SpareBank 1 Nord-Norge (CHIX:NONGO) Beneish M-Score: -2.59 (As of Jul. 01, 2026)


CHIX:NONGO SpareBank 1 Nord-Norge CHIX:NONGO
74 GF Score
Price kr146.39
GF Value kr123.54
Valuation Modestly Overvalued
! 9 Warning Signs
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What is SpareBank 1 Nord-Norge Beneish M-Score?

SpareBank 1 Nord-Norge CHIX:NONGO 74 Beneish M-Score is -2.59 as of Jul. 01, 2026. GuruFocus rates CHIX:NONGO with a GF Score™ of 74/100 and a GF Value™ of kr123.54 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 1,399 Banks companies, SpareBank 1 Nord-Norge ranks better than 80.2% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SpareBank 1 Nord-Norge's Beneish M-Score or its related term are showing as below:

CHIX:NONGo' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.38   Max: -1.49
Current: -2.59

During the past 13 years, the highest Beneish M-Score of SpareBank 1 Nord-Norge was -1.49. The lowest was -2.89. And the median was -2.38.

CHIX:NONGO
74GF Score
SpareBank 1 Nord-Norge CHIX:NONGO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SpareBank 1 Nord-Norge 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 SpareBank 1 Nord-Norge 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 * 0.9695+0.115 * 0.8627
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.164+4.679 * -0.011869-0.327 * 0.9565
=-2.59

* 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 1345 + 1444 + 1442 + 1547 = kr5,778 Mil.
Gross Profit was 1345 + 1444 + 1442 + 1547 = kr5,778 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr146,600 Mil.
Property, Plant and Equipment(Net PPE) was kr815 Mil.
Depreciation, Depletion and Amortization(DDA) was kr96 Mil.
Selling, General, & Admin. Expense(SGA) was kr536 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr24,809 Mil.
Net Income was 709 + 789 + 893 + 938 = kr3,329 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 838 + 2341 + -633 + 2523 = kr5,069 Mil.
 Total Receivables was kr0 Mil.
Revenue was 1478 + 1573 + 1492 + 1417 = kr5,960 Mil.
Gross Profit was 1478 + 1573 + 1492 + 1417 = kr5,960 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr139,030 Mil.
Property, Plant and Equipment(Net PPE) was kr820 Mil.
Depreciation, Depletion and Amortization(DDA) was kr82 Mil.
Selling, General, & Admin. Expense(SGA) was kr475 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr24,597 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 / 5778) / (0 / 5960)
=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)
=(5960 / 5960) / (5778 / 5778)
=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 + 815) / 146600) / (1 - (0 + 820) / 139030)
=0.994441 / 0.994102
=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
=5778 / 5960
=0.9695

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))
=(82 / (82 + 820)) / (96 / (96 + 815))
=0.090909 / 0.105379
=0.8627

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)
=(536 / 5778) / (475 / 5960)
=0.092766 / 0.079698
=1.164

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)
=((24809 + 0) / 146600) / ((24597 + 0) / 139030)
=0.169229 / 0.176919
=0.9565

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
=(3329 - 0 - 5069) / 146600
=-0.011869

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.

SpareBank 1 Nord-Norge has a M-score of -2.59 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 -2.59 mean?
SpareBank 1 Nord-Norge (CHIX:NONGO) has a Beneish M-Score of -2.59 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SpareBank 1 Nord-Norge and its competitors. According to the industry distribution chart, SpareBank 1 Nord-Norge ranks #277 out of 1399 companies in the Banks industry, placing it in the top 19.8%.
Is SpareBank 1 Nord-Norge's Beneish M-Score too high?
SpareBank 1 Nord-Norge's current Beneish M-Score is -2.59. Based on the distribution chart, SpareBank 1 Nord-Norge ranks #277 out of 1399 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, SpareBank 1 Nord-Norge has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SpareBank 1 Nord-Norge's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, SpareBank 1 Nord-Norge ranks #277 out of 1399 companies for Beneish M-Score. This places SpareBank 1 Nord-Norge in the top 20% 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 SpareBank 1 Nord-Norge and its competitors. SpareBank 1 Nord-Norge's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SpareBank 1 Nord-Norge stock overvalued right now?
Based on GuruFocus' analysis, SpareBank 1 Nord-Norge (CHIX:NONGO) is currently considered Modestly Overvalued. The stock's GF Value™ is kr123.54, compared to a current price of kr146.39 — trading 18.5% above its estimated fair value. The current Beneish M-Score is -2.59. SpareBank 1 Nord-Norge's overall GF Score™ is 74/100 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 SpareBank 1 Nord-Norge (CHIX:NONGO), the current Beneish M-Score is -2.59 as of Jul. 01, 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 SpareBank 1 Nord-Norge (CHIX:NONGO) Overvalued in 2026?

Based on GuruFocus' analysis, SpareBank 1 Nord-Norge stock appears to be overvalued. The current stock price of kr146.39 is trading 18.5% above its estimated GF Value™ of kr123.54. GuruFocus considers SpareBank 1 Nord-Norge to be Modestly Overvalued.

Key valuation signals for CHIX:NONGO:

  • Beneish M-Score: -2.59
  • GF Value™: kr123.54 vs. price of kr146.39 (18.5% above fair value)
  • GF Score™: 74/100 with 9 warning signs

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

SpareBank 1 Nord-Norge Business Description

Address Storgata 65, PO Box 6800, Tromso, NOR, 9008
SpareBank 1 Nord-Norge is a Norwegian banking services provider. Apart from general banking solutions, its areas of expertise include estate agency, asset financing, and accounting operations. The company operates with primary segments, namely the retail market and the corporate market. In addition, the subsidiary companies activities, such as accounting services, real estate brokerage, and leasing/sale-leaseback financing, are considered. The Retail Banking segment serves individual customers through the provision of retail banking products such as loans, deposits, cards, and insurance. The Corporate Banking segment focuses purely on corporate customers.
74GF Score

Get the complete analysis for CHIX:NONGO

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

kr146.39
Price
kr123.54
GF Value