FFBC (First Financial Bancorp) Beneish M-Score: -2.44 (As of Jun. 28, 2026)


FFBC First Financial Bancorp FFBC
63 GF Score
Price $33.75
GF Value $27.38
Valuation Modestly Overvalued
! 7 Warning Signs
View Full Analysis

What is First Financial Bancorp Beneish M-Score?

First Financial Bancorp FFBC +0.87% 63 Beneish M-Score is -2.44 as of Jun. 28, 2026. GuruFocus rates FFBC with a GF Score™ of 63/100 and a GF Value™ of $27.38 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 1,399 Banks companies, First Financial Bancorp ranks better than 58.33% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for First Financial Bancorp's Beneish M-Score or its related term are showing as below:

FFBC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.66   Med: -2.44   Max: -1.01
Current: -2.44

During the past 13 years, the highest Beneish M-Score of First Financial Bancorp was -1.01. The lowest was -3.66. And the median was -2.44.

FFBC
63GF Score
First Financial Bancorp FFBC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Financial Bancorp 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 Financial Bancorp 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 * 0.9889+0.528 * 1+0.404 * 1.0027+0.892 * 1.144+0.115 * 0.9184
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9785+4.679 * -0.024229-0.327 * 0.8905
=-2.44

* 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 $634.4 Mil.
Revenue was 262.624 + 238.762 + 234.011 + 226.332 = $961.7 Mil.
Gross Profit was 262.624 + 238.762 + 234.011 + 226.332 = $961.7 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $22,779.8 Mil.
Property, Plant and Equipment(Net PPE) was $448.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.9 Mil.
Selling, General, & Admin. Expense(SGA) was $418.1 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $380.2 Mil.
Net Income was 74.445 + 62.393 + 71.923 + 69.996 = $278.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 548.953 + 122.151 + 89.807 + 69.786 = $830.7 Mil.
 Total Receivables was $560.8 Mil.
Revenue was 200.379 + 224.253 + 201.261 + 214.812 = $840.7 Mil.
Gross Profit was 200.379 + 224.253 + 201.261 + 214.812 = $840.7 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $18,455.1 Mil.
Property, Plant and Equipment(Net PPE) was $411.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.4 Mil.
Selling, General, & Admin. Expense(SGA) was $373.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $345.9 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)
=(634.403 / 961.729) / (560.771 / 840.705)
=0.659648 / 0.667025
=0.9889

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)
=(840.705 / 840.705) / (961.729 / 961.729)
=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 + 448.445) / 22779.815) / (1 - (0 + 411.616) / 18455.067)
=0.980314 / 0.977696
=1.0027

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
=961.729 / 840.705
=1.144

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))
=(38.353 / (38.353 + 411.616)) / (45.88 / (45.88 + 448.445))
=0.085235 / 0.092813
=0.9184

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)
=(418.129 / 961.729) / (373.525 / 840.705)
=0.434768 / 0.4443
=0.9785

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)
=((380.176 + 0) / 22779.815) / ((345.878 + 0) / 18455.067)
=0.016689 / 0.018742
=0.8905

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
=(278.757 - 0 - 830.697) / 22779.815
=-0.024229

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 Financial Bancorp has a M-score of -2.44 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 -2.44 mean?
First Financial Bancorp (FFBC) has a Beneish M-Score of -2.44 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Financial Bancorp and its competitors. According to the industry distribution chart, First Financial Bancorp ranks #583 out of 1399 companies in the Banks industry, placing it in the top 41.7%.
Is First Financial Bancorp's Beneish M-Score too high?
First Financial Bancorp's current Beneish M-Score is -2.44. Based on the distribution chart, First Financial Bancorp ranks #583 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, First Financial Bancorp has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Financial Bancorp's Beneish M-Score compare to MCHB and CBU?
According to the Banks industry distribution chart, First Financial Bancorp ranks #583 out of 1399 companies for Beneish M-Score. This puts First Financial Bancorp in the upper 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 Financial Bancorp and its competitors. First Financial Bancorp's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Financial Bancorp stock overvalued right now?
Based on GuruFocus' analysis, First Financial Bancorp (FFBC) is currently considered Modestly Overvalued. The stock's GF Value™ is $27.38, compared to a current price of $33.75 — trading 23.3% above its estimated fair value. The current Beneish M-Score is -2.44. First Financial Bancorp's overall GF Score™ is 63/100 with 7 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 First Financial Bancorp (FFBC), the current Beneish M-Score is -2.44 as of Jun. 28, 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 First Financial Bancorp (FFBC) Overvalued in 2026?

Based on GuruFocus' analysis, First Financial Bancorp stock appears to be overvalued. The current stock price of $33.75 is trading 23.3% above its estimated GF Value™ of $27.38. GuruFocus considers First Financial Bancorp to be Modestly Overvalued.

Key valuation signals for FFBC:

  • Beneish M-Score: -2.44
  • GF Value™: $27.38 vs. price of $33.75 (23.3% above fair value)
  • GF Score™: 63/100 with 7 warning signs

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

First Financial Bancorp Business Description

Other Exchanges FI5:Germany
Address 255 East Fifth Street, Suite 900, Cincinnati, OH, USA, 45202
First Financial Bancorp is a mid-sized, regional bank holding company. It engages in the business of commercial banking and other banking and banking-related activities through its subsidiary. The range of banking services provided to individuals and businesses includes commercial lending, real estate lending, and consumer financing. Real estate loans are loans secured by a mortgage lien on the real property of the borrower, which may either be residential property or commercial property. In addition, it offers deposit products that include interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers. A full range of trust and wealth management services is also provided through First Financial's Wealth Management line of business.
63GF Score

Get the complete analysis for FFBC

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

$33.75
Price
$27.38
GF Value