ASRV (AmeriServ Financial) Beneish M-Score: -2.37 (As of Jun. 24, 2026)


ASRV AmeriServ Financial Inc ASRV
63 GF Score
Price $3.77
GF Value $3.23
Valuation Modestly Overvalued
! 5 Warning Signs
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What is AmeriServ Financial Beneish M-Score?

AmeriServ Financial ASRV 63 Beneish M-Score is -2.37 as of Jun. 24, 2026. GuruFocus rates ASRV with a GF Score™ of 63/100 and a GF Value™ of $3.23 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,396 Banks companies, AmeriServ Financial ranks worse than 55.66% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASRV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64   Med: -2.45   Max: -2.06
Current: -2.37

During the past 13 years, the highest Beneish M-Score of AmeriServ Financial was -2.06. The lowest was -2.64. And the median was -2.45.

ASRV
63GF Score
AmeriServ Financial Inc ASRV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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AmeriServ Financial 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 AmeriServ Financial 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 * 0.9402+0.528 * 1+0.404 * 1.0007+0.892 * 1.1032+0.115 * 0.964
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9187+4.679 * 0.001734-0.327 * 0.8309
=-2.37

* 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 $6.03 Mil.
Revenue was 14.795 + 15.302 + 15.408 + 14.49 = $60.00 Mil.
Gross Profit was 14.795 + 15.302 + 15.408 + 14.49 = $60.00 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,472.65 Mil.
Property, Plant and Equipment(Net PPE) was $17.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.13 Mil.
Selling, General, & Admin. Expense(SGA) was $29.90 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $71.50 Mil.
Net Income was 1.794 + 1.442 + 2.544 + -0.282 = $5.50 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0.356 + 1.246 + 1.404 + -0.062 = $2.94 Mil.
 Total Receivables was $5.82 Mil.
Revenue was 14.052 + 13.992 + 13.09 + 13.247 = $54.38 Mil.
Gross Profit was 14.052 + 13.992 + 13.09 + 13.247 = $54.38 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,431.52 Mil.
Property, Plant and Equipment(Net PPE) was $17.77 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.10 Mil.
Selling, General, & Admin. Expense(SGA) was $29.50 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $83.66 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)
=(6.034 / 59.995) / (5.817 / 54.381)
=0.100575 / 0.106968
=0.9402

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)
=(54.381 / 54.381) / (59.995 / 59.995)
=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 + 17.278) / 1472.654) / (1 - (0 + 17.774) / 1431.524)
=0.988267 / 0.987584
=1.0007

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
=59.995 / 54.381
=1.1032

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))
=(2.098 / (2.098 + 17.774)) / (2.125 / (2.125 + 17.278))
=0.105576 / 0.109519
=0.964

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)
=(29.898 / 59.995) / (29.499 / 54.381)
=0.498342 / 0.54245
=0.9187

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)
=((71.504 + 0) / 1472.654) / ((83.655 + 0) / 1431.524)
=0.048555 / 0.058438
=0.8309

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
=(5.498 - 0 - 2.944) / 1472.654
=0.001734

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.

AmeriServ Financial has a M-score of -2.37 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 -2.37 mean?
AmeriServ Financial (ASRV) has a Beneish M-Score of -2.37 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AmeriServ Financial and its competitors. According to the industry distribution chart, AmeriServ Financial ranks #777 out of 1396 companies in the Banks industry, placing it in the top 55.7%.
Is AmeriServ Financial's Beneish M-Score too high?
AmeriServ Financial's current Beneish M-Score is -2.37. Based on the distribution chart, AmeriServ Financial ranks #777 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, AmeriServ Financial has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does AmeriServ Financial's Beneish M-Score compare to INFT and HLFN?
According to the Banks industry distribution chart, AmeriServ Financial ranks #777 out of 1396 companies for Beneish M-Score. This places AmeriServ Financial 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 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 AmeriServ Financial and its competitors. AmeriServ Financial's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AmeriServ Financial stock overvalued right now?
Based on GuruFocus' analysis, AmeriServ Financial (ASRV) is currently considered Modestly Overvalued. The stock's GF Value™ is $3.23, compared to a current price of $3.77 — trading 16.7% above its estimated fair value. The current Beneish M-Score is -2.37. AmeriServ Financial's overall GF Score™ is 63/100 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 AmeriServ Financial (ASRV), the current Beneish M-Score is -2.37 as of Jun. 24, 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 AmeriServ Financial (ASRV) Overvalued in 2026?

Based on GuruFocus' analysis, AmeriServ Financial stock appears to be overvalued. The current stock price of $3.77 is trading 16.7% above its estimated GF Value™ of $3.23. GuruFocus considers AmeriServ Financial to be Modestly Overvalued.

Key valuation signals for ASRV:

  • Beneish M-Score: -2.37
  • GF Value™: $3.23 vs. price of $3.77 (16.7% above fair value)
  • GF Score™: 63/100 with 5 warning signs

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

AmeriServ Financial Business Description

Address Main and Franklin Streets, P.O. Box 430, Johnstown, PA, USA, 15907-0430
AmeriServ Financial Inc is a bank holding company. The company and its subsidiaries derive substantially all of their income from banking, bank-related services, and trust-related services. Its operating segment includes community banking and it generates maximum revenue. The community banking segment includes both retail and commercial banking activities. The company also offers retail banking which includes the deposit-gathering branch franchise and lending to both individuals and small businesses; Lending activities include residential mortgage loans, direct consumer loans, and small business commercial loans; Commercial banking to businesses includes commercial loans, business services, and CRE loans.
63GF Score

Get the complete analysis for ASRV

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

$3.77
Price
$3.23
GF Value