GRANIT Bank (BUD:GRANIT) Beneish M-Score: -2.27 (As of Aug. 04, 2026)

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BUD:GRANIT GRANIT Bank PLC BUD:GRANIT
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What is GRANIT Bank Beneish M-Score?

GRANIT Bank BUD:GRANIT -0.22% 11 Beneish M-Score is -2.27 as of Aug. 04, 2026. GuruFocus rates BUD:GRANIT with a GF Score™ of 11/100. The stock has 1 warning sign investors should review. Among 1,391 Banks companies, GRANIT Bank ranks worse than 72.11% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUD:GRANIT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21   Med: -2.56   Max: -1.74
Current: -2.27

During the past 8 years, the highest Beneish M-Score of GRANIT Bank was -1.74. The lowest was -3.21. And the median was -2.56.

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GRANIT Bank PLC BUD:GRANIT
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GRANIT Bank 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 GRANIT Bank 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 * 0.9999+0.892 * 1.1347+0.115 * 0.9907
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1184+4.679 * 0.031485-0.327 * 1.1016
=-2.27

* 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 Ft60,525 Mil.
Gross Profit was Ft60,525 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft1,863,772 Mil.
Property, Plant and Equipment(Net PPE) was Ft4,376 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft3,692 Mil.
Selling, General, & Admin. Expense(SGA) was Ft8,958 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft167,110 Mil.
Net Income was Ft17,198 Mil.
Gross Profit was Ft0 Mil.
Cash Flow from Operations was Ft-41,482 Mil.
 Total Receivables was Ft0 Mil.
Revenue was Ft53,341 Mil.
Gross Profit was Ft53,341 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft1,672,730 Mil.
Property, Plant and Equipment(Net PPE) was Ft3,755 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft3,114 Mil.
Selling, General, & Admin. Expense(SGA) was Ft7,059 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft136,152 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 / 60525) / (0 / 53341)
=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)
=(53341 / 53341) / (60525 / 60525)
=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 + 4376) / 1863772) / (1 - (0 + 3755) / 1672730)
=0.997652 / 0.997755
=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
=60525 / 53341
=1.1347

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))
=(3114 / (3114 + 3755)) / (3692 / (3692 + 4376))
=0.453341 / 0.45761
=0.9907

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)
=(8958 / 60525) / (7059 / 53341)
=0.148005 / 0.132337
=1.1184

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)
=((167110 + 0) / 1863772) / ((136152 + 0) / 1672730)
=0.089662 / 0.081395
=1.1016

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
=(17198 - 0 - -41482) / 1863772
=0.031485

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.

GRANIT Bank has a M-score of -2.27 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 -2.27 mean?
GRANIT Bank (BUD:GRANIT) has a Beneish M-Score of -2.27 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GRANIT Bank and its competitors. According to the industry distribution chart, GRANIT Bank ranks #1003 out of 1391 companies in the Banks industry, placing it in the top 72.1%.
Is GRANIT Bank's Beneish M-Score too high?
GRANIT Bank's current Beneish M-Score is -2.27. Based on the distribution chart, GRANIT Bank ranks #1003 out of 1391 companies in the Banks industry, which is below the industry midpoint. Overall, GRANIT Bank has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does GRANIT Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, GRANIT Bank ranks #1003 out of 1391 companies for Beneish M-Score. This places GRANIT Bank 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 GRANIT Bank and its competitors. GRANIT Bank's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GRANIT Bank stock overvalued right now?
GRANIT Bank (BUD:GRANIT) has a current Beneish M-Score of -2.27. The current Beneish M-Score is -2.27. GRANIT Bank's overall GF Score™ is 11/100 with 1 warning sign 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 GRANIT Bank (BUD:GRANIT), the current Beneish M-Score is -2.27 as of Aug. 04, 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.

GRANIT Bank Business Description

Address Lechner Odon Fasor 8, Budapest, HUN, 1095
GRANIT Bank PLC is a commercial bank engaged in universal banking activities and is entitled to offer financial and supplementary financial services. The Bank also offers investment services to customers via its mobile app and makes Granit Fund Management's investment fund units available to customers. In Romania, the Bank offers bank account, payment, and foreign exchange services. Its segments include Retail Segment, Non-financial Corporate Segment, Financial Corporate Segment, Project Loans Segment, and Non-profit Segment.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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