BSBK (Bogota Financial) Beneish M-Score: -2.20 (As of Jun. 26, 2026)


BSBK Bogota Financial Corp BSBK
62 GF Score
Price $9.11
GF Value $9.05
Valuation Fairly Valued
! 5 Warning Signs
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What is Bogota Financial Beneish M-Score?

Bogota Financial BSBK -0.55% 62 Beneish M-Score is -2.20 as of Jun. 26, 2026. GuruFocus rates BSBK with a GF Score™ of 62/100 and a GF Value™ of $9.05 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Bogota Financial ranks worse than 80.44% 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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSBK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.31   Max: 5.64
Current: -2.2

During the past 9 years, the highest Beneish M-Score of Bogota Financial was 5.64. The lowest was -3.16. And the median was -2.31.

BSBK
62GF Score
Bogota Financial Corp BSBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bogota 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 Bogota 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 * 0.8266+0.528 * 1+0.404 * 0.9993+0.892 * 1.3031+0.115 * 0.925
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7224+4.679 * -0.002116-0.327 * 0.5751
=-2.20

* 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 $4.47 Mil.
Revenue was 4.748 + 4.515 + 4.215 + 4.026 = $17.50 Mil.
Gross Profit was 4.748 + 4.515 + 4.215 + 4.026 = $17.50 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $877.25 Mil.
Property, Plant and Equipment(Net PPE) was $15.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.51 Mil.
Selling, General, & Admin. Expense(SGA) was $9.50 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $68.31 Mil.
Net Income was 0.706 + 0.681 + 0.455 + 0.224 = $2.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0.703 + 1.007 + 0.292 + 1.92 = $3.92 Mil.
 Total Receivables was $4.15 Mil.
Revenue was 4.483 + 2.918 + 2.985 + 3.047 = $13.43 Mil.
Gross Profit was 4.483 + 2.918 + 2.985 + 3.047 = $13.43 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $930.19 Mil.
Property, Plant and Equipment(Net PPE) was $15.29 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.48 Mil.
Selling, General, & Admin. Expense(SGA) was $10.10 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $125.94 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)
=(4.471 / 17.504) / (4.151 / 13.433)
=0.255427 / 0.309015
=0.8266

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)
=(13.433 / 13.433) / (17.504 / 17.504)
=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 + 15.021) / 877.245) / (1 - (0 + 15.287) / 930.192)
=0.982877 / 0.983566
=0.9993

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
=17.504 / 13.433
=1.3031

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))
=(0.477 / (0.477 + 15.287)) / (0.508 / (0.508 + 15.021))
=0.030259 / 0.032713
=0.925

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)
=(9.504 / 17.504) / (10.096 / 13.433)
=0.542962 / 0.751582
=0.7224

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)
=((68.309 + 0) / 877.245) / ((125.941 + 0) / 930.192)
=0.077868 / 0.135392
=0.5751

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
=(2.066 - 0 - 3.922) / 877.245
=-0.002116

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.

Bogota Financial has a M-score of -2.20 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 -2.20 mean?
Bogota Financial (BSBK) has a Beneish M-Score of -2.20 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bogota Financial and its competitors. According to the industry distribution chart, Bogota Financial ranks #1123 out of 1396 companies in the Banks industry, placing it in the top 80.4%.
Is Bogota Financial's Beneish M-Score too high?
Bogota Financial's current Beneish M-Score is -2.20. Based on the distribution chart, Bogota Financial ranks #1123 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Bogota Financial has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bogota Financial's Beneish M-Score compare to MPCB and UNB?
According to the Banks industry distribution chart, Bogota Financial ranks #1123 out of 1396 companies for Beneish M-Score. This places Bogota 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 Bogota Financial and its competitors. Bogota Financial's current Beneish M-Score is -2.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bogota Financial stock overvalued right now?
Based on GuruFocus' analysis, Bogota Financial (BSBK) is currently considered Fairly Valued. The stock's GF Value™ is $9.05, compared to a current price of $9.11 — trading 0.7% above its estimated fair value. The current Beneish M-Score is -2.20. Bogota Financial's overall GF Score™ is 62/100 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 Bogota Financial (BSBK), the current Beneish M-Score is -2.20 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 Bogota Financial (BSBK) Overvalued in 2026?

Based on GuruFocus' analysis, Bogota Financial stock appears to be overvalued. The current stock price of $9.11 is trading 0.7% above its estimated GF Value™ of $9.05. GuruFocus considers Bogota Financial to be Fairly Valued.

Key valuation signals for BSBK:

  • Beneish M-Score: -2.20
  • GF Value™: $9.05 vs. price of $9.11 (0.7% above fair value)
  • GF Score™: 62/100 with 5 warning signs

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

Bogota Financial Business Description

Address 819 Teaneck Road, Teaneck, New Jersey, NJ, USA, 07666
Bogota Financial Corp is a New Jersey-based bank. It offers personal and business banking services such as savings, certificates of deposits, online banking, loans, and many more. The Bank generally grants residential, commercial, and consumer loans to, and accepts deposits from, customers in New Jersey. The Company operates one reportable segment of business, retail banking. Through its community banking segment, the Company provides a broad range of retail and commercial banking services.
62GF Score

Get the complete analysis for BSBK

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

$9.11
Price
$9.05
GF Value