Banco Patagonia (BUE:BPAA) Beneish M-Score: -5.44 (As of Jun. 27, 2026)


BUE:BPAA Banco Patagonia SA BUE:BPAA
56 GF Score
Price ARS1.31
GF Value ARS0.82
! 2 Warning Signs
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What is Banco Patagonia Beneish M-Score?

Banco Patagonia BUE:BPAA 56 Beneish M-Score is -5.44 as of Jun. 27, 2026. GuruFocus rates BUE:BPAA with a GF Score™ of 56/100 and a GF Value™ of ARS0.82. The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Banco Patagonia ranks better than 98.93% 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 -5.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:BPAA' s Beneish M-Score Range Over the Past 10 Years
Min: -6.92   Med: -2.01   Max: 1.53
Current: -5.44

During the past 13 years, the highest Beneish M-Score of Banco Patagonia was 1.53. The lowest was -6.92. And the median was -2.01.

BUE:BPAA
56GF Score
Banco Patagonia SA BUE:BPAA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banco Patagonia 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 Banco Patagonia 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 * 1.0014+0.892 * 0.796+0.115 * 2.3722
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2015+4.679 * -0.077302-0.327 * 8.758
=-5.44

* 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 ARS0 Mil.
Revenue was 389607.15 + 391631.689 + 275979.666 + 311916.016 = ARS1,369,135 Mil.
Gross Profit was 389607.15 + 391631.689 + 275979.666 + 311916.016 = ARS1,369,135 Mil.
Total Current Assets was ARS0 Mil.
Total Assets was ARS9,163,924 Mil.
Property, Plant and Equipment(Net PPE) was ARS226,241 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS28,114 Mil.
Selling, General, & Admin. Expense(SGA) was ARS123,746 Mil.
Total Current Liabilities was ARS0 Mil.
Long-Term Debt & Capital Lease Obligation was ARS705,703 Mil.
Net Income was 20822.048 + 24939.248 + 10440.136 + 27915.023 = ARS84,116 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 195931.027 + -9913.689 + 422052.491 + 184438.989 = ARS792,509 Mil.
 Total Receivables was ARS0 Mil.
Revenue was 371199.49 + 465470.614 + 359357.686 + 524084.982 = ARS1,720,113 Mil.
Gross Profit was 371199.49 + 465470.614 + 359357.686 + 524084.982 = ARS1,720,113 Mil.
Total Current Assets was ARS0 Mil.
Total Assets was ARS6,425,235 Mil.
Property, Plant and Equipment(Net PPE) was ARS167,114 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS59,389 Mil.
Selling, General, & Admin. Expense(SGA) was ARS129,391 Mil.
Total Current Liabilities was ARS0 Mil.
Long-Term Debt & Capital Lease Obligation was ARS56,497 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 / 1369134.521) / (0 / 1720112.772)
=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)
=(1720112.772 / 1720112.772) / (1369134.521 / 1369134.521)
=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 + 226240.814) / 9163923.595) / (1 - (0 + 167114.295) / 6425234.703)
=0.975312 / 0.973991
=1.0014

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
=1369134.521 / 1720112.772
=0.796

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))
=(59389.395 / (59389.395 + 167114.295)) / (28114.434 / (28114.434 + 226240.814))
=0.262201 / 0.110532
=2.3722

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)
=(123746.216 / 1369134.521) / (129391.37 / 1720112.772)
=0.090383 / 0.075223
=1.2015

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)
=((705703.455 + 0) / 9163923.595) / ((56497.498 + 0) / 6425234.703)
=0.077009 / 0.008793
=8.758

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
=(84116.455 - 0 - 792508.818) / 9163923.595
=-0.077302

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.

Banco Patagonia has a M-score of -5.44 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 -5.44 mean?
Banco Patagonia (BUE:BPAA) has a Beneish M-Score of -5.44 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Patagonia and its competitors. According to the industry distribution chart, Banco Patagonia ranks #15 out of 1397 companies in the Banks industry, placing it in the top 1.1%.
Is Banco Patagonia's Beneish M-Score too high?
Banco Patagonia's current Beneish M-Score is -5.44. Based on the distribution chart, Banco Patagonia ranks #15 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Banco Patagonia has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Banco Patagonia's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Patagonia ranks #15 out of 1397 companies for Beneish M-Score. This places Banco Patagonia in the top 1% of its industry — outperforming the majority of peers. 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 Banco Patagonia and its competitors. Banco Patagonia's current Beneish M-Score is -5.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Patagonia stock overvalued right now?
Banco Patagonia (BUE:BPAA) has a current Beneish M-Score of -5.44. The stock's GF Value™ is ARS0.82, compared to a current price of ARS1.31 — trading 59.8% above its estimated fair value. The current Beneish M-Score is -5.44. Banco Patagonia's overall GF Score™ is 56/100 with 2 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 Banco Patagonia (BUE:BPAA), the current Beneish M-Score is -5.44 as of Jun. 27, 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 Banco Patagonia (BUE:BPAA) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Patagonia stock appears to be overvalued. The current stock price of ARS1.31 is trading 59.8% above its estimated GF Value™ of ARS0.82.

Key valuation signals for BUE:BPAA:

  • Beneish M-Score: -5.44
  • GF Value™: ARS0.82 vs. price of ARS1.31 (59.8% above fair value)
  • GF Score™: 56/100 with 2 warning signs

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

Banco Patagonia Business Description

Other Exchanges BPAT:Argentina
Address Avenida de Mayo 701, 24th Floor, Buenos Aires, ARG
Banco Patagonia SA is a commercial bank based in Argentina. It provides products and services including savings accounts, checking accounts. It also provides mortgage loans, debit and credit cards, fixed-term deposits, consumer and commercial loans personal loans and other banking services. The company serves individuals, foreign residents, corporate customers, large companies, medium and small enterprises as well as agribusiness, private, financial, non-financial and government sector.
56GF Score

Get the complete analysis for BUE:BPAA

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

ARS1.31
Price
ARS0.82
GF Value