Turkiye Garanti Bankasi AS (IST:GARAN) Beneish M-Score: -1.95 (As of Jun. 28, 2026)


IST:GARAN Turkiye Garanti Bankasi AS IST:GARAN
60 GF Score
Price ₺138.40
GF Value ₺173.69
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Turkiye Garanti Bankasi AS Beneish M-Score?

Turkiye Garanti Bankasi AS IST:GARAN +0.58% 60 Beneish M-Score is -1.95 as of Jun. 28, 2026. GuruFocus rates IST:GARAN with a GF Score™ of 60/100 and a GF Value™ of ₺173.69 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,399 Banks companies, Turkiye Garanti Bankasi AS ranks worse than 91.78% 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Turkiye Garanti Bankasi AS's Beneish M-Score or its related term are showing as below:

IST:GARAN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.12   Max: -1.01
Current: -1.95

During the past 13 years, the highest Beneish M-Score of Turkiye Garanti Bankasi AS was -1.01. The lowest was -2.61. And the median was -2.12.

IST:GARAN
60GF Score
Turkiye Garanti Bankasi AS IST:GARAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Turkiye Garanti Bankasi AS 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 Turkiye Garanti Bankasi AS 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 * 1.0002+0.892 * 1.4407+0.115 * 0.8203
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0741+4.679 * 0.059609-0.327 * 1.3372
=-1.95

* 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 132136.729 + 117151.812 + 106105.255 + 95894.347 = ₺451,288 Mil.
Gross Profit was 132136.729 + 117151.812 + 106105.255 + 95894.347 = ₺451,288 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺4,783,750 Mil.
Property, Plant and Equipment(Net PPE) was ₺52,632 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺6,954 Mil.
Selling, General, & Admin. Expense(SGA) was ₺6,997 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺492,805 Mil.
Net Income was 33154.454 + 26398.072 + 30478.253 + 27844.619 = ₺117,875 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 33950.027 + -56928.847 + -8524.193 + -135775.744 = ₺-167,279 Mil.
 Total Receivables was ₺0 Mil.
Revenue was 91033.053 + 87781.284 + 68921.972 + 65503.833 = ₺313,240 Mil.
Gross Profit was 91033.053 + 87781.284 + 68921.972 + 65503.833 = ₺313,240 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺3,498,289 Mil.
Property, Plant and Equipment(Net PPE) was ₺39,337 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺4,165 Mil.
Selling, General, & Admin. Expense(SGA) was ₺4,522 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺269,503 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 / 451288.143) / (0 / 313240.142)
=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)
=(313240.142 / 313240.142) / (451288.143 / 451288.143)
=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 + 52631.937) / 4783750.292) / (1 - (0 + 39337.05) / 3498288.811)
=0.988998 / 0.988755
=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
=451288.143 / 313240.142
=1.4407

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))
=(4164.838 / (4164.838 + 39337.05)) / (6954.136 / (6954.136 + 52631.937))
=0.095739 / 0.116707
=0.8203

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)
=(6996.775 / 451288.143) / (4521.527 / 313240.142)
=0.015504 / 0.014435
=1.0741

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)
=((492805.326 + 0) / 4783750.292) / ((269503.146 + 0) / 3498288.811)
=0.103017 / 0.077039
=1.3372

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
=(117875.398 - 0 - -167278.757) / 4783750.292
=0.059609

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.

Turkiye Garanti Bankasi AS has a M-score of -1.95 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 -1.95 mean?
Turkiye Garanti Bankasi AS (IST:GARAN) has a Beneish M-Score of -1.95 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Turkiye Garanti Bankasi AS and its competitors. According to the industry distribution chart, Turkiye Garanti Bankasi AS ranks #1284 out of 1399 companies in the Banks industry, placing it in the top 91.8%.
Is Turkiye Garanti Bankasi AS's Beneish M-Score too high?
Turkiye Garanti Bankasi AS's current Beneish M-Score is -1.95. Based on the distribution chart, Turkiye Garanti Bankasi AS ranks #1284 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Turkiye Garanti Bankasi AS has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Turkiye Garanti Bankasi AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Turkiye Garanti Bankasi AS ranks #1284 out of 1399 companies for Beneish M-Score. This places Turkiye Garanti Bankasi AS 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 Turkiye Garanti Bankasi AS and its competitors. Turkiye Garanti Bankasi AS's current Beneish M-Score is -1.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Turkiye Garanti Bankasi AS stock overvalued right now?
Based on GuruFocus' analysis, Turkiye Garanti Bankasi AS (IST:GARAN) is currently considered Modestly Undervalued. The stock's GF Value™ is ₺173.69, compared to a current price of ₺138.40 — trading 20.3% below its estimated fair value. The current Beneish M-Score is -1.95. Turkiye Garanti Bankasi AS's overall GF Score™ is 60/100 with 3 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 Turkiye Garanti Bankasi AS (IST:GARAN), the current Beneish M-Score is -1.95 as of Jun. 28, 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 Turkiye Garanti Bankasi AS (IST:GARAN) Overvalued in 2026?

Based on GuruFocus' analysis, Turkiye Garanti Bankasi AS stock appears to be undervalued. The current stock price of ₺138.40 is trading 20.3% below its estimated GF Value™ of ₺173.69. GuruFocus considers Turkiye Garanti Bankasi AS to be Modestly Undervalued.

Key valuation signals for IST:GARAN:

  • Beneish M-Score: -1.95
  • GF Value™: ₺173.69 vs. price of ₺138.40 (20.3% below fair value)
  • GF Score™: 60/100 with 3 warning signs

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

Turkiye Garanti Bankasi AS Business Description

Other Exchanges TKGBY:USAGBKB:Germany
Address Levent Nispetiye Mah. Aytar Cad. No: 2, Besiktas, Istanbul, TUR, 34340
Turkiye Garanti Bankasi AS is an integrated financial services group operating predominantly in Turkey but with subsidiaries in the Netherlands, Russia, and Romania. It is a full-service bank offering corporate, commercial, retail, private, small to midsize enterprise, and investment banking services. Other financial services include insurance, leasing, brokerage, and asset management services. The bank's plan emphasizes customer service. The vast majority of its earning assets consist of loans, with a dominant positioning in consumer loans, mortgages, and auto loans. The company's business segments include: Retail Banking, Corporate Banking, Investment Banking and Others.
60GF Score

Get the complete analysis for IST:GARAN

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

₺138.40
Price
₺173.69
GF Value