The Goldmanchs Group (BUE:GS) Beneish M-Score: -2.21 (As of Aug. 14, 2026)

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BUE:GS The Goldman Sachs Group Inc BUE:GS
63 GF Score
Price ARS126,925.00
GF Value ARS99,092.55
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is The Goldmanchs Group Beneish M-Score?

The Goldmanchs Group BUE:GS +0.40% 63 Beneish M-Score is -2.21 as of Aug. 14, 2026. GuruFocus rates BUE:GS with a GF Score™ of 63/100 and a GF Value™ of ARS99,092.55 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 705 Capital Markets companies, The Goldmanchs Group ranks better than 52.06% 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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:GS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73   Med: -2.31   Max: -1.83
Current: -2.21

During the past 13 years, the highest Beneish M-Score of The Goldmanchs Group was -1.83. The lowest was -2.73. And the median was -2.31.

BUE:GS
63GF Score
The Goldman Sachs Group Inc BUE:GS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

The Goldmanchs Group 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 The Goldmanchs Group 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 * 0.9015+0.528 * 1+0.404 * 1.0011+0.892 * 1.5873+0.115 * 0.9712
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0132+4.679 * 0.027112-0.327 * 1.0111
=-1.93

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ARS340,676,694 Mil.
Revenue was 30124706.925 + 24087568.175 + 19528332.847 + 20620060.315 = ARS94,360,668 Mil.
Gross Profit was 30124706.925 + 24087568.175 + 19528332.847 + 20620060.315 = ARS94,360,668 Mil.
Total Current Assets was ARS0 Mil.
Total Assets was ARS3,152,000,017 Mil.
Property, Plant and Equipment(Net PPE) was ARS13,960,338 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS2,932,103 Mil.
Selling, General, & Admin. Expense(SGA) was ARS30,834,353 Mil.
Total Current Liabilities was ARS0 Mil.
Long-Term Debt & Capital Lease Obligation was ARS515,458,649 Mil.
Net Income was 9817413.586 + 7872119.86 + 6701524.659 + 5565134.824 = ARS29,956,193 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0 Mil.
Cash Flow from Operations was 9042744.408 + -44559274.546 + -23624434.772 + 3639473.238 = ARS-55,501,492 Mil.
 Total Receivables was ARS238,072,313 Mil.
Revenue was 17313421.849 + 16056648.35 + 14007690.14 + 12070398.97 = ARS59,448,159 Mil.
Gross Profit was 17313421.849 + 16056648.35 + 14007690.14 + 12070398.97 = ARS59,448,159 Mil.
Total Current Assets was ARS0 Mil.
Total Assets was ARS2,119,221,959 Mil.
Property, Plant and Equipment(Net PPE) was ARS11,671,690 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS2,366,365 Mil.
Selling, General, & Admin. Expense(SGA) was ARS19,173,244 Mil.
Total Current Liabilities was ARS0 Mil.
Long-Term Debt & Capital Lease Obligation was ARS342,748,291 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)
=(340676693.522 / 94360668.262) / (238072313.187 / 59448159.309)
=3.610368 / 4.004705
=0.9015

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)
=(59448159.309 / 59448159.309) / (94360668.262 / 94360668.262)
=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 + 13960338.419) / 3152000016.589) / (1 - (0 + 11671689.652) / 2119221958.59)
=0.995571 / 0.994492
=1.0011

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
=94360668.262 / 59448159.309
=1.5873

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))
=(2366365.291 / (2366365.291 + 11671689.652)) / (2932102.938 / (2932102.938 + 13960338.419))
=0.168568 / 0.173575
=0.9712

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)
=(30834353.334 / 94360668.262) / (19173243.748 / 59448159.309)
=0.326771 / 0.32252
=1.0132

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)
=((515458649.329 + 0) / 3152000016.589) / ((342748290.533 + 0) / 2119221958.59)
=0.163534 / 0.161733
=1.0111

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
=(29956192.929 - 0 - -55501491.672) / 3152000016.589
=0.027112

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.

The Goldmanchs Group has a M-score of -1.93 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 -2.21 mean?
The Goldmanchs Group (BUE:GS) has a Beneish M-Score of -2.21 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Goldmanchs Group and its competitors. According to the industry distribution chart, The Goldmanchs Group ranks #338 out of 705 companies in the Capital Markets industry, placing it in the top 47.9%.
Is The Goldmanchs Group's Beneish M-Score too high?
The Goldmanchs Group's current Beneish M-Score is -2.21. Based on the distribution chart, The Goldmanchs Group ranks #338 out of 705 companies in the Capital Markets industry, which is above the industry midpoint. Overall, The Goldmanchs Group has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Goldmanchs Group's Beneish M-Score compare to MS and SCHW?
According to the Capital Markets industry distribution chart, The Goldmanchs Group ranks #338 out of 705 companies for Beneish M-Score. This puts The Goldmanchs Group 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 The Goldmanchs Group and its competitors. The Goldmanchs Group's current Beneish M-Score is -2.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Goldmanchs Group stock overvalued right now?
Based on GuruFocus' analysis, The Goldmanchs Group (BUE:GS) is currently considered Modestly Overvalued. The stock's GF Value™ is ARS99,092.55, compared to a current price of ARS126,925.00 — trading 28.1% above its estimated fair value. The current Beneish M-Score is -2.21. The Goldmanchs Group's overall GF Score™ is 63/100 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 The Goldmanchs Group (BUE:GS), the current Beneish M-Score is -2.21 as of Aug. 14, 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 The Goldmanchs Group (BUE:GS) Overvalued in 2026?

Based on GuruFocus' analysis, The Goldmanchs Group stock appears to be overvalued. The current stock price of ARS126,925.00 is trading 28.1% above its estimated GF Value™ of ARS99,092.55. GuruFocus considers The Goldmanchs Group to be Modestly Overvalued.

Key valuation signals for BUE:GS:

  • Beneish M-Score: -2.21
  • GF Value™: ARS99,092.55 vs. price of ARS126,925.00 (28.1% above fair value)
  • GF Score™: 63/100 with 6 warning signs

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

The Goldmanchs Group Business Description

Address 200 West Street, New York, NY, USA, 10282
Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more stable fee-based businesses like asset and wealth management, which comprised roughly 30% of post-provision revenue at the end of 2025. The firm generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans.
63GF Score

Get the complete analysis for BUE:GS

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

ARS126,925.00
Price
ARS99,092.55
GF Value