FCBM (First Carolina Financial Services) Beneish M-Score: 0.00 (As of Jul. 30, 2026)

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FCBM First Carolina Financial Services Inc FCBM
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What is First Carolina Financial Services Beneish M-Score?

First Carolina Financial Services FCBM +0.97% 10 Beneish M-Score is 0.00 as of Jul. 30, 2026. GuruFocus rates FCBM with a GF Score™ of 10/100. Among 1,392 Banks companies, First Carolina Financial Services ranks worse than 71839.01% 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 First Carolina Financial Services's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of First Carolina Financial Services was 0.00. The lowest was 0.00. And the median was 0.00.

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First Carolina Financial Services Inc FCBM
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First Carolina Financial Services 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 First Carolina Financial Services 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 * 0.3833+0.528 * 1+0.404 * 1.001+0.892 * 1.9258+0.115 * 0.2507
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0371+4.679 * -0.007151-0.327 * 0.9177
=-2.32

* 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 $21.8 Mil.
Revenue was $137.8 Mil.
Gross Profit was $137.8 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $3,317.5 Mil.
Property, Plant and Equipment(Net PPE) was $43.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.5 Mil.
Selling, General, & Admin. Expense(SGA) was $77.3 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $63.4 Mil.
Net Income was $12.2 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $35.9 Mil.
 Total Receivables was $29.6 Mil.
Revenue was $71.5 Mil.
Gross Profit was $71.5 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $3,039.3 Mil.
Property, Plant and Equipment(Net PPE) was $42.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.6 Mil.
Selling, General, & Admin. Expense(SGA) was $38.7 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $63.3 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)
=(21.826 / 137.761) / (29.569 / 71.535)
=0.158434 / 0.41335
=0.3833

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)
=(71.535 / 71.535) / (137.761 / 137.761)
=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 + 43.321) / 3317.508) / (1 - (0 + 42.796) / 3039.338)
=0.986942 / 0.985919
=1.001

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
=137.761 / 71.535
=1.9258

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))
=(1.637 / (1.637 + 42.796)) / (7.463 / (7.463 + 43.321))
=0.036842 / 0.146956
=0.2507

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)
=(77.336 / 137.761) / (38.722 / 71.535)
=0.561378 / 0.541301
=1.0371

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)
=((63.436 + 0) / 3317.508) / ((63.329 + 0) / 3039.338)
=0.019122 / 0.020836
=0.9177

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
=(12.201 - 0 - 35.925) / 3317.508
=-0.007151

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.

First Carolina Financial Services has a M-score of -2.32 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?
First Carolina Financial Services (FCBM) has a Beneish M-Score of 0.00 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Carolina Financial Services and its competitors. According to the industry distribution chart, First Carolina Financial Services ranks #999999 out of 1392 companies in the Banks industry.
Is First Carolina Financial Services' Beneish M-Score too high?
First Carolina Financial Services' current Beneish M-Score is 0.00. Based on the distribution chart, First Carolina Financial Services ranks #999999 out of 1392 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, First Carolina Financial Services has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does First Carolina Financial Services' Beneish M-Score compare to FRST and PKBK?
According to the Banks industry distribution chart, First Carolina Financial Services ranks #999999 out of 1392 companies for Beneish M-Score. This places First Carolina Financial Services 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 First Carolina Financial Services and its competitors. First Carolina Financial Services'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 First Carolina Financial Services stock overvalued right now?
First Carolina Financial Services (FCBM) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. First Carolina Financial Services' overall GF Score™ is 10/100. 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 First Carolina Financial Services (FCBM), the current Beneish M-Score is 0.00 as of Jul. 30, 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.

First Carolina Financial Services Business Description

Address 2626 Glenwood Avenue, Suite 200, Raleigh, NC, USA, 27608
First Carolina Financial Services Inc is a bank holding company. The company's activities consist of managing and owning the Bank and its direct and indirect subsidiaries. The Bank provides commercial banking, payment, consumer banking, and wealth management services to small and medium-sized businesses, individuals, professionals, as well as institutions of higher education. It has four primary lines of business: Commercial Banking, Payments, Consumer Banking and Wealth Management. The reportable segments are Community Banking and BM Tech. The majority of revenue is derived from the Community Banking segment, which comprises activities of a traditional banking institution, gathering deposits and originating loans for portfolio in its respective primary market areas.
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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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