Mutual Trust Bank (DHA:MTB) Beneish M-Score: -2.78 (As of Jun. 25, 2026)


DHA:MTB Mutual Trust Bank PLC DHA:MTB
88 GF Score
Price BDT13.00
GF Value BDT11.60
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Mutual Trust Bank Beneish M-Score?

Mutual Trust Bank DHA:MTB +2.36% 88 Beneish M-Score is -2.78 as of Jun. 25, 2026. GuruFocus rates DHA:MTB with a GF Score™ of 88/100 and a GF Value™ of BDT11.60 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Mutual Trust Bank ranks better than 88.61% 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:MTB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.53   Max: -2.21
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Mutual Trust Bank was -2.21. The lowest was -2.81. And the median was -2.53.

DHA:MTB
88GF Score
Mutual Trust Bank PLC DHA:MTB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mutual Trust Bank 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 Mutual Trust Bank 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 * 1.0012+0.892 * 0.9388+0.115 * 0.952
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9018+4.679 * -0.057762-0.327 * 0.9517
=-2.78

* 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 BDT0 Mil.
Revenue was 5089.04 + 5979.175 + 5214.904 + 5322.608 = BDT21,606 Mil.
Gross Profit was 5089.04 + 5979.175 + 5214.904 + 5322.608 = BDT21,606 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT517,610 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,723 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT715 Mil.
Selling, General, & Admin. Expense(SGA) was BDT18 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT52,520 Mil.
Net Income was 880.604 + 1354.47 + 877.35 + 310.601 = BDT3,423 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 8881.482 + 6618.627 + 14937.645 + 2883.354 = BDT33,321 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 5590.116 + 6481.479 + 5243.833 + 5699.76 = BDT23,015 Mil.
Gross Profit was 5590.116 + 6481.479 + 5243.833 + 5699.76 = BDT23,015 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT455,168 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,676 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT669 Mil.
Selling, General, & Admin. Expense(SGA) was BDT21 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT48,529 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 / 21605.727) / (0 / 23015.188)
=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)
=(23015.188 / 23015.188) / (21605.727 / 21605.727)
=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 + 4722.991) / 517609.663) / (1 - (0 + 4675.513) / 455167.781)
=0.990875 / 0.989728
=1.0012

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
=21605.727 / 23015.188
=0.9388

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))
=(668.989 / (668.989 + 4675.513)) / (715.001 / (715.001 + 4722.991))
=0.125173 / 0.131483
=0.952

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)
=(17.657 / 21605.727) / (20.853 / 23015.188)
=0.000817 / 0.000906
=0.9018

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)
=((52520.146 + 0) / 517609.663) / ((48529.15 + 0) / 455167.781)
=0.101467 / 0.106618
=0.9517

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
=(3423.025 - 0 - 33321.108) / 517609.663
=-0.057762

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.

Mutual Trust Bank has a M-score of -2.78 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 -2.78 mean?
Mutual Trust Bank (DHA:MTB) has a Beneish M-Score of -2.78 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mutual Trust Bank and its competitors. According to the industry distribution chart, Mutual Trust Bank ranks #159 out of 1396 companies in the Banks industry, placing it in the top 11.4%.
Is Mutual Trust Bank's Beneish M-Score too high?
Mutual Trust Bank's current Beneish M-Score is -2.78. Based on the distribution chart, Mutual Trust Bank ranks #159 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Mutual Trust Bank has a GF Score™ of 88/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Mutual Trust Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Mutual Trust Bank ranks #159 out of 1396 companies for Beneish M-Score. This places Mutual Trust Bank in the top 11% 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 Mutual Trust Bank and its competitors. Mutual Trust Bank's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mutual Trust Bank stock overvalued right now?
Based on GuruFocus' analysis, Mutual Trust Bank (DHA:MTB) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT11.60, compared to a current price of BDT13.00 — trading 12.1% above its estimated fair value. The current Beneish M-Score is -2.78. Mutual Trust Bank's overall GF Score™ is 88/100 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 Mutual Trust Bank (DHA:MTB), the current Beneish M-Score is -2.78 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 Mutual Trust Bank (DHA:MTB) Overvalued in 2026?

Based on GuruFocus' analysis, Mutual Trust Bank stock appears to be overvalued. The current stock price of BDT13.00 is trading 12.1% above its estimated GF Value™ of BDT11.60. GuruFocus considers Mutual Trust Bank to be Modestly Overvalued.

Key valuation signals for DHA:MTB:

  • Beneish M-Score: -2.78
  • GF Value™: BDT11.60 vs. price of BDT13.00 (12.1% above fair value)
  • GF Score™: 88/100 with 6 warning signs

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

Mutual Trust Bank Business Description

Address 26 Gulshan Avenue, Gulshan 1, MTB Centre, Dhaka, BGD, 1212
Mutual Trust Bank PLC is a company that engages in the provision of various commercial banking and related services. Its products and services include savings and current accounts, and fixed deposits; personal, auto, home, home equity, and professional's loan products; overdraft facilities; credit cards; and locker services. The company's reportable segments include DBO (Domestic Banking Operation), OBU (Offshore Banking Unit), MTB Securities Limited, and MTB Capital Limited.
88GF Score

Get the complete analysis for DHA:MTB

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

BDT13.00
Price
BDT11.60
GF Value