The Goldmanchs Group (FRA:GOS0) Beneish M-Score: -2.14 (As of Jun. 24, 2026)


FRA:GOS0 The Goldman Sachs Group Inc FRA:GOS0
69 GF Score
Price €33.20
GF Value €19.79
Valuation Significantly Overvalued
! 9 Warning Signs
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What is The Goldmanchs Group Beneish M-Score?

The Goldmanchs Group FRA:GOS0 +0.61% 69 Beneish M-Score is -2.14 as of Jun. 24, 2026. GuruFocus rates FRA:GOS0 with a GF Score™ of 69/100 and a GF Value™ of €19.79 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 702 Capital Markets companies, The Goldmanchs Group ranks worse than 50.57% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:GOS0' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73   Med: -2.31   Max: -1.83
Current: -2.14

During the past 13 years, the highest Beneish M-Score of The Goldmanchs Group was -1.83. The lowest was -2.73. And the median was -2.31.

FRA:GOS0
69GF Score
The Goldman Sachs Group Inc FRA:GOS0
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The Goldmanchs Group 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 The Goldmanchs Group 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 * 1.1406+0.528 * 1+0.404 * 1.001+0.892 * 1.0302+0.115 * 1.0102
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0297+4.679 * 0.027943-0.327 * 1.0366
=-2.21

* 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 €198,228 Mil.
Revenue was 14901.355 + 11489.716 + 12936.768 + 12643.461 = €51,971 Mil.
Gross Profit was 14901.355 + 11489.716 + 12936.768 + 12643.461 = €51,971 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,782,056 Mil.
Property, Plant and Equipment(Net PPE) was €8,221 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,866 Mil.
Selling, General, & Admin. Expense(SGA) was €17,350 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €284,207 Mil.
Net Income was 4869.95 + 3942.918 + 3491.496 + 3227.841 = €15,532 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -27565.82 + -13899.704 + 2283.36 + 4917.624 = €-34,265 Mil.
 Total Receivables was €168,688 Mil.
Revenue was 13932.35 + 13244.895 + 11441.799 + 11827.099 = €50,446 Mil.
Gross Profit was 13932.35 + 13244.895 + 11441.799 + 11827.099 = €50,446 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,633,717 Mil.
Property, Plant and Equipment(Net PPE) was €9,149 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,103 Mil.
Selling, General, & Admin. Expense(SGA) was €16,356 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €251,348 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)
=(198227.725 / 51971.3) / (168687.625 / 50446.143)
=3.814177 / 3.343915
=1.1406

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)
=(50446.143 / 50446.143) / (51971.3 / 51971.3)
=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 + 8220.96) / 1782055.7) / (1 - (0 + 9149.175) / 1633717.425)
=0.995387 / 0.9944
=1.001

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
=51971.3 / 50446.143
=1.0302

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))
=(2103.295 / (2103.295 + 9149.175)) / (1866.451 / (1866.451 + 8220.96))
=0.186919 / 0.185028
=1.0102

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)
=(17350.38 / 51971.3) / (16355.578 / 50446.143)
=0.333845 / 0.324219
=1.0297

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)
=((284206.995 + 0) / 1782055.7) / ((251348.4 + 0) / 1633717.425)
=0.159483 / 0.153851
=1.0366

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
=(15532.205 - 0 - -34264.54) / 1782055.7
=0.027943

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.

The Goldmanchs Group has a M-score of -2.21 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 -2.14 mean?
The Goldmanchs Group (FRA:GOS0) has a Beneish M-Score of -2.14 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Goldmanchs Group and its competitors. According to the industry distribution chart, The Goldmanchs Group ranks #355 out of 702 companies in the Capital Markets industry, placing it in the top 50.6%.
Is The Goldmanchs Group's Beneish M-Score too high?
The Goldmanchs Group's current Beneish M-Score is -2.14. Based on the distribution chart, The Goldmanchs Group ranks #355 out of 702 companies in the Capital Markets industry, which is below the industry midpoint. Overall, The Goldmanchs Group has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Goldmanchs Group's Beneish M-Score compare to MS and SCHW?
According to the Capital Markets industry distribution chart, The Goldmanchs Group ranks #355 out of 702 companies for Beneish M-Score. This places The Goldmanchs Group in the lower 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 The Goldmanchs Group and its competitors. The Goldmanchs Group's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Goldmanchs Group stock overvalued right now?
Based on GuruFocus' analysis, The Goldmanchs Group (FRA:GOS0) is currently considered Significantly Overvalued. The stock's GF Value™ is €19.79, compared to a current price of €33.20 — trading 67.8% above its estimated fair value. The current Beneish M-Score is -2.14. The Goldmanchs Group's overall GF Score™ is 69/100 with 9 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 The Goldmanchs Group (FRA:GOS0), the current Beneish M-Score is -2.14 as of Jun. 24, 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 The Goldmanchs Group (FRA:GOS0) Overvalued in 2026?

Based on GuruFocus' analysis, The Goldmanchs Group stock appears to be overvalued. The current stock price of €33.20 is trading 67.8% above its estimated GF Value™ of €19.79. GuruFocus considers The Goldmanchs Group to be Significantly Overvalued.

Key valuation signals for FRA:GOS0:

  • Beneish M-Score: -2.14
  • GF Value™: €19.79 vs. price of €33.20 (67.8% above fair value)
  • GF Score™: 69/100 with 9 warning signs

No single metric tells the full story. See the FRA:GOS0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

The Goldmanchs Group Business Description

Address 200 West Street, New York, NY, USA, 10282
Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more stable fee-based businesses like asset and wealth management, which comprised roughly 30% of post-provision revenue at the end of 2025. The firm generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans.
69GF Score

Get the complete analysis for FRA:GOS0

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

€33.20
Price
€19.79
GF Value