Columbia Banking System (FRA:CM6) Beneish M-Score: -2.47 (As of Jul. 21, 2026)

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FRA:CM6 Columbia Banking System Inc FRA:CM6
51 GF Score
Price €28.60
GF Value €21.45
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Columbia Banking System Beneish M-Score?

Columbia Banking System FRA:CM6 -0.69% 51 Beneish M-Score is -2.47 as of Jul. 21, 2026. GuruFocus rates FRA:CM6 with a GF Score™ of 51/100 and a GF Value™ of €21.45 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,394 Banks companies, Columbia Banking System ranks better than 64.35% 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:CM6' s Beneish M-Score Range Over the Past 10 Years
Min: -4.49   Med: -2.39   Max: -2.18
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Columbia Banking System was -2.18. The lowest was -4.49. And the median was -2.39.

FRA:CM6
51GF Score
Columbia Banking System Inc FRA:CM6
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Columbia Banking System 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 Columbia Banking System 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 * 0.7778+0.528 * 1+0.404 * 1.0023+0.892 * 1.1839+0.115 * 0.9107
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9597+4.679 * -0.00696-0.327 * 0.9641
=-2.54

* 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 €1,400 Mil.
Revenue was 585.605 + 612.318 + 495.864 + 442.957 = €2,137 Mil.
Gross Profit was 585.605 + 612.318 + 495.864 + 442.957 = €2,137 Mil.
Total Current Assets was €0 Mil.
Total Assets was €57,113 Mil.
Property, Plant and Equipment(Net PPE) was €368 Mil.
Depreciation, Depletion and Amortization(DDA) was €121 Mil.
Selling, General, & Admin. Expense(SGA) was €661 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,313 Mil.
Net Income was 166.08 + 183.61 + 81.792 + 132.151 = €564 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 427.31 + 239.974 + 201.236 + 92.602 = €961 Mil.
 Total Receivables was €1,521 Mil.
Revenue was 454.175 + 465.085 + 446.896 + 438.629 = €1,805 Mil.
Gross Profit was 454.175 + 465.085 + 446.896 + 438.629 = €1,805 Mil.
Total Current Assets was €0 Mil.
Total Assets was €47,655 Mil.
Property, Plant and Equipment(Net PPE) was €418 Mil.
Depreciation, Depletion and Amortization(DDA) was €122 Mil.
Selling, General, & Admin. Expense(SGA) was €581 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,867 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)
=(1400.435 / 2136.744) / (1520.748 / 1804.785)
=0.655406 / 0.84262
=0.7778

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)
=(1804.785 / 1804.785) / (2136.744 / 2136.744)
=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 + 368.49) / 57113.355) / (1 - (0 + 417.75) / 47655.321)
=0.993548 / 0.991234
=1.0023

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
=2136.744 / 1804.785
=1.1839

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))
=(121.554 / (121.554 + 417.75)) / (121.187 / (121.187 + 368.49))
=0.225391 / 0.247484
=0.9107

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)
=(660.682 / 2136.744) / (581.47 / 1804.785)
=0.3092 / 0.322182
=0.9597

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)
=((3312.95 + 0) / 57113.355) / ((2867.192 + 0) / 47655.321)
=0.058007 / 0.060165
=0.9641

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
=(563.633 - 0 - 961.122) / 57113.355
=-0.00696

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.

Columbia Banking System has a M-score of -2.54 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 -2.47 mean?
Columbia Banking System (FRA:CM6) has a Beneish M-Score of -2.47 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Columbia Banking System and its competitors. According to the industry distribution chart, Columbia Banking System ranks #497 out of 1394 companies in the Banks industry, placing it in the top 35.7%.
Is Columbia Banking System's Beneish M-Score too high?
Columbia Banking System's current Beneish M-Score is -2.47. Based on the distribution chart, Columbia Banking System ranks #497 out of 1394 companies in the Banks industry, which is above the industry midpoint. Overall, Columbia Banking System has a GF Score™ of 51/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Columbia Banking System's Beneish M-Score compare to WAL and CFR?
According to the Banks industry distribution chart, Columbia Banking System ranks #497 out of 1394 companies for Beneish M-Score. This puts Columbia Banking System 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 Columbia Banking System and its competitors. Columbia Banking System's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Columbia Banking System stock overvalued right now?
Based on GuruFocus' analysis, Columbia Banking System (FRA:CM6) is currently considered Significantly Overvalued. The stock's GF Value™ is €21.45, compared to a current price of €28.60 — trading 33.3% above its estimated fair value. The current Beneish M-Score is -2.47. Columbia Banking System's overall GF Score™ is 51/100 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 Columbia Banking System (FRA:CM6), the current Beneish M-Score is -2.47 as of Jul. 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 Columbia Banking System (FRA:CM6) Overvalued in 2026?

Based on GuruFocus' analysis, Columbia Banking System stock appears to be overvalued. The current stock price of €28.60 is trading 33.3% above its estimated GF Value™ of €21.45. GuruFocus considers Columbia Banking System to be Significantly Overvalued.

Key valuation signals for FRA:CM6:

  • Beneish M-Score: -2.47
  • GF Value™: €21.45 vs. price of €28.60 (33.3% above fair value)
  • GF Score™: 51/100 with 8 warning signs

No single metric tells the full story. See the FRA:CM6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Columbia Banking System Business Description

Other Exchanges COLB:USA
Address 1301 A Street, Tacoma, WA, USA, 98402-4200
Columbia Banking System Inc is a registered bank holding company whose wholly-owned banking subsidiary is Columbia State Bank. The company provides a full range of banking services to small and medium sized businesses, professionals, and individuals throughout Washington, Oregon, Idaho, and California. The company's subsidiary Columbia Trust Company is an Oregon trust company that provides agency, fiduciary, and other related trust services with offices in Washington, Oregon, and Idaho. The firm offers various products and services under Personal Banking, Business Banking, and Wealth Management divisions.
51GF Score

Get the complete analysis for FRA:CM6

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

€28.60
Price
€21.45
GF Value