Fairly Valued. The stock's GF Value™ is $25.35, compared to a current price of $24.62 — trading 2.9% below its estimated fair value. The current Beneish M-Score is -2.50. ANZ Group Holdings' overall GF Score™ is 63/100 with 4 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 ANZ Group Holdings (ANZGF), the current Beneish M-Score is -2.50 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 ANZ Group Holdings (ANZGF) Overvalued in 2026?

Based on GuruFocus' analysis, ANZ Group Holdings stock appears to be undervalued. The current stock price of $24.62 is trading 2.9% below its estimated GF Value™ of $25.35. GuruFocus considers ANZ Group Holdings to be Fairly Valued.

Key valuation signals for ANZGF:

  • Beneish M-Score: -2.50
  • GF Value™: $25.35 vs. price of $24.62 (2.9% below fair value)
  • GF Score™: 63/100 with 4 warning signs

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

ANZ Group Holdings Business Description

Address 833 Collins Street, Level 9, ANZ Centre, Docklands, Melbourne, VIC, AUS, 3008
ANZ Group is the owner of one of Australia's four major banks and provides retail, business, and institutional banking services to customers in Australia, New Zealand, and Asia-Pacific. The super-regional Asian strategy was de-emphasized, with management focusing on the higher-returning businesses in Australia and New Zealand. ANZ Bank still retains a tilt to its Asia-centric strategy, but is now more balanced, better capitalized and a simpler bank.
63GF Score

Get the complete analysis for ANZGF

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

$24.62
Price
$25.35
GF Value