First Guaranty Bancshares (FRA:1GJ) Beneish M-Score: -3.13 (As of Aug. 02, 2026)

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FRA:1GJ First Guaranty Bancshares Inc FRA:1GJ
55 GF Score
Price €8.15
GF Value €6.04
! 5 Warning Signs
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What is First Guaranty Bancshares Beneish M-Score?

First Guaranty Bancshares FRA:1GJ +2.52% 55 Beneish M-Score is -3.13 as of Aug. 02, 2026. GuruFocus rates FRA:1GJ with a GF Score™ of 55/100 and a GF Value™ of €6.04. The stock has 5 warning signs investors should review. Among 1,392 Banks companies, First Guaranty Bancshares ranks better than 94.32% 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 -3.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:1GJ' s Beneish M-Score Range Over the Past 10 Years
Min: -14.48   Med: -2.48   Max: 14.73
Current: -3.13

During the past 13 years, the highest Beneish M-Score of First Guaranty Bancshares was 14.73. The lowest was -14.48. And the median was -2.48.

FRA:1GJ
55GF Score
First Guaranty Bancshares Inc FRA:1GJ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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First Guaranty Bancshares 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 Guaranty Bancshares 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 * 0.5301+0.528 * 1+0.404 * 1.0026+0.892 * 0.7625+0.115 * 0.9678
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9133+4.679 * -0.021028-0.327 * 0.893
=-3.18

* 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 €73.55 Mil.
Revenue was 19.496 + 18.715 + 20.199 + 20.716 = €79.13 Mil.
Gross Profit was 19.496 + 18.715 + 20.199 + 20.716 = €79.13 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €3,424.14 Mil.
Property, Plant and Equipment(Net PPE) was €50.82 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.68 Mil.
Selling, General, & Admin. Expense(SGA) was €23.17 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €154.86 Mil.
Net Income was 2.373 + 2.092 + -38.343 + -6.332 = €-40.21 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 43.763 + -21.16 + 25.07 + -15.881 = €31.79 Mil.
 Total Receivables was €181.99 Mil.
Revenue was 22.41 + 23.537 + 24.038 + 33.791 = €103.78 Mil.
Gross Profit was 22.41 + 23.537 + 24.038 + 33.791 = €103.78 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €3,542.07 Mil.
Property, Plant and Equipment(Net PPE) was €61.59 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.30 Mil.
Selling, General, & Admin. Expense(SGA) was €33.28 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €179.39 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)
=(73.551 / 79.126) / (181.985 / 103.776)
=0.929543 / 1.753633
=0.5301

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)
=(103.776 / 103.776) / (79.126 / 79.126)
=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 + 50.821) / 3424.139) / (1 - (0 + 61.586) / 3542.074)
=0.985158 / 0.982613
=1.0026

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
=79.126 / 103.776
=0.7625

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))
=(4.301 / (4.301 + 61.586)) / (3.676 / (3.676 + 50.821))
=0.065278 / 0.067453
=0.9678

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)
=(23.174 / 79.126) / (33.28 / 103.776)
=0.292875 / 0.320691
=0.9133

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)
=((154.861 + 0) / 3424.139) / ((179.389 + 0) / 3542.074)
=0.045226 / 0.050645
=0.893

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
=(-40.21 - 0 - 31.792) / 3424.139
=-0.021028

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 Guaranty Bancshares has a M-score of -3.18 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 -3.13 mean?
First Guaranty Bancshares (FRA:1GJ) has a Beneish M-Score of -3.13 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Guaranty Bancshares and its competitors. According to the industry distribution chart, First Guaranty Bancshares ranks #79 out of 1392 companies in the Banks industry, placing it in the top 5.7%.
Is First Guaranty Bancshares' Beneish M-Score too high?
First Guaranty Bancshares' current Beneish M-Score is -3.13. Based on the distribution chart, First Guaranty Bancshares ranks #79 out of 1392 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, First Guaranty Bancshares has a GF Score™ of 55/100, reflecting its overall financial health beyond just this single metric.
How does First Guaranty Bancshares' Beneish M-Score compare to TYCB and PBCO?
According to the Banks industry distribution chart, First Guaranty Bancshares ranks #79 out of 1392 companies for Beneish M-Score. This places First Guaranty Bancshares in the top 6% of its industry — outperforming the majority of peers. 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 Guaranty Bancshares and its competitors. First Guaranty Bancshares's current Beneish M-Score is -3.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Guaranty Bancshares stock overvalued right now?
First Guaranty Bancshares (FRA:1GJ) has a current Beneish M-Score of -3.13. The stock's GF Value™ is €6.04, compared to a current price of €8.15 — trading 34.9% above its estimated fair value. The current Beneish M-Score is -3.13. First Guaranty Bancshares' overall GF Score™ is 55/100 with 5 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 Guaranty Bancshares (FRA:1GJ), the current Beneish M-Score is -3.13 as of Aug. 02, 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 Guaranty Bancshares (FRA:1GJ) Overvalued in 2026?

Based on GuruFocus' analysis, First Guaranty Bancshares stock appears to be overvalued. The current stock price of €8.15 is trading 34.9% above its estimated GF Value™ of €6.04.

Key valuation signals for FRA:1GJ:

  • Beneish M-Score: -3.13
  • GF Value™: €6.04 vs. price of €8.15 (34.9% above fair value)
  • GF Score™: 55/100 with 5 warning signs

No single metric tells the full story. See the FRA:1GJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

First Guaranty Bancshares Business Description

Other Exchanges FGBIP.PFD:USAFGBI:USA
Address 400 East Thomas Street, Hammond, LA, USA, 70401
First Guaranty Bancshares Inc provides personalized commercial banking services to its customers in Louisiana through several banking facilities. The company offers commercial real estate loans, commercial and industrial loans, construction and land development loans, agricultural and farmland loans, and, to a lesser extent, consumer and multifamily loans. The company is engaged in a single line of business as a financial institution, which provides a full range of banking, financial, and trust services to state, county, and local government entities, individuals, and small and commercial businesses.
55GF Score

Get the complete analysis for FRA:1GJ

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

€8.15
Price
€6.04
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