Katilimevim Tasarruf Finansman AS (IST:KTLEV) Beneish M-Score: -0.83 (As of Jun. 30, 2026)


IST:KTLEV Katilimevim Tasarruf Finansman AS IST:KTLEV
39 GF Score
Price ₺172.70
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What is Katilimevim Tasarruf Finansman AS Beneish M-Score?

Katilimevim Tasarruf Finansman AS IST:KTLEV +0.82% 39 Beneish M-Score is -0.83 as of Jun. 30, 2026. GuruFocus rates IST:KTLEV with a GF Score™ of 39/100. The stock has 6 warning signs investors should review. Among 483 Credit Services companies, Katilimevim Tasarruf Finansman AS ranks worse than 77.23% 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.

Warning Sign:

Beneish M-Score -0.83 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Katilimevim Tasarruf Finansman AS's Beneish M-Score or its related term are showing as below:

IST:KTLEV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.05   Med: -1.3   Max: 0.01
Current: -0.83

During the past 6 years, the highest Beneish M-Score of Katilimevim Tasarruf Finansman AS was 0.01. The lowest was -2.05. And the median was -1.30.

IST:KTLEV
39GF Score
Katilimevim Tasarruf Finansman AS IST:KTLEV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Katilimevim Tasarruf Finansman 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 Katilimevim Tasarruf Finansman 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 * 1.0144+0.892 * 3.3325+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.132869-0.327 * 0.9642
=-0.83

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ₺0 Mil.
Revenue was ₺17,382 Mil.
Gross Profit was ₺17,382 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺47,456 Mil.
Property, Plant and Equipment(Net PPE) was ₺994 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺0 Mil.
Selling, General, & Admin. Expense(SGA) was ₺0 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺28,873 Mil.
Net Income was ₺8,621 Mil.
Gross Profit was ₺0 Mil.
Cash Flow from Operations was ₺14,926 Mil.
 Total Receivables was ₺0 Mil.
Revenue was ₺5,216 Mil.
Gross Profit was ₺5,216 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺18,915 Mil.
Property, Plant and Equipment(Net PPE) was ₺659 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺142 Mil.
Selling, General, & Admin. Expense(SGA) was ₺280 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺11,935 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 / 17382.337) / (0 / 5216.025)
=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)
=(5216.025 / 5216.025) / (17382.337 / 17382.337)
=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 + 993.811) / 47455.977) / (1 - (0 + 659.326) / 18914.952)
=0.979058 / 0.965143
=1.0144

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
=17382.337 / 5216.025
=3.3325

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))
=(142.078 / (142.078 + 659.326)) / (0 / (0 + 993.811))
=0.177286 / 0
=1

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)
=(0 / 17382.337) / (279.985 / 5216.025)
=0 / 0.053678
=0

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)
=((28872.559 + 0) / 47455.977) / ((11935.153 + 0) / 18914.952)
=0.608407 / 0.63099
=0.9642

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
=(8620.5 - 0 - 14925.941) / 47455.977
=-0.132869

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.

Katilimevim Tasarruf Finansman AS has a M-score of -0.83 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.83 mean?
Katilimevim Tasarruf Finansman AS (IST:KTLEV) has a Beneish M-Score of -0.83 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Katilimevim Tasarruf Finansman AS and its competitors. According to the industry distribution chart, Katilimevim Tasarruf Finansman AS ranks #373 out of 483 companies in the Credit Services industry, placing it in the top 77.2%.
Is Katilimevim Tasarruf Finansman AS's Beneish M-Score too high?
Katilimevim Tasarruf Finansman AS's current Beneish M-Score is -0.83. Based on the distribution chart, Katilimevim Tasarruf Finansman AS ranks #373 out of 483 companies in the Credit Services industry, which is in the bottom quartile relative to peers. Overall, Katilimevim Tasarruf Finansman AS has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does Katilimevim Tasarruf Finansman AS's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Katilimevim Tasarruf Finansman AS ranks #373 out of 483 companies for Beneish M-Score. This places Katilimevim Tasarruf Finansman 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Katilimevim Tasarruf Finansman AS and its competitors. Katilimevim Tasarruf Finansman AS's current Beneish M-Score is -0.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Katilimevim Tasarruf Finansman AS stock overvalued right now?
Katilimevim Tasarruf Finansman AS (IST:KTLEV) has a current Beneish M-Score of -0.83. The current Beneish M-Score is -0.83. Katilimevim Tasarruf Finansman AS's overall GF Score™ is 39/100 with 6 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 Katilimevim Tasarruf Finansman AS (IST:KTLEV), the current Beneish M-Score is -0.83 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.

Katilimevim Tasarruf Finansman AS Business Description

Address Kale Street No: 21, Umraniye, Istanbul, TUR
Katilimevim Tasarruf Finansman AS provides financing to customers and manages the collected savings, according to the principles of interest-free financing for acquiring a house, roofed workplace, or vehicle, provided that the predetermined conditions are fulfilled within the scope of a contract. The Group classifies its activities under two main headings: Savings Financing and Shopping Mall Operations.
39GF Score

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

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