HWBK (Hawthorn Bancshares) Beneish M-Score: -2.23 (As of Aug. 20, 2026)

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HWBK Hawthorn Bancshares Inc HWBK
63 GF Score
Price $39.10
GF Value $34.73
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Hawthorn Bancshares Beneish M-Score?

Hawthorn Bancshares HWBK -0.71% 63 Beneish M-Score is -2.23 as of Aug. 20, 2026. GuruFocus rates HWBK with a GF Score™ of 63/100 and a GF Value™ of $34.73 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,393 Banks companies, Hawthorn Bancshares ranks worse than 77.96% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HWBK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76   Med: -2.45   Max: -2.09
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Hawthorn Bancshares was -2.09. The lowest was -3.76. And the median was -2.45.

HWBK
63GF Score
Hawthorn Bancshares Inc HWBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hawthorn Bancshares 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 Hawthorn Bancshares 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 * 0.9986+0.892 * 1.1267+0.115 * 0.8239
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9582+4.679 * -0.00462-0.327 * 0.4596
=-2.23

* 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 $0.00 Mil.
Revenue was 22.915 + 20.208 + 21.179 + 20.686 = $84.99 Mil.
Gross Profit was 22.915 + 20.208 + 21.179 + 20.686 = $84.99 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,773.04 Mil.
Property, Plant and Equipment(Net PPE) was $30.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.36 Mil.
Selling, General, & Admin. Expense(SGA) was $29.77 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $83.54 Mil.
Net Income was 7.326 + 5.743 + 6.185 + 6.132 = $25.39 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 10.178 + 7.971 + 15.14 + 0.288 = $33.58 Mil.
 Total Receivables was $0.00 Mil.
Revenue was 19.686 + 18.755 + 18.872 + 18.118 = $75.43 Mil.
Gross Profit was 19.686 + 18.755 + 18.872 + 18.118 = $75.43 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,877.42 Mil.
Property, Plant and Equipment(Net PPE) was $29.65 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.87 Mil.
Selling, General, & Admin. Expense(SGA) was $27.57 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $192.48 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 / 84.988) / (0 / 75.431)
=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)
=(75.431 / 75.431) / (84.988 / 84.988)
=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 + 30.472) / 1773.04) / (1 - (0 + 29.652) / 1877.417)
=0.982814 / 0.984206
=0.9986

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
=84.988 / 75.431
=1.1267

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))
=(1.865 / (1.865 + 29.652)) / (2.358 / (2.358 + 30.472))
=0.059174 / 0.071825
=0.8239

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)
=(29.768 / 84.988) / (27.574 / 75.431)
=0.350261 / 0.365553
=0.9582

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)
=((83.542 + 0) / 1773.04) / ((192.477 + 0) / 1877.417)
=0.047118 / 0.102522
=0.4596

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
=(25.386 - 0 - 33.577) / 1773.04
=-0.00462

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.

Hawthorn Bancshares has a M-score of -2.23 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 -2.23 mean?
Hawthorn Bancshares (HWBK) has a Beneish M-Score of -2.23 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hawthorn Bancshares and its competitors. According to the industry distribution chart, Hawthorn Bancshares ranks #1086 out of 1393 companies in the Banks industry, placing it in the top 78%.
Is Hawthorn Bancshares' Beneish M-Score too high?
Hawthorn Bancshares' current Beneish M-Score is -2.23. Based on the distribution chart, Hawthorn Bancshares ranks #1086 out of 1393 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Hawthorn Bancshares has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hawthorn Bancshares' Beneish M-Score compare to ISBA and ATLO?
According to the Banks industry distribution chart, Hawthorn Bancshares ranks #1086 out of 1393 companies for Beneish M-Score. This places Hawthorn Bancshares 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 Hawthorn Bancshares and its competitors. Hawthorn Bancshares's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hawthorn Bancshares stock overvalued right now?
Based on GuruFocus' analysis, Hawthorn Bancshares (HWBK) is currently considered Modestly Overvalued. The stock's GF Value™ is $34.73, compared to a current price of $39.10 — trading 12.6% above its estimated fair value. The current Beneish M-Score is -2.23. Hawthorn Bancshares' overall GF Score™ is 63/100 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 Hawthorn Bancshares (HWBK), the current Beneish M-Score is -2.23 as of Aug. 20, 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 Hawthorn Bancshares (HWBK) Overvalued in 2026?

Based on GuruFocus' analysis, Hawthorn Bancshares stock appears to be overvalued. The current stock price of $39.10 is trading 12.6% above its estimated GF Value™ of $34.73. GuruFocus considers Hawthorn Bancshares to be Modestly Overvalued.

Key valuation signals for HWBK:

  • Beneish M-Score: -2.23
  • GF Value™: $34.73 vs. price of $39.10 (12.6% above fair value)
  • GF Score™: 63/100 with 4 warning signs

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

Hawthorn Bancshares Business Description

Address 132 East High Street, Box 688, Jefferson City, MO, USA, 65102
Hawthorn Bancshares Inc is a financial holding company that, along with its subsidiary bank, provides commercial banking for small and mid sized businesses, including equipment, operating, commercial real estate and SBA loans, and personal banking services such as real estate mortgage lending, installment and consumer loans, certificates of deposit, and checking, savings and money market accounts. It has two segments, banking and wealth management, with the banking segment earning the majority of its revenue and conducting general banking business, offering checking and savings accounts, internet banking, debit cards, certificates of deposit, brokerage services and others. Its primary source of revenue is net interest income derived from lending and deposit taking activities.
63GF Score

Get the complete analysis for HWBK

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

$39.10
Price
$34.73
GF Value