Commerzbank AG (BUD:COMMERZBANK) Beneish M-Score: -2.45 (As of Jul. 20, 2026)

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BUD:COMMERZBANK Commerzbank AG BUD:COMMERZBANK
43 GF Score
Price Ft14,000.00
GF Value Ft7,408.46
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Commerzbank AG Beneish M-Score?

Commerzbank AG BUD:COMMERZBANK 43 Beneish M-Score is -2.45 as of Jul. 20, 2026. GuruFocus rates BUD:COMMERZBANK with a GF Score™ of 43/100 and a GF Value™ of Ft7,408.46 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,394 Banks companies, Commerzbank AG ranks better than 60.9% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUD:COMMERZBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92   Med: -2.48   Max: -1.88
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Commerzbank AG was -1.88. The lowest was -2.92. And the median was -2.48.

BUD:COMMERZBANK
43GF Score
Commerzbank AG BUD:COMMERZBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Commerzbank AG 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 Commerzbank AG 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 * 1.0005+0.892 * 1.17+0.115 * 0.9249
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.986+4.679 * 0.015848-0.327 * 1.2423
=-2.34

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was Ft0 Mil.
Revenue was Ft4,776,583 Mil.
Gross Profit was Ft4,776,583 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft217,923,557 Mil.
Property, Plant and Equipment(Net PPE) was Ft773,323 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft309,477 Mil.
Selling, General, & Admin. Expense(SGA) was Ft565,774 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft26,790,447 Mil.
Net Income was Ft969,424 Mil.
Gross Profit was Ft0 Mil.
Cash Flow from Operations was Ft-2,484,311 Mil.
 Total Receivables was Ft0 Mil.
Revenue was Ft4,082,514 Mil.
Gross Profit was Ft4,082,514 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft183,170,207 Mil.
Property, Plant and Equipment(Net PPE) was Ft740,744 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft266,179 Mil.
Selling, General, & Admin. Expense(SGA) was Ft490,417 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft18,125,940 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 / 4776582.782) / (0 / 4082514.074)
=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)
=(4082514.074 / 4082514.074) / (4776582.782 / 4776582.782)
=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 + 773323.361) / 217923557.08) / (1 - (0 + 740744.141) / 183170207.182)
=0.996451 / 0.995956
=1.0005

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
=4776582.782 / 4082514.074
=1.17

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))
=(266179.125 / (266179.125 + 740744.141)) / (309477.066 / (309477.066 + 773323.361))
=0.264349 / 0.285812
=0.9249

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)
=(565774.302 / 4776582.782) / (490416.874 / 4082514.074)
=0.118448 / 0.120126
=0.986

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)
=((26790447.254 + 0) / 217923557.08) / ((18125939.773 + 0) / 183170207.182)
=0.122935 / 0.098957
=1.2423

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
=(969423.984 - 0 - -2484310.529) / 217923557.08
=0.015848

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.

Commerzbank AG has a M-score of -2.34 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 -2.45 mean?
Commerzbank AG (BUD:COMMERZBANK) has a Beneish M-Score of -2.45 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Commerzbank AG and its competitors. According to the industry distribution chart, Commerzbank AG ranks #545 out of 1394 companies in the Banks industry, placing it in the top 39.1%.
Is Commerzbank AG's Beneish M-Score too high?
Commerzbank AG's current Beneish M-Score is -2.45. Based on the distribution chart, Commerzbank AG ranks #545 out of 1394 companies in the Banks industry, which is above the industry midpoint. Overall, Commerzbank AG has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Commerzbank AG's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Commerzbank AG ranks #545 out of 1394 companies for Beneish M-Score. This puts Commerzbank AG 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 Commerzbank AG and its competitors. Commerzbank AG's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Commerzbank AG stock overvalued right now?
Based on GuruFocus' analysis, Commerzbank AG (BUD:COMMERZBANK) is currently considered Significantly Overvalued. The stock's GF Value™ is Ft7,408.46, compared to a current price of Ft14,000.00 — trading 89% above its estimated fair value. The current Beneish M-Score is -2.45. Commerzbank AG's overall GF Score™ is 43/100 with 6 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 Commerzbank AG (BUD:COMMERZBANK), the current Beneish M-Score is -2.45 as of Jul. 20, 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 Commerzbank AG (BUD:COMMERZBANK) Overvalued in 2026?

Based on GuruFocus' analysis, Commerzbank AG stock appears to be overvalued. The current stock price of Ft14,000.00 is trading 89% above its estimated GF Value™ of Ft7,408.46. GuruFocus considers Commerzbank AG to be Significantly Overvalued.

Key valuation signals for BUD:COMMERZBANK:

  • Beneish M-Score: -2.45
  • GF Value™: Ft7,408.46 vs. price of Ft14,000.00 (89% above fair value)
  • GF Score™: 43/100 with 6 warning signs

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

Commerzbank AG Business Description

Address Kaiserplatz, Frankfurt, HE, DEU, 60261
Commerzbank operates primarily in Europe. Germany accounts for about 70% of the total income. The bank operates two business segments: private and small-business customers, as well as corporate clients. In its private and small-business segment, the group operates a branch network, a mobile bank focused on the Polish market, an online broker, and an asset manager for physical assets. Its corporate client business provides cash management and trade finance solutions to small and medium-size enterprises and large companies.
43GF Score

Get the complete analysis for BUD:COMMERZBANK

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

Ft14,000.00
Price
Ft7,408.46
GF Value