Garanti Yatirim Ortakligi AS (IST:GRNYO) Beneish M-Score: -3.82 (As of Jul. 24, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

IST:GRNYO Garanti Yatirim Ortakligi AS IST:GRNYO
51 GF Score
Price ₺15.10
GF Value ₺11.34
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Garanti Yatirim Ortakligi AS Beneish M-Score?

Garanti Yatirim Ortakligi AS IST:GRNYO -0.79% 51 Beneish M-Score is -3.82 as of Jul. 24, 2026. GuruFocus rates IST:GRNYO with a GF Score™ of 51/100 and a GF Value™ of ₺11.34 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 952 Asset Management companies, Garanti Yatirim Ortakligi AS ranks better than 92.44% 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 -3.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:GRNYO' s Beneish M-Score Range Over the Past 10 Years
Min: -9.17   Med: -2.69   Max: 4.39
Current: -3.82

During the past 13 years, the highest Beneish M-Score of Garanti Yatirim Ortakligi AS was 4.39. The lowest was -9.17. And the median was -2.69.

IST:GRNYO
51GF Score
Garanti Yatirim Ortakligi AS IST:GRNYO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Garanti Yatirim Ortakligi 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 Garanti Yatirim Ortakligi 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 * 0.9986+0.892 * 0.8447+0.115 * 0.8946
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9951+4.679 * -0.253489-0.327 * 0.9972
=-3.82

* 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 ₺0.0 Mil.
Revenue was 89.791 + 113.02 + 103.763 + 117.575 = ₺424.1 Mil.
Gross Profit was 89.791 + 113.02 + 103.763 + 117.575 = ₺424.1 Mil.
Total Current Assets was ₺0.0 Mil.
Total Assets was ₺96.0 Mil.
Property, Plant and Equipment(Net PPE) was ₺2.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₺413.9 Mil.
Total Current Liabilities was ₺0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺1.5 Mil.
Net Income was -6.135 + -9.083 + -2.673 + -4.045 = ₺-21.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0.0 Mil.
Cash Flow from Operations was 0.009 + 2.33 + -0.939 + 1.006 = ₺2.4 Mil.
 Total Receivables was ₺0.0 Mil.
Revenue was 172.827 + 120.715 + 106.724 + 101.873 = ₺502.1 Mil.
Gross Profit was 172.827 + 120.715 + 106.724 + 101.873 = ₺502.1 Mil.
Total Current Assets was ₺0.0 Mil.
Total Assets was ₺91.2 Mil.
Property, Plant and Equipment(Net PPE) was ₺1.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₺492.4 Mil.
Total Current Liabilities was ₺0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺1.4 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 / 424.149) / (0 / 502.139)
=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)
=(502.139 / 502.139) / (424.149 / 424.149)
=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 + 2.171) / 96.028) / (1 - (0 + 1.938) / 91.242)
=0.977392 / 0.97876
=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
=424.149 / 502.139
=0.8447

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))
=(1.645 / (1.645 + 1.938)) / (2.289 / (2.289 + 2.171))
=0.459112 / 0.513229
=0.8946

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)
=(413.86 / 424.149) / (492.369 / 502.139)
=0.975742 / 0.980543
=0.9951

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)
=((1.486 + 0) / 96.028) / ((1.416 + 0) / 91.242)
=0.015475 / 0.015519
=0.9972

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
=(-21.936 - 0 - 2.406) / 96.028
=-0.253489

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.

Garanti Yatirim Ortakligi AS has a M-score of -3.82 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 -3.82 mean?
Garanti Yatirim Ortakligi AS (IST:GRNYO) has a Beneish M-Score of -3.82 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Garanti Yatirim Ortakligi AS and its competitors. According to the industry distribution chart, Garanti Yatirim Ortakligi AS ranks #72 out of 952 companies in the Asset Management industry, placing it in the top 7.6%.
Is Garanti Yatirim Ortakligi AS's Beneish M-Score too high?
Garanti Yatirim Ortakligi AS's current Beneish M-Score is -3.82. Based on the distribution chart, Garanti Yatirim Ortakligi AS ranks #72 out of 952 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Garanti Yatirim Ortakligi AS has a GF Score™ of 51/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Garanti Yatirim Ortakligi AS's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Garanti Yatirim Ortakligi AS ranks #72 out of 952 companies for Beneish M-Score. This places Garanti Yatirim Ortakligi AS in the top 8% of its industry — outperforming the majority of peers. 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Garanti Yatirim Ortakligi AS and its competitors. Garanti Yatirim Ortakligi AS's current Beneish M-Score is -3.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Garanti Yatirim Ortakligi AS stock overvalued right now?
Based on GuruFocus' analysis, Garanti Yatirim Ortakligi AS (IST:GRNYO) is currently considered Significantly Overvalued. The stock's GF Value™ is ₺11.34, compared to a current price of ₺15.10 — trading 33.2% above its estimated fair value. The current Beneish M-Score is -3.82. Garanti Yatirim Ortakligi AS's overall GF Score™ is 51/100 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 Garanti Yatirim Ortakligi AS (IST:GRNYO), the current Beneish M-Score is -3.82 as of Jul. 24, 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 Garanti Yatirim Ortakligi AS (IST:GRNYO) Overvalued in 2026?

Based on GuruFocus' analysis, Garanti Yatirim Ortakligi AS stock appears to be overvalued. The current stock price of ₺15.10 is trading 33.2% above its estimated GF Value™ of ₺11.34. GuruFocus considers Garanti Yatirim Ortakligi AS to be Significantly Overvalued.

Key valuation signals for IST:GRNYO:

  • Beneish M-Score: -3.82
  • GF Value™: ₺11.34 vs. price of ₺15.10 (33.2% above fair value)
  • GF Score™: 51/100 with 4 warning signs

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

Garanti Yatirim Ortakligi AS Business Description

Address Maslak Mah. Ataturk Oto Sanayi, 55, Sokak 42 Maslak No:2 A Blok D:270 (A1207), Sariyer, Istanbul, TUR, 34485
Garanti Yatirim Ortakligi AS operates as an investment trust. The business activities of the company comprise portfolio and asset management. Its investment portfolio includes gold and other precious metals traded on the domestic and foreign exchange markets.
51GF Score

Get the complete analysis for IST:GRNYO

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

₺15.10
Price
₺11.34
GF Value