FFMR (First Farmers Financial) Beneish M-Score: -2.25 (As of Jul. 30, 2026)

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FFMR First Farmers Financial Corp FFMR
73 GF Score
Price $34.30
GF Value $39.04
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is First Farmers Financial Beneish M-Score?

First Farmers Financial FFMR 73 Beneish M-Score is -2.25 as of Jul. 30, 2026. GuruFocus rates FFMR with a GF Score™ of 73/100 and a GF Value™ of $39.04 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,392 Banks companies, First Farmers Financial ranks worse than 75% 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FFMR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.4   Max: -2.17
Current: -2.25

During the past 12 years, the highest Beneish M-Score of First Farmers Financial was -2.17. The lowest was -2.81. And the median was -2.40.

FFMR
73GF Score
First Farmers Financial Corp FFMR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Farmers 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 First Farmers 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+0.528 * 1+0.404 * 1.0006+0.892 * 1.1014+0.115 * 0.9895
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0082+4.679 * -0.002729-0.327 * 0.5312
=-2.25

* 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 $0.0 Mil.
Revenue was 36.115 + 36.563 + 34.855 + 34.005 = $141.5 Mil.
Gross Profit was 36.115 + 36.563 + 34.855 + 34.005 = $141.5 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $3,561.0 Mil.
Property, Plant and Equipment(Net PPE) was $24.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.0 Mil.
Selling, General, & Admin. Expense(SGA) was $42.1 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $98.6 Mil.
Net Income was 13.563 + 14.234 + 12.381 + 11.078 = $51.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 19.145 + 17.934 + 12.764 + 11.131 = $61.0 Mil.
 Total Receivables was $0.0 Mil.
Revenue was 32.863 + 33.458 + 31.647 + 30.539 = $128.5 Mil.
Gross Profit was 32.863 + 33.458 + 31.647 + 30.539 = $128.5 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $3,275.3 Mil.
Property, Plant and Equipment(Net PPE) was $24.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.9 Mil.
Selling, General, & Admin. Expense(SGA) was $37.9 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $170.6 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 / 141.538) / (0 / 128.507)
=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)
=(128.507 / 128.507) / (141.538 / 141.538)
=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 + 24.878) / 3560.972) / (1 - (0 + 24.691) / 3275.269)
=0.993014 / 0.992461
=1.0006

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
=141.538 / 128.507
=1.1014

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))
=(3.913 / (3.913 + 24.691)) / (3.991 / (3.991 + 24.878))
=0.136799 / 0.138245
=0.9895

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)
=(42.08 / 141.538) / (37.894 / 128.507)
=0.297305 / 0.294879
=1.0082

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)
=((98.558 + 0) / 3560.972) / ((170.639 + 0) / 3275.269)
=0.027677 / 0.052099
=0.5312

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
=(51.256 - 0 - 60.974) / 3560.972
=-0.002729

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 Farmers Financial has a M-score of -2.25 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 -2.25 mean?
First Farmers Financial (FFMR) has a Beneish M-Score of -2.25 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Farmers Financial and its competitors. According to the industry distribution chart, First Farmers Financial ranks #1044 out of 1392 companies in the Banks industry, placing it in the top 75%.
Is First Farmers Financial's Beneish M-Score too high?
First Farmers Financial's current Beneish M-Score is -2.25. Based on the distribution chart, First Farmers Financial ranks #1044 out of 1392 companies in the Banks industry, which is below the industry midpoint. Overall, First Farmers Financial has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does First Farmers Financial's Beneish M-Score compare to BSVN and BMRC?
According to the Banks industry distribution chart, First Farmers Financial ranks #1044 out of 1392 companies for Beneish M-Score. This places First Farmers Financial 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 Farmers Financial and its competitors. First Farmers Financial's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Farmers Financial stock overvalued right now?
Based on GuruFocus' analysis, First Farmers Financial (FFMR) is currently considered Modestly Undervalued. The stock's GF Value™ is $39.04, compared to a current price of $34.30 — trading 12.1% below its estimated fair value. The current Beneish M-Score is -2.25. First Farmers Financial's overall GF Score™ is 73/100 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 First Farmers Financial (FFMR), the current Beneish M-Score is -2.25 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.

Is First Farmers Financial (FFMR) Overvalued in 2026?

Based on GuruFocus' analysis, First Farmers Financial stock appears to be undervalued. The current stock price of $34.30 is trading 12.1% below its estimated GF Value™ of $39.04. GuruFocus considers First Farmers Financial to be Modestly Undervalued.

Key valuation signals for FFMR:

  • Beneish M-Score: -2.25
  • GF Value™: $39.04 vs. price of $34.30 (12.1% below fair value)
  • GF Score™: 73/100 with 2 warning signs

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

First Farmers Financial Business Description

Address 123 North Jefferson Street, Converse, IN, USA, 46919
First Farmers Financial Corp is a financial holding company. Along with its subsidiaries, it is mainly engaged in providing a range of banking products and services to individuals, families, and businesses. Its products and services include deposits, retirement and health savings accounts, consumer loans, home equity, and account management and leasing. The group makes commercial, installment and mortgage loans to and receives deposits from customers through its offices located in the Indiana counties of Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash; and Illinois counties of Coles, Edgar and Vermilion.
73GF Score

Get the complete analysis for FFMR

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

$34.30
Price
$39.04
GF Value