Citigroup (BSP:CTGP34) Beneish M-Score: -1.88 (As of Jun. 25, 2026)


BSP:CTGP34 Citigroup Inc BSP:CTGP34
58 GF Score
Price R$124.55
GF Value R$67.28
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Citigroup Beneish M-Score?

Citigroup BSP:CTGP34 -0.40% 58 Beneish M-Score is -1.88 as of Jun. 25, 2026. GuruFocus rates BSP:CTGP34 with a GF Score™ of 58/100 and a GF Value™ of R$67.28 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, Citigroup ranks worse than 92.91% 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 -1.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSP:CTGP34' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.33   Max: -1.64
Current: -1.88

During the past 13 years, the highest Beneish M-Score of Citigroup was -1.64. The lowest was -2.70. And the median was -2.33.

BSP:CTGP34
58GF Score
Citigroup Inc BSP:CTGP34
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Citigroup 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 Citigroup 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 * 1.408+0.528 * 1+0.404 * 0.9999+0.892 * 1.0263+0.115 * 0.999
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9901+4.679 * 0.01739-0.327 * 0.963
=-1.99

* 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 R$480,266 Mil.
Revenue was 128977.625 + 107313.619 + 118495.485 + 120127.574 = R$474,914 Mil.
Gross Profit was 128977.625 + 107313.619 + 118495.485 + 120127.574 = R$474,914 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$14,526,192 Mil.
Property, Plant and Equipment(Net PPE) was R$175,579 Mil.
Depreciation, Depletion and Amortization(DDA) was R$23,955 Mil.
Selling, General, & Admin. Expense(SGA) was R$171,083 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,608,447 Mil.
Net Income was 30253.236 + 13481.035 + 20121.976 + 22288.57 = R$86,145 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -114387.041 + 144876.113 + 5899.3 + -202859.818 = R$-166,471 Mil.
 Total Receivables was R$332,335 Mil.
Revenue was 124380.718 + 118786.47 + 111636.51 + 107921.286 = R$462,725 Mil.
Gross Profit was 124380.718 + 118786.47 + 111636.51 + 107921.286 = R$462,725 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$14,807,035 Mil.
Property, Plant and Equipment(Net PPE) was R$177,430 Mil.
Depreciation, Depletion and Amortization(DDA) was R$24,179 Mil.
Selling, General, & Admin. Expense(SGA) was R$168,352 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,702,578 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)
=(480265.546 / 474914.303) / (332334.5 / 462724.984)
=1.011268 / 0.718212
=1.408

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)
=(462724.984 / 462724.984) / (474914.303 / 474914.303)
=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 + 175578.59) / 14526191.936) / (1 - (0 + 177430.093) / 14807034.76)
=0.987913 / 0.988017
=0.9999

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
=474914.303 / 462724.984
=1.0263

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))
=(24179.382 / (24179.382 + 177430.093)) / (23955.033 / (23955.033 + 175578.59))
=0.119932 / 0.120055
=0.999

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)
=(171083.441 / 474914.303) / (168351.733 / 462724.984)
=0.360241 / 0.363827
=0.9901

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)
=((1608447.154 + 0) / 14526191.936) / ((1702578.04 + 0) / 14807034.76)
=0.110727 / 0.114984
=0.963

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
=(86144.817 - 0 - -166471.446) / 14526191.936
=0.01739

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.

Citigroup has a M-score of -1.99 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 -1.88 mean?
Citigroup (BSP:CTGP34) has a Beneish M-Score of -1.88 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Citigroup and its competitors. According to the industry distribution chart, Citigroup ranks #1297 out of 1396 companies in the Banks industry, placing it in the top 92.9%.
Is Citigroup's Beneish M-Score too high?
Citigroup's current Beneish M-Score is -1.88. Based on the distribution chart, Citigroup ranks #1297 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Citigroup has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Citigroup's Beneish M-Score compare to WFC and BNY?
According to the Banks industry distribution chart, Citigroup ranks #1297 out of 1396 companies for Beneish M-Score. This places Citigroup 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 Citigroup and its competitors. Citigroup's current Beneish M-Score is -1.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Citigroup stock overvalued right now?
Based on GuruFocus' analysis, Citigroup (BSP:CTGP34) is currently considered Significantly Overvalued. The stock's GF Value™ is R$67.28, compared to a current price of R$124.55 — trading 85.1% above its estimated fair value. The current Beneish M-Score is -1.88. Citigroup's overall GF Score™ is 58/100 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 Citigroup (BSP:CTGP34), the current Beneish M-Score is -1.88 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 Citigroup (BSP:CTGP34) Overvalued in 2026?

Based on GuruFocus' analysis, Citigroup stock appears to be overvalued. The current stock price of R$124.55 is trading 85.1% above its estimated GF Value™ of R$67.28. GuruFocus considers Citigroup to be Significantly Overvalued.

Key valuation signals for BSP:CTGP34:

  • Beneish M-Score: -1.88
  • GF Value™: R$67.28 vs. price of R$124.55 (85.1% above fair value)
  • GF Score™: 58/100 with 8 warning signs

No single metric tells the full story. See the BSP:CTGP34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Citigroup Business Description

Address 388 Greenwich Street, New York, NY, USA, 10013
Citigroup is a global financial powerhouse that orchestrates the movement of $5 trillion in daily transaction volume, serving as the essential connective tissue for the world's most complex multinational corporations. The firm remains a leader on the global stage, servicing 90% of the Fortune 500 through a proprietary network that includes direct membership to over 270 cash-clearing centers and a footprint that spans 94 countries. After a checkered history operating as an overly complex, disjointed firm, steps have been taken to streamline operations, resulting in organization across five segments: services, markets, banking, wealth, and US personal banking.
58GF Score

Get the complete analysis for BSP:CTGP34

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

R$124.55
Price
R$67.28
GF Value