Turkiye Is Bankasi AS (IST:ISCTR) Beneish M-Score: -1.93 (As of Jun. 24, 2026)


IST:ISCTR Turkiye Is Bankasi AS IST:ISCTR
66 GF Score
Price ₺15.18
GF Value ₺19.96
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Turkiye Is Bankasi AS Beneish M-Score?

Turkiye Is Bankasi AS IST:ISCTR -1.56% 66 Beneish M-Score is -1.93 as of Jun. 24, 2026. GuruFocus rates IST:ISCTR with a GF Score™ of 66/100 and a GF Value™ of ₺19.96 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, Turkiye Is Bankasi AS ranks worse than 92.05% 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 -1.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:ISCTR' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.3   Max: -1.04
Current: -1.93

During the past 13 years, the highest Beneish M-Score of Turkiye Is Bankasi AS was -1.04. The lowest was -3.00. And the median was -2.30.

IST:ISCTR
66GF Score
Turkiye Is Bankasi AS IST:ISCTR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Turkiye Is 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 Is 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 * 0.9997+0.892 * 1.5928+0.115 * 0.9128
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4932+4.679 * -0.009713-0.327 * 1.0327
=-1.93

* 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 115386.205 + 135861.905 + 143325.385 + 96938.52 = ₺491,512 Mil.
Gross Profit was 115386.205 + 135861.905 + 143325.385 + 96938.52 = ₺491,512 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺5,782,905 Mil.
Property, Plant and Equipment(Net PPE) was ₺98,825 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺9,534 Mil.
Selling, General, & Admin. Expense(SGA) was ₺4,896 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺1,298,543 Mil.
Net Income was 20459.251 + 23746.201 + 14088.65 + 17868.291 = ₺76,162 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 51331.324 + 110982.49 + 5725.206 + -35705.717 = ₺132,333 Mil.
 Total Receivables was ₺0 Mil.
Revenue was 70186.787 + 80577.283 + 91548.458 + 66278.193 = ₺308,591 Mil.
Gross Profit was 70186.787 + 80577.283 + 91548.458 + 66278.193 = ₺308,591 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺4,273,878 Mil.
Property, Plant and Equipment(Net PPE) was ₺71,798 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺6,270 Mil.
Selling, General, & Admin. Expense(SGA) was ₺6,232 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺929,284 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 / 491512.015) / (0 / 308590.721)
=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)
=(308590.721 / 308590.721) / (491512.015 / 491512.015)
=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 + 98824.675) / 5782905.466) / (1 - (0 + 71797.99) / 4273878.007)
=0.982911 / 0.983201
=0.9997

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
=491512.015 / 308590.721
=1.5928

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))
=(6270.21 / (6270.21 + 71797.99)) / (9534.032 / (9534.032 + 98824.675))
=0.080317 / 0.087986
=0.9128

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)
=(4895.763 / 491512.015) / (6232.118 / 308590.721)
=0.009961 / 0.020195
=0.4932

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)
=((1298543.282 + 0) / 5782905.466) / ((929284.424 + 0) / 4273878.007)
=0.224549 / 0.217434
=1.0327

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
=(76162.393 - 0 - 132333.303) / 5782905.466
=-0.009713

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 Is Bankasi AS has a M-score of -1.93 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 -1.93 mean?
Turkiye Is Bankasi AS (IST:ISCTR) has a Beneish M-Score of -1.93 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Turkiye Is Bankasi AS and its competitors. According to the industry distribution chart, Turkiye Is Bankasi AS ranks #1285 out of 1396 companies in the Banks industry, placing it in the top 92%.
Is Turkiye Is Bankasi AS's Beneish M-Score too high?
Turkiye Is Bankasi AS's current Beneish M-Score is -1.93. Based on the distribution chart, Turkiye Is Bankasi AS ranks #1285 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Turkiye Is Bankasi AS has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Turkiye Is Bankasi AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Turkiye Is Bankasi AS ranks #1285 out of 1396 companies for Beneish M-Score. This places Turkiye Is 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 Is Bankasi AS and its competitors. Turkiye Is Bankasi AS's current Beneish M-Score is -1.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Turkiye Is Bankasi AS stock overvalued right now?
Based on GuruFocus' analysis, Turkiye Is Bankasi AS (IST:ISCTR) is currently considered Modestly Undervalued. The stock's GF Value™ is ₺19.96, compared to a current price of ₺15.18 — trading 23.9% below its estimated fair value. The current Beneish M-Score is -1.93. Turkiye Is Bankasi AS's overall GF Score™ is 66/100 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 Turkiye Is Bankasi AS (IST:ISCTR), the current Beneish M-Score is -1.93 as of Jun. 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 Turkiye Is Bankasi AS (IST:ISCTR) Overvalued in 2026?

Based on GuruFocus' analysis, Turkiye Is Bankasi AS stock appears to be undervalued. The current stock price of ₺15.18 is trading 23.9% below its estimated GF Value™ of ₺19.96. GuruFocus considers Turkiye Is Bankasi AS to be Modestly Undervalued.

Key valuation signals for IST:ISCTR:

  • Beneish M-Score: -1.93
  • GF Value™: ₺19.96 vs. price of ₺15.18 (23.9% below fair value)
  • GF Score™: 66/100 with 2 warning signs

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

Turkiye Is Bankasi AS Business Description

Other Exchanges ISBTR:Turkey
Address Is Kuleleri, Levent, Istanbul, TUR, 34330
Turkiye Is Bankasi AS is a Turkish financial services group with operations in Europe, Asia, and the Middle East. The group provides banking services as well as insurance, pension, asset management, venture capital, investment banking, leasing and factoring, and brokerage and custody, among other services.
66GF Score

Get the complete analysis for IST:ISCTR

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

₺15.18
Price
₺19.96
GF Value