Grupo Bolivar (BOG:GRUBOLIVAR) Beneish M-Score: 0.00 (As of Jul. 25, 2026)

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BOG:GRUBOLIVAR Grupo Bolivar SA BOG:GRUBOLIVAR
12 GF Score
Price COP79,580.00
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What is Grupo Bolivar Beneish M-Score?

Grupo Bolivar BOG:GRUBOLIVAR -0.65% 12 Beneish M-Score is 0.00 as of Jul. 25, 2026. GuruFocus rates BOG:GRUBOLIVAR with a GF Score™ of 12/100.

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.

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

During the past 13 years, the highest Beneish M-Score of Grupo Bolivar was 0.00. The lowest was 0.00. And the median was 0.00.

BOG:GRUBOLIVAR
12GF Score
Grupo Bolivar SA BOG:GRUBOLIVAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Grupo Bolivar 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 Grupo Bolivar 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 * 1.001+0.892 * 0.9954+0.115 * 0.8321
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0153+4.679 * 0.000629-0.327 * 0.8422
=-2.45

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was COP0 Mil.
Revenue was 4733558 + 3104601 + 5006634 + 4502871 = COP17,347,664 Mil.
Gross Profit was 4733558 + 3104601 + 5006634 + 4502871 = COP17,347,664 Mil.
Total Current Assets was COP0 Mil.
Total Assets was COP200,917,760 Mil.
Property, Plant and Equipment(Net PPE) was COP1,972,972 Mil.
Depreciation, Depletion and Amortization(DDA) was COP422,795 Mil.
Selling, General, & Admin. Expense(SGA) was COP2,067,953 Mil.
Total Current Liabilities was COP0 Mil.
Long-Term Debt & Capital Lease Obligation was COP31,200,329 Mil.
Net Income was -300061 + 206173 + 35351 + 22058 = COP-36,479 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = COP0 Mil.
Cash Flow from Operations was 69003 + -2206760 + 2185313 + -210498 = COP-162,942 Mil.
 Total Receivables was COP0 Mil.
Revenue was 4874305 + 2588596 + 5172402 + 4791951 = COP17,427,254 Mil.
Gross Profit was 4874305 + 2588596 + 5172402 + 4791951 = COP17,427,254 Mil.
Total Current Assets was COP0 Mil.
Total Assets was COP208,240,422 Mil.
Property, Plant and Equipment(Net PPE) was COP2,259,128 Mil.
Depreciation, Depletion and Amortization(DDA) was COP388,830 Mil.
Selling, General, & Admin. Expense(SGA) was COP2,046,137 Mil.
Total Current Liabilities was COP0 Mil.
Long-Term Debt & Capital Lease Obligation was COP38,394,215 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 / 17347664) / (0 / 17427254)
=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)
=(17427254 / 17427254) / (17347664 / 17347664)
=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 + 1972972) / 200917760) / (1 - (0 + 2259128) / 208240422)
=0.99018 / 0.989151
=1.001

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
=17347664 / 17427254
=0.9954

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))
=(388830 / (388830 + 2259128)) / (422795 / (422795 + 1972972))
=0.146841 / 0.176476
=0.8321

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)
=(2067953 / 17347664) / (2046137 / 17427254)
=0.119206 / 0.11741
=1.0153

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)
=((31200329 + 0) / 200917760) / ((38394215 + 0) / 208240422)
=0.155289 / 0.184374
=0.8422

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
=(-36479 - 0 - -162942) / 200917760
=0.000629

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.

Grupo Bolivar has a M-score of -2.45 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 0.00 mean?
Grupo Bolivar (BOG:GRUBOLIVAR) has a Beneish M-Score of 0.00 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grupo Bolivar and its competitors.
Is Grupo Bolivar's Beneish M-Score too high?
Grupo Bolivar's current Beneish M-Score is 0.00. Overall, Grupo Bolivar has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Grupo Bolivar's Beneish M-Score compare to BLK and BX?
Grupo Bolivar's Beneish M-Score of 0.00 can be compared against companies in the Asset Management 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Grupo Bolivar and its competitors. Grupo Bolivar's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Grupo Bolivar stock overvalued right now?
Grupo Bolivar (BOG:GRUBOLIVAR) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Grupo Bolivar's overall GF Score™ is 12/100. 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 Grupo Bolivar (BOG:GRUBOLIVAR), the current Beneish M-Score is 0.00 as of Jul. 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.

Grupo Bolivar Business Description

Address Carrera 10 No 16-39, Piso 2, Bogota, COL
Grupo Bolivar SA purpose is the investment of its funds or cash in movable and immovable property for rental and appreciation purposes and, in particular, the formation, administration and management of its own investment portfolio, consisting of shares, equity interests and interest in commercial or civil companies, participation or investment certificates, bonds issued by public or private entities and other securities with credit content or participation freely circulating in the market, bonds or other debt documents; trademarks, patents or other forms of industrial property. The group segment consists of Davivienda Bank, Bolivar Insurance, Construction and Hotel Services, and Other Activities.
12GF Score

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

COP79,580.00
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