EQFN (Equitable Financial) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


EQFN Equitable Financial Corp EQFN
16 GF Score
Price $17.84
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What is Equitable Financial Beneish M-Score?

Equitable Financial EQFN +0.51% 16 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates EQFN with a GF Score™ of 16/100.

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 Equitable Financial's Beneish M-Score or its related term are showing as below:

During the past 12 years, the highest Beneish M-Score of Equitable Financial was 0.00. The lowest was 0.00. And the median was 0.00.

EQFN
16GF Score
Equitable Financial Corp EQFN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Equitable Financial 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 Equitable Financial 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 * 1.3954+0.528 * 1+0.404 * 1.0023+0.892 * 0.9425+0.115 * 0.9758
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0944+4.679 * -0.00486-0.327 * 2.3637
=-2.65

* 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 (Jun23) TTM:Last Year (Jun22) TTM:
Total Receivables was $3.04 Mil.
Revenue was $19.90 Mil.
Gross Profit was $19.90 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $481.05 Mil.
Property, Plant and Equipment(Net PPE) was $8.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.89 Mil.
Selling, General, & Admin. Expense(SGA) was $9.03 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $15.00 Mil.
Net Income was $3.59 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $5.93 Mil.
 Total Receivables was $2.31 Mil.
Revenue was $21.12 Mil.
Gross Profit was $21.12 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $454.83 Mil.
Property, Plant and Equipment(Net PPE) was $8.73 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.92 Mil.
Selling, General, & Admin. Expense(SGA) was $8.76 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $6.00 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)
=(3.038 / 19.901) / (2.31 / 21.116)
=0.152656 / 0.109396
=1.3954

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)
=(21.116 / 21.116) / (19.901 / 19.901)
=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 + 8.162) / 481.049) / (1 - (0 + 8.727) / 454.828)
=0.983033 / 0.980813
=1.0023

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
=19.901 / 21.116
=0.9425

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))
=(0.923 / (0.923 + 8.727)) / (0.887 / (0.887 + 8.162))
=0.095648 / 0.098022
=0.9758

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)
=(9.033 / 19.901) / (8.758 / 21.116)
=0.453897 / 0.414757
=1.0944

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)
=((15 + 0) / 481.049) / ((6 + 0) / 454.828)
=0.031182 / 0.013192
=2.3637

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
=(3.588 - 0 - 5.926) / 481.049
=-0.00486

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.

Equitable Financial has a M-score of -2.65 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 0.00 mean?
Equitable Financial (EQFN) 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 Equitable Financial and its competitors.
Is Equitable Financial's Beneish M-Score too high?
Equitable Financial's current Beneish M-Score is 0.00. Overall, Equitable Financial has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Equitable Financial's Beneish M-Score compare to TBBC and NUBC?
Equitable Financial's Beneish M-Score of 0.00 can be compared against companies in the Banks 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 Equitable Financial and its competitors. Equitable Financial'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 Equitable Financial stock overvalued right now?
Equitable Financial (EQFN) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Equitable Financial's overall GF Score™ is 16/100. 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 Equitable Financial (EQFN), 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.

Equitable Financial Business Description

Address 113 North Locust Street, Grand Island, NE, USA, 68801
Equitable Financial Corp is a holding company. The bank is engaged in the business of attracting deposits from the public and using those funds to originate commercial loans, agricultural loans, one- to four-family residential real estate loans and Other, these all activities are conducted through its main offices which are Located in Grand Island, North Platte, Omaha and Elkhorn, Nebraska. The Bank's primary services include accepting deposits, making loans, and investing in securities. It also provides Advisory services and wealth management.
16GF Score

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

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