HNVR (Hanover Bancorp) Beneish M-Score: -2.45 (As of Aug. 27, 2026)

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HNVR Hanover Bancorp Inc HNVR
67 GF Score
Price $26.94
GF Value $23.04
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Hanover Bancorp Beneish M-Score?

Hanover Bancorp HNVR -0.04% 67 Beneish M-Score is -2.45 as of Aug. 27, 2026. GuruFocus rates HNVR with a GF Score™ of 67/100 and a GF Value™ of $23.04 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,391 Banks companies, Hanover Bancorp ranks better than 60.32% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HNVR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.43   Max: -1.93
Current: -2.45

During the past 6 years, the highest Beneish M-Score of Hanover Bancorp was -1.93. The lowest was -2.84. And the median was -2.43.

HNVR
67GF Score
Hanover Bancorp Inc HNVR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hanover 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 Hanover 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 * 0.9518+0.528 * 1+0.404 * 1.0002+0.892 * 1.0489+0.115 * 0.7643
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0626+4.679 * -0.007475-0.327 * 0.6981
=-2.45

* 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 $11.65 Mil.
Revenue was 19.567 + 19.106 + 18.595 + 18.008 = $75.28 Mil.
Gross Profit was 19.567 + 19.106 + 18.595 + 18.008 = $75.28 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $2,336.63 Mil.
Property, Plant and Equipment(Net PPE) was $14.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.98 Mil.
Selling, General, & Admin. Expense(SGA) was $32.56 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $101.67 Mil.
Net Income was 4.064 + 1.874 + 0.033 + 3.491 = $9.46 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 18.443 + -2.513 + 8.25 + 2.749 = $26.93 Mil.
 Total Receivables was $11.67 Mil.
Revenue was 18.356 + 18.361 + 17.995 + 17.056 = $71.77 Mil.
Gross Profit was 18.356 + 18.361 + 17.995 + 17.056 = $71.77 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $2,311.98 Mil.
Property, Plant and Equipment(Net PPE) was $14.39 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.25 Mil.
Selling, General, & Admin. Expense(SGA) was $29.21 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $144.09 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)
=(11.646 / 75.276) / (11.665 / 71.768)
=0.154711 / 0.162538
=0.9518

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)
=(71.768 / 71.768) / (75.276 / 75.276)
=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 + 14.052) / 2336.63) / (1 - (0 + 14.388) / 2311.976)
=0.993986 / 0.993777
=1.0002

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
=75.276 / 71.768
=1.0489

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))
=(4.251 / (4.251 + 14.388)) / (5.977 / (5.977 + 14.052))
=0.22807 / 0.298417
=0.7643

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)
=(32.558 / 75.276) / (29.211 / 71.768)
=0.432515 / 0.40702
=1.0626

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)
=((101.667 + 0) / 2336.63) / ((144.086 + 0) / 2311.976)
=0.04351 / 0.062322
=0.6981

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
=(9.462 - 0 - 26.929) / 2336.63
=-0.007475

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.

Hanover Bancorp has a M-score of -2.45 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 -2.45 mean?
Hanover Bancorp (HNVR) has a Beneish M-Score of -2.45 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hanover Bancorp and its competitors. According to the industry distribution chart, Hanover Bancorp ranks #552 out of 1391 companies in the Banks industry, placing it in the top 39.7%.
Is Hanover Bancorp's Beneish M-Score too high?
Hanover Bancorp's current Beneish M-Score is -2.45. Based on the distribution chart, Hanover Bancorp ranks #552 out of 1391 companies in the Banks industry, which is above the industry midpoint. Overall, Hanover Bancorp has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hanover Bancorp's Beneish M-Score compare to PFLC and TRCY?
According to the Banks industry distribution chart, Hanover Bancorp ranks #552 out of 1391 companies for Beneish M-Score. This puts Hanover Bancorp in the upper 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 Hanover Bancorp and its competitors. Hanover Bancorp's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hanover Bancorp stock overvalued right now?
Based on GuruFocus' analysis, Hanover Bancorp (HNVR) is currently considered Modestly Overvalued. The stock's GF Value™ is $23.04, compared to a current price of $26.94 — trading 16.9% above its estimated fair value. The current Beneish M-Score is -2.45. Hanover Bancorp's overall GF Score™ is 67/100 with 6 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 Hanover Bancorp (HNVR), the current Beneish M-Score is -2.45 as of Aug. 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.

Is Hanover Bancorp (HNVR) Overvalued in 2026?

Based on GuruFocus' analysis, Hanover Bancorp stock appears to be overvalued. The current stock price of $26.94 is trading 16.9% above its estimated GF Value™ of $23.04. GuruFocus considers Hanover Bancorp to be Modestly Overvalued.

Key valuation signals for HNVR:

  • Beneish M-Score: -2.45
  • GF Value™: $23.04 vs. price of $26.94 (16.9% above fair value)
  • GF Score™: 67/100 with 6 warning signs

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

Hanover Bancorp Business Description

Address 80 East Jericho Turnpike, Mineola, NY, USA, 11501
Hanover Bancorp Inc is a community commercial bank focused on providing personalized and efficient services and products tailored to local needs. The Bank offers a full range of financial services, including a complete suite of consumer, commercial, and municipal banking products such as multifamily and commercial mortgages, government-guaranteed loans, residential loans, business loans, and lines of credit. In addition, it provides customers with access to 24-hour ATM services with no fees, interest-bearing free checking accounts, telephone banking, mobile and internet banking solutions for both consumer and business clients, and safe deposit boxes.
67GF Score

Get the complete analysis for HNVR

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

$26.94
Price
$23.04
GF Value