UMB Financial (FRA:UMB) Beneish M-Score: -1.77 (As of Jun. 26, 2026)


FRA:UMB UMB Financial Corp FRA:UMB
81 GF Score
Price €125.00
GF Value €105.27
! 6 Warning Signs
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What is UMB Financial Beneish M-Score?

UMB Financial FRA:UMB +0.81% 81 Beneish M-Score is -1.77 as of Jun. 26, 2026. GuruFocus rates FRA:UMB with a GF Score™ of 81/100 and a GF Value™ of €105.27. The stock has 6 warning signs investors should review. Among 1,397 Banks companies, UMB Financial ranks worse than 94.27% 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.

Warning Sign:

Beneish M-Score -1.77 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:UMB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15   Med: -2.45   Max: -1.11
Current: -1.77

During the past 13 years, the highest Beneish M-Score of UMB Financial was -1.11. The lowest was -3.15. And the median was -2.45.

FRA:UMB
81GF Score
UMB Financial Corp FRA:UMB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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UMB Financial 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 UMB Financial 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 * 0.9958+0.528 * 1+0.404 * 1.0003+0.892 * 1.4927+0.115 * 0.5463
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8244+4.679 * -0.001964-0.327 * 0.3733
=-1.87

* 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 €649 Mil.
Revenue was 592.749 + 567.866 + 529.567 + 548.991 = €2,239 Mil.
Gross Profit was 592.749 + 567.866 + 529.567 + 548.991 = €2,239 Mil.
Total Current Assets was €0 Mil.
Total Assets was €62,863 Mil.
Property, Plant and Equipment(Net PPE) was €338 Mil.
Depreciation, Depletion and Amortization(DDA) was €127 Mil.
Selling, General, & Admin. Expense(SGA) was €802 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €221 Mil.
Net Income was 226.144 + 183.913 + 160.445 + 188.481 = €759 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 312.501 + 90.59 + 231.922 + 247.43 = €882 Mil.
 Total Receivables was €436 Mil.
Revenue was 471.928 + 376.482 + 327.91 + 323.764 = €1,500 Mil.
Gross Profit was 471.928 + 376.482 + 327.91 + 323.764 = €1,500 Mil.
Total Current Assets was €0 Mil.
Total Assets was €64,146 Mil.
Property, Plant and Equipment(Net PPE) was €362 Mil.
Depreciation, Depletion and Amortization(DDA) was €63 Mil.
Selling, General, & Admin. Expense(SGA) was €652 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €605 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)
=(648.594 / 2239.173) / (436.352 / 1500.084)
=0.289658 / 0.290885
=0.9958

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)
=(1500.084 / 1500.084) / (2239.173 / 2239.173)
=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 + 338.232) / 62863.149) / (1 - (0 + 361.811) / 64146.265)
=0.99462 / 0.99436
=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
=2239.173 / 1500.084
=1.4927

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))
=(63.32 / (63.32 + 361.811)) / (126.769 / (126.769 + 338.232))
=0.148942 / 0.272621
=0.5463

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)
=(802.359 / 2239.173) / (652.021 / 1500.084)
=0.358328 / 0.434656
=0.8244

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)
=((221.43 + 0) / 62863.149) / ((605.301 + 0) / 64146.265)
=0.003522 / 0.009436
=0.3733

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
=(758.983 - 0 - 882.443) / 62863.149
=-0.001964

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.

UMB Financial has a M-score of -1.87 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 -1.77 mean?
UMB Financial (FRA:UMB) has a Beneish M-Score of -1.77 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on UMB Financial and its competitors. According to the industry distribution chart, UMB Financial ranks #1317 out of 1397 companies in the Banks industry, placing it in the top 94.3%.
Is UMB Financial's Beneish M-Score too high?
UMB Financial's current Beneish M-Score is -1.77. Based on the distribution chart, UMB Financial ranks #1317 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, UMB Financial has a GF Score™ of 81/100, reflecting its overall financial health beyond just this single metric.
How does UMB Financial's Beneish M-Score compare to WTFC and BPOP?
According to the Banks industry distribution chart, UMB Financial ranks #1317 out of 1397 companies for Beneish M-Score. This places UMB Financial 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 UMB Financial and its competitors. UMB Financial's current Beneish M-Score is -1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is UMB Financial stock overvalued right now?
UMB Financial (FRA:UMB) has a current Beneish M-Score of -1.77. The stock's GF Value™ is €105.27, compared to a current price of €125.00 — trading 18.7% above its estimated fair value. The current Beneish M-Score is -1.77. UMB Financial's overall GF Score™ is 81/100 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 UMB Financial (FRA:UMB), the current Beneish M-Score is -1.77 as of Jun. 26, 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 UMB Financial (FRA:UMB) Overvalued in 2026?

Based on GuruFocus' analysis, UMB Financial stock appears to be overvalued. The current stock price of €125.00 is trading 18.7% above its estimated GF Value™ of €105.27.

Key valuation signals for FRA:UMB:

  • Beneish M-Score: -1.77
  • GF Value™: €105.27 vs. price of €125.00 (18.7% above fair value)
  • GF Score™: 81/100 with 6 warning signs

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

UMB Financial Business Description

Other Exchanges UMBF:USA1UMBF:Italy
Address 1010 Grand Boulevard, Kansas City, MO, USA, 64106
UMB Financial Corp, or UMBF, is a financial services holding company offering a suite of banking services and asset servicing to its customers in the United States and around the world. Its client base includes commercial, institutional, and personal customers. Along with its subsidiaries, the company operates in the following business segments: Commercial Banking, Institutional Banking, and Personal Banking. A majority of its revenue is generated from the Commercial Banking segment, which serves the commercial banking and treasury management needs of small to middle-market businesses through various products and services such as commercial loans, commercial real estate financing, commercial credit cards, letters of credit, loan syndication services, consultative services, and others.
81GF Score

Get the complete analysis for FRA:UMB

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

€125.00
Price
€105.27
GF Value