LKFN (Lakeland Financial) Beneish M-Score: -6.93 (As of Jun. 25, 2026)


LKFN Lakeland Financial Corp LKFN
65 GF Score
Price $61.92
GF Value $67.47
Valuation Fairly Valued
! 2 Warning Signs
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What is Lakeland Financial Beneish M-Score?

Lakeland Financial LKFN +0.62% 65 Beneish M-Score is -6.93 as of Jun. 25, 2026. GuruFocus rates LKFN with a GF Score™ of 65/100 and a GF Value™ of $67.47 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, Lakeland Financial ranks better than 99.36% 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 -6.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LKFN' s Beneish M-Score Range Over the Past 10 Years
Min: -6.93   Med: -2.32   Max: -1.91
Current: -6.93

During the past 13 years, the highest Beneish M-Score of Lakeland Financial was -1.91. The lowest was -6.93. And the median was -2.32.

LKFN
65GF Score
Lakeland Financial Corp LKFN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Lakeland Financial 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 Lakeland Financial 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 * 0.9648+0.528 * 1+0.404 * 0.9992+0.892 * 1.0684+0.115 * 1.1027
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0653+4.679 * -0.001535-0.327 * 14.68
=-6.93

* 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 $29.7 Mil.
Revenue was 69.706 + 69.796 + 69.027 + 66.362 = $274.9 Mil.
Gross Profit was 69.706 + 69.796 + 69.027 + 66.362 = $274.9 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $7,083.7 Mil.
Property, Plant and Equipment(Net PPE) was $68.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.0 Mil.
Selling, General, & Admin. Expense(SGA) was $81.1 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $18.2 Mil.
Net Income was 26.478 + 29.906 + 26.404 + 26.966 = $109.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 34.666 + 33.723 + 36.068 + 16.172 = $120.6 Mil.
 Total Receivables was $28.8 Mil.
Revenue was 63.803 + 63.57 + 61.19 + 68.735 = $257.3 Mil.
Gross Profit was 63.803 + 63.57 + 61.19 + 68.735 = $257.3 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $6,851.2 Mil.
Property, Plant and Equipment(Net PPE) was $60.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.9 Mil.
Selling, General, & Admin. Expense(SGA) was $71.3 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1.2 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)
=(29.703 / 274.891) / (28.818 / 257.298)
=0.108054 / 0.112002
=0.9648

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)
=(257.298 / 257.298) / (274.891 / 274.891)
=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 + 68.761) / 7083.68) / (1 - (0 + 60.797) / 6851.178)
=0.990293 / 0.991126
=0.9992

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
=274.891 / 257.298
=1.0684

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))
=(5.895 / (5.895 + 60.797)) / (5.992 / (5.992 + 68.761))
=0.088391 / 0.080157
=1.1027

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)
=(81.12 / 274.891) / (71.273 / 257.298)
=0.295099 / 0.277006
=1.0653

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)
=((18.2 + 0) / 7083.68) / ((1.2 + 0) / 6851.178)
=0.002569 / 0.000175
=14.68

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
=(109.754 - 0 - 120.629) / 7083.68
=-0.001535

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.

Lakeland Financial has a M-score of -6.93 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 -6.93 mean?
Lakeland Financial (LKFN) has a Beneish M-Score of -6.93 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lakeland Financial and its competitors. According to the industry distribution chart, Lakeland Financial ranks #9 out of 1396 companies in the Banks industry, placing it in the top 0.59999999999999%.
Is Lakeland Financial's Beneish M-Score too high?
Lakeland Financial's current Beneish M-Score is -6.93. Based on the distribution chart, Lakeland Financial ranks #9 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Lakeland Financial has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Lakeland Financial's Beneish M-Score compare to CNOB and BY?
According to the Banks industry distribution chart, Lakeland Financial ranks #9 out of 1396 companies for Beneish M-Score. This places Lakeland Financial in the top 1% 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 Lakeland Financial and its competitors. Lakeland Financial's current Beneish M-Score is -6.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lakeland Financial stock overvalued right now?
Based on GuruFocus' analysis, Lakeland Financial (LKFN) is currently considered Fairly Valued. The stock's GF Value™ is $67.47, compared to a current price of $61.92 — trading 8.2% below its estimated fair value. The current Beneish M-Score is -6.93. Lakeland Financial's overall GF Score™ is 65/100 with 2 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 Lakeland Financial (LKFN), the current Beneish M-Score is -6.93 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 Lakeland Financial (LKFN) Overvalued in 2026?

Based on GuruFocus' analysis, Lakeland Financial stock appears to be undervalued. The current stock price of $61.92 is trading 8.2% below its estimated GF Value™ of $67.47. GuruFocus considers Lakeland Financial to be Fairly Valued.

Key valuation signals for LKFN:

  • Beneish M-Score: -6.93
  • GF Value™: $67.47 vs. price of $61.92 (8.2% below fair value)
  • GF Score™: 65/100 with 2 warning signs

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

Lakeland Financial Business Description

Address 202 East Center Street, P.O.Box 1387, Warsaw, IN, USA, 46581-1387
Lakeland Financial Corp is a bank holding company. It provides commercial, retail, wealth advisory, and investment management services. It offers a broad line of products and services throughout its Northern and Central Indiana markets. The company provides commercial and consumer banking services, as well as trust and wealth management, brokerage, and treasury management commercial services. It serves a wide variety of industries including, among others, commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and healthcare. The company's revenue is derived from the business of banking.
65GF Score

Get the complete analysis for LKFN

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

$61.92
Price
$67.47
GF Value