Yapi Ve Kredi Bankasi AS (IST:YKBNK) Beneish M-Score: -1.77 (As of Jul. 31, 2026)

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IST:YKBNK Yapi Ve Kredi Bankasi AS IST:YKBNK
65 GF Score
Price ₺32.76
GF Value ₺21.19
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is Yapi Ve Kredi Bankasi AS Beneish M-Score?

Yapi Ve Kredi Bankasi AS IST:YKBNK +5.68% 65 Beneish M-Score is -1.77 as of Jul. 31, 2026. GuruFocus rates IST:YKBNK with a GF Score™ of 65/100 and a GF Value™ of ₺21.19 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,392 Banks companies, Yapi Ve Kredi Bankasi AS ranks worse than 94.47% 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 -1.77 higher than -1.78, which implies that the company might have manipulated its financial results.

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

IST:YKBNK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83   Med: -2.25   Max: -0.12
Current: -1.77

During the past 13 years, the highest Beneish M-Score of Yapi Ve Kredi Bankasi AS was -0.12. The lowest was -2.83. And the median was -2.25.

IST:YKBNK
65GF Score
Yapi Ve Kredi Bankasi AS IST:YKBNK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Yapi Ve Kredi 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 Yapi Ve Kredi 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 * 1.0014+0.892 * 1.6299+0.115 * 0.8397
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7653+4.679 * 0.034165-0.327 * 1.0938
=-1.77

* 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 84764.731 + 66505.335 + 63184.434 + 53446.525 = ₺267,901 Mil.
Gross Profit was 84764.731 + 66505.335 + 63184.434 + 53446.525 = ₺267,901 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺3,759,651 Mil.
Property, Plant and Equipment(Net PPE) was ₺43,716 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺4,930 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,458 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺1,083,621 Mil.
Net Income was 20294.752 + 9280.284 + 15061.853 + 11329.866 = ₺55,967 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 29489.78 + -120549.86 + 66115.243 + -47538.72 = ₺-72,484 Mil.
 Total Receivables was ₺0 Mil.
Revenue was 55494.873 + 42150.997 + 34872.564 + 31843.813 = ₺164,362 Mil.
Gross Profit was 55494.873 + 42150.997 + 34872.564 + 31843.813 = ₺164,362 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺2,735,409 Mil.
Property, Plant and Equipment(Net PPE) was ₺35,466 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺3,299 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,169 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺720,827 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 / 267901.025) / (0 / 164362.247)
=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)
=(164362.247 / 164362.247) / (267901.025 / 267901.025)
=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 + 43715.959) / 3759650.829) / (1 - (0 + 35465.83) / 2735408.764)
=0.988372 / 0.987035
=1.0014

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
=267901.025 / 164362.247
=1.6299

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))
=(3298.949 / (3298.949 + 35465.83)) / (4930.401 / (4930.401 + 43715.959))
=0.085102 / 0.101352
=0.8397

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)
=(1458.455 / 267901.025) / (1169.307 / 164362.247)
=0.005444 / 0.007114
=0.7653

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)
=((1083620.706 + 0) / 3759650.829) / ((720826.518 + 0) / 2735408.764)
=0.288224 / 0.263517
=1.0938

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
=(55966.755 - 0 - -72483.557) / 3759650.829
=0.034165

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.

Yapi Ve Kredi Bankasi AS has a M-score of -1.77 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 -1.77 mean?
Yapi Ve Kredi Bankasi AS (IST:YKBNK) has a Beneish M-Score of -1.77 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Yapi Ve Kredi Bankasi AS and its competitors. According to the industry distribution chart, Yapi Ve Kredi Bankasi AS ranks #1315 out of 1392 companies in the Banks industry, placing it in the top 94.5%.
Is Yapi Ve Kredi Bankasi AS's Beneish M-Score too high?
Yapi Ve Kredi Bankasi AS's current Beneish M-Score is -1.77. Based on the distribution chart, Yapi Ve Kredi Bankasi AS ranks #1315 out of 1392 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Yapi Ve Kredi Bankasi AS has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Yapi Ve Kredi Bankasi AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Yapi Ve Kredi Bankasi AS ranks #1315 out of 1392 companies for Beneish M-Score. This places Yapi Ve Kredi 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 Yapi Ve Kredi Bankasi AS and its competitors. Yapi Ve Kredi Bankasi AS's current Beneish M-Score is -1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Yapi Ve Kredi Bankasi AS stock overvalued right now?
Based on GuruFocus' analysis, Yapi Ve Kredi Bankasi AS (IST:YKBNK) is currently considered Significantly Overvalued. The stock's GF Value™ is ₺21.19, compared to a current price of ₺32.76 — trading 54.6% above its estimated fair value. The current Beneish M-Score is -1.77. Yapi Ve Kredi Bankasi AS's overall GF Score™ is 65/100 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 Yapi Ve Kredi Bankasi AS (IST:YKBNK), the current Beneish M-Score is -1.77 as of Jul. 31, 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 Yapi Ve Kredi Bankasi AS (IST:YKBNK) Overvalued in 2026?

Based on GuruFocus' analysis, Yapi Ve Kredi Bankasi AS stock appears to be overvalued. The current stock price of ₺32.76 is trading 54.6% above its estimated GF Value™ of ₺21.19. GuruFocus considers Yapi Ve Kredi Bankasi AS to be Significantly Overvalued.

Key valuation signals for IST:YKBNK:

  • Beneish M-Score: -1.77
  • GF Value™: ₺21.19 vs. price of ₺32.76 (54.6% above fair value)
  • GF Score™: 65/100 with 3 warning signs

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

Yapi Ve Kredi Bankasi AS Business Description

Address Yap Kredi Plaza D Blok Levent, Istanbul, TUR, 34330
Yapi Ve Kredi Bankasi AS is a private capital commercial bank authorised to perform all banking, economic, financial and commercial activities. The company's operating segments are Retail Banking, Corporate Banking, Commercial and SME Banking, Treasury asset-liability management and other. The company generates majority of revenue from retail Banking activities which include card payment systems, individual, individual portfolio, blue class, private banking. Retail Banking products and services offered to customers include card payment systems, consumer loans, commercial installment loans, time and demand deposits, gold banking, investment accounts, life and non-life insurance products and payroll services. It generates majority of income from Domestic country.
65GF Score

Get the complete analysis for IST:YKBNK

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

₺32.76
Price
₺21.19
GF Value