FRBKQ (Republic First Bancorp) Beneish M-Score: 0.00 (As of Jul. 27, 2026)

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FRBKQ Republic First Bancorp Inc FRBKQ
16 GF Score
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What is Republic First Bancorp Beneish M-Score?

Republic First Bancorp FRBKQ -99.00% 16 Beneish M-Score is 0.00 as of Jul. 27, 2026. GuruFocus rates FRBKQ with a GF Score™ of 16/100.

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.

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

During the past 13 years, the highest Beneish M-Score of Republic First Bancorp was 0.00. The lowest was 0.00. And the median was 0.00.

FRBKQ
16GF Score
Republic First Bancorp Inc FRBKQ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Republic First 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 Republic First 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 * 1.1245+0.528 * 1+0.404 * 1.0035+0.892 * 1.1076+0.115 * 1.0049
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9422+4.679 * -0.005101-0.327 * 0.8653
=-2.24

* 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 (Sep22) TTM:Last Year (Sep21) TTM:
Total Receivables was $18.8 Mil.
Revenue was 42.322 + 42.313 + 39.328 + 41.966 = $165.9 Mil.
Gross Profit was 42.322 + 42.313 + 39.328 + 41.966 = $165.9 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $5,999.3 Mil.
Property, Plant and Equipment(Net PPE) was $204.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.5 Mil.
Selling, General, & Admin. Expense(SGA) was $63.9 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $90.9 Mil.
Net Income was 1.553 + 4.498 + 6.119 + 6.078 = $18.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 9.512 + 10.836 + 16.582 + 11.921 = $48.9 Mil.
 Total Receivables was $15.1 Mil.
Revenue was 37.606 + 36.976 + 40.007 + 35.22 = $149.8 Mil.
Gross Profit was 37.606 + 36.976 + 40.007 + 35.22 = $149.8 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $5,405.6 Mil.
Property, Plant and Equipment(Net PPE) was $202.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.5 Mil.
Selling, General, & Admin. Expense(SGA) was $61.3 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $94.7 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)
=(18.783 / 165.929) / (15.08 / 149.809)
=0.113199 / 0.100662
=1.1245

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)
=(149.809 / 149.809) / (165.929 / 165.929)
=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 + 204.037) / 5999.254) / (1 - (0 + 202.073) / 5405.578)
=0.96599 / 0.962618
=1.0035

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
=165.929 / 149.809
=1.1076

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))
=(8.464 / (8.464 + 202.073)) / (8.503 / (8.503 + 204.037))
=0.040202 / 0.040007
=1.0049

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)
=(63.949 / 165.929) / (61.28 / 149.809)
=0.3854 / 0.409054
=0.9422

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)
=((90.902 + 0) / 5999.254) / ((94.659 + 0) / 5405.578)
=0.015152 / 0.017511
=0.8653

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
=(18.248 - 0 - 48.851) / 5999.254
=-0.005101

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.

Republic First Bancorp has a M-score of -2.24 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 0.00 mean?
Republic First Bancorp (FRBKQ) has a Beneish M-Score of 0.00 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Republic First Bancorp and its competitors.
Is Republic First Bancorp's Beneish M-Score too high?
Republic First Bancorp's current Beneish M-Score is 0.00. Overall, Republic First Bancorp has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Republic First Bancorp's Beneish M-Score compare to GWBK and LBNW?
Republic First Bancorp's Beneish M-Score of 0.00 can be compared against companies in the Banks 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 Republic First Bancorp and its competitors. Republic First Bancorp's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Republic First Bancorp stock overvalued right now?
Republic First Bancorp (FRBKQ) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Republic First Bancorp's overall GF Score™ is 16/100. 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 Republic First Bancorp (FRBKQ), the current Beneish M-Score is 0.00 as of Jul. 27, 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.

Republic First Bancorp Business Description

Address 50 South 16th Street, Philadelphia, PA, USA, 19102
Republic First Bancorp Inc is an American state-chartered bank. It is principally a holding company for Republic First Bank. The bank offers a range of credit and depository banking products and services, such as consumer and commercial deposit accounts, interest-bearing demand accounts, savings accounts, secured and unsecured commercial loans, real estate loans, automobile loans, mortgages, and other products. It operates in the reportable segment of Community banking.
16GF Score

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

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