QNB Bank AS (IST:QNBTR) Beneish M-Score: -1.72 (As of Jun. 27, 2026)


IST:QNBTR QNB Bank AS IST:QNBTR
41 GF Score
Price ₺208.00
GF Value ₺342.65
Valuation Significantly Undervalued
! 3 Warning Signs
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What is QNB Bank AS Beneish M-Score?

QNB Bank AS IST:QNBTR -0.10% 41 Beneish M-Score is -1.72 as of Jun. 27, 2026. GuruFocus rates IST:QNBTR with a GF Score™ of 41/100 and a GF Value™ of ₺342.65 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, QNB Bank AS ranks worse than 94.77% 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 -1.72 higher than -1.78, which implies that the company might have manipulated its financial results.

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

IST:QNBTR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.65   Med: -2.26   Max: -0.37
Current: -1.72

During the past 13 years, the highest Beneish M-Score of QNB Bank AS was -0.37. The lowest was -2.65. And the median was -2.26.

IST:QNBTR
41GF Score
QNB Bank AS IST:QNBTR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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QNB Bank 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 QNB Bank 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 * 0.9993+0.892 * 1.4652+0.115 * 0.8872
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0662+4.679 * 0.084542-0.327 * 1.085
=-1.72

* 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 47007.438 + 42377.404 + 43474.173 + 39399.439 = ₺172,258 Mil.
Gross Profit was 47007.438 + 42377.404 + 43474.173 + 39399.439 = ₺172,258 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺2,066,001 Mil.
Property, Plant and Equipment(Net PPE) was ₺26,689 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,468 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,252 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺644,419 Mil.
Net Income was 15747.271 + 13847.67 + 12044.89 + 10734.303 = ₺52,374 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 941.26 + -36746.478 + -467.327 + -86017.837 = ₺-122,290 Mil.
 Total Receivables was ₺0 Mil.
Revenue was 36713.184 + 30604.016 + 28575.366 + 21672.354 = ₺117,565 Mil.
Gross Profit was 36713.184 + 30604.016 + 28575.366 + 21672.354 = ₺117,565 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺1,752,267 Mil.
Property, Plant and Equipment(Net PPE) was ₺21,474 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,042 Mil.
Selling, General, & Admin. Expense(SGA) was ₺801 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺503,739 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 / 172258.454) / (0 / 117564.92)
=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)
=(117564.92 / 117564.92) / (172258.454 / 172258.454)
=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 + 26689.465) / 2066001.289) / (1 - (0 + 21473.991) / 1752266.655)
=0.987082 / 0.987745
=0.9993

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
=172258.454 / 117564.92
=1.4652

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))
=(1041.71 / (1041.71 + 21473.991)) / (1468.37 / (1468.37 + 26689.465))
=0.046266 / 0.052148
=0.8872

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)
=(1251.857 / 172258.454) / (801.332 / 117564.92)
=0.007267 / 0.006816
=1.0662

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)
=((644419.449 + 0) / 2066001.289) / ((503738.572 + 0) / 1752266.655)
=0.311916 / 0.287478
=1.085

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
=(52374.134 - 0 - -122290.382) / 2066001.289
=0.084542

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.

QNB Bank AS has a M-score of -1.72 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 -1.72 mean?
QNB Bank AS (IST:QNBTR) has a Beneish M-Score of -1.72 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on QNB Bank AS and its competitors. According to the industry distribution chart, QNB Bank AS ranks #1324 out of 1397 companies in the Banks industry, placing it in the top 94.8%.
Is QNB Bank AS's Beneish M-Score too high?
QNB Bank AS's current Beneish M-Score is -1.72. Based on the distribution chart, QNB Bank AS ranks #1324 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, QNB Bank AS has a GF Score™ of 41/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does QNB Bank AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, QNB Bank AS ranks #1324 out of 1397 companies for Beneish M-Score. This places QNB Bank 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 QNB Bank AS and its competitors. QNB Bank AS's current Beneish M-Score is -1.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is QNB Bank AS stock overvalued right now?
Based on GuruFocus' analysis, QNB Bank AS (IST:QNBTR) is currently considered Significantly Undervalued. The stock's GF Value™ is ₺342.65, compared to a current price of ₺208.00 — trading 39.3% below its estimated fair value. The current Beneish M-Score is -1.72. QNB Bank AS's overall GF Score™ is 41/100 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 QNB Bank AS (IST:QNBTR), the current Beneish M-Score is -1.72 as of Jun. 27, 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 QNB Bank AS (IST:QNBTR) Overvalued in 2026?

Based on GuruFocus' analysis, QNB Bank AS stock appears to be undervalued. The current stock price of ₺208.00 is trading 39.3% below its estimated GF Value™ of ₺342.65. GuruFocus considers QNB Bank AS to be Significantly Undervalued.

Key valuation signals for IST:QNBTR:

  • Beneish M-Score: -1.72
  • GF Value™: ₺342.65 vs. price of ₺208.00 (39.3% below fair value)
  • GF Score™: 41/100 with 3 warning signs

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

QNB Bank AS Business Description

Address 212) 318 50 00Caddesi Kristal Kule Binasi No. 215, Esentepe Mahallesi, Sisli, Istanbul, TUR
QNB Bank AS offers products and services to its customers in factoring, investment, leasing (financial leasing), insurance, portfolio management services, and e-transformation products. In addition to corporate banking, retail banking and commercial banking services, it also provides private banking, SME banking, treasury operations and credit card services through branches and alternative channels. The company serves its retail banking clients with time and demand deposits, also overdraft services, automatic account services, consumer loans, vehicle loans, housing loans and investment fund services. It provides services including deposit and loans, foreign trade financing, forward and option agreements to its corporate clients.
41GF Score

Get the complete analysis for IST:QNBTR

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

₺208.00
Price
₺342.65
GF Value