Raiffeisen Bank International AG (FRA:RAW0) Beneish M-Score: -2.50 (As of Jun. 24, 2026)


FRA:RAW0 Raiffeisen Bank International AG FRA:RAW0
51 GF Score
Price €13.60
GF Value €4.12
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Raiffeisen Bank International AG Beneish M-Score?

Raiffeisen Bank International AG FRA:RAW0 +1.49% 51 Beneish M-Score is -2.50 as of Jun. 24, 2026. GuruFocus rates FRA:RAW0 with a GF Score™ of 51/100 and a GF Value™ of €4.12 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Raiffeisen Bank International AG ranks better than 69.77% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:RAW0' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01   Med: -2.58   Max: -1.95
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Raiffeisen Bank International AG was -1.95. The lowest was -3.01. And the median was -2.58.

FRA:RAW0
51GF Score
Raiffeisen Bank International AG FRA:RAW0
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Raiffeisen Bank 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 Raiffeisen Bank 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 * 1.0003+0.892 * 1.0185+0.115 * 0.9617
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9929+4.679 * -0.009255-0.327 * 0.971
=-2.50

* 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 2191 + 353 + 2233 + 2311 = €7,088 Mil.
Gross Profit was 2191 + 353 + 2233 + 2311 = €7,088 Mil.
Total Current Assets was €0 Mil.
Total Assets was €218,360 Mil.
Property, Plant and Equipment(Net PPE) was €1,376 Mil.
Depreciation, Depletion and Amortization(DDA) was €515 Mil.
Selling, General, & Admin. Expense(SGA) was €1,158 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €21,513 Mil.
Net Income was 470 + 445 + 778 + -557 = €1,136 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 587 + 1734 + 3015 + -2179 = €3,157 Mil.
 Total Receivables was €0 Mil.
Revenue was 2257 + 385 + 2160 + 2157 = €6,959 Mil.
Gross Profit was 2257 + 385 + 2160 + 2157 = €6,959 Mil.
Total Current Assets was €0 Mil.
Total Assets was €204,794 Mil.
Property, Plant and Equipment(Net PPE) was €1,347 Mil.
Depreciation, Depletion and Amortization(DDA) was €478 Mil.
Selling, General, & Admin. Expense(SGA) was €1,145 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €20,780 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 / 7088) / (0 / 6959)
=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)
=(6959 / 6959) / (7088 / 7088)
=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 + 1376) / 218360) / (1 - (0 + 1347) / 204794)
=0.993698 / 0.993423
=1.0003

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
=7088 / 6959
=1.0185

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))
=(478 / (478 + 1347)) / (515 / (515 + 1376))
=0.261918 / 0.272343
=0.9617

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)
=(1158 / 7088) / (1145 / 6959)
=0.163375 / 0.164535
=0.9929

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)
=((21513 + 0) / 218360) / ((20780 + 0) / 204794)
=0.098521 / 0.101468
=0.971

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
=(1136 - 0 - 3157) / 218360
=-0.009255

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.

Raiffeisen Bank International AG has a M-score of -2.50 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 -2.50 mean?
Raiffeisen Bank International AG (FRA:RAW0) has a Beneish M-Score of -2.50 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Raiffeisen Bank International AG and its competitors. According to the industry distribution chart, Raiffeisen Bank International AG ranks #422 out of 1396 companies in the Banks industry, placing it in the top 30.2%.
Is Raiffeisen Bank International AG's Beneish M-Score too high?
Raiffeisen Bank International AG's current Beneish M-Score is -2.50. Based on the distribution chart, Raiffeisen Bank International AG ranks #422 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Raiffeisen Bank International AG has a GF Score™ of 51/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Raiffeisen Bank International AG's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Raiffeisen Bank International AG ranks #422 out of 1396 companies for Beneish M-Score. This puts Raiffeisen Bank 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 Raiffeisen Bank International AG and its competitors. Raiffeisen Bank International AG's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Raiffeisen Bank International AG stock overvalued right now?
Based on GuruFocus' analysis, Raiffeisen Bank International AG (FRA:RAW0) is currently considered Significantly Overvalued. The stock's GF Value™ is €4.12, compared to a current price of €13.60 — trading 230.1% above its estimated fair value. The current Beneish M-Score is -2.50. Raiffeisen Bank International AG's overall GF Score™ is 51/100 with 6 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 Raiffeisen Bank International AG (FRA:RAW0), the current Beneish M-Score is -2.50 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 Raiffeisen Bank International AG (FRA:RAW0) Overvalued in 2026?

Based on GuruFocus' analysis, Raiffeisen Bank International AG stock appears to be overvalued. The current stock price of €13.60 is trading 230.1% above its estimated GF Value™ of €4.12. GuruFocus considers Raiffeisen Bank International AG to be Significantly Overvalued.

Key valuation signals for FRA:RAW0:

  • Beneish M-Score: -2.50
  • GF Value™: €4.12 vs. price of €13.60 (230.1% above fair value)
  • GF Score™: 51/100 with 6 warning signs

No single metric tells the full story. See the FRA:RAW0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Raiffeisen Bank International AG Business Description

Address Am Stadtpark 9, Vienna, AUT, 1030
Raiffeisen Bank International AG is a corporate and investment bank with Central and Eastern Europe (CEE) as its home market. The group also includes financial service providers in leasing, asset management, factoring, and M&A. Its segments are as follows: The Central Europe segment covers the Czech Republic, Hungary, Poland, and Slovakia, offering corporate and retail banking, leasing, asset management, and building society services. Southeastern Europe includes Albania, Bosnia and Herzegovina, Romania, and Serbia, providing banking, leasing, asset management, and pension fund services. Eastern Europe comprises Russia, where RBI serves corporate and private customers and leasing. Ukraine is served through a bank offering full financial services via digital channels and branches.
51GF Score

Get the complete analysis for FRA:RAW0

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

€13.60
Price
€4.12
GF Value