CASH (Pathward Financial) Beneish M-Score: -2.85 (As of Jun. 25, 2026)


CASH Pathward Financial Inc CASH
73 GF Score
Price $86.63
GF Value $88.69
Valuation Fairly Valued
! 1 Warning Sign
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What is Pathward Financial Beneish M-Score?

Pathward Financial CASH +0.21% 73 Beneish M-Score is -2.85 as of Jun. 25, 2026. GuruFocus rates CASH with a GF Score™ of 73/100 and a GF Value™ of $88.69 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, Pathward Financial ranks better than 90.47% 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CASH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55   Med: -2.6   Max: 10.1
Current: -2.85

During the past 13 years, the highest Beneish M-Score of Pathward Financial was 10.10. The lowest was -3.55. And the median was -2.60.

CASH
73GF Score
Pathward Financial Inc CASH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pathward Financial 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 Pathward Financial 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 * 0.9137+0.528 * 1+0.404 * 1.0084+0.892 * 1.0378+0.115 * 0.858
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9857+4.679 * -0.068367-0.327 * 0.9864
=-2.85

* 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 $163.0 Mil.
Revenue was 232.277 + 142.519 + 153.866 + 156.814 = $685.5 Mil.
Gross Profit was 232.277 + 142.519 + 153.866 + 156.814 = $685.5 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $7,112.4 Mil.
Property, Plant and Equipment(Net PPE) was $188.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.5 Mil.
Selling, General, & Admin. Expense(SGA) was $206.6 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $33.5 Mil.
Net Income was 72.91 + 35.166 + 38.803 + 42.147 = $189.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 232.948 + 108.304 + 303.664 + 30.362 = $675.3 Mil.
 Total Receivables was $171.9 Mil.
Revenue was 230.184 + 132.769 + 145.459 + 152.124 = $660.5 Mil.
Gross Profit was 230.184 + 132.769 + 145.459 + 152.124 = $660.5 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $6,994.8 Mil.
Property, Plant and Equipment(Net PPE) was $241.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.6 Mil.
Selling, General, & Admin. Expense(SGA) was $201.9 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $33.4 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)
=(163.029 / 685.476) / (171.937 / 660.536)
=0.237833 / 0.260299
=0.9137

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)
=(660.536 / 660.536) / (685.476 / 685.476)
=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 + 188.444) / 7112.399) / (1 - (0 + 241.736) / 6994.786)
=0.973505 / 0.965441
=1.0084

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
=685.476 / 660.536
=1.0378

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))
=(58.638 / (58.638 + 241.736)) / (55.503 / (55.503 + 188.444))
=0.195217 / 0.227521
=0.858

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)
=(206.568 / 685.476) / (201.944 / 660.536)
=0.30135 / 0.305727
=0.9857

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)
=((33.507 + 0) / 7112.399) / ((33.405 + 0) / 6994.786)
=0.004711 / 0.004776
=0.9864

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
=(189.026 - 0 - 675.278) / 7112.399
=-0.068367

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.

Pathward Financial has a M-score of -2.85 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 -2.85 mean?
Pathward Financial (CASH) has a Beneish M-Score of -2.85 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pathward Financial and its competitors. According to the industry distribution chart, Pathward Financial ranks #133 out of 1396 companies in the Banks industry, placing it in the top 9.5%.
Is Pathward Financial's Beneish M-Score too high?
Pathward Financial's current Beneish M-Score is -2.85. Based on the distribution chart, Pathward Financial ranks #133 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Pathward Financial has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Pathward Financial's Beneish M-Score compare to CHCO and LOB?
According to the Banks industry distribution chart, Pathward Financial ranks #133 out of 1396 companies for Beneish M-Score. This places Pathward Financial in the top 10% 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 Pathward Financial and its competitors. Pathward Financial's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pathward Financial stock overvalued right now?
Based on GuruFocus' analysis, Pathward Financial (CASH) is currently considered Fairly Valued. The stock's GF Value™ is $88.69, compared to a current price of $86.63 — trading 2.3% below its estimated fair value. The current Beneish M-Score is -2.85. Pathward Financial's overall GF Score™ is 73/100 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 Pathward Financial (CASH), the current Beneish M-Score is -2.85 as of Jun. 25, 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 Pathward Financial (CASH) Overvalued in 2026?

Based on GuruFocus' analysis, Pathward Financial stock appears to be undervalued. The current stock price of $86.63 is trading 2.3% below its estimated GF Value™ of $88.69. GuruFocus considers Pathward Financial to be Fairly Valued.

Key valuation signals for CASH:

  • Beneish M-Score: -2.85
  • GF Value™: $88.69 vs. price of $86.63 (2.3% below fair value)
  • GF Score™: 73/100 with 1 warning sign

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

Pathward Financial Business Description

Other Exchanges FM7:Germany
Address 5501 South Broadband Lane, Sioux Falls, SD, USA, 57108
Pathward Financial Inc is a unitary savings and loan holding company. It's a wholly owned full-service banking subsidiary of Meta Financial, is both a community-oriented financial institution offering a variety of financial services to meet the needs of the communities it serves, and a payments company providing services on a nationwide basis. It operates through three reportable segments: Consumer: The Consumer segment includes the Partner Solutions business line, which collaborates with partners to navigate payment and lending needs; Commercial: The Commercial segment includes the Company's Commercial Finance business line, which helps businesses access funds needed to launch, operate, and grow; and Corporate Services. The majority of the revenue is generated from Consumer segment.
73GF Score

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

$86.63
Price
$88.69
GF Value