Washington Trust Bancorp (FRA:WT1) Beneish M-Score: -1.48 (As of Jun. 26, 2026)


FRA:WT1 Washington Trust Bancorp Inc FRA:WT1
55 GF Score
Price €31.20
GF Value €26.86
Valuation Modestly Overvalued
! 8 Warning Signs
View Full Analysis

What is Washington Trust Bancorp Beneish M-Score?

Washington Trust Bancorp FRA:WT1 +5.41% 55 Beneish M-Score is -1.48 as of Jun. 26, 2026. GuruFocus rates FRA:WT1 with a GF Score™ of 55/100 and a GF Value™ of €26.86 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,397 Banks companies, Washington Trust Bancorp ranks worse than 96.28% 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 -1.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FRA:WT1' s Beneish M-Score Range Over the Past 10 Years
Min: -4.7   Med: -2.52   Max: -1.11
Current: -1.48

During the past 13 years, the highest Beneish M-Score of Washington Trust Bancorp was -1.11. The lowest was -4.70. And the median was -2.52.

FRA:WT1
55GF Score
Washington Trust Bancorp Inc FRA:WT1
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Washington Trust Bancorp 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 Washington Trust Bancorp 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 * 0.9999+0.892 * 2.1082+0.115 * 1.1331
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4686+4.679 * -0.005392-0.327 * 1.4893
=-1.57

* 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 50.021 + 50.6 + 48.112 + 47.046 = €195.8 Mil.
Gross Profit was 50.021 + 50.6 + 48.112 + 47.046 = €195.8 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €5,587.2 Mil.
Property, Plant and Equipment(Net PPE) was €53.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.5 Mil.
Selling, General, & Admin. Expense(SGA) was €86.8 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €551.4 Mil.
Net Income was 10.899 + 13.642 + 9.241 + 11.483 = €45.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 13.957 + 17.847 + 33.756 + 9.834 = €75.4 Mil.
 Total Receivables was €0.0 Mil.
Revenue was 48.166 + -42.933 + 43.729 + 43.902 = €92.9 Mil.
Gross Profit was 48.166 + -42.933 + 43.729 + 43.902 = €92.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €6,092.1 Mil.
Property, Plant and Equipment(Net PPE) was €57.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.3 Mil.
Selling, General, & Admin. Expense(SGA) was €87.9 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €403.7 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 / 195.779) / (0 / 92.864)
=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)
=(92.864 / 92.864) / (195.779 / 195.779)
=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 + 53.418) / 5587.205) / (1 - (0 + 57.457) / 6092.064)
=0.990439 / 0.990569
=0.9999

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
=195.779 / 92.864
=2.1082

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))
=(4.312 / (4.312 + 57.457)) / (3.507 / (3.507 + 53.418))
=0.069808 / 0.061607
=1.1331

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)
=(86.809 / 195.779) / (87.862 / 92.864)
=0.443403 / 0.946136
=0.4686

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)
=((551.355 + 0) / 5587.205) / ((403.667 + 0) / 6092.064)
=0.098682 / 0.066261
=1.4893

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
=(45.265 - 0 - 75.394) / 5587.205
=-0.005392

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.

Washington Trust Bancorp has a M-score of -1.57 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.48 mean?
Washington Trust Bancorp (FRA:WT1) has a Beneish M-Score of -1.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Washington Trust Bancorp and its competitors. According to the industry distribution chart, Washington Trust Bancorp ranks #1345 out of 1397 companies in the Banks industry, placing it in the top 96.3%.
Is Washington Trust Bancorp's Beneish M-Score too high?
Washington Trust Bancorp's current Beneish M-Score is -1.48. Based on the distribution chart, Washington Trust Bancorp ranks #1345 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Washington Trust Bancorp has a GF Score™ of 55/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Washington Trust Bancorp's Beneish M-Score compare to ALPIB and BCAL?
According to the Banks industry distribution chart, Washington Trust Bancorp ranks #1345 out of 1397 companies for Beneish M-Score. This places Washington Trust Bancorp 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 Washington Trust Bancorp and its competitors. Washington Trust Bancorp's current Beneish M-Score is -1.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Washington Trust Bancorp stock overvalued right now?
Based on GuruFocus' analysis, Washington Trust Bancorp (FRA:WT1) is currently considered Modestly Overvalued. The stock's GF Value™ is €26.86, compared to a current price of €31.20 — trading 16.2% above its estimated fair value. The current Beneish M-Score is -1.48. Washington Trust Bancorp's overall GF Score™ is 55/100 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 Washington Trust Bancorp (FRA:WT1), the current Beneish M-Score is -1.48 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 Washington Trust Bancorp (FRA:WT1) Overvalued in 2026?

Based on GuruFocus' analysis, Washington Trust Bancorp stock appears to be overvalued. The current stock price of €31.20 is trading 16.2% above its estimated GF Value™ of €26.86. GuruFocus considers Washington Trust Bancorp to be Modestly Overvalued.

Key valuation signals for FRA:WT1:

  • Beneish M-Score: -1.48
  • GF Value™: €26.86 vs. price of €31.20 (16.2% above fair value)
  • GF Score™: 55/100 with 8 warning signs

No single metric tells the full story. See the FRA:WT1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Washington Trust Bancorp Business Description

Other Exchanges WASH:USA
Address 23 Broad Street, Westerly, RI, USA, 02891
Washington Trust Bancorp Inc through its subsidiaries, offers banking and financial services to individuals and businesses. It offers a full range of financial services, including commercial banking, mortgage banking, personal banking, wealth management, and trust services, through its offices located in Rhode Island, Connecticut, and Massachusetts. It operates in two segments. The Commercial Banking segment includes lending activities, commercial loans, residential real estate loan deposit activities, and others. The Wealth Management Services segment consists of investment management, financial planning, personal trust, and estate services, including services as trustee, personal representative, custodian, and guardian, and settlement of decedents' estates.
55GF Score

Get the complete analysis for FRA:WT1

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

€31.20
Price
€26.86
GF Value