CNAF (Commercial National Financial (PA)) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


CNAF Commercial National Financial Corp (PA) CNAF
59 GF Score
Price $7.85
GF Value $8.45
Valuation Fairly Valued
! 2 Warning Signs
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What is Commercial National Financial (PA) Beneish M-Score?

Commercial National Financial (PA) CNAF -1.81% 59 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates CNAF with a GF Score™ of 59/100 and a GF Value™ of $8.45 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, Commercial National Financial (PA) ranks worse than 71633.17% 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.

The historical rank and industry rank for Commercial National Financial (PA)'s Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Commercial National Financial (PA) was -2.03. The lowest was -2.97. And the median was -2.25.

CNAF
59GF Score
Commercial National Financial Corp (PA) CNAF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Commercial National Financial (PA) 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 Commercial National Financial (PA) 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $2.23 Mil.
Revenue was $14.80 Mil.
Gross Profit was $14.80 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $362.39 Mil.
Property, Plant and Equipment(Net PPE) was $2.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.45 Mil.
Selling, General, & Admin. Expense(SGA) was $8.59 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $1.88 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $1.81 Mil.
 Total Receivables was $2.20 Mil.
Revenue was $14.53 Mil.
Gross Profit was $14.53 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $374.86 Mil.
Property, Plant and Equipment(Net PPE) was $2.79 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.41 Mil.
Selling, General, & Admin. Expense(SGA) was $8.74 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(2.226 / 14.795) / (2.202 / 14.526)
=0.150456 / 0.15159
=

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)
=(14.526 / 14.526) / (14.795 / 14.795)
=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 + 2.775) / 362.387) / (1 - (0 + 2.79) / 374.855)
=0.992342 / 0.992557
=

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
=14.795 / 14.526
=

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))
=(0.413 / (0.413 + 2.79)) / (0.446 / (0.446 + 2.775))
=0.128942 / 0.138466
=

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)
=(8.586 / 14.795) / (8.735 / 14.526)
=0.580331 / 0.601336
=

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)
=((0 + 0) / 362.387) / ((0 + 0) / 374.855)
=0 / 0
=

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
=(1.878 - 0 - 1.807) / 362.387
=0.000196

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Commercial National Financial (PA) (CNAF) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Commercial National Financial (PA) and its competitors. According to the industry distribution chart, Commercial National Financial (PA) ranks #999999 out of 1396 companies in the Banks industry.
Is Commercial National Financial (PA)'s Beneish M-Score too high?
Commercial National Financial (PA)'s current Beneish M-Score is 0.00. Based on the distribution chart, Commercial National Financial (PA) ranks #999999 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Commercial National Financial (PA) has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Commercial National Financial (PA)'s Beneish M-Score compare to BCCB and SNNF?
According to the Banks industry distribution chart, Commercial National Financial (PA) ranks #999999 out of 1396 companies for Beneish M-Score. This places Commercial National Financial (PA) 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 Commercial National Financial (PA) and its competitors. Commercial National Financial (PA)'s current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Commercial National Financial (PA) stock overvalued right now?
Based on GuruFocus' analysis, Commercial National Financial (PA) (CNAF) is currently considered Fairly Valued. The stock's GF Value™ is $8.45, compared to a current price of $7.85 — trading 7.1% below its estimated fair value. The current Beneish M-Score is 0.00. Commercial National Financial (PA)'s overall GF Score™ is 59/100 with 2 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 Commercial National Financial (PA) (CNAF), the current Beneish M-Score is 0.00 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 Commercial National Financial (PA) (CNAF) Overvalued in 2026?

Based on GuruFocus' analysis, Commercial National Financial (PA) stock appears to be undervalued. The current stock price of $7.85 is trading 7.1% below its estimated GF Value™ of $8.45. GuruFocus considers Commercial National Financial (PA) to be Fairly Valued.

Key valuation signals for CNAF:

  • Beneish M-Score: 0.00
  • GF Value™: $8.45 vs. price of $7.85 (7.1% below fair value)
  • GF Score™: 59/100 with 2 warning signs

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

Commercial National Financial (PA) Business Description

Address 900 Ligonier Street, PO Box 429, Latrobe, PA, USA, 15650
Commercial National Financial Corp (PA) is a bank holding company. The Bank operates under a state bank charter and provides full banking services. The Bank's primary business consists of taking deposits and granting loans to customers who generally do business in the area of Westmoreland County, Pennsylvania.
59GF Score

Get the complete analysis for CNAF

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

$7.85
Price
$8.45
GF Value