Yapi Ve Kredi Bankasi AS (HAM:YKS) Beneish M-Score: -1.77 (As of Aug. 01, 2026)

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HAM:YKS Yapi Ve Kredi Bankasi AS HAM:YKS
65 GF Score
Price €3.72
GF Value €2.39
! 3 Warning Signs
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What is Yapi Ve Kredi Bankasi AS Beneish M-Score?

Yapi Ve Kredi Bankasi AS HAM:YKS 65 Beneish M-Score is -1.77 as of Aug. 01, 2026. GuruFocus rates HAM:YKS with a GF Score™ of 65/100 and a GF Value™ of €2.39. The stock has 3 warning signs investors should review. Among 1,392 Banks companies, Yapi Ve Kredi Bankasi AS ranks worse than 94.47% 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 Yapi Ve Kredi Bankasi AS's Beneish M-Score or its related term are showing as below:

HAM:YKS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83   Med: -2.25   Max: -0.12
Current: -1.77

During the past 13 years, the highest Beneish M-Score of Yapi Ve Kredi Bankasi AS was -0.12. The lowest was -2.83. And the median was -2.25.

HAM:YKS
65GF Score
Yapi Ve Kredi Bankasi AS HAM:YKS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Yapi Ve Kredi Bankasi AS 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 Yapi Ve Kredi Bankasi AS 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 * 1.0014+0.892 * 1.2531+0.115 * 0.8585
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7658+4.679 * 0.036135-0.327 * 1.0938
=-2.09

* 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 1660.991 + 1331.796 + 1304.036 + 1176.688 = €5,474 Mil.
Gross Profit was 1660.991 + 1331.796 + 1304.036 + 1176.688 = €5,474 Mil.
Total Current Assets was €0 Mil.
Total Assets was €73,671 Mil.
Property, Plant and Equipment(Net PPE) was €857 Mil.
Depreciation, Depletion and Amortization(DDA) was €101 Mil.
Selling, General, & Admin. Expense(SGA) was €30 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €21,234 Mil.
Net Income was 397.682 + 185.841 + 310.855 + 249.44 = €1,144 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 577.861 + -2414.06 + 1364.524 + -1046.621 = €-1,518 Mil.
 Total Receivables was €0 Mil.
Revenue was 1383.339 + 1151.2 + 923.871 + 909.518 = €4,368 Mil.
Gross Profit was 1383.339 + 1151.2 + 923.871 + 909.518 = €4,368 Mil.
Total Current Assets was €0 Mil.
Total Assets was €68,186 Mil.
Property, Plant and Equipment(Net PPE) was €884 Mil.
Depreciation, Depletion and Amortization(DDA) was €88 Mil.
Selling, General, & Admin. Expense(SGA) was €31 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €17,968 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 / 5473.511) / (0 / 4367.928)
=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)
=(4367.928 / 4367.928) / (5473.511 / 5473.511)
=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 + 856.627) / 73671.497) / (1 - (0 + 884.069) / 68186.443)
=0.988372 / 0.987035
=1.0014

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
=5473.511 / 4367.928
=1.2531

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))
=(88.023 / (88.023 + 884.069)) / (101.008 / (101.008 + 856.627))
=0.09055 / 0.105477
=0.8585

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)
=(29.898 / 5473.511) / (31.153 / 4367.928)
=0.005462 / 0.007132
=0.7658

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)
=((21233.876 + 0) / 73671.497) / ((17968.282 + 0) / 68186.443)
=0.288224 / 0.263517
=1.0938

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
=(1143.818 - 0 - -1518.296) / 73671.497
=0.036135

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.

Yapi Ve Kredi Bankasi AS has a M-score of -2.09 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?
Yapi Ve Kredi Bankasi AS (HAM:YKS) has a Beneish M-Score of -1.77 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Yapi Ve Kredi Bankasi AS and its competitors. According to the industry distribution chart, Yapi Ve Kredi Bankasi AS ranks #1315 out of 1392 companies in the Banks industry, placing it in the top 94.5%.
Is Yapi Ve Kredi Bankasi AS's Beneish M-Score too high?
Yapi Ve Kredi Bankasi AS's current Beneish M-Score is -1.77. Based on the distribution chart, Yapi Ve Kredi Bankasi AS ranks #1315 out of 1392 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Yapi Ve Kredi Bankasi AS has a GF Score™ of 65/100, reflecting its overall financial health beyond just this single metric.
How does Yapi Ve Kredi Bankasi AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Yapi Ve Kredi Bankasi AS ranks #1315 out of 1392 companies for Beneish M-Score. This places Yapi Ve Kredi Bankasi AS 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 Yapi Ve Kredi Bankasi AS and its competitors. Yapi Ve Kredi Bankasi AS'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 Yapi Ve Kredi Bankasi AS stock overvalued right now?
Yapi Ve Kredi Bankasi AS (HAM:YKS) has a current Beneish M-Score of -1.77. The stock's GF Value™ is €2.39, compared to a current price of €3.72 — trading 55.6% above its estimated fair value. The current Beneish M-Score is -1.77. Yapi Ve Kredi Bankasi AS's overall GF Score™ is 65/100 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 Yapi Ve Kredi Bankasi AS (HAM:YKS), the current Beneish M-Score is -1.77 as of Aug. 01, 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 Yapi Ve Kredi Bankasi AS (HAM:YKS) Overvalued in 2026?

Based on GuruFocus' analysis, Yapi Ve Kredi Bankasi AS stock appears to be overvalued. The current stock price of €3.72 is trading 55.6% above its estimated GF Value™ of €2.39.

Key valuation signals for HAM:YKS:

  • Beneish M-Score: -1.77
  • GF Value™: €2.39 vs. price of €3.72 (55.6% above fair value)
  • GF Score™: 65/100 with 3 warning signs

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

Yapi Ve Kredi Bankasi AS Business Description

Other Exchanges YKBNK:Turkey
Address Yap Kredi Plaza D Blok Levent, Istanbul, TUR, 34330
Yapi Ve Kredi Bankasi AS is a private capital commercial bank authorised to perform all banking, economic, financial and commercial activities. The company's operating segments are Retail Banking, Corporate Banking, Commercial and SME Banking, Treasury asset-liability management and other. The company generates majority of revenue from retail Banking activities which include card payment systems, individual, individual portfolio, blue class, private banking. Retail Banking products and services offered to customers include card payment systems, consumer loans, commercial installment loans, time and demand deposits, gold banking, investment accounts, life and non-life insurance products and payroll services. It generates majority of income from Domestic country.
65GF Score

Get the complete analysis for HAM:YKS

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

€3.72
Price
€2.39
GF Value