Equity Bancshares (FRA:44X) Beneish M-Score: -6.39 (As of Aug. 21, 2026)

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FRA:44X Equity Bancshares Inc FRA:44X
62 GF Score
Price €38.80
GF Value €39.56
! 4 Warning Signs
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What is Equity Bancshares Beneish M-Score?

Equity Bancshares FRA:44X -10.60% 62 Beneish M-Score is -6.39 as of Aug. 21, 2026. GuruFocus rates FRA:44X with a GF Score™ of 62/100 and a GF Value™ of €39.56. The stock has 4 warning signs investors should review. Among 1,393 Banks companies, Equity Bancshares ranks better than 99.35% 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 -6.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:44X' s Beneish M-Score Range Over the Past 10 Years
Min: -6.39   Med: -2.31   Max: -1.6
Current: -6.39

During the past 13 years, the highest Beneish M-Score of Equity Bancshares was -1.60. The lowest was -6.39. And the median was -2.31.

FRA:44X
62GF Score
Equity Bancshares Inc FRA:44X
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Equity 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 Equity 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 * 1.3837+0.528 * 1+0.404 * 1.0037+0.892 * 1.0402+0.115 * 0.9274
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1316+4.679 * -0.002527-0.327 * 13.9499
=-6.37

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was €32.8 Mil.
Revenue was 69.937 + 71.004 + 61.762 + 14.562 = €217.3 Mil.
Gross Profit was 69.937 + 71.004 + 61.762 + 14.562 = €217.3 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €6,705.8 Mil.
Property, Plant and Equipment(Net PPE) was €122.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €12.5 Mil.
Selling, General, & Admin. Expense(SGA) was €90.5 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €419.9 Mil.
Net Income was 22.949 + 14.676 + 18.86 + -25.273 = €31.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 33.701 + 13.26 + -6.022 + 7.219 = €48.2 Mil.
 Total Receivables was €22.8 Mil.
Revenue was 49.906 + 55.48 + 54.984 + 48.496 = €208.9 Mil.
Gross Profit was 49.906 + 55.48 + 54.984 + 48.496 = €208.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €4,659.1 Mil.
Property, Plant and Equipment(Net PPE) was €101.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.6 Mil.
Selling, General, & Admin. Expense(SGA) was €76.9 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €20.9 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)
=(32.75 / 217.265) / (22.753 / 208.866)
=0.150738 / 0.108936
=1.3837

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)
=(208.866 / 208.866) / (217.265 / 217.265)
=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 + 122.473) / 6705.839) / (1 - (0 + 101.901) / 4659.117)
=0.981736 / 0.978129
=1.0037

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
=217.265 / 208.866
=1.0402

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))
=(9.611 / (9.611 + 101.901)) / (12.548 / (12.548 + 122.473))
=0.086188 / 0.092934
=0.9274

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)
=(90.532 / 217.265) / (76.91 / 208.866)
=0.416689 / 0.368227
=1.1316

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)
=((419.925 + 0) / 6705.839) / ((20.916 + 0) / 4659.117)
=0.062621 / 0.004489
=13.9499

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
=(31.212 - 0 - 48.158) / 6705.839
=-0.002527

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.

Equity Bancshares has a M-score of -6.37 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 -6.39 mean?
Equity Bancshares (FRA:44X) has a Beneish M-Score of -6.39 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Equity Bancshares and its competitors. According to the industry distribution chart, Equity Bancshares ranks #9 out of 1393 companies in the Banks industry, placing it in the top 0.59999999999999%.
Is Equity Bancshares' Beneish M-Score too high?
Equity Bancshares' current Beneish M-Score is -6.39. Based on the distribution chart, Equity Bancshares ranks #9 out of 1393 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Equity Bancshares has a GF Score™ of 62/100, reflecting its overall financial health beyond just this single metric.
How does Equity Bancshares' Beneish M-Score compare to ESQ and HBNC?
According to the Banks industry distribution chart, Equity Bancshares ranks #9 out of 1393 companies for Beneish M-Score. This places Equity Bancshares in the top 1% 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 Equity Bancshares and its competitors. Equity Bancshares's current Beneish M-Score is -6.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Equity Bancshares stock overvalued right now?
Equity Bancshares (FRA:44X) has a current Beneish M-Score of -6.39. The stock's GF Value™ is €39.56, compared to a current price of €38.80 — trading 1.9% below its estimated fair value. The current Beneish M-Score is -6.39. Equity Bancshares' overall GF Score™ is 62/100 with 4 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 Equity Bancshares (FRA:44X), the current Beneish M-Score is -6.39 as of Aug. 21, 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 Equity Bancshares (FRA:44X) Overvalued in 2026?

Based on GuruFocus' analysis, Equity Bancshares stock appears to be undervalued. The current stock price of €38.80 is trading 1.9% below its estimated GF Value™ of €39.56.

Key valuation signals for FRA:44X:

  • Beneish M-Score: -6.39
  • GF Value™: €39.56 vs. price of €38.80 (1.9% below fair value)
  • GF Score™: 62/100 with 4 warning signs

No single metric tells the full story. See the FRA:44X stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Equity Bancshares Business Description

Other Exchanges EQBK:USA
Address 7701 East Kellogg Drive, Suite 300, Wichita, KS, USA, 67207
Equity Bancshares Inc is a bank holding company. It provides a broad range of financial services to businesses and business owners as well as individuals through network of nearly 77 branches located in Arkansas, Kansas, Missouri and Oklahoma. The majority of the Company's revenues come from interest income on financial instruments, including loans, leases, securities and derivatives. The company also earns revenue from Non-interest income which includes Service charges and fees, Debit card income, Investment Referral Income, Trust Income and Insurance Sales Commissions.
62GF Score

Get the complete analysis for FRA:44X

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

€38.80
Price
€39.56
GF Value