GGAL (Grupo Financiero Galicia) Beneish M-Score: -3.67 (As of Jun. 24, 2026)


GGAL Grupo Financiero Galicia SA GGAL
71 GF Score
Price $49.08
GF Value $25.72
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Grupo Financiero Galicia Beneish M-Score?

Grupo Financiero Galicia GGAL -4.38% 71 Beneish M-Score is -3.67 as of Jun. 24, 2026. GuruFocus rates GGAL with a GF Score™ of 71/100 and a GF Value™ of $25.72 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, Grupo Financiero Galicia ranks better than 97.71% 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 -3.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GGAL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.49   Med: -1.76   Max: 20.29
Current: -3.67

During the past 13 years, the highest Beneish M-Score of Grupo Financiero Galicia was 20.29. The lowest was -4.49. And the median was -1.76.

GGAL
71GF Score
Grupo Financiero Galicia SA GGAL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Grupo Financiero Galicia 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 Grupo Financiero Galicia 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+0.528 * 1+0.404 * 1.0028+0.892 * 0.5698+0.115 * 1.1612
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.978+4.679 * 0.002568-0.327 * 1.3133
=-3.85

* 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 Mil.
Revenue was 1827.532 + 1378.47 + 1452.484 + 1757.356 = $6,416 Mil.
Gross Profit was 1827.532 + 1378.47 + 1452.484 + 1757.356 = $6,416 Mil.
Total Current Assets was $0 Mil.
Total Assets was $32,294 Mil.
Property, Plant and Equipment(Net PPE) was $932 Mil.
Depreciation, Depletion and Amortization(DDA) was $220 Mil.
Selling, General, & Admin. Expense(SGA) was $1,508 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,323 Mil.
Net Income was 47.551 + -45.456 + -64.587 + 145.411 = $83 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
 Total Receivables was $6,785 Mil.
Revenue was 2324.455 + 4216.155 + 1927.623 + 2791.738 = $11,260 Mil.
Gross Profit was 2324.455 + 4216.155 + 1927.623 + 2791.738 = $11,260 Mil.
Total Current Assets was $0 Mil.
Total Assets was $32,657 Mil.
Property, Plant and Equipment(Net PPE) was $1,031 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General, & Admin. Expense(SGA) was $2,707 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,789 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 / 6415.842) / (6785.182 / 11259.971)
=0 / 0.602593
=0

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)
=(11259.971 / 11259.971) / (6415.842 / 6415.842)
=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 + 931.652) / 32294.168) / (1 - (0 + 1031.476) / 32657.055)
=0.971151 / 0.968415
=1.0028

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
=6415.842 / 11259.971
=0.5698

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))
=(294.402 / (294.402 + 1031.476)) / (220.262 / (220.262 + 931.652))
=0.222043 / 0.191214
=1.1612

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)
=(1508.186 / 6415.842) / (2706.57 / 11259.971)
=0.235072 / 0.240371
=0.978

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)
=((2322.801 + 0) / 32294.168) / ((1788.546 + 0) / 32657.055)
=0.071926 / 0.054768
=1.3133

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
=(82.919 - 0 - 0) / 32294.168
=0.002568

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.

Grupo Financiero Galicia has a M-score of -3.85 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 -3.67 mean?
Grupo Financiero Galicia (GGAL) has a Beneish M-Score of -3.67 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grupo Financiero Galicia and its competitors. According to the industry distribution chart, Grupo Financiero Galicia ranks #32 out of 1396 companies in the Banks industry, placing it in the top 2.3%.
Is Grupo Financiero Galicia's Beneish M-Score too high?
Grupo Financiero Galicia's current Beneish M-Score is -3.67. Based on the distribution chart, Grupo Financiero Galicia ranks #32 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Grupo Financiero Galicia has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Grupo Financiero Galicia's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Grupo Financiero Galicia ranks #32 out of 1396 companies for Beneish M-Score. This places Grupo Financiero Galicia in the top 2% of its industry — outperforming the majority of peers. 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 Grupo Financiero Galicia and its competitors. Grupo Financiero Galicia's current Beneish M-Score is -3.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Grupo Financiero Galicia stock overvalued right now?
Based on GuruFocus' analysis, Grupo Financiero Galicia (GGAL) is currently considered Significantly Overvalued. The stock's GF Value™ is $25.72, compared to a current price of $49.08 — trading 90.8% above its estimated fair value. The current Beneish M-Score is -3.67. Grupo Financiero Galicia's overall GF Score™ is 71/100 with 7 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 Grupo Financiero Galicia (GGAL), the current Beneish M-Score is -3.67 as of Jun. 24, 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 Grupo Financiero Galicia (GGAL) Overvalued in 2026?

Based on GuruFocus' analysis, Grupo Financiero Galicia stock appears to be overvalued. The current stock price of $49.08 is trading 90.8% above its estimated GF Value™ of $25.72. GuruFocus considers Grupo Financiero Galicia to be Significantly Overvalued.

Key valuation signals for GGAL:

  • Beneish M-Score: -3.67
  • GF Value™: $25.72 vs. price of $49.08 (90.8% above fair value)
  • GF Score™: 71/100 with 7 warning signs

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

Grupo Financiero Galicia Business Description

Address Tte. Gral. Juan D. Peron 430, 25th Floor, Buenos Aires, ARG, C1038 AAJ
Grupo Financiero Galicia SA is a financial service holding company. It provides general banking services, proprietary brand credit card services, personal loans, insurance, and other services. The company's operating business segments are Banks, Ecosistema Naranja X, Insurance, Adjustments, and Other Businesses. The company generates maximum revenue from Banks. Geographically its operate in Argentina, Uruguay, and the majority of its revenue comes from Argentina.
71GF Score

Get the complete analysis for GGAL

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

$49.08
Price
$25.72
GF Value