Trustco Bank N Y (FRA:TC50) Beneish M-Score: -2.36 (As of Jun. 25, 2026)


FRA:TC50 Trustco Bank Corp N Y FRA:TC50
58 GF Score
Price €46.20
GF Value €31.03
! 8 Warning Signs
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What is Trustco Bank N Y Beneish M-Score?

Trustco Bank N Y FRA:TC50 +1.76% 58 Beneish M-Score is -2.36 as of Jun. 25, 2026. GuruFocus rates FRA:TC50 with a GF Score™ of 58/100 and a GF Value™ of €31.03. The stock has 8 warning signs investors should review. Among 1,396 Banks companies, Trustco Bank N Y ranks worse than 56.88% 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Trustco Bank N Y's Beneish M-Score or its related term are showing as below:

FRA:TC50' s Beneish M-Score Range Over the Past 10 Years
Min: -2.62   Med: -2.43   Max: -2.33
Current: -2.36

During the past 13 years, the highest Beneish M-Score of Trustco Bank N Y was -2.33. The lowest was -2.62. And the median was -2.43.

FRA:TC50
58GF Score
Trustco Bank Corp N Y FRA:TC50
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Trustco Bank N Y 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 Trustco Bank N Y 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 * 1.0134+0.115 * 1.0329
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9239+4.679 * -0.000777-0.327 * 0.9128
=-2.43

* 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 €0.0 Mil.
Revenue was 42.86 + 41.133 + 40.732 + 40.4 = €165.1 Mil.
Gross Profit was 42.86 + 41.133 + 40.732 + 40.4 = €165.1 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €5,629.3 Mil.
Property, Plant and Equipment(Net PPE) was €64.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.9 Mil.
Selling, General, & Admin. Expense(SGA) was €47.4 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €31.1 Mil.
Net Income was 14.087 + 13.293 + 13.852 + 13.039 = €54.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 10.221 + 14.065 + 10.906 + 23.454 = €58.6 Mil.
 Total Receivables was €0.0 Mil.
Revenue was 41.946 + 41.362 + 39.285 + 40.355 = €162.9 Mil.
Gross Profit was 41.946 + 41.362 + 39.285 + 40.355 = €162.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €5,863.2 Mil.
Property, Plant and Equipment(Net PPE) was €66.7 Mil.
Depreciation, Depletion and Amortization(DDA) was €10.7 Mil.
Selling, General, & Admin. Expense(SGA) was €50.6 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €35.5 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 / 165.125) / (0 / 162.948)
=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)
=(162.948 / 162.948) / (165.125 / 165.125)
=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 + 64.335) / 5629.315) / (1 - (0 + 66.735) / 5863.154)
=0.988571 / 0.988618
=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
=165.125 / 162.948
=1.0134

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))
=(10.685 / (10.685 + 66.735)) / (9.922 / (9.922 + 64.335))
=0.138013 / 0.133617
=1.0329

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)
=(47.401 / 165.125) / (50.63 / 162.948)
=0.287061 / 0.310713
=0.9239

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)
=((31.071 + 0) / 5629.315) / ((35.45 + 0) / 5863.154)
=0.005519 / 0.006046
=0.9128

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
=(54.271 - 0 - 58.646) / 5629.315
=-0.000777

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.

Trustco Bank N Y has a M-score of -2.43 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 -2.36 mean?
Trustco Bank N Y (FRA:TC50) has a Beneish M-Score of -2.36 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Trustco Bank N Y and its competitors. According to the industry distribution chart, Trustco Bank N Y ranks #794 out of 1396 companies in the Banks industry, placing it in the top 56.9%.
Is Trustco Bank N Y's Beneish M-Score too high?
Trustco Bank N Y's current Beneish M-Score is -2.36. Based on the distribution chart, Trustco Bank N Y ranks #794 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Trustco Bank N Y has a GF Score™ of 58/100, reflecting its overall financial health beyond just this single metric.
How does Trustco Bank N Y's Beneish M-Score compare to SBNC and FSBC?
According to the Banks industry distribution chart, Trustco Bank N Y ranks #794 out of 1396 companies for Beneish M-Score. This places Trustco Bank N Y 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 Trustco Bank N Y and its competitors. Trustco Bank N Y's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Trustco Bank N Y stock overvalued right now?
Trustco Bank N Y (FRA:TC50) has a current Beneish M-Score of -2.36. The stock's GF Value™ is €31.03, compared to a current price of €46.20 — trading 48.9% above its estimated fair value. The current Beneish M-Score is -2.36. Trustco Bank N Y's overall GF Score™ is 58/100 with 8 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 Trustco Bank N Y (FRA:TC50), the current Beneish M-Score is -2.36 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 Trustco Bank N Y (FRA:TC50) Overvalued in 2026?

Based on GuruFocus' analysis, Trustco Bank N Y stock appears to be overvalued. The current stock price of €46.20 is trading 48.9% above its estimated GF Value™ of €31.03.

Key valuation signals for FRA:TC50:

  • Beneish M-Score: -2.36
  • GF Value™: €31.03 vs. price of €46.20 (48.9% above fair value)
  • GF Score™: 58/100 with 8 warning signs

No single metric tells the full story. See the FRA:TC50 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Trustco Bank N Y Business Description

Other Exchanges TRST:USA
Address 5 Sarnowski Drive, Glenville, NY, USA, 12302
Trustco Bank Corp N Y is a savings and loan holding company. The core part of a business consists of accepting deposits and making loans and investments. It offers a range of both personal and business banking services. The company's product includes savings accounts; retirement accounts; money market account; mortgages; building loans; auto loans and others. The company derives revenue from the business of Banking. TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey, and Vermont.
58GF Score

Get the complete analysis for FRA:TC50

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

€46.20
Price
€31.03
GF Value