Banco Macro (FRA:B4W) Beneish M-Score: -2.90 (As of Jun. 26, 2026)


FRA:B4W Banco Macro SA FRA:B4W
62 GF Score
Price €81.00
GF Value €28.65
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Banco Macro Beneish M-Score?

Banco Macro FRA:B4W -1.82% 62 Beneish M-Score is -2.90 as of Jun. 26, 2026. GuruFocus rates FRA:B4W with a GF Score™ of 62/100 and a GF Value™ of €28.65 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Banco Macro ranks better than 91.7% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:B4W' s Beneish M-Score Range Over the Past 10 Years
Min: -4.12   Med: -2.08   Max: 32.82
Current: -2.9

During the past 13 years, the highest Beneish M-Score of Banco Macro was 32.82. The lowest was -4.12. And the median was -2.08.

FRA:B4W
62GF Score
Banco Macro SA FRA:B4W
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banco Macro 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 Banco Macro 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 * 1.0712+0.528 * 1+0.404 * 1.0071+0.892 * 0.7766+0.115 * 1.4282
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9177+4.679 * -0.052133-0.327 * 2.0829
=-3.15

* 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 €360 Mil.
Revenue was 868.894 + 881.796 + 546.142 + 743.159 = €3,040 Mil.
Gross Profit was 868.894 + 881.796 + 546.142 + 743.159 = €3,040 Mil.
Total Current Assets was €0 Mil.
Total Assets was €14,971 Mil.
Property, Plant and Equipment(Net PPE) was €694 Mil.
Depreciation, Depletion and Amortization(DDA) was €111 Mil.
Selling, General, & Admin. Expense(SGA) was €927 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €916 Mil.
Net Income was 86.756 + 67.173 + -20.765 + 108.91 = €242 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 386.369 + 555.037 + 323.533 + -242.369 = €1,023 Mil.
 Total Receivables was €433 Mil.
Revenue was 932.773 + 1346.624 + 1016.241 + 618.8 = €3,914 Mil.
Gross Profit was 932.773 + 1346.624 + 1016.241 + 618.8 = €3,914 Mil.
Total Current Assets was €0 Mil.
Total Assets was €14,008 Mil.
Property, Plant and Equipment(Net PPE) was €744 Mil.
Depreciation, Depletion and Amortization(DDA) was €182 Mil.
Selling, General, & Admin. Expense(SGA) was €1,301 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €412 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)
=(359.973 / 3039.991) / (432.709 / 3914.438)
=0.118413 / 0.110542
=1.0712

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)
=(3914.438 / 3914.438) / (3039.991 / 3039.991)
=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 + 694.166) / 14971.176) / (1 - (0 + 743.516) / 14008.182)
=0.953633 / 0.946923
=1.0071

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
=3039.991 / 3914.438
=0.7766

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))
=(182.477 / (182.477 + 743.516)) / (111.107 / (111.107 + 694.166))
=0.197061 / 0.137974
=1.4282

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)
=(927.499 / 3039.991) / (1301.434 / 3914.438)
=0.305099 / 0.33247
=0.9177

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)
=((916.052 + 0) / 14971.176) / ((411.513 + 0) / 14008.182)
=0.061188 / 0.029377
=2.0829

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
=(242.074 - 0 - 1022.57) / 14971.176
=-0.052133

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.

Banco Macro has a M-score of -3.15 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 -2.90 mean?
Banco Macro (FRA:B4W) has a Beneish M-Score of -2.90 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Macro and its competitors. According to the industry distribution chart, Banco Macro ranks #116 out of 1397 companies in the Banks industry, placing it in the top 8.3%.
Is Banco Macro's Beneish M-Score too high?
Banco Macro's current Beneish M-Score is -2.90. Based on the distribution chart, Banco Macro ranks #116 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Banco Macro has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banco Macro's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Macro ranks #116 out of 1397 companies for Beneish M-Score. This places Banco Macro in the top 8% 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 Banco Macro and its competitors. Banco Macro's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Macro stock overvalued right now?
Based on GuruFocus' analysis, Banco Macro (FRA:B4W) is currently considered Significantly Overvalued. The stock's GF Value™ is €28.65, compared to a current price of €81.00 — trading 182.7% above its estimated fair value. The current Beneish M-Score is -2.90. Banco Macro's 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 Banco Macro (FRA:B4W), the current Beneish M-Score is -2.90 as of Jun. 26, 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 Banco Macro (FRA:B4W) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Macro stock appears to be overvalued. The current stock price of €81.00 is trading 182.7% above its estimated GF Value™ of €28.65. GuruFocus considers Banco Macro to be Significantly Overvalued.

Key valuation signals for FRA:B4W:

  • Beneish M-Score: -2.90
  • GF Value™: €28.65 vs. price of €81.00 (182.7% above fair value)
  • GF Score™: 62/100 with 4 warning signs

No single metric tells the full story. See the FRA:B4W stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Banco Macro Business Description

Other Exchanges BMA:USABMA:Argentina
Address Avenida Eduardo Madero 1172, City of Buenos Aires, ARG, C1106ACY
Banco Macro SA is a financial institution and it provides standard banking products and services designed to suit individual needs. It has two categories of customers, retail customers, which include individuals and entrepreneurs, and corporate customers, which include small, medium, and large companies and corporations. In addition, it provides services to four provincial governments. The company generates the majority of its revenue from Argentina.
62GF Score

Get the complete analysis for FRA:B4W

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

€81.00
Price
€28.65
GF Value