BOKF (BOK Financial) Beneish M-Score: -2.41 (As of Jun. 26, 2026)


BOKF BOK Financial Corp BOKF
74 GF Score
Price $139.16
GF Value $118.88
Valuation Modestly Overvalued
! 8 Warning Signs
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What is BOK Financial Beneish M-Score?

BOK Financial BOKF +0.56% 74 Beneish M-Score is -2.41 as of Jun. 26, 2026. GuruFocus rates BOKF with a GF Score™ of 74/100 and a GF Value™ of $118.88 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,397 Banks companies, BOK Financial ranks better than 51.9% 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOKF' s Beneish M-Score Range Over the Past 10 Years
Min: -12.92   Med: -2.33   Max: 0.09
Current: -2.41

During the past 13 years, the highest Beneish M-Score of BOK Financial was 0.09. The lowest was -12.92. And the median was -2.33.

BOKF
74GF Score
BOK Financial Corp BOKF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BOK 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 BOK 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 * 1.2555+0.528 * 1+0.404 * 1.0009+0.892 * 1.0813+0.115 * 0.9634
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9704+4.679 * 0.002665-0.327 * 1.7658
=-2.41

* 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 $430 Mil.
Revenue was 542.281 + 535.143 + 537.687 + 528.553 = $2,144 Mil.
Gross Profit was 542.281 + 535.143 + 537.687 + 528.553 = $2,144 Mil.
Total Current Assets was $0 Mil.
Total Assets was $53,760 Mil.
Property, Plant and Equipment(Net PPE) was $631 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $929 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $6,117 Mil.
Net Income was 155.766 + 177.301 + 140.894 + 140.018 = $614 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -248.678 + -237.883 + 867.847 + 89.397 = $471 Mil.
 Total Receivables was $316 Mil.
Revenue was 495.328 + 432.672 + 507.252 + 547.193 = $1,982 Mil.
Gross Profit was 495.328 + 432.672 + 507.252 + 547.193 = $1,982 Mil.
Total Current Assets was $0 Mil.
Total Assets was $50,472 Mil.
Property, Plant and Equipment(Net PPE) was $636 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General, & Admin. Expense(SGA) was $885 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,252 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)
=(429.503 / 2143.664) / (316.358 / 1982.445)
=0.200359 / 0.15958
=1.2555

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)
=(1982.445 / 1982.445) / (2143.664 / 2143.664)
=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 + 631.454) / 53760.405) / (1 - (0 + 636.096) / 50472.189)
=0.988254 / 0.987397
=1.0009

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
=2143.664 / 1982.445
=1.0813

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))
=(106.198 / (106.198 + 636.096)) / (110.128 / (110.128 + 631.454))
=0.143067 / 0.148504
=0.9634

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)
=(929.092 / 2143.664) / (885.427 / 1982.445)
=0.433413 / 0.446634
=0.9704

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)
=((6116.644 + 0) / 53760.405) / ((3252.049 + 0) / 50472.189)
=0.113776 / 0.064432
=1.7658

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
=(613.979 - 0 - 470.683) / 53760.405
=0.002665

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.

BOK Financial has a M-score of -2.41 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 -2.41 mean?
BOK Financial (BOKF) has a Beneish M-Score of -2.41 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BOK Financial and its competitors. According to the industry distribution chart, BOK Financial ranks #672 out of 1397 companies in the Banks industry, placing it in the top 48.1%.
Is BOK Financial's Beneish M-Score too high?
BOK Financial's current Beneish M-Score is -2.41. Based on the distribution chart, BOK Financial ranks #672 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, BOK Financial has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BOK Financial's Beneish M-Score compare to VLY and CBSH?
According to the Banks industry distribution chart, BOK Financial ranks #672 out of 1397 companies for Beneish M-Score. This puts BOK Financial 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 BOK Financial and its competitors. BOK Financial's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BOK Financial stock overvalued right now?
Based on GuruFocus' analysis, BOK Financial (BOKF) is currently considered Modestly Overvalued. The stock's GF Value™ is $118.88, compared to a current price of $139.16 — trading 17.1% above its estimated fair value. The current Beneish M-Score is -2.41. BOK Financial's overall GF Score™ is 74/100 with 8 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 BOK Financial (BOKF), the current Beneish M-Score is -2.41 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 BOK Financial (BOKF) Overvalued in 2026?

Based on GuruFocus' analysis, BOK Financial stock appears to be overvalued. The current stock price of $139.16 is trading 17.1% above its estimated GF Value™ of $118.88. GuruFocus considers BOK Financial to be Modestly Overvalued.

Key valuation signals for BOKF:

  • Beneish M-Score: -2.41
  • GF Value™: $118.88 vs. price of $139.16 (17.1% above fair value)
  • GF Score™: 74/100 with 8 warning signs

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

BOK Financial Business Description

Address Boston Avenue at Second Street, Bank of Oklahoma Tower, Tulsa, OK, USA, 74172
BOK Financial Corp is a financial institution based in Oklahoma that offers a broad range of nationally competitive financial products and services. The company operates through three main segments: Commercial Banking, Consumer Banking, and Wealth Management. Commercial Banking provides lending, treasury and cash management, and risk management services, and includes the TransFund EFT network. Consumer Banking focuses on retail lending, deposit services, and mortgage loan origination and servicing. Wealth Management engages mainly in brokerage and trading activities, particularly in U.S. government agency mortgage-backed securities and related derivatives. The company generates the majority of its revenue from the Commercial Banking segment.
74GF Score

Get the complete analysis for BOKF

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

$139.16
Price
$118.88
GF Value