Columbia Financial (FRA:Z2T) Beneish M-Score: -2.38 (As of Aug. 02, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:Z2T Columbia Financial Inc FRA:Z2T
18 GF Score
Price €8.94
GF Value €16.01
Valuation Significantly Undervalued
! 3 Warning Signs
View Full Analysis

What is Columbia Financial Beneish M-Score?

Columbia Financial FRA:Z2T +0.22% 18 Beneish M-Score is -2.38 as of Aug. 02, 2026. GuruFocus rates FRA:Z2T with a GF Score™ of 18/100 and a GF Value™ of €16.01 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,392 Banks companies, Columbia Financial ranks worse than 53.52% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:Z2T' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.37   Max: -1.91
Current: -2.38

During the past 10 years, the highest Beneish M-Score of Columbia Financial was -1.91. The lowest was -3.08. And the median was -2.37.

FRA:Z2T
18GF Score
Columbia Financial Inc FRA:Z2T
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Columbia 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 Columbia 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 * 0.7092+0.528 * 1+0.404 * 1.0003+0.892 * 1.3156+0.115 * 0.9658
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7669+4.679 * -0.001527-0.327 * 1.0816
=-2.46

* 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 €36.2 Mil.
Revenue was 58.074 + 58.736 + 57.3 + 55.38 = €229.5 Mil.
Gross Profit was 58.074 + 58.736 + 57.3 + 55.38 = €229.5 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €9,524.1 Mil.
Property, Plant and Equipment(Net PPE) was €71.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €13.2 Mil.
Selling, General, & Admin. Expense(SGA) was €112.3 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,075.6 Mil.
Net Income was 11.331 + 13.402 + 12.668 + 10.668 = €48.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 2.717 + 20.821 + 26.375 + 12.695 = €62.6 Mil.
 Total Receivables was €38.8 Mil.
Revenue was 54.386 + 21.689 + 48.882 + 49.479 = €174.4 Mil.
Gross Profit was 54.386 + 21.689 + 48.882 + 49.479 = €174.4 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €9,812.3 Mil.
Property, Plant and Equipment(Net PPE) was €76.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €13.5 Mil.
Selling, General, & Admin. Expense(SGA) was €111.3 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,024.5 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)
=(36.161 / 229.49) / (38.759 / 174.436)
=0.157571 / 0.222196
=0.7092

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)
=(174.436 / 174.436) / (229.49 / 229.49)
=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 + 71.434) / 9524.089) / (1 - (0 + 76.398) / 9812.261)
=0.9925 / 0.992214
=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
=229.49 / 174.436
=1.3156

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))
=(13.524 / (13.524 + 76.398)) / (13.176 / (13.176 + 71.434))
=0.150397 / 0.155726
=0.9658

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)
=(112.331 / 229.49) / (111.34 / 174.436)
=0.489481 / 0.638286
=0.7669

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)
=((1075.595 + 0) / 9524.089) / ((1024.519 + 0) / 9812.261)
=0.112934 / 0.104412
=1.0816

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
=(48.069 - 0 - 62.608) / 9524.089
=-0.001527

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.

Columbia Financial has a M-score of -2.46 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 -2.38 mean?
Columbia Financial (FRA:Z2T) has a Beneish M-Score of -2.38 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Columbia Financial and its competitors. According to the industry distribution chart, Columbia Financial ranks #745 out of 1392 companies in the Banks industry, placing it in the top 53.5%.
Is Columbia Financial's Beneish M-Score too high?
Columbia Financial's current Beneish M-Score is -2.38. Based on the distribution chart, Columbia Financial ranks #745 out of 1392 companies in the Banks industry, which is below the industry midpoint. Overall, Columbia Financial has a GF Score™ of 18/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Columbia Financial's Beneish M-Score compare to MCB and AMTB?
According to the Banks industry distribution chart, Columbia Financial ranks #745 out of 1392 companies for Beneish M-Score. This places Columbia 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 Columbia Financial and its competitors. Columbia Financial's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Columbia Financial stock overvalued right now?
Based on GuruFocus' analysis, Columbia Financial (FRA:Z2T) is currently considered Significantly Undervalued. The stock's GF Value™ is €16.01, compared to a current price of €8.94 — trading 44.2% below its estimated fair value. The current Beneish M-Score is -2.38. Columbia Financial's overall GF Score™ is 18/100 with 3 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 Columbia Financial (FRA:Z2T), the current Beneish M-Score is -2.38 as of Aug. 02, 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 Columbia Financial (FRA:Z2T) Overvalued in 2026?

Based on GuruFocus' analysis, Columbia Financial stock appears to be undervalued. The current stock price of €8.94 is trading 44.2% below its estimated GF Value™ of €16.01. GuruFocus considers Columbia Financial to be Significantly Undervalued.

Key valuation signals for FRA:Z2T:

  • Beneish M-Score: -2.38
  • GF Value™: €16.01 vs. price of €8.94 (44.2% below fair value)
  • GF Score™: 18/100 with 3 warning signs

No single metric tells the full story. See the FRA:Z2T stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Columbia Financial Business Description

Other Exchanges CLBK:USA
Address 19-01 Route 208 North, Fair Lawn, NJ, USA, 07410
Columbia Financial Inc is a federally chartered savings bank that serves the financial needs of depositors and the local community as a customer service-focused institution. The company offers traditional financial services to businesses and consumers in its market areas. It attracts deposits from the general public and uses those funds to originate various loans, including multifamily and commercial real estate loans, commercial business loans, one-to-four family real estate loans, construction loans, home equity loans and advances, and other consumer loans. The company also offers title insurance through its wholly owned subsidiary and provides a broad range of insurance products, including personal and business lines of insurance, mainly to customers and New Jersey residents.
18GF Score

Get the complete analysis for FRA:Z2T

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

€8.94
Price
€16.01
GF Value