Affinity Bancshares (FRA:5610) Beneish M-Score: -2.45 (As of Jun. 27, 2026)


FRA:5610 Affinity Bancshares Inc FRA:5610
65 GF Score
Price €18.10
GF Value €16.35
! 4 Warning Signs
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What is Affinity Bancshares Beneish M-Score?

Affinity Bancshares FRA:5610 -10.40% 65 Beneish M-Score is -2.45 as of Jun. 27, 2026. GuruFocus rates FRA:5610 with a GF Score™ of 65/100 and a GF Value™ of €16.35. The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Affinity Bancshares ranks better than 60.77% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:5610' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78   Med: -2.6   Max: -2.11
Current: -2.45

During the past 7 years, the highest Beneish M-Score of Affinity Bancshares was -2.11. The lowest was -3.78. And the median was -2.60.

FRA:5610
65GF Score
Affinity Bancshares Inc FRA:5610
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Affinity 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 Affinity 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+0.528 * 1+0.404 * 1.0006+0.892 * 0.9765+0.115 * 0.9362
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.896+4.679 * -0.005755-0.327 * 0.9868
=-2.51

* 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 €0.00 Mil.
Revenue was 7.021 + 7.316 + 7.121 + 7.212 = €28.67 Mil.
Gross Profit was 7.021 + 7.316 + 7.121 + 7.212 = €28.67 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €799.85 Mil.
Property, Plant and Equipment(Net PPE) was €2.34 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.62 Mil.
Selling, General, & Admin. Expense(SGA) was €10.80 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €46.71 Mil.
Net Income was 1.976 + 1.82 + 1.889 + 1.866 = €7.55 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 3.809 + 1.931 + 3.141 + 3.273 = €12.15 Mil.
 Total Receivables was €0.00 Mil.
Revenue was 7.232 + 7.252 + 7.19 + 7.687 = €29.36 Mil.
Gross Profit was 7.232 + 7.252 + 7.19 + 7.687 = €29.36 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €844.06 Mil.
Property, Plant and Equipment(Net PPE) was €2.94 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.72 Mil.
Selling, General, & Admin. Expense(SGA) was €12.34 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €49.95 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 / 28.67) / (0 / 29.361)
=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)
=(29.361 / 29.361) / (28.67 / 28.67)
=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 + 2.335) / 799.846) / (1 - (0 + 2.939) / 844.059)
=0.997081 / 0.996518
=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
=28.67 / 29.361
=0.9765

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))
=(0.715 / (0.715 + 2.939)) / (0.617 / (0.617 + 2.335))
=0.195676 / 0.209011
=0.9362

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)
=(10.798 / 28.67) / (12.342 / 29.361)
=0.376631 / 0.420354
=0.896

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)
=((46.71 + 0) / 799.846) / ((49.95 + 0) / 844.059)
=0.058399 / 0.059178
=0.9868

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
=(7.551 - 0 - 12.154) / 799.846
=-0.005755

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.

Affinity Bancshares has a M-score of -2.51 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 -2.45 mean?
Affinity Bancshares (FRA:5610) has a Beneish M-Score of -2.45 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Affinity Bancshares and its competitors. According to the industry distribution chart, Affinity Bancshares ranks #548 out of 1397 companies in the Banks industry, placing it in the top 39.2%.
Is Affinity Bancshares' Beneish M-Score too high?
Affinity Bancshares' current Beneish M-Score is -2.45. Based on the distribution chart, Affinity Bancshares ranks #548 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Affinity Bancshares has a GF Score™ of 65/100, reflecting its overall financial health beyond just this single metric.
How does Affinity Bancshares' Beneish M-Score compare to DIMC and SBFG?
According to the Banks industry distribution chart, Affinity Bancshares ranks #548 out of 1397 companies for Beneish M-Score. This puts Affinity Bancshares 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 Affinity Bancshares and its competitors. Affinity Bancshares's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Affinity Bancshares stock overvalued right now?
Affinity Bancshares (FRA:5610) has a current Beneish M-Score of -2.45. The stock's GF Value™ is €16.35, compared to a current price of €18.10 — trading 10.7% above its estimated fair value. The current Beneish M-Score is -2.45. Affinity Bancshares' overall GF Score™ is 65/100 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 Affinity Bancshares (FRA:5610), the current Beneish M-Score is -2.45 as of Jun. 27, 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 Affinity Bancshares (FRA:5610) Overvalued in 2026?

Based on GuruFocus' analysis, Affinity Bancshares stock appears to be overvalued. The current stock price of €18.10 is trading 10.7% above its estimated GF Value™ of €16.35.

Key valuation signals for FRA:5610:

  • Beneish M-Score: -2.45
  • GF Value™: €16.35 vs. price of €18.10 (10.7% above fair value)
  • GF Score™: 65/100 with 4 warning signs

No single metric tells the full story. See the FRA:5610 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Affinity Bancshares Business Description

Other Exchanges AFBI:USA
Address 3175 Highway 278, Covington, GA, USA, 30014
Affinity Bancshares Inc is a bank holding company. The bank provides a range of financial services, including checking and savings accounts, certificates of deposit, mortgage, commercial and consumer loans, and money transfer services, operating across parts of Georgia and offering specialized lending such as dental practice and indirect automobile loans across the Southeastern United States. Its business mainly involves accepting public deposits and investing them in real estate and commercial loans, as well as mortgage-backed securities. The company also gathers deposits nationwide through its virtual bank, FitnessBank, and uses additional funding sources such as Federal Home Loan Bank borrowings.
65GF Score

Get the complete analysis for FRA:5610

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

€18.10
Price
€16.35
GF Value