BNP Paribas Bank Polska (FRA:82MA) Beneish M-Score: -2.58 (As of Jun. 25, 2026)


FRA:82MA BNP Paribas Bank Polska SA FRA:82MA
76 GF Score
Price €33.60
GF Value €22.21
Valuation Significantly Overvalued
! 7 Warning Signs
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What is BNP Paribas Bank Polska Beneish M-Score?

BNP Paribas Bank Polska FRA:82MA -0.59% 76 Beneish M-Score is -2.58 as of Jun. 25, 2026. GuruFocus rates FRA:82MA with a GF Score™ of 76/100 and a GF Value™ of €22.21 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, BNP Paribas Bank Polska ranks better than 78.94% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BNP Paribas Bank Polska's Beneish M-Score or its related term are showing as below:

FRA:82MA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.1   Med: -2.51   Max: -1.43
Current: -2.58

During the past 13 years, the highest Beneish M-Score of BNP Paribas Bank Polska was -1.43. The lowest was -3.10. And the median was -2.51.

FRA:82MA
76GF Score
BNP Paribas Bank Polska SA FRA:82MA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BNP Paribas Bank Polska 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 BNP Paribas Bank Polska 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 * 1.0004+0.892 * 1.0246+0.115 * 0.9764
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8909+4.679 * -0.031582-0.327 * 0.9821
=-2.58

* 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 Mil.
Revenue was 470.756 + 570.394 + 450.976 + 503.932 = €1,996 Mil.
Gross Profit was 470.756 + 570.394 + 450.976 + 503.932 = €1,996 Mil.
Total Current Assets was €0 Mil.
Total Assets was €41,312 Mil.
Property, Plant and Equipment(Net PPE) was €211 Mil.
Depreciation, Depletion and Amortization(DDA) was €123 Mil.
Selling, General, & Admin. Expense(SGA) was €224 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,053 Mil.
Net Income was 87.436 + 206.616 + 162.016 + 170.949 = €627 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -1151.702 + 2309.67 + -123.29 + 897.069 = €1,932 Mil.
 Total Receivables was €0 Mil.
Revenue was 499.246 + 605.695 + 435.633 + 407.526 = €1,948 Mil.
Gross Profit was 499.246 + 605.695 + 435.633 + 407.526 = €1,948 Mil.
Total Current Assets was €0 Mil.
Total Assets was €38,440 Mil.
Property, Plant and Equipment(Net PPE) was €214 Mil.
Depreciation, Depletion and Amortization(DDA) was €120 Mil.
Selling, General, & Admin. Expense(SGA) was €245 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,892 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 / 1996.058) / (0 / 1948.1)
=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)
=(1948.1 / 1948.1) / (1996.058 / 1996.058)
=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 + 211.43) / 41312.38) / (1 - (0 + 213.849) / 38440.176)
=0.994882 / 0.994437
=1.0004

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
=1996.058 / 1948.1
=1.0246

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))
=(120.216 / (120.216 + 213.849)) / (123.413 / (123.413 + 211.43))
=0.359858 / 0.36857
=0.9764

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)
=(224.049 / 1996.058) / (245.442 / 1948.1)
=0.112246 / 0.12599
=0.8909

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)
=((3052.592 + 0) / 41312.38) / ((2891.973 + 0) / 38440.176)
=0.07389 / 0.075233
=0.9821

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
=(627.017 - 0 - 1931.747) / 41312.38
=-0.031582

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.

BNP Paribas Bank Polska has a M-score of -2.58 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 -2.58 mean?
BNP Paribas Bank Polska (FRA:82MA) has a Beneish M-Score of -2.58 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BNP Paribas Bank Polska and its competitors. According to the industry distribution chart, BNP Paribas Bank Polska ranks #294 out of 1396 companies in the Banks industry, placing it in the top 21.1%.
Is BNP Paribas Bank Polska's Beneish M-Score too high?
BNP Paribas Bank Polska's current Beneish M-Score is -2.58. Based on the distribution chart, BNP Paribas Bank Polska ranks #294 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, BNP Paribas Bank Polska has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BNP Paribas Bank Polska's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, BNP Paribas Bank Polska ranks #294 out of 1396 companies for Beneish M-Score. This places BNP Paribas Bank Polska in the top 21% 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 BNP Paribas Bank Polska and its competitors. BNP Paribas Bank Polska's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BNP Paribas Bank Polska stock overvalued right now?
Based on GuruFocus' analysis, BNP Paribas Bank Polska (FRA:82MA) is currently considered Significantly Overvalued. The stock's GF Value™ is €22.21, compared to a current price of €33.60 — trading 51.3% above its estimated fair value. The current Beneish M-Score is -2.58. BNP Paribas Bank Polska's overall GF Score™ is 76/100 with 7 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 BNP Paribas Bank Polska (FRA:82MA), the current Beneish M-Score is -2.58 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 BNP Paribas Bank Polska (FRA:82MA) Overvalued in 2026?

Based on GuruFocus' analysis, BNP Paribas Bank Polska stock appears to be overvalued. The current stock price of €33.60 is trading 51.3% above its estimated GF Value™ of €22.21. GuruFocus considers BNP Paribas Bank Polska to be Significantly Overvalued.

Key valuation signals for FRA:82MA:

  • Beneish M-Score: -2.58
  • GF Value™: €22.21 vs. price of €33.60 (51.3% above fair value)
  • GF Score™: 76/100 with 7 warning signs

No single metric tells the full story. See the FRA:82MA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BNP Paribas Bank Polska Business Description

Other Exchanges BNP:Poland
Address Kasprzaka 2, Warsaw, POL, 01-211
BNP Paribas Bank Polska SA is a universal commercial bank offering a wide range of banking services provided to individual and institutional customers in accordance with the scope of services specified in the Bank's Articles of Association. The Bank operates both in Polish zlotys and foreign currencies and actively participates in trading on domestic and foreign financial markets. In addition, through its subsidiaries, the Group conducts brokerage and leasing activities and provides other financial services. Its reportable operating segments include Retail and Business Banking, Small and Medium-Sized Enterprises (SME), Corporate Banking, Corporate and Institutional Banking (CIB), and Other Operations, including ALM Treasury and the Corporate Centre.
76GF Score

Get the complete analysis for FRA:82MA

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

€33.60
Price
€22.21
GF Value