HRBK (Harbor Bankshares) Beneish M-Score: 0.00 (As of Aug. 03, 2026)

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HRBK Harbor Bankshares Corp HRBK
65 GF Score
Price $27.80
GF Value $17.91
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Harbor Bankshares Beneish M-Score?

Harbor Bankshares HRBK 65 Beneish M-Score is 0.00 as of Aug. 03, 2026. GuruFocus rates HRBK with a GF Score™ of 65/100 and a GF Value™ of $17.91 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,391 Banks companies, Harbor Bankshares ranks worse than 71890.65% 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 Harbor Bankshares's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Harbor Bankshares was 2.04. The lowest was -2.32. And the median was -1.70.

HRBK
65GF Score
Harbor Bankshares Corp HRBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Harbor Bankshares 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 Harbor Bankshares 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $2.97 Mil.
Revenue was $23.39 Mil.
Gross Profit was $23.39 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $392.99 Mil.
Property, Plant and Equipment(Net PPE) was $5.97 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.61 Mil.
Selling, General, & Admin. Expense(SGA) was $3.09 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $1.36 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $1.16 Mil.
 Total Receivables was $2.61 Mil.
Revenue was $24.67 Mil.
Gross Profit was $24.67 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $394.41 Mil.
Property, Plant and Equipment(Net PPE) was $4.91 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.48 Mil.
Selling, General, & Admin. Expense(SGA) was $2.71 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(2.973 / 23.388) / (2.614 / 24.67)
=0.127116 / 0.105959
=

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)
=(24.67 / 24.67) / (23.388 / 23.388)
=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 + 5.969) / 392.987) / (1 - (0 + 4.911) / 394.406)
=0.984811 / 0.987548
=

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
=23.388 / 24.67
=

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))
=(0.484 / (0.484 + 4.911)) / (0.614 / (0.614 + 5.969))
=0.089713 / 0.093271
=

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)
=(3.091 / 23.388) / (2.705 / 24.67)
=0.132162 / 0.109647
=

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)
=((0 + 0) / 392.987) / ((0 + 0) / 394.406)
=0 / 0
=

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
=(1.36 - 0 - 1.161) / 392.987
=0.000506

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?
Harbor Bankshares (HRBK) has a Beneish M-Score of 0.00 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Harbor Bankshares and its competitors. According to the industry distribution chart, Harbor Bankshares ranks #999999 out of 1391 companies in the Banks industry.
Is Harbor Bankshares' Beneish M-Score too high?
Harbor Bankshares' current Beneish M-Score is 0.00. Based on the distribution chart, Harbor Bankshares ranks #999999 out of 1391 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Harbor Bankshares has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Harbor Bankshares' Beneish M-Score compare to OTTW and PCLB?
According to the Banks industry distribution chart, Harbor Bankshares ranks #999999 out of 1391 companies for Beneish M-Score. This places Harbor Bankshares 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 Harbor Bankshares and its competitors. Harbor Bankshares'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 Harbor Bankshares stock overvalued right now?
Based on GuruFocus' analysis, Harbor Bankshares (HRBK) is currently considered Significantly Overvalued. The stock's GF Value™ is $17.91, compared to a current price of $27.80 — trading 55.2% above its estimated fair value. The current Beneish M-Score is 0.00. Harbor Bankshares' overall GF Score™ is 65/100 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 Harbor Bankshares (HRBK), the current Beneish M-Score is 0.00 as of Aug. 03, 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 Harbor Bankshares (HRBK) Overvalued in 2026?

Based on GuruFocus' analysis, Harbor Bankshares stock appears to be overvalued. The current stock price of $27.80 is trading 55.2% above its estimated GF Value™ of $17.91. GuruFocus considers Harbor Bankshares to be Significantly Overvalued.

Key valuation signals for HRBK:

  • Beneish M-Score: 0.00
  • GF Value™: $17.91 vs. price of $27.80 (55.2% above fair value)
  • GF Score™: 65/100 with 4 warning signs

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

Harbor Bankshares Business Description

Address 25 West Fayette Street, Baltimore, MD, USA, 21201
Harbor Bankshares Corp is a bank holding company. The Bank is a commercial bank. The deposits of the Bank are insured up to statutory limits by the Federal Deposit Insurance Corporation (FDIC). The Bank conducts general banking business in locations and mainly serves the Baltimore, Maryland, metropolitan area. It offers checking, savings and time deposits, commercial real estate, personal, home improvement, automobiles, and other installment and term loans. The Bank is also a member of a national ATM network. The retail nature of the Bank allows for diversification of depositors and borrowers, which limits its dependency upon a single or a few customers. Its activities include providing private capital to businesses through loans and principal investments.
65GF Score

Get the complete analysis for HRBK

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

$27.80
Price
$17.91
GF Value