Industrial And Commercial Bank Of China (FRA:ICK) Beneish M-Score: -2.45 (As of Jun. 24, 2026)


FRA:ICK Industrial And Commercial Bank Of China Ltd FRA:ICK
38 GF Score
Price €0.75
GF Value €0.70
Valuation Fairly Valued
! 3 Warning Signs
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What is Industrial And Commercial Bank Of China Beneish M-Score?

Industrial And Commercial Bank Of China FRA:ICK +1.76% 38 Beneish M-Score is -2.45 as of Jun. 24, 2026. GuruFocus rates FRA:ICK with a GF Score™ of 38/100 and a GF Value™ of €0.70 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, Industrial And Commercial Bank Of China ranks better than 60.67% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Industrial And Commercial Bank Of China's Beneish M-Score or its related term are showing as below:

FRA:ICK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: -2.42   Max: 6.05
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Industrial And Commercial Bank Of China was 6.05. The lowest was -2.91. And the median was -2.42.

FRA:ICK
38GF Score
Industrial And Commercial Bank Of China Ltd FRA:ICK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Industrial And Commercial Bank Of China 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 Industrial And Commercial Bank Of China 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 * 1.0007+0.892 * 0.9963+0.115 * 0.9924
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2943+4.679 * -0.035192-0.327 * 0.7427
=-2.44

* 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 28698.707 + 24003.594 + 25291.967 + 25680.365 = €103,675 Mil.
Gross Profit was 28698.707 + 24003.594 + 25291.967 + 25680.365 = €103,675 Mil.
Total Current Assets was €0 Mil.
Total Assets was €6,999,795 Mil.
Property, Plant and Equipment(Net PPE) was €35,698 Mil.
Depreciation, Depletion and Amortization(DDA) was €4,184 Mil.
Selling, General, & Admin. Expense(SGA) was €-354 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €306,762 Mil.
Net Income was 10911.618 + 11961.966 + 12176.298 + 10136.211 = €45,186 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 177751.156 + 41385.995 + 91244.793 + -18855.837 = €291,526 Mil.
 Total Receivables was €0 Mil.
Revenue was 26972.415 + 25516.773 + 26066.48 + 25501.368 = €104,057 Mil.
Gross Profit was 26972.415 + 25516.773 + 26066.48 + 25501.368 = €104,057 Mil.
Total Current Assets was €0 Mil.
Total Assets was €6,577,327 Mil.
Property, Plant and Equipment(Net PPE) was €38,338 Mil.
Depreciation, Depletion and Amortization(DDA) was €4,455 Mil.
Selling, General, & Admin. Expense(SGA) was €-1,206 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €388,126 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 / 103674.633) / (0 / 104057.036)
=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)
=(104057.036 / 104057.036) / (103674.633 / 103674.633)
=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 + 35698.178) / 6999794.716) / (1 - (0 + 38337.998) / 6577327.001)
=0.9949 / 0.994171
=1.0007

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
=103674.633 / 104057.036
=0.9963

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))
=(4454.824 / (4454.824 + 38337.998)) / (4183.501 / (4183.501 + 35698.178))
=0.104102 / 0.104898
=0.9924

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)
=(-353.502 / 103674.633) / (-1205.545 / 104057.036)
=-0.00341 / -0.011585
=0.2943

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)
=((306762.302 + 0) / 6999794.716) / ((388125.626 + 0) / 6577327.001)
=0.043824 / 0.05901
=0.7427

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
=(45186.093 - 0 - 291526.107) / 6999794.716
=-0.035192

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.

Industrial And Commercial Bank Of China has a M-score of -2.44 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 -2.45 mean?
Industrial And Commercial Bank Of China (FRA:ICK) has a Beneish M-Score of -2.45 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Industrial And Commercial Bank Of China and its competitors. According to the industry distribution chart, Industrial And Commercial Bank Of China ranks #549 out of 1396 companies in the Banks industry, placing it in the top 39.3%.
Is Industrial And Commercial Bank Of China's Beneish M-Score too high?
Industrial And Commercial Bank Of China's current Beneish M-Score is -2.45. Based on the distribution chart, Industrial And Commercial Bank Of China ranks #549 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Industrial And Commercial Bank Of China has a GF Score™ of 38/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Industrial And Commercial Bank Of China's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Industrial And Commercial Bank Of China ranks #549 out of 1396 companies for Beneish M-Score. This puts Industrial And Commercial Bank Of China 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 Industrial And Commercial Bank Of China and its competitors. Industrial And Commercial Bank Of China's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Industrial And Commercial Bank Of China stock overvalued right now?
Based on GuruFocus' analysis, Industrial And Commercial Bank Of China (FRA:ICK) is currently considered Fairly Valued. The stock's GF Value™ is €0.70, compared to a current price of €0.75 — trading 7.5% above its estimated fair value. The current Beneish M-Score is -2.45. Industrial And Commercial Bank Of China's overall GF Score™ is 38/100 with 3 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 Industrial And Commercial Bank Of China (FRA:ICK), the current Beneish M-Score is -2.45 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 Industrial And Commercial Bank Of China (FRA:ICK) Overvalued in 2026?

Based on GuruFocus' analysis, Industrial And Commercial Bank Of China stock appears to be overvalued. The current stock price of €0.75 is trading 7.5% above its estimated GF Value™ of €0.70. GuruFocus considers Industrial And Commercial Bank Of China to be Fairly Valued.

Key valuation signals for FRA:ICK:

  • Beneish M-Score: -2.45
  • GF Value™: €0.70 vs. price of €0.75 (7.5% above fair value)
  • GF Score™: 38/100 with 3 warning signs

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

Industrial And Commercial Bank Of China Business Description

Address No. 55 Fuxingmennei Avenue, Xicheng District, Beijing, CHN, 100140
Industrial and Commercial Bank of China was founded in 1984 and is headquartered in Beijing. The bank listed its shares in mainland China and Hong Kong in 2006. It is China's largest by asset scale and by share of lending and deposits. Central Huijin Investment (China's sovereign wealth fund manager) and China's Ministry of Finance are ICBC's two largest shareholders, each with a stake of around 35%. ICBC operates over 15,000 outlets. Of these, 413 outlets are in 49 countries and regions overseas. Corporate banking, retail banking, and wholesale banking accounted for 49%, 39%, and 11% of total revenue, respectively, and 49%, 33%, and 17% of profit before tax in 2025. Overseas banking and other business contributed 14% of total revenue and 9% of profit before tax in 2025.
38GF Score

Get the complete analysis for FRA:ICK

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

€0.75
Price
€0.70
GF Value