Banco Popular (Bogota) (BOG:POPULAR) Beneish M-Score: -2.40 (As of Jun. 25, 2026)


BOG:POPULAR Banco Popular SA (Bogota) BOG:POPULAR
49 GF Score
Price COP120.00
GF Value COP279.13
Valuation Significantly Undervalued
! 2 Warning Signs
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What is Banco Popular (Bogota) Beneish M-Score?

Banco Popular (Bogota) BOG:POPULAR 49 Beneish M-Score is -2.40 as of Jun. 25, 2026. GuruFocus rates BOG:POPULAR with a GF Score™ of 49/100 and a GF Value™ of COP279.13 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, Banco Popular (Bogota) ranks better than 50.64% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Banco Popular (Bogota)'s Beneish M-Score or its related term are showing as below:

BOG:POPULAR' s Beneish M-Score Range Over the Past 10 Years
Min: -30810.04   Med: -2.4   Max: 3.75
Current: -2.4

During the past 11 years, the highest Beneish M-Score of Banco Popular (Bogota) was 3.75. The lowest was -30810.04. And the median was -2.40.

BOG:POPULAR
49GF Score
Banco Popular SA (Bogota) BOG:POPULAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banco Popular (Bogota) 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 Banco Popular (Bogota) 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 * 0.9693+0.892 * 1.0501+0.115 * 1.556
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8873+4.679 * -0.009831-0.327 * 0.9652
=-2.40

* 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 COP0 Mil.
Revenue was 3083622 + 3216223 + 2676171 + 790576 = COP9,766,592 Mil.
Gross Profit was 3083622 + 3216223 + 2676171 + 790576 = COP9,766,592 Mil.
Total Current Assets was COP0 Mil.
Total Assets was COP94,601,242 Mil.
Property, Plant and Equipment(Net PPE) was COP7,301,283 Mil.
Depreciation, Depletion and Amortization(DDA) was COP693,223 Mil.
Selling, General, & Admin. Expense(SGA) was COP786,743 Mil.
Total Current Liabilities was COP0 Mil.
Long-Term Debt & Capital Lease Obligation was COP19,558,336 Mil.
Net Income was -3902 + 26078 + 26826 + -1764 = COP47,238 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = COP0 Mil.
Cash Flow from Operations was 1709982 + -247235 + -593236 + 107777 = COP977,288 Mil.
 Total Receivables was COP0 Mil.
Revenue was 2922116 + 3258366 + 2552340 + 567730 = COP9,300,552 Mil.
Gross Profit was 2922116 + 3258366 + 2552340 + 567730 = COP9,300,552 Mil.
Total Current Assets was COP0 Mil.
Total Assets was COP89,751,855 Mil.
Property, Plant and Equipment(Net PPE) was COP4,300,764 Mil.
Depreciation, Depletion and Amortization(DDA) was COP670,775 Mil.
Selling, General, & Admin. Expense(SGA) was COP844,367 Mil.
Total Current Liabilities was COP0 Mil.
Long-Term Debt & Capital Lease Obligation was COP19,224,891 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 / 9766592) / (0 / 9300552)
=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)
=(9300552 / 9300552) / (9766592 / 9766592)
=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 + 7301283) / 94601242) / (1 - (0 + 4300764) / 89751855)
=0.92282 / 0.952082
=0.9693

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
=9766592 / 9300552
=1.0501

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))
=(670775 / (670775 + 4300764)) / (693223 / (693223 + 7301283))
=0.134923 / 0.086712
=1.556

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)
=(786743 / 9766592) / (844367 / 9300552)
=0.080555 / 0.090787
=0.8873

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)
=((19558336 + 0) / 94601242) / ((19224891 + 0) / 89751855)
=0.206745 / 0.2142
=0.9652

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
=(47238 - 0 - 977288) / 94601242
=-0.009831

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.

Banco Popular (Bogota) has a M-score of -2.40 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 -2.40 mean?
Banco Popular (Bogota) (BOG:POPULAR) has a Beneish M-Score of -2.40 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Popular (Bogota) and its competitors. According to the industry distribution chart, Banco Popular (Bogota) ranks #689 out of 1396 companies in the Banks industry, placing it in the top 49.4%.
Is Banco Popular (Bogota)'s Beneish M-Score too high?
Banco Popular (Bogota)'s current Beneish M-Score is -2.40. Based on the distribution chart, Banco Popular (Bogota) ranks #689 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Banco Popular (Bogota) has a GF Score™ of 49/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Banco Popular (Bogota)'s Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Popular (Bogota) ranks #689 out of 1396 companies for Beneish M-Score. This puts Banco Popular (Bogota) 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 Banco Popular (Bogota) and its competitors. Banco Popular (Bogota)'s current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Popular (Bogota) stock overvalued right now?
Based on GuruFocus' analysis, Banco Popular (Bogota) (BOG:POPULAR) is currently considered Significantly Undervalued. The stock's GF Value™ is COP279.13, compared to a current price of COP120.00 — trading 57% below its estimated fair value. The current Beneish M-Score is -2.40. Banco Popular (Bogota)'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 Banco Popular (Bogota) (BOG:POPULAR), the current Beneish M-Score is -2.40 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 Banco Popular (Bogota) (BOG:POPULAR) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Popular (Bogota) stock appears to be undervalued. The current stock price of COP120.00 is trading 57% below its estimated GF Value™ of COP279.13. GuruFocus considers Banco Popular (Bogota) to be Significantly Undervalued.

Key valuation signals for BOG:POPULAR:

  • Beneish M-Score: -2.40
  • GF Value™: COP279.13 vs. price of COP120.00 (57% below fair value)
  • GF Score™: 49/100 with 2 warning signs

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

Banco Popular (Bogota) Business Description

Address Calle 17 No. 7-43, Piso 3, Bogota, COL
Banco Popular SA (Bogota) provides various banking products and services to individuals, agencies, medium-sized businesses, and public sector companies in Colombia. It offers personal, business, and corporate banking services.
49GF Score

Get the complete analysis for BOG:POPULAR

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

COP120.00
Price
COP279.13
GF Value