EFG International AG (FRA:E2S) Beneish M-Score: -2.46 (As of Jul. 07, 2026)


FRA:E2S EFG International AG FRA:E2S
66 GF Score
Price €17.90
GF Value €14.59
Valuation Modestly Overvalued
! 2 Warning Signs
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What is EFG International AG Beneish M-Score?

EFG International AG FRA:E2S -0.56% 66 Beneish M-Score is -2.46 as of Jul. 07, 2026. GuruFocus rates FRA:E2S with a GF Score™ of 66/100 and a GF Value™ of €14.59 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,398 Banks companies, EFG International AG ranks better than 62.37% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:E2S' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83   Med: -2.44   Max: -1.88
Current: -2.46

During the past 13 years, the highest Beneish M-Score of EFG International AG was -1.88. The lowest was -2.83. And the median was -2.44.

FRA:E2S
66GF Score
EFG International AG FRA:E2S
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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EFG International AG 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 EFG International AG 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 * 1.0002+0.892 * 1.087+0.115 * 1.0241
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0648+4.679 * 0.043529-0.327 * 1.7642
=-2.46

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €0 Mil.
Revenue was €1,731 Mil.
Gross Profit was €1,731 Mil.
Total Current Assets was €0 Mil.
Total Assets was €42,217 Mil.
Property, Plant and Equipment(Net PPE) was €367 Mil.
Depreciation, Depletion and Amortization(DDA) was €89 Mil.
Selling, General, & Admin. Expense(SGA) was €179 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,165 Mil.
Net Income was €349 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €-1,489 Mil.
 Total Receivables was €0 Mil.
Revenue was €1,592 Mil.
Gross Profit was €1,592 Mil.
Total Current Assets was €0 Mil.
Total Assets was €43,486 Mil.
Property, Plant and Equipment(Net PPE) was €385 Mil.
Depreciation, Depletion and Amortization(DDA) was €96 Mil.
Selling, General, & Admin. Expense(SGA) was €154 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €680 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 / 1730.505) / (0 / 1591.988)
=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)
=(1591.988 / 1591.988) / (1730.505 / 1730.505)
=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 + 367.363) / 42217.113) / (1 - (0 + 385.385) / 43486.454)
=0.991298 / 0.991138
=1.0002

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
=1730.505 / 1591.988
=1.087

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))
=(95.65 / (95.65 + 385.385)) / (88.519 / (88.519 + 367.363))
=0.198842 / 0.194171
=1.0241

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)
=(178.644 / 1730.505) / (154.347 / 1591.988)
=0.103232 / 0.096952
=1.0648

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)
=((1165.315 + 0) / 42217.113) / ((680.368 + 0) / 43486.454)
=0.027603 / 0.015646
=1.7642

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
=(348.501 - 0 - -1489.169) / 42217.113
=0.043529

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.

EFG International AG has a M-score of -2.46 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 -2.46 mean?
EFG International AG (FRA:E2S) has a Beneish M-Score of -2.46 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EFG International AG and its competitors. According to the industry distribution chart, EFG International AG ranks #526 out of 1398 companies in the Banks industry, placing it in the top 37.6%.
Is EFG International AG's Beneish M-Score too high?
EFG International AG's current Beneish M-Score is -2.46. Based on the distribution chart, EFG International AG ranks #526 out of 1398 companies in the Banks industry, which is above the industry midpoint. Overall, EFG International AG has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does EFG International AG's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, EFG International AG ranks #526 out of 1398 companies for Beneish M-Score. This puts EFG International AG 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 EFG International AG and its competitors. EFG International AG's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EFG International AG stock overvalued right now?
Based on GuruFocus' analysis, EFG International AG (FRA:E2S) is currently considered Modestly Overvalued. The stock's GF Value™ is €14.59, compared to a current price of €17.90 — trading 22.7% above its estimated fair value. The current Beneish M-Score is -2.46. EFG International AG's overall GF Score™ is 66/100 with 2 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 EFG International AG (FRA:E2S), the current Beneish M-Score is -2.46 as of Jul. 07, 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 EFG International AG (FRA:E2S) Overvalued in 2026?

Based on GuruFocus' analysis, EFG International AG stock appears to be overvalued. The current stock price of €17.90 is trading 22.7% above its estimated GF Value™ of €14.59. GuruFocus considers EFG International AG to be Modestly Overvalued.

Key valuation signals for FRA:E2S:

  • Beneish M-Score: -2.46
  • GF Value™: €14.59 vs. price of €17.90 (22.7% above fair value)
  • GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the FRA:E2S stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

EFG International AG Business Description

Address Bleicherweg 8, PO Box 6012, Zurich, CHE, 8022
EFG International AG is a private banking group offering private banking and asset management services, with operations spanning Europe, Asia Pacific, the Americas, and the Middle East. The company's business segments are split into: i) Private Banking and Wealth Management, which includes Switzerland & Italy, Continental Europe & Middle East, Asia Pacific, United Kingdom, and Americas, ii) Investment & Wealth Solutions, and iii) Global Markets & Treasury. The majority of its revenue is derived from the Switzerland & Italy division of the Private Banking and Wealth Management segment.
66GF Score

Get the complete analysis for FRA:E2S

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

€17.90
Price
€14.59
GF Value