LFGP (Ledyard Financial Group) Beneish M-Score: -2.63 (As of Jun. 24, 2026)


LFGP Ledyard Financial Group Inc LFGP
62 GF Score
Price $17.00
GF Value $20.38
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Ledyard Financial Group Beneish M-Score?

Ledyard Financial Group LFGP 62 Beneish M-Score is -2.63 as of Jun. 24, 2026. GuruFocus rates LFGP with a GF Score™ of 62/100 and a GF Value™ of $20.38 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,396 Banks companies, Ledyard Financial Group ranks better than 82.81% 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ledyard Financial Group's Beneish M-Score or its related term are showing as below:

LFGP' s Beneish M-Score Range Over the Past 10 Years
Min: -8.55   Med: -2.42   Max: -1.72
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Ledyard Financial Group was -1.72. The lowest was -8.55. And the median was -2.42.

LFGP
62GF Score
Ledyard Financial Group Inc LFGP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ledyard Financial Group 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 Ledyard Financial Group 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 * 0.8606+0.528 * 1+0.404 * 1.0011+0.892 * 1.2994+0.115 * 1.0479
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8791+4.679 * -0.00314-0.327 * 1.9069
=-2.63

* 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 $4.39 Mil.
Revenue was $43.29 Mil.
Gross Profit was $43.29 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,059.57 Mil.
Property, Plant and Equipment(Net PPE) was $13.38 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.99 Mil.
Selling, General, & Admin. Expense(SGA) was $26.79 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $104.66 Mil.
Net Income was $6.03 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $9.36 Mil.
 Total Receivables was $3.92 Mil.
Revenue was $33.31 Mil.
Gross Profit was $33.31 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $951.69 Mil.
Property, Plant and Equipment(Net PPE) was $13.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.02 Mil.
Selling, General, & Admin. Expense(SGA) was $23.46 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $49.30 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)
=(4.385 / 43.287) / (3.921 / 33.312)
=0.101301 / 0.117705
=0.8606

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)
=(33.312 / 33.312) / (43.287 / 43.287)
=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 + 13.384) / 1059.574) / (1 - (0 + 13.061) / 951.687)
=0.987369 / 0.986276
=1.0011

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
=43.287 / 33.312
=1.2994

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))
=(1.015 / (1.015 + 13.061)) / (0.989 / (0.989 + 13.384))
=0.072109 / 0.06881
=1.0479

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)
=(26.794 / 43.287) / (23.455 / 33.312)
=0.618985 / 0.704101
=0.8791

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)
=((104.664 + 0) / 1059.574) / ((49.299 + 0) / 951.687)
=0.098779 / 0.051802
=1.9069

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
=(6.03 - 0 - 9.357) / 1059.574
=-0.00314

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.

Ledyard Financial Group has a M-score of -2.63 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 -2.63 mean?
Ledyard Financial Group (LFGP) has a Beneish M-Score of -2.63 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ledyard Financial Group and its competitors. According to the industry distribution chart, Ledyard Financial Group ranks #240 out of 1396 companies in the Banks industry, placing it in the top 17.2%.
Is Ledyard Financial Group's Beneish M-Score too high?
Ledyard Financial Group's current Beneish M-Score is -2.63. Based on the distribution chart, Ledyard Financial Group ranks #240 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Ledyard Financial Group has a GF Score™ of 62/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ledyard Financial Group's Beneish M-Score compare to BAOB and NIDB?
According to the Banks industry distribution chart, Ledyard Financial Group ranks #240 out of 1396 companies for Beneish M-Score. This places Ledyard Financial Group in the top 17% 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 Ledyard Financial Group and its competitors. Ledyard Financial Group's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ledyard Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Ledyard Financial Group (LFGP) is currently considered Modestly Undervalued. The stock's GF Value™ is $20.38, compared to a current price of $17.00 — trading 16.6% below its estimated fair value. The current Beneish M-Score is -2.63. Ledyard Financial Group's overall GF Score™ is 62/100 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 Ledyard Financial Group (LFGP), the current Beneish M-Score is -2.63 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 Ledyard Financial Group (LFGP) Overvalued in 2026?

Based on GuruFocus' analysis, Ledyard Financial Group stock appears to be undervalued. The current stock price of $17.00 is trading 16.6% below its estimated GF Value™ of $20.38. GuruFocus considers Ledyard Financial Group to be Modestly Undervalued.

Key valuation signals for LFGP:

  • Beneish M-Score: -2.63
  • GF Value™: $20.38 vs. price of $17.00 (16.6% below fair value)
  • GF Score™: 62/100 with 4 warning signs

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

Ledyard Financial Group Business Description

Address 2 Maple Street, Hanover, NH, USA, 03755
Ledyard Financial Group Inc is a bank holding company. Through its banking subsidiary, it provides retail and commercial banking and wealth advisory services through office locations in New Hampshire and Vermont. The Group operates in two segments: Banking and Wealth Advisory Services. Maximum revenue is generated from the Banking segment, which principally consists of lending to commercial and consumer customers, as well as deposit gathering activities. Wealth Advisory Services segment includes, as its principal business lines, financial planning services, investment management services, personal tax services, trustee services, and estate planning.
62GF Score

Get the complete analysis for LFGP

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

$17.00
Price
$20.38
GF Value