KMERF (Komercni Banka AS) Beneish M-Score: -2.61 (As of Jun. 25, 2026)


KMERF Komercni Banka AS KMERF
59 GF Score
Price $54.98
GF Value $47.97
! 4 Warning Signs
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What is Komercni Banka AS Beneish M-Score?

Komercni Banka AS KMERF 59 Beneish M-Score is -2.61 as of Jun. 25, 2026. GuruFocus rates KMERF with a GF Score™ of 59/100 and a GF Value™ of $47.97. The stock has 4 warning signs investors should review. Among 1,396 Banks companies, Komercni Banka AS ranks better than 81.52% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KMERF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.39   Max: -1.62
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Komercni Banka AS was -1.62. The lowest was -3.29. And the median was -2.39.

KMERF
59GF Score
Komercni Banka AS KMERF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Komercni Banka 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 Komercni Banka 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 * 1.0001+0.892 * 1.0911+0.115 * 0.9716
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0071+4.679 * -0.00472-0.327 * 1.1412
=-2.47

* 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 $1,777 Mil.
Gross Profit was $1,777 Mil.
Total Current Assets was $0 Mil.
Total Assets was $77,227 Mil.
Property, Plant and Equipment(Net PPE) was $396 Mil.
Depreciation, Depletion and Amortization(DDA) was $198 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $4,648 Mil.
Net Income was $872 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,236 Mil.
 Total Receivables was $0 Mil.
Revenue was $1,628 Mil.
Gross Profit was $1,628 Mil.
Total Current Assets was $0 Mil.
Total Assets was $63,970 Mil.
Property, Plant and Equipment(Net PPE) was $332 Mil.
Depreciation, Depletion and Amortization(DDA) was $159 Mil.
Selling, General, & Admin. Expense(SGA) was $142 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,374 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 / 1776.64) / (0 / 1628.322)
=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)
=(1628.322 / 1628.322) / (1776.64 / 1776.64)
=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 + 395.555) / 77226.983) / (1 - (0 + 332.011) / 63970.075)
=0.994878 / 0.99481
=1.0001

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
=1776.64 / 1628.322
=1.0911

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))
=(158.967 / (158.967 + 332.011)) / (197.705 / (197.705 + 395.555))
=0.323776 / 0.333252
=0.9716

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)
=(156.426 / 1776.64) / (142.35 / 1628.322)
=0.088046 / 0.087421
=1.0071

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)
=((4648.067 + 0) / 77226.983) / ((3373.838 + 0) / 63970.075)
=0.060187 / 0.052741
=1.1412

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
=(871.736 - 0 - 1236.247) / 77226.983
=-0.00472

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.

Komercni Banka AS has a M-score of -2.47 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 -2.61 mean?
Komercni Banka AS (KMERF) has a Beneish M-Score of -2.61 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Komercni Banka AS and its competitors. According to the industry distribution chart, Komercni Banka AS ranks #258 out of 1396 companies in the Banks industry, placing it in the top 18.5%.
Is Komercni Banka AS's Beneish M-Score too high?
Komercni Banka AS's current Beneish M-Score is -2.61. Based on the distribution chart, Komercni Banka AS ranks #258 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Komercni Banka AS has a GF Score™ of 59/100, reflecting its overall financial health beyond just this single metric.
How does Komercni Banka AS's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Komercni Banka AS ranks #258 out of 1396 companies for Beneish M-Score. This places Komercni Banka AS in the top 19% 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 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 Komercni Banka AS and its competitors. Komercni Banka AS's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Komercni Banka AS stock overvalued right now?
Komercni Banka AS (KMERF) has a current Beneish M-Score of -2.61. The stock's GF Value™ is $47.97, compared to a current price of $54.98 — trading 14.6% above its estimated fair value. The current Beneish M-Score is -2.61. Komercni Banka AS's overall GF Score™ is 59/100 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 Komercni Banka AS (KMERF), the current Beneish M-Score is -2.61 as of Jun. 25, 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 Komercni Banka AS (KMERF) Overvalued in 2026?

Based on GuruFocus' analysis, Komercni Banka AS stock appears to be overvalued. The current stock price of $54.98 is trading 14.6% above its estimated GF Value™ of $47.97.

Key valuation signals for KMERF:

  • Beneish M-Score: -2.61
  • GF Value™: $47.97 vs. price of $54.98 (14.6% above fair value)
  • GF Score™: 59/100 with 4 warning signs

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

Komercni Banka AS Business Description

Address Na Prikope 33 cp. 969, P.O. BOX 839, Prague 1, CZE, 114 07
Komercni Banka AS is a universal bank providing a wide range of retail, corporate, and investment banking activities. These activities are complemented by other specialized services, including pension insurance, building savings, leasing, factoring, consumer loans, insurance, and services of fintech companies. The Group has the following operating segments: i) Retail Banking: includes the provision of products and services to individuals, ii) Corporate Banking: includes the provision of products and services to corporate entities, iii) Investment Banking: involves trading in financial instruments; and iv) Other: consists of the head office of the Bank. The majority of the revenue is derived from the Retail banking segment.
59GF Score

Get the complete analysis for KMERF

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

$54.98
Price
$47.97
GF Value