FMNB (Farmers National Banc) Beneish M-Score: -2.24 (As of Jun. 25, 2026)


FMNB Farmers National Banc Corp FMNB
56 GF Score
Price $14.59
GF Value $15.22
Valuation Fairly Valued
! 3 Warning Signs
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What is Farmers National Banc Beneish M-Score?

Farmers National Banc FMNB +1.32% 56 Beneish M-Score is -2.24 as of Jun. 25, 2026. GuruFocus rates FMNB with a GF Score™ of 56/100 and a GF Value™ of $15.22 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, Farmers National Banc ranks worse than 76.43% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FMNB' s Beneish M-Score Range Over the Past 10 Years
Min: -5.86   Med: -2.37   Max: -1.74
Current: -2.24

During the past 13 years, the highest Beneish M-Score of Farmers National Banc was -1.74. The lowest was -5.86. And the median was -2.37.

FMNB
56GF Score
Farmers National Banc Corp FMNB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Farmers National Banc 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 Farmers National Banc 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 * 0.9997+0.892 * 1.1456+0.115 * 1.2531
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.947+4.679 * 0.000742-0.327 * 0.7839
=-2.24

* 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 56.256 + 49.117 + 47.737 + 47.043 = $200.2 Mil.
Gross Profit was 56.256 + 49.117 + 47.737 + 47.043 = $200.2 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $7,175.5 Mil.
Property, Plant and Equipment(Net PPE) was $78.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.2 Mil.
Selling, General, & Admin. Expense(SGA) was $68.1 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $94.1 Mil.
Net Income was 16.264 + 14.637 + 12.461 + 13.91 = $57.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 7.573 + 19.642 + 10.712 + 14.018 = $51.9 Mil.
 Total Receivables was $0.0 Mil.
Revenue was 44.676 + 44.153 + 44.216 + 41.672 = $174.7 Mil.
Gross Profit was 44.676 + 44.153 + 44.216 + 41.672 = $174.7 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $5,157.0 Mil.
Property, Plant and Equipment(Net PPE) was $55.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.4 Mil.
Selling, General, & Admin. Expense(SGA) was $62.8 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $86.3 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)
=(0 / 200.153) / (0 / 174.717)
=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)
=(174.717 / 174.717) / (200.153 / 200.153)
=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 + 78.926) / 7175.476) / (1 - (0 + 54.991) / 5157.04)
=0.989001 / 0.989337
=0.9997

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
=200.153 / 174.717
=1.1456

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))
=(6.403 / (6.403 + 54.991)) / (7.165 / (7.165 + 78.926))
=0.104294 / 0.083226
=1.2531

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)
=(68.138 / 200.153) / (62.811 / 174.717)
=0.34043 / 0.359501
=0.947

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)
=((94.108 + 0) / 7175.476) / ((86.275 + 0) / 5157.04)
=0.013115 / 0.01673
=0.7839

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
=(57.272 - 0 - 51.945) / 7175.476
=0.000742

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.

Farmers National Banc has a M-score of -2.24 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 -2.24 mean?
Farmers National Banc (FMNB) has a Beneish M-Score of -2.24 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Farmers National Banc and its competitors. According to the industry distribution chart, Farmers National Banc ranks #1067 out of 1396 companies in the Banks industry, placing it in the top 76.4%.
Is Farmers National Banc's Beneish M-Score too high?
Farmers National Banc's current Beneish M-Score is -2.24. Based on the distribution chart, Farmers National Banc ranks #1067 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Farmers National Banc has a GF Score™ of 56/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Farmers National Banc's Beneish M-Score compare to CAC and EGBN?
According to the Banks industry distribution chart, Farmers National Banc ranks #1067 out of 1396 companies for Beneish M-Score. This places Farmers National Banc 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 Farmers National Banc and its competitors. Farmers National Banc's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Farmers National Banc stock overvalued right now?
Based on GuruFocus' analysis, Farmers National Banc (FMNB) is currently considered Fairly Valued. The stock's GF Value™ is $15.22, compared to a current price of $14.59 — trading 4.2% below its estimated fair value. The current Beneish M-Score is -2.24. Farmers National Banc's overall GF Score™ is 56/100 with 3 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 Farmers National Banc (FMNB), the current Beneish M-Score is -2.24 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 Farmers National Banc (FMNB) Overvalued in 2026?

Based on GuruFocus' analysis, Farmers National Banc stock appears to be undervalued. The current stock price of $14.59 is trading 4.2% below its estimated GF Value™ of $15.22. GuruFocus considers Farmers National Banc to be Fairly Valued.

Key valuation signals for FMNB:

  • Beneish M-Score: -2.24
  • GF Value™: $15.22 vs. price of $14.59 (4.2% below fair value)
  • GF Score™: 56/100 with 3 warning signs

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

Farmers National Banc Business Description

Address 20 South Broad Street, Canfield, OH, USA, 44406
Farmers National Banc Corp is a financial holding company based in the U.S. Along with its subsidiaries, it operates in the domestic banking, trust, retirement consulting, insurance, and financial management industries. The group offers a full range of commercial and retail banking services, including checking accounts, savings accounts, time deposit accounts, commercial, mortgage, and installment loans, safe deposit boxes, ATMs, internet banking, and other banking services. Additionally, it offers personal and corporate trust services in the areas of estate settlement, trust administration, employee benefit plans, and retirement services; insurance products, and other financial products and services. The group's reportable segments are Bank, which generates the maximum revenue, and Trust.
56GF Score

Get the complete analysis for FMNB

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

$14.59
Price
$15.22
GF Value