Banco Nacional de Credito CA (CAR:BNC) Beneish M-Score: 15.11 (As of Jun. 27, 2026) — 659% Above Median


CAR:BNC Banco Nacional de Credito CA CAR:BNC
88 GF Score
Price VES533.33
GF Value VES229.23
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Banco Nacional de Credito CA Beneish M-Score?

Banco Nacional de Credito CA CAR:BNC 88 Beneish M-Score is 15.11 as of Jun. 27, 2026, which is 659% above its 10-year median of 1.99. GuruFocus rates CAR:BNC with a GF Score™ of 88/100 and a GF Value™ of VES229.23 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Banco Nacional de Credito CA ranks worse than 99.71% 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.

Warning Sign:

Beneish M-Score 15.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

CAR:BNC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76   Med: 1.99   Max: 48.86
Current: 15.11

During the past 13 years, the highest Beneish M-Score of Banco Nacional de Credito CA was 48.86. The lowest was -3.76. And the median was 1.99.

CAR:BNC
88GF Score
Banco Nacional de Credito CA CAR:BNC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banco Nacional de Credito CA 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 Nacional de Credito CA 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 * 1.0208+0.892 * 20.8997+0.115 * 0.2789
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.488+4.679 * -0.10776-0.327 * 0.0035
=15.11

* 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 VES0 Mil.
Revenue was VES59,671 Mil.
Gross Profit was VES59,671 Mil.
Total Current Assets was VES0 Mil.
Total Assets was VES235,801 Mil.
Property, Plant and Equipment(Net PPE) was VES1,671 Mil.
Depreciation, Depletion and Amortization(DDA) was VES242 Mil.
Selling, General, & Admin. Expense(SGA) was VES12,713 Mil.
Total Current Liabilities was VES0 Mil.
Long-Term Debt & Capital Lease Obligation was VES24 Mil.
Net Income was VES27,657 Mil.
Gross Profit was VES0 Mil.
Cash Flow from Operations was VES53,067 Mil.
 Total Receivables was VES0 Mil.
Revenue was VES2,855 Mil.
Gross Profit was VES2,855 Mil.
Total Current Assets was VES0 Mil.
Total Assets was VES40,522 Mil.
Property, Plant and Equipment(Net PPE) was VES1,108 Mil.
Depreciation, Depletion and Amortization(DDA) was VES40 Mil.
Selling, General, & Admin. Expense(SGA) was VES1,247 Mil.
Total Current Liabilities was VES0 Mil.
Long-Term Debt & Capital Lease Obligation was VES1,147 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 / 59670.91) / (0 / 2855.114)
=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)
=(2855.114 / 2855.114) / (59670.91 / 59670.91)
=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 + 1671.318) / 235800.664) / (1 - (0 + 1107.663) / 40522.191)
=0.992912 / 0.972665
=1.0208

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
=59670.91 / 2855.114
=20.8997

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))
=(40.485 / (40.485 + 1107.663)) / (241.898 / (241.898 + 1671.318))
=0.035261 / 0.126435
=0.2789

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)
=(12713.462 / 59670.91) / (1246.57 / 2855.114)
=0.21306 / 0.43661
=0.488

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)
=((23.593 + 0) / 235800.664) / ((1146.653 + 0) / 40522.191)
=0.0001 / 0.028297
=0.0035

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
=(27657.426 - 0 - 53067.265) / 235800.664
=-0.10776

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 Nacional de Credito CA has a M-score of 15.11 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 15.11 mean?
Banco Nacional de Credito CA (CAR:BNC) has a Beneish M-Score of 15.11 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Nacional de Credito CA and its competitors. This is 659% above median its historical median of 1.99. According to the industry distribution chart, Banco Nacional de Credito CA ranks #1393 out of 1397 companies in the Banks industry, placing it in the top 99.7%.
Is Banco Nacional de Credito CA's Beneish M-Score too high?
Banco Nacional de Credito CA's current Beneish M-Score of 15.11 is 659% above median its 10-year median of 1.99. Based on the distribution chart, Banco Nacional de Credito CA ranks #1393 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Banco Nacional de Credito CA has a GF Score™ of 88/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banco Nacional de Credito CA's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Nacional de Credito CA ranks #1393 out of 1397 companies for Beneish M-Score. This places Banco Nacional de Credito CA 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 Banco Nacional de Credito CA and its competitors. Banco Nacional de Credito CA's current Beneish M-Score is 15.11, which is 659% above median its own 10-year median of 1.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Nacional de Credito CA stock overvalued right now?
Based on GuruFocus' analysis, Banco Nacional de Credito CA (CAR:BNC) is currently considered Significantly Overvalued. The stock's GF Value™ is VES229.23, compared to a current price of VES533.33 — trading 132.7% above its estimated fair value. The current Beneish M-Score is 15.11, which is 659% above median its 10-year median of 1.99. Banco Nacional de Credito CA's overall GF Score™ is 88/100 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 Nacional de Credito CA (CAR:BNC), the current Beneish M-Score is 15.11 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 Nacional de Credito CA (CAR:BNC) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Nacional de Credito CA stock appears to be overvalued. The current stock price of VES533.33 is trading 132.7% above its estimated GF Value™ of VES229.23. GuruFocus considers Banco Nacional de Credito CA to be Significantly Overvalued.

Key valuation signals for CAR:BNC:

  • Beneish M-Score: 15.11 (659% above median its 10-year median of 1.99)
  • GF Value™: VES229.23 vs. price of VES533.33 (132.7% above fair value)
  • GF Score™: 88/100 with 2 warning signs

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

Banco Nacional de Credito CA Business Description

Address Francisco de Miranda Avenue between Los Cortijos Avenue, BNC Tower, Campo Alegre Urbanization, Chacao Municipality, Capital District, Caracas, VEN
Banco Nacional de Credito CA operates as a commercial bank in Venezuela. The group's business objective is to provide financial intermediation which consists of the procurement of funds for the purpose of granting credits and it also invests in securities.
88GF Score

Get the complete analysis for CAR:BNC

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

VES533.33
Price
VES229.23
GF Value