Bank of Ireland Group (LSE:BIRG) Beneish M-Score: -2.59 (As of Jun. 24, 2026)


LSE:BIRG Bank of Ireland Group PLC LSE:BIRG
68 GF Score
Price €18.38
GF Value €10.80
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Bank of Ireland Group Beneish M-Score?

Bank of Ireland Group LSE:BIRG +2.91% 68 Beneish M-Score is -2.59 as of Jun. 24, 2026. GuruFocus rates LSE:BIRG with a GF Score™ of 68/100 and a GF Value™ of €10.80 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Bank of Ireland Group ranks better than 79.87% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:BIRG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26   Med: -2.56   Max: -1.89
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Bank of Ireland Group was -1.89. The lowest was -3.26. And the median was -2.56.

LSE:BIRG
68GF Score
Bank of Ireland Group PLC LSE:BIRG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank of Ireland 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 Bank of Ireland 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 * 1+0.528 * 1+0.404 * 1.0001+0.892 * 0.9444+0.115 * 0.9723
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1911+4.679 * -0.016942-0.327 * 0.828
=-2.59

* 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 €4,214 Mil.
Gross Profit was €4,214 Mil.
Total Current Assets was €0 Mil.
Total Assets was €164,799 Mil.
Property, Plant and Equipment(Net PPE) was €815 Mil.
Depreciation, Depletion and Amortization(DDA) was €325 Mil.
Selling, General, & Admin. Expense(SGA) was €1,063 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €10,516 Mil.
Net Income was €1,201 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €3,993 Mil.
 Total Receivables was €0 Mil.
Revenue was €4,462 Mil.
Gross Profit was €4,462 Mil.
Total Current Assets was €0 Mil.
Total Assets was €161,813 Mil.
Property, Plant and Equipment(Net PPE) was €811 Mil.
Depreciation, Depletion and Amortization(DDA) was €311 Mil.
Selling, General, & Admin. Expense(SGA) was €945 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €12,471 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 / 4214) / (0 / 4462)
=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)
=(4462 / 4462) / (4214 / 4214)
=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 + 815) / 164799) / (1 - (0 + 811) / 161813)
=0.995055 / 0.994988
=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
=4214 / 4462
=0.9444

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))
=(311 / (311 + 811)) / (325 / (325 + 815))
=0.277184 / 0.285088
=0.9723

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)
=(1063 / 4214) / (945 / 4462)
=0.252254 / 0.211788
=1.1911

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)
=((10516 + 0) / 164799) / ((12471 + 0) / 161813)
=0.063811 / 0.07707
=0.828

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
=(1201 - 0 - 3993) / 164799
=-0.016942

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.

Bank of Ireland Group has a M-score of -2.59 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 -2.59 mean?
Bank of Ireland Group (LSE:BIRG) has a Beneish M-Score of -2.59 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank of Ireland Group and its competitors. According to the industry distribution chart, Bank of Ireland Group ranks #281 out of 1396 companies in the Banks industry, placing it in the top 20.1%.
Is Bank of Ireland Group's Beneish M-Score too high?
Bank of Ireland Group's current Beneish M-Score is -2.59. Based on the distribution chart, Bank of Ireland Group ranks #281 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bank of Ireland Group has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bank of Ireland Group's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Bank of Ireland Group ranks #281 out of 1396 companies for Beneish M-Score. This places Bank of Ireland Group in the top 20% 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 Bank of Ireland Group and its competitors. Bank of Ireland Group's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of Ireland Group stock overvalued right now?
Based on GuruFocus' analysis, Bank of Ireland Group (LSE:BIRG) is currently considered Significantly Overvalued. The stock's GF Value™ is €10.80, compared to a current price of €18.38 — trading 70.2% above its estimated fair value. The current Beneish M-Score is -2.59. Bank of Ireland Group's overall GF Score™ is 68/100 with 6 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 Bank of Ireland Group (LSE:BIRG), the current Beneish M-Score is -2.59 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 Bank of Ireland Group (LSE:BIRG) Overvalued in 2026?

Based on GuruFocus' analysis, Bank of Ireland Group stock appears to be overvalued. The current stock price of €18.38 is trading 70.2% above its estimated GF Value™ of €10.80. GuruFocus considers Bank of Ireland Group to be Significantly Overvalued.

Key valuation signals for LSE:BIRG:

  • Beneish M-Score: -2.59
  • GF Value™: €10.80 vs. price of €18.38 (70.2% above fair value)
  • GF Score™: 68/100 with 6 warning signs

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

Bank of Ireland Group Business Description

Address 2 College Green, Dublin, IRL, D02 VR66
Bank of Ireland Group PLC is an Irish financial services group operating mostly in Ireland and the United Kingdom. Services include mortgages, business, and corporate lending, term loans, leasing, foreign exchange, life assurance, and pension products, among others. The bank's trading divisions include Retail Ireland, Wealth and Insurance, Retail UK, Corporate and Commercial , and Group Centre. The bank generates the majority of its revenue from Retail Ireland and serves consumer and business customers across a broad range of segments and sectors. Revenue is also derived from fees for a range of banking and transaction services. The bank has access to distribution in the United Kingdom via its relationship as a financial services partner with the nation's post office.
68GF Score

Get the complete analysis for LSE:BIRG

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

€18.38
Price
€10.80
GF Value