DNB Bank ASA (CHIX:DNBO) Beneish M-Score: -2.12 (As of Jun. 24, 2026)


CHIX:DNBO DNB Bank ASA CHIX:DNBO
72 GF Score
Price kr294.85
GF Value kr265.57
Valuation Modestly Overvalued
! 8 Warning Signs
View Full Analysis

What is DNB Bank ASA Beneish M-Score?

DNB Bank ASA CHIX:DNBO -1.67% 72 Beneish M-Score is -2.12 as of Jun. 24, 2026. GuruFocus rates CHIX:DNBO with a GF Score™ of 72/100 and a GF Value™ of kr265.57 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, DNB Bank ASA ranks worse than 85.89% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:DNBo' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86   Med: -2.4   Max: -2
Current: -2.12

During the past 13 years, the highest Beneish M-Score of DNB Bank ASA was -2.00. The lowest was -2.86. And the median was -2.40.

CHIX:DNBO
72GF Score
DNB Bank ASA CHIX:DNBO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DNB Bank ASA 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 DNB Bank ASA 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 * 1.0001+0.892 * 1.0302+0.115 * 0.9098
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0991+4.679 * 0.073811-0.327 * 0.9518
=-2.12

* 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 kr0 Mil.
Revenue was 21544 + 23132 + 22330 + 22097 = kr89,103 Mil.
Gross Profit was 21544 + 23132 + 22330 + 22097 = kr89,103 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr3,837,114 Mil.
Property, Plant and Equipment(Net PPE) was kr20,595 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3,795 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,053 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr906,034 Mil.
Net Income was 9868 + 11597 + 10659 + 10449 = kr42,573 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 120477 + -78581 + -205813 + -76731 = kr-240,648 Mil.
 Total Receivables was kr0 Mil.
Revenue was 21886 + 21462 + 21833 + 21313 = kr86,494 Mil.
Gross Profit was 21886 + 21462 + 21833 + 21313 = kr86,494 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr4,030,241 Mil.
Property, Plant and Equipment(Net PPE) was kr21,855 Mil.
Depreciation, Depletion and Amortization(DDA) was kr3,604 Mil.
Selling, General, & Admin. Expense(SGA) was kr930 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr999,807 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 / 89103) / (0 / 86494)
=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)
=(86494 / 86494) / (89103 / 89103)
=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 + 20595) / 3837114) / (1 - (0 + 21855) / 4030241)
=0.994633 / 0.994577
=1.0001

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
=89103 / 86494
=1.0302

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))
=(3604 / (3604 + 21855)) / (3795 / (3795 + 20595))
=0.141561 / 0.155597
=0.9098

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)
=(1053 / 89103) / (930 / 86494)
=0.011818 / 0.010752
=1.0991

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)
=((906034 + 0) / 3837114) / ((999807 + 0) / 4030241)
=0.236124 / 0.248076
=0.9518

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
=(42573 - 0 - -240648) / 3837114
=0.073811

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.

DNB Bank ASA has a M-score of -2.12 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 -2.12 mean?
DNB Bank ASA (CHIX:DNBO) has a Beneish M-Score of -2.12 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DNB Bank ASA and its competitors. According to the industry distribution chart, DNB Bank ASA ranks #1199 out of 1396 companies in the Banks industry, placing it in the top 85.9%.
Is DNB Bank ASA's Beneish M-Score too high?
DNB Bank ASA's current Beneish M-Score is -2.12. Based on the distribution chart, DNB Bank ASA ranks #1199 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, DNB Bank ASA has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does DNB Bank ASA's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, DNB Bank ASA ranks #1199 out of 1396 companies for Beneish M-Score. This places DNB Bank ASA 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 DNB Bank ASA and its competitors. DNB Bank ASA's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DNB Bank ASA stock overvalued right now?
Based on GuruFocus' analysis, DNB Bank ASA (CHIX:DNBO) is currently considered Modestly Overvalued. The stock's GF Value™ is kr265.57, compared to a current price of kr294.85 — trading 11% above its estimated fair value. The current Beneish M-Score is -2.12. DNB Bank ASA's overall GF Score™ is 72/100 with 8 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 DNB Bank ASA (CHIX:DNBO), the current Beneish M-Score is -2.12 as of Jun. 24, 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 DNB Bank ASA (CHIX:DNBO) Overvalued in 2026?

Based on GuruFocus' analysis, DNB Bank ASA stock appears to be overvalued. The current stock price of kr294.85 is trading 11% above its estimated GF Value™ of kr265.57. GuruFocus considers DNB Bank ASA to be Modestly Overvalued.

Key valuation signals for CHIX:DNBO:

  • Beneish M-Score: -2.12
  • GF Value™: kr265.57 vs. price of kr294.85 (11% above fair value)
  • GF Score™: 72/100 with 8 warning signs

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

DNB Bank ASA Business Description

Address Dronning Eufemias gate 30, Bjorvika, Oslo, NOR, 0191
DNB Bank ASA is a Norwegian financial services group offering financial products and services, including loans and deposits, mutual funds and asset management, life insurance and pension savings, payment and financing services, real estate broking, and services related to the money and capital markets. DNB has the following operating segments: Personal customers, Corporate customers Norway, Large corporates and international customers, and Others. Maximum revenue is generated from its Large corporates and international customers business, which caters to corporate customers across different industries, providing them with various banking and advisory services as well as access to online and mobile banking, and other digital services. DNB derives maximum revenue from its Banking activities.
72GF Score

Get the complete analysis for CHIX:DNBO

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

kr294.85
Price
kr265.57
GF Value