Nordea Bank Abp (CHIX:NDAS) Beneish M-Score: -2.44 (As of Jun. 25, 2026)


CHIX:NDAS Nordea Bank Abp CHIX:NDAS
69 GF Score
Price kr179.28
GF Value kr130.47
Valuation Significantly Overvalued
! 9 Warning Signs
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What is Nordea Bank Abp Beneish M-Score?

Nordea Bank Abp CHIX:NDAS -1.14% 69 Beneish M-Score is -2.44 as of Jun. 25, 2026. GuruFocus rates CHIX:NDAS with a GF Score™ of 69/100 and a GF Value™ of kr130.47 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 1,396 Banks companies, Nordea Bank Abp ranks better than 58.17% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:NDAs' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.48   Max: -2.07
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Nordea Bank Abp was -2.07. The lowest was -3.08. And the median was -2.48.

CHIX:NDAS
69GF Score
Nordea Bank Abp CHIX:NDAS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nordea Bank Abp 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 Nordea Bank Abp 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 * 1.0003+0.892 * 0.9445+0.115 * 0.9107
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9404+4.679 * 0.018305-0.327 * 0.9897
=-2.44

* 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 31473.825 + 32015.781 + 31935.385 + 32102.656 = kr127,528 Mil.
Gross Profit was 31473.825 + 32015.781 + 31935.385 + 32102.656 = kr127,528 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr7,313,808 Mil.
Property, Plant and Equipment(Net PPE) was kr16,642 Mil.
Depreciation, Depletion and Amortization(DDA) was kr6,724 Mil.
Selling, General, & Admin. Expense(SGA) was kr14,431 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,282,025 Mil.
Net Income was 11848.462 + 12590.843 + 13509.009 + 13446.773 = kr51,395 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -4276.218 + 7791.74 + -48854.649 + -37146.573 = kr-82,486 Mil.
 Total Receivables was kr0 Mil.
Revenue was 32687.865 + 34047.749 + 34183.706 + 34102.505 = kr135,022 Mil.
Gross Profit was 32687.865 + 34047.749 + 34183.706 + 34102.505 = kr135,022 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr7,025,810 Mil.
Property, Plant and Equipment(Net PPE) was kr18,151 Mil.
Depreciation, Depletion and Amortization(DDA) was kr6,447 Mil.
Selling, General, & Admin. Expense(SGA) was kr16,247 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,215,063 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 / 127527.647) / (0 / 135021.825)
=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)
=(135021.825 / 135021.825) / (127527.647 / 127527.647)
=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 + 16641.704) / 7313808.116) / (1 - (0 + 18151.405) / 7025809.661)
=0.997725 / 0.997416
=1.0003

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
=127527.647 / 135021.825
=0.9445

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))
=(6447.005 / (6447.005 + 18151.405)) / (6724.145 / (6724.145 + 16641.704))
=0.26209 / 0.287777
=0.9107

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)
=(14430.583 / 127527.647) / (16247.389 / 135021.825)
=0.113157 / 0.120332
=0.9404

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)
=((2282024.635 + 0) / 7313808.116) / ((2215062.943 + 0) / 7025809.661)
=0.312016 / 0.315275
=0.9897

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
=(51395.087 - 0 - -82485.7) / 7313808.116
=0.018305

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.

Nordea Bank Abp has a M-score of -2.44 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 -2.44 mean?
Nordea Bank Abp (CHIX:NDAS) has a Beneish M-Score of -2.44 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nordea Bank Abp and its competitors. According to the industry distribution chart, Nordea Bank Abp ranks #584 out of 1396 companies in the Banks industry, placing it in the top 41.8%.
Is Nordea Bank Abp's Beneish M-Score too high?
Nordea Bank Abp's current Beneish M-Score is -2.44. Based on the distribution chart, Nordea Bank Abp ranks #584 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Nordea Bank Abp has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nordea Bank Abp's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Nordea Bank Abp ranks #584 out of 1396 companies for Beneish M-Score. This puts Nordea Bank Abp 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 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 Nordea Bank Abp and its competitors. Nordea Bank Abp's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nordea Bank Abp stock overvalued right now?
Based on GuruFocus' analysis, Nordea Bank Abp (CHIX:NDAS) is currently considered Significantly Overvalued. The stock's GF Value™ is kr130.47, compared to a current price of kr179.28 — trading 37.4% above its estimated fair value. The current Beneish M-Score is -2.44. Nordea Bank Abp's overall GF Score™ is 69/100 with 9 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 Nordea Bank Abp (CHIX:NDAS), the current Beneish M-Score is -2.44 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 Nordea Bank Abp (CHIX:NDAS) Overvalued in 2026?

Based on GuruFocus' analysis, Nordea Bank Abp stock appears to be overvalued. The current stock price of kr179.28 is trading 37.4% above its estimated GF Value™ of kr130.47. GuruFocus considers Nordea Bank Abp to be Significantly Overvalued.

Key valuation signals for CHIX:NDAS:

  • Beneish M-Score: -2.44
  • GF Value™: kr130.47 vs. price of kr179.28 (37.4% above fair value)
  • GF Score™: 69/100 with 9 warning signs

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

Nordea Bank Abp Business Description

Address Hamnbanegatan 5, Helsinki, FIN, FI-00020
Nordea is a universal Nordic bank that generates most of its income through vanilla lending products such as mortgages, household loans, and corporate loans. The bank is also a leading equity and debt underwriter and issuer, specialized in the Nordics, generating roughly one tenth of the group's income. Nordea also offers life and pension, savings and asset management, as well as private banking services to high-net-worth individuals. It operates primarily in Sweden, Denmark, Finland, and Norway.
69GF Score

Get the complete analysis for CHIX:NDAS

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

kr179.28
Price
kr130.47
GF Value