HBNC (Horizon Bancorp (IN)) Beneish M-Score: 0.00 (As of Aug. 21, 2026)

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HBNC Horizon Bancorp (IN) HBNC
35 GF Score
Price $19.60
! 4 Warning Signs
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What is Horizon Bancorp (IN) Beneish M-Score?

Horizon Bancorp (IN) HBNC -0.28% 35 Beneish M-Score is 0.00 as of Aug. 21, 2026. GuruFocus rates HBNC with a GF Score™ of 35/100. The stock has 4 warning signs investors should review. Among 1,393 Banks companies, Horizon Bancorp (IN) ranks worse than 71787.44% 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.

The historical rank and industry rank for Horizon Bancorp (IN)'s Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Horizon Bancorp (IN) was -2.08. The lowest was -2.67. And the median was -2.37.

HBNC
35GF Score
Horizon Bancorp (IN) HBNC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Horizon Bancorp (IN) 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 Horizon Bancorp (IN) 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was $30.38 Mil.
Revenue was 74.087 + 72.264 + 73.755 + -238.185 = $-18.08 Mil.
Gross Profit was 74.087 + 72.264 + 73.755 + -238.185 = $-18.08 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $6,574.16 Mil.
Property, Plant and Equipment(Net PPE) was $90.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.96 Mil.
Selling, General, & Admin. Expense(SGA) was $96.60 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $379.09 Mil.
Net Income was 24.908 + 26.168 + 26.922 + -221.99 = $-143.99 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 33.168 + 20.762 + 33.573 + 10.913 = $98.42 Mil.
 Total Receivables was $39.73 Mil.
Revenue was 65.044 + 68.077 + 22.888 + 57.387 = $213.40 Mil.
Gross Profit was 65.044 + 68.077 + 22.888 + 57.387 = $213.40 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $7,652.05 Mil.
Property, Plant and Equipment(Net PPE) was $93.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.11 Mil.
Selling, General, & Admin. Expense(SGA) was $97.44 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $1,088.82 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)
=(30.377 / -18.079) / (39.73 / 213.396)
= / 0.18618
=

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)
=(213.396 / 213.396) / (-18.079 / -18.079)
=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 + 90.939) / 6574.16) / (1 - (0 + 93.398) / 7652.051)
=0.986167 / 0.987794
=

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
=-18.079 / 213.396
=

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))
=(12.109 / (12.109 + 93.398)) / (12.96 / (12.96 + 90.939))
=0.11477 / 0.124737
=

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)
=(96.595 / -18.079) / (97.439 / 213.396)
= / 0.456611
=

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)
=((379.092 + 0) / 6574.16) / ((1088.815 + 0) / 7652.051)
=0.057664 / 0.142291
=

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
=(-143.992 - 0 - 98.416) / 6574.16
=-0.036873

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Horizon Bancorp (IN) (HBNC) has a Beneish M-Score of 0.00 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Horizon Bancorp (IN) and its competitors. According to the industry distribution chart, Horizon Bancorp (IN) ranks #999999 out of 1393 companies in the Banks industry.
Is Horizon Bancorp (IN)'s Beneish M-Score too high?
Horizon Bancorp (IN)'s current Beneish M-Score is 0.00. Based on the distribution chart, Horizon Bancorp (IN) ranks #999999 out of 1393 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Horizon Bancorp (IN) has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does Horizon Bancorp (IN)'s Beneish M-Score compare to CCNE and EQBK?
According to the Banks industry distribution chart, Horizon Bancorp (IN) ranks #999999 out of 1393 companies for Beneish M-Score. This places Horizon Bancorp (IN) 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 Horizon Bancorp (IN) and its competitors. Horizon Bancorp (IN)'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 Horizon Bancorp (IN) stock overvalued right now?
Horizon Bancorp (IN) (HBNC) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Horizon Bancorp (IN)'s overall GF Score™ is 35/100 with 4 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 Horizon Bancorp (IN) (HBNC), the current Beneish M-Score is 0.00 as of Aug. 21, 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.

Horizon Bancorp (IN) Business Description

Other Exchanges 4WC:Germany
Address 515 Franklin Street, Michigan City, IN, USA, 46360
Horizon Bancorp (IN) is a United States-based holding company providing banking services. It is engaged in providing commercial and retail banking services, corporate and individual trust and agency services, and other services incident to banking. The company also provides commercial loans, real estate loans, mortgage warehouse loans, consumer loans, and other credit facilities. The company has one principal business segment, commercial banking.
35GF Score

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