CCBG (Capital City Bank Group) Beneish M-Score: -2.35 (As of Aug. 15, 2026)

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CCBG Capital City Bank Group Inc CCBG
62 GF Score
Price $52.39
GF Value $40.32
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is Capital City Bank Group Beneish M-Score?

Capital City Bank Group CCBG +0.06% 62 Beneish M-Score is -2.35 as of Aug. 15, 2026. GuruFocus rates CCBG with a GF Score™ of 62/100 and a GF Value™ of $40.32 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,393 Banks companies, Capital City Bank Group ranks worse than 59.08% 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CCBG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.4   Max: -1.96
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Capital City Bank Group was -1.96. The lowest was -2.70. And the median was -2.40.

CCBG
62GF Score
Capital City Bank Group Inc CCBG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Capital City Bank 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 Capital City Bank 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 * 1+0.528 * 1+0.404 * 1+0.892 * 1.0525+0.115 * 1.0202
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9504+4.679 * -1.7E-5-0.327 * 0.7725
=-2.35

* 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 $0.0 Mil.
Revenue was 62.357 + 60.317 + 63.463 + 63.413 = $249.6 Mil.
Gross Profit was 62.357 + 60.317 + 63.463 + 63.413 = $249.6 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $4,450.5 Mil.
Property, Plant and Equipment(Net PPE) was $81.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.4 Mil.
Selling, General, & Admin. Expense(SGA) was $107.4 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $33.9 Mil.
Net Income was 16.277 + 15.817 + 13.705 + 15.95 = $61.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 12.765 + 15.935 + 11.56 + 21.563 = $61.8 Mil.
 Total Receivables was $0.0 Mil.
Revenue was 60.707 + 61.454 + 57.482 + 57.464 = $237.1 Mil.
Gross Profit was 60.707 + 61.454 + 57.482 + 57.464 = $237.1 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $4,391.8 Mil.
Property, Plant and Equipment(Net PPE) was $79.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.5 Mil.
Selling, General, & Admin. Expense(SGA) was $107.4 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $43.3 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 / 249.55) / (0 / 237.107)
=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)
=(237.107 / 237.107) / (249.55 / 249.55)
=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 + 81.148) / 4450.483) / (1 - (0 + 79.906) / 4391.753)
=0.981766 / 0.981805
=1

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
=249.55 / 237.107
=1.0525

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))
=(7.457 / (7.457 + 79.906)) / (7.409 / (7.409 + 81.148))
=0.085357 / 0.083664
=1.0202

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)
=(107.44 / 249.55) / (107.412 / 237.107)
=0.430535 / 0.453011
=0.9504

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)
=((33.87 + 0) / 4450.483) / ((43.262 + 0) / 4391.753)
=0.00761 / 0.009851
=0.7725

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
=(61.749 - 0 - 61.823) / 4450.483
=-1.7E-5

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.

Capital City Bank Group has a M-score of -2.35 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 -2.35 mean?
Capital City Bank Group (CCBG) has a Beneish M-Score of -2.35 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Capital City Bank Group and its competitors. According to the industry distribution chart, Capital City Bank Group ranks #823 out of 1393 companies in the Banks industry, placing it in the top 59.1%.
Is Capital City Bank Group's Beneish M-Score too high?
Capital City Bank Group's current Beneish M-Score is -2.35. Based on the distribution chart, Capital City Bank Group ranks #823 out of 1393 companies in the Banks industry, which is below the industry midpoint. Overall, Capital City Bank Group has a GF Score™ of 62/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Capital City Bank Group's Beneish M-Score compare to FMNB and EGBN?
According to the Banks industry distribution chart, Capital City Bank Group ranks #823 out of 1393 companies for Beneish M-Score. This places Capital City Bank Group 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 Capital City Bank Group and its competitors. Capital City Bank Group's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Capital City Bank Group stock overvalued right now?
Based on GuruFocus' analysis, Capital City Bank Group (CCBG) is currently considered Modestly Overvalued. The stock's GF Value™ is $40.32, compared to a current price of $52.39 — trading 29.9% above its estimated fair value. The current Beneish M-Score is -2.35. Capital City Bank Group's overall GF Score™ is 62/100 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 Capital City Bank Group (CCBG), the current Beneish M-Score is -2.35 as of Aug. 15, 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 Capital City Bank Group (CCBG) Overvalued in 2026?

Based on GuruFocus' analysis, Capital City Bank Group stock appears to be overvalued. The current stock price of $52.39 is trading 29.9% above its estimated GF Value™ of $40.32. GuruFocus considers Capital City Bank Group to be Modestly Overvalued.

Key valuation signals for CCBG:

  • Beneish M-Score: -2.35
  • GF Value™: $40.32 vs. price of $52.39 (29.9% above fair value)
  • GF Score™: 62/100 with 6 warning signs

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

Capital City Bank Group Business Description

Other Exchanges BK3:Germany
Address 217 North Monroe Street, Tallahassee, FL, USA, 32301
Capital City Bank Group Inc is a United States-based group engaged in Banking services, Trust and asset management services, and Brokerage services. The company operates in one segment with two principal services: Banking Services and Wealth Management Services. It offers retail and commercial banking business in the form of traditional deposit and credit services, asset management, trust, mortgage banking, merchant services, bank cards, data processing, and securities brokerage services, among others, through its banking offices in Florida, Georgia, and Alabama.
62GF Score

Get the complete analysis for CCBG

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

$52.39
Price
$40.32
GF Value