Akbank TAS (IST:AKBNK) Beneish M-Score: -1.96 (As of Jun. 30, 2026)


IST:AKBNK Akbank TAS IST:AKBNK
64 GF Score
Price ₺77.20
GF Value ₺88.36
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Akbank TAS Beneish M-Score?

Akbank TAS IST:AKBNK -0.06% 64 Beneish M-Score is -1.96 as of Jun. 30, 2026. GuruFocus rates IST:AKBNK with a GF Score™ of 64/100 and a GF Value™ of ₺88.36 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,399 Banks companies, Akbank TAS ranks worse than 91.64% 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 -1.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:AKBNK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.24   Max: -0.13
Current: -1.96

During the past 13 years, the highest Beneish M-Score of Akbank TAS was -0.13. The lowest was -3.03. And the median was -2.24.

IST:AKBNK
64GF Score
Akbank TAS IST:AKBNK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Akbank TAS 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 Akbank TAS 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 * 0.9992+0.892 * 1.4466+0.115 * 0.9755
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9546+4.679 * 0.046036-0.327 * 1.2982
=-1.96

* 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 75531.659 + 67305.106 + 60515.261 + 48396.286 = ₺251,748 Mil.
Gross Profit was 75531.659 + 67305.106 + 60515.261 + 48396.286 = ₺251,748 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺3,643,975 Mil.
Property, Plant and Equipment(Net PPE) was ₺54,437 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺5,460 Mil.
Selling, General, & Admin. Expense(SGA) was ₺2,518 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺518,370 Mil.
Net Income was 19151.711 + 18331.805 + 14064.088 + 11124.802 = ₺62,672 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 31034.765 + -45969.983 + -35224.236 + -54921.664 = ₺-105,081 Mil.
 Total Receivables was ₺0 Mil.
Revenue was 53852.969 + 44043.843 + 39587.181 + 36545.866 = ₺174,030 Mil.
Gross Profit was 53852.969 + 44043.843 + 39587.181 + 36545.866 = ₺174,030 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺2,851,225 Mil.
Property, Plant and Equipment(Net PPE) was ₺40,356 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺3,939 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,824 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺312,435 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 / 251748.312) / (0 / 174029.859)
=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)
=(174029.859 / 174029.859) / (251748.312 / 251748.312)
=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 + 54437.02) / 3643975) / (1 - (0 + 40355.571) / 2851224.878)
=0.985061 / 0.985846
=0.9992

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
=251748.312 / 174029.859
=1.4466

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))
=(3938.714 / (3938.714 + 40355.571)) / (5460.1 / (5460.1 + 54437.02))
=0.088921 / 0.091158
=0.9755

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)
=(2518.407 / 251748.312) / (1823.754 / 174029.859)
=0.010004 / 0.01048
=0.9546

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)
=((518369.548 + 0) / 3643975) / ((312434.565 + 0) / 2851224.878)
=0.142254 / 0.109579
=1.2982

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
=(62672.406 - 0 - -105081.118) / 3643975
=0.046036

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.

Akbank TAS has a M-score of -1.96 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 -1.96 mean?
Akbank TAS (IST:AKBNK) has a Beneish M-Score of -1.96 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Akbank TAS and its competitors. According to the industry distribution chart, Akbank TAS ranks #1282 out of 1399 companies in the Banks industry, placing it in the top 91.6%.
Is Akbank TAS's Beneish M-Score too high?
Akbank TAS's current Beneish M-Score is -1.96. Based on the distribution chart, Akbank TAS ranks #1282 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Akbank TAS has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Akbank TAS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Akbank TAS ranks #1282 out of 1399 companies for Beneish M-Score. This places Akbank TAS 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 Akbank TAS and its competitors. Akbank TAS's current Beneish M-Score is -1.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Akbank TAS stock overvalued right now?
Based on GuruFocus' analysis, Akbank TAS (IST:AKBNK) is currently considered Modestly Undervalued. The stock's GF Value™ is ₺88.36, compared to a current price of ₺77.20 — trading 12.6% below its estimated fair value. The current Beneish M-Score is -1.96. Akbank TAS's overall GF Score™ is 64/100 with 2 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 Akbank TAS (IST:AKBNK), the current Beneish M-Score is -1.96 as of Jun. 30, 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 Akbank TAS (IST:AKBNK) Overvalued in 2026?

Based on GuruFocus' analysis, Akbank TAS stock appears to be undervalued. The current stock price of ₺77.20 is trading 12.6% below its estimated GF Value™ of ₺88.36. GuruFocus considers Akbank TAS to be Modestly Undervalued.

Key valuation signals for IST:AKBNK:

  • Beneish M-Score: -1.96
  • GF Value™: ₺88.36 vs. price of ₺77.20 (12.6% below fair value)
  • GF Score™: 64/100 with 2 warning signs

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

Akbank TAS Business Description

Other Exchanges AKBTY:USAAKB2:Germany
Address Sabanci Center, 4. Levent, Istanbul, TUR, 34330
Akbank TAS is a Turkish bank whose core business activities include consumer and private, commercial, small to midsize enterprise, and corporate and investment banking services. Other activities include foreign exchange, money markets, and securities transactions. In addition to traditional banking activities, the company provides insurance intermediary services. Approximately half of the bank's outstanding shares are owned by Sabanci Holding, a large Turkish financial conglomerate and its affiliates. Net interest income contributes to the vast majority of net revenue, followed by net fees and commissions. The banks gives credit exposure to the services industry.
64GF Score

Get the complete analysis for IST:AKBNK

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

₺77.20
Price
₺88.36
GF Value