Mizuho Financial Group (FRA:MZ8) Beneish M-Score: -2.32 (As of Jun. 27, 2026)


FRA:MZ8 Mizuho Financial Group Inc FRA:MZ8
70 GF Score
Price €42.00
GF Value €24.78
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is Mizuho Financial Group Beneish M-Score?

Mizuho Financial Group FRA:MZ8 -0.94% 70 Beneish M-Score is -2.32 as of Jun. 27, 2026. GuruFocus rates FRA:MZ8 with a GF Score™ of 70/100 and a GF Value™ of €24.78 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Mizuho Financial Group ranks worse than 64.78% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:MZ8' s Beneish M-Score Range Over the Past 10 Years
Min: -3.74   Med: -2.49   Max: -2.13
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Mizuho Financial Group was -2.13. The lowest was -3.74. And the median was -2.49.

FRA:MZ8
70GF Score
Mizuho Financial Group Inc FRA:MZ8
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Mizuho Financial 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 Mizuho Financial 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+0.528 * 1+0.404 * 1.0002+0.892 * 0.9955+0.115 * 0.8856
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0084+4.679 * 0.02014-0.327 * 1.1214
=-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 €23,532 Mil.
Gross Profit was €23,532 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,647,550 Mil.
Property, Plant and Equipment(Net PPE) was €6,200 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,315 Mil.
Selling, General, & Admin. Expense(SGA) was €11,466 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €114,842 Mil.
Net Income was €6,806 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €-26,375 Mil.
 Total Receivables was €0 Mil.
Revenue was €23,639 Mil.
Gross Profit was €23,639 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,758,189 Mil.
Property, Plant and Equipment(Net PPE) was €6,966 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,278 Mil.
Selling, General, & Admin. Expense(SGA) was €11,423 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €109,284 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 / 23532.086) / (0 / 23639.232)
=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)
=(23639.232 / 23639.232) / (23532.086 / 23532.086)
=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 + 6199.81) / 1647549.71) / (1 - (0 + 6966.418) / 1758188.604)
=0.996237 / 0.996038
=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
=23532.086 / 23639.232
=0.9955

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))
=(1277.881 / (1277.881 + 6966.418)) / (1315.347 / (1315.347 + 6199.81))
=0.155002 / 0.175026
=0.8856

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)
=(11466.223 / 23532.086) / (11422.761 / 23639.232)
=0.487259 / 0.483212
=1.0084

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)
=((114842.141 + 0) / 1647549.71) / ((109284.223 + 0) / 1758188.604)
=0.069705 / 0.062157
=1.1214

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
=(6806.455 - 0 - -26375.472) / 1647549.71
=0.02014

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.

Mizuho Financial Group 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 -2.32 mean?
Mizuho Financial Group (FRA:MZ8) has a Beneish M-Score of -2.32 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mizuho Financial Group and its competitors. According to the industry distribution chart, Mizuho Financial Group ranks #905 out of 1397 companies in the Banks industry, placing it in the top 64.8%.
Is Mizuho Financial Group's Beneish M-Score too high?
Mizuho Financial Group's current Beneish M-Score is -2.32. Based on the distribution chart, Mizuho Financial Group ranks #905 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Mizuho Financial Group has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Mizuho Financial Group's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Mizuho Financial Group ranks #905 out of 1397 companies for Beneish M-Score. This places Mizuho Financial 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 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 Mizuho Financial Group and its competitors. Mizuho Financial Group's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mizuho Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Mizuho Financial Group (FRA:MZ8) is currently considered Significantly Overvalued. The stock's GF Value™ is €24.78, compared to a current price of €42.00 — trading 69.5% above its estimated fair value. The current Beneish M-Score is -2.32. Mizuho Financial Group's overall GF Score™ is 70/100 with 5 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 Mizuho Financial Group (FRA:MZ8), the current Beneish M-Score is -2.32 as of Jun. 27, 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 Mizuho Financial Group (FRA:MZ8) Overvalued in 2026?

Based on GuruFocus' analysis, Mizuho Financial Group stock appears to be overvalued. The current stock price of €42.00 is trading 69.5% above its estimated GF Value™ of €24.78. GuruFocus considers Mizuho Financial Group to be Significantly Overvalued.

Key valuation signals for FRA:MZ8:

  • Beneish M-Score: -2.32
  • GF Value™: €24.78 vs. price of €42.00 (69.5% above fair value)
  • GF Score™: 70/100 with 5 warning signs

No single metric tells the full story. See the FRA:MZ8 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Mizuho Financial Group Business Description

Address 1-5-5, Otemachi, Otemachi Tower, Chiyoda-ku, Tokyo, JPN, 100-8176
Mizuho Financial Group is roughly tied with megabank peer Sumitomo Mitsui Financial Group for the status as Japan's second-largest bank after Mitsubishi UFJ Financial Group. In Japan, Mizuho has more of a corporate focus than SMFG, which has a larger retail business. Its overseas weighting is slightly smaller than that of MUFG. Unlike its two Japanese megabank peers, which own foreign banks outright or hold noncontrolling stakes in local banks overseas, Mizuho expanded in recent years beyond its traditional Japanese borrowers, mainly through its core banking and securities units, focusing on the financing needs of global multinational corporations.
70GF Score

Get the complete analysis for FRA:MZ8

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

€42.00
Price
€24.78
GF Value