Bank of New York Mellon (FRA:BN9) Beneish M-Score: -2.41 (As of Jun. 28, 2026)


FRA:BN9 Bank of New York Mellon Corp FRA:BN9
71 GF Score
Price €126.00
GF Value €83.63
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Bank of New York Mellon Beneish M-Score?

Bank of New York Mellon FRA:BN9 +0.80% 71 Beneish M-Score is -2.41 as of Jun. 28, 2026. GuruFocus rates FRA:BN9 with a GF Score™ of 71/100 and a GF Value™ of €83.63 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,399 Banks companies, Bank of New York Mellon ranks better than 51.97% 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bank of New York Mellon's Beneish M-Score or its related term are showing as below:

FRA:BN9' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.48   Max: -2.1
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Bank of New York Mellon was -2.10. The lowest was -2.82. And the median was -2.48.

FRA:BN9
71GF Score
Bank of New York Mellon Corp FRA:BN9
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Bank of New York Mellon 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 Bank of New York Mellon 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 * 0.8732+0.528 * 1+0.404 * 1.0006+0.892 * 1.0212+0.115 * 1.0972
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9264+4.679 * 0.004744-0.327 * 0.8271
=-2.47

* 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 €5,998 Mil.
Revenue was 4615.64 + 4360.524 + 4260.852 + 4304.655 = €17,542 Mil.
Gross Profit was 4615.64 + 4360.524 + 4260.852 + 4304.655 = €17,542 Mil.
Total Current Assets was €0 Mil.
Total Assets was €485,712 Mil.
Property, Plant and Equipment(Net PPE) was €3,284 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,564 Mil.
Selling, General, & Admin. Expense(SGA) was €6,029 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €28,335 Mil.
Net Income was 1411.68 + 1247.694 + 1231.14 + 1233.741 = €5,124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -2606.245 + 4427.99 + -906.528 + 1904.799 = €2,820 Mil.
 Total Receivables was €6,726 Mil.
Revenue was 4335.475 + 4545.8 + 4106.758 + 4188.861 = €17,177 Mil.
Gross Profit was 4335.475 + 4545.8 + 4106.758 + 4188.861 = €17,177 Mil.
Total Current Assets was €0 Mil.
Total Assets was €407,639 Mil.
Property, Plant and Equipment(Net PPE) was €3,013 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,651 Mil.
Selling, General, & Admin. Expense(SGA) was €6,372 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €28,750 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)
=(5997.91 / 17541.671) / (6725.675 / 17176.894)
=0.341924 / 0.391554
=0.8732

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)
=(17176.894 / 17176.894) / (17541.671 / 17541.671)
=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 + 3283.54) / 485712.205) / (1 - (0 + 3012.725) / 407639.175)
=0.99324 / 0.992609
=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
=17541.671 / 17176.894
=1.0212

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))
=(1651.265 / (1651.265 + 3012.725)) / (1564.381 / (1564.381 + 3283.54))
=0.354046 / 0.322691
=1.0972

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)
=(6028.824 / 17541.671) / (6372.195 / 17176.894)
=0.343686 / 0.370975
=0.9264

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)
=((28334.805 + 0) / 485712.205) / ((28749.925 + 0) / 407639.175)
=0.058337 / 0.070528
=0.8271

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
=(5124.255 - 0 - 2820.016) / 485712.205
=0.004744

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.

Bank of New York Mellon has a M-score of -2.47 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 -2.41 mean?
Bank of New York Mellon (FRA:BN9) has a Beneish M-Score of -2.41 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank of New York Mellon and its competitors. According to the industry distribution chart, Bank of New York Mellon ranks #672 out of 1399 companies in the Banks industry, placing it in the top 48%.
Is Bank of New York Mellon's Beneish M-Score too high?
Bank of New York Mellon's current Beneish M-Score is -2.41. Based on the distribution chart, Bank of New York Mellon ranks #672 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, Bank of New York Mellon has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bank of New York Mellon's Beneish M-Score compare to NTB and BCSO?
According to the Banks industry distribution chart, Bank of New York Mellon ranks #672 out of 1399 companies for Beneish M-Score. This puts Bank of New York Mellon 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 Bank of New York Mellon and its competitors. Bank of New York Mellon's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of New York Mellon stock overvalued right now?
Based on GuruFocus' analysis, Bank of New York Mellon (FRA:BN9) is currently considered Significantly Overvalued. The stock's GF Value™ is €83.63, compared to a current price of €126.00 — trading 50.7% above its estimated fair value. The current Beneish M-Score is -2.41. Bank of New York Mellon's overall GF Score™ is 71/100 with 8 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 Bank of New York Mellon (FRA:BN9), the current Beneish M-Score is -2.41 as of Jun. 28, 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 Bank of New York Mellon (FRA:BN9) Overvalued in 2026?

Based on GuruFocus' analysis, Bank of New York Mellon stock appears to be overvalued. The current stock price of €126.00 is trading 50.7% above its estimated GF Value™ of €83.63. GuruFocus considers Bank of New York Mellon to be Significantly Overvalued.

Key valuation signals for FRA:BN9:

  • Beneish M-Score: -2.41
  • GF Value™: €83.63 vs. price of €126.00 (50.7% above fair value)
  • GF Score™: 71/100 with 8 warning signs

No single metric tells the full story. See the FRA:BN9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bank of New York Mellon Business Description

Address 240 Greenwich Street, New York, NY, USA, 10286
Bank of New York Mellon is a global investment company involved in managing and servicing financial assets throughout the investment lifecycle. The bank provides financial services for institutions, corporations, and individual investors, delivering investment management and services in 35 countries and more than 100 markets. BNY is the largest global custody bank in the world, with $59.3 trillion in under custody or administration (as of December 2025), and can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute, or restructure investments. BNY's asset-management division manages about $2.2 trillion in assets.
71GF Score

Get the complete analysis for FRA:BN9

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

€126.00
Price
€83.63
GF Value