Swedbank AB (FRA:FRY) Beneish M-Score: -2.44 (As of Jun. 25, 2026)


FRA:FRY Swedbank AB FRA:FRY
70 GF Score
Price €31.80
GF Value €19.63
Valuation Significantly Overvalued
! 10 Warning Signs
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What is Swedbank AB Beneish M-Score?

Swedbank AB FRA:FRY -1.24% 70 Beneish M-Score is -2.44 as of Jun. 25, 2026. GuruFocus rates FRA:FRY with a GF Score™ of 70/100 and a GF Value™ of €19.63 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 1,396 Banks companies, Swedbank AB ranks better than 58.24% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:FRY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.44   Max: -1.67
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Swedbank AB was -1.67. The lowest was -2.79. And the median was -2.44.

FRA:FRY
70GF Score
Swedbank AB FRA:FRY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Swedbank AB 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 Swedbank AB 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+0.892 * 0.9777+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.075+4.679 * 0.02375-0.327 * 1.0395
=-2.41

* 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 1574.272 + 1653.6 + 1535.613 + 1525.118 = €6,289 Mil.
Gross Profit was 1574.272 + 1653.6 + 1535.613 + 1525.118 = €6,289 Mil.
Total Current Assets was €0 Mil.
Total Assets was €295,939 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €212 Mil.
Selling, General, & Admin. Expense(SGA) was €734 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €94,949 Mil.
Net Income was 681.903 + 750.116 + 773.669 + 716.068 = €2,922 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 3389.739 + -5377.99 + -531.778 + -1586.682 = €-4,107 Mil.
 Total Receivables was €0 Mil.
Revenue was 1567.227 + 1610.677 + 1655.606 + 1598.798 = €6,432 Mil.
Gross Profit was 1567.227 + 1610.677 + 1655.606 + 1598.798 = €6,432 Mil.
Total Current Assets was €0 Mil.
Total Assets was €282,931 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €191 Mil.
Selling, General, & Admin. Expense(SGA) was €699 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €87,330 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 / 6288.603) / (0 / 6432.308)
=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)
=(6432.308 / 6432.308) / (6288.603 / 6288.603)
=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 + 0) / 295939.142) / (1 - (0 + 0) / 282930.797)
=1 / 1
=1

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
=6288.603 / 6432.308
=0.9777

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))
=(191.343 / (191.343 + 0)) / (211.756 / (211.756 + 0))
=1 / 1
=1

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)
=(734.13 / 6288.603) / (698.54 / 6432.308)
=0.11674 / 0.108599
=1.075

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)
=((94948.539 + 0) / 295939.142) / ((87329.739 + 0) / 282930.797)
=0.320838 / 0.308661
=1.0395

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
=(2921.756 - 0 - -4106.711) / 295939.142
=0.02375

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.

Swedbank AB has a M-score of -2.41 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 -2.44 mean?
Swedbank AB (FRA:FRY) has a Beneish M-Score of -2.44 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Swedbank AB and its competitors. According to the industry distribution chart, Swedbank AB ranks #583 out of 1396 companies in the Banks industry, placing it in the top 41.8%.
Is Swedbank AB's Beneish M-Score too high?
Swedbank AB's current Beneish M-Score is -2.44. Based on the distribution chart, Swedbank AB ranks #583 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Swedbank AB has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Swedbank AB's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Swedbank AB ranks #583 out of 1396 companies for Beneish M-Score. This puts Swedbank AB 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 Swedbank AB and its competitors. Swedbank AB's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Swedbank AB stock overvalued right now?
Based on GuruFocus' analysis, Swedbank AB (FRA:FRY) is currently considered Significantly Overvalued. The stock's GF Value™ is €19.63, compared to a current price of €31.80 — trading 62% above its estimated fair value. The current Beneish M-Score is -2.44. Swedbank AB's overall GF Score™ is 70/100 with 10 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 Swedbank AB (FRA:FRY), the current Beneish M-Score is -2.44 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 Swedbank AB (FRA:FRY) Overvalued in 2026?

Based on GuruFocus' analysis, Swedbank AB stock appears to be overvalued. The current stock price of €31.80 is trading 62% above its estimated GF Value™ of €19.63. GuruFocus considers Swedbank AB to be Significantly Overvalued.

Key valuation signals for FRA:FRY:

  • Beneish M-Score: -2.44
  • GF Value™: €19.63 vs. price of €31.80 (62% above fair value)
  • GF Score™: 70/100 with 10 warning signs

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

Swedbank AB Business Description

Address Landsvagen 40, Sundbyberg, Stockholm, SWE, 17263
Swedbank is one of the largest retail banks in Sweden, where it derives the lion's share of its income. The bank is the result of merging savings and union banks in Sweden in the aftermath of the financial crisis in the early 1990s in Sweden. The remaining independent savings banks in Sweden remain in close collaboration with Swedbank, acting as an additional product distribution channel to Swedbank and sharing Swedbank's IT systems and part of its development costs. In addition, the bank operates in the three Baltic states: Estonia, Latvia, and Lithuania.
70GF Score

Get the complete analysis for FRA:FRY

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

€31.80
Price
€19.63
GF Value