Banque Cantonale Vaudoise (LTS:0ACP) Beneish M-Score: -2.95 (As of Jun. 24, 2026)


LTS:0ACP Banque Cantonale Vaudoise LTS:0ACP
58 GF Score
Price CHF118.01
GF Value CHF96.74
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Banque Cantonale Vaudoise Beneish M-Score?

Banque Cantonale Vaudoise LTS:0ACP +0.86% 58 Beneish M-Score is -2.95 as of Jun. 24, 2026. GuruFocus rates LTS:0ACP with a GF Score™ of 58/100 and a GF Value™ of CHF96.74 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,396 Banks companies, Banque Cantonale Vaudoise ranks better than 92.48% 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0ACP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95   Med: -2.5   Max: -2.33
Current: -2.95

During the past 13 years, the highest Beneish M-Score of Banque Cantonale Vaudoise was -2.33. The lowest was -2.95. And the median was -2.50.

LTS:0ACP
58GF Score
Banque Cantonale Vaudoise LTS:0ACP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banque Cantonale Vaudoise 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 Banque Cantonale Vaudoise 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 * 1.0003+0.892 * 0.9955+0.115 * 0.9718
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0289+4.679 * -0.087298-0.327 * 1.1609
=-2.95

* 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 CHF0 Mil.
Revenue was CHF1,135 Mil.
Gross Profit was CHF1,135 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF61,620 Mil.
Property, Plant and Equipment(Net PPE) was CHF366 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF82 Mil.
Selling, General, & Admin. Expense(SGA) was CHF21 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF11,147 Mil.
Net Income was CHF430 Mil.
Gross Profit was CHF0 Mil.
Cash Flow from Operations was CHF5,809 Mil.
 Total Receivables was CHF0 Mil.
Revenue was CHF1,140 Mil.
Gross Profit was CHF1,140 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF60,629 Mil.
Property, Plant and Equipment(Net PPE) was CHF379 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF82 Mil.
Selling, General, & Admin. Expense(SGA) was CHF21 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF9,448 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 / 1134.8) / (0 / 1139.9)
=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)
=(1139.9 / 1139.9) / (1134.8 / 1134.8)
=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 + 366) / 61620) / (1 - (0 + 379) / 60629)
=0.99406 / 0.993749
=1.0003

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
=1134.8 / 1139.9
=0.9955

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))
=(82 / (82 + 379)) / (82 / (82 + 366))
=0.177874 / 0.183036
=0.9718

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)
=(21.1 / 1134.8) / (20.6 / 1139.9)
=0.018594 / 0.018072
=1.0289

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)
=((11147 + 0) / 61620) / ((9448 + 0) / 60629)
=0.180899 / 0.155833
=1.1609

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
=(429.7 - 0 - 5809) / 61620
=-0.087298

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.

Banque Cantonale Vaudoise has a M-score of -2.95 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 -2.95 mean?
Banque Cantonale Vaudoise (LTS:0ACP) has a Beneish M-Score of -2.95 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banque Cantonale Vaudoise and its competitors. According to the industry distribution chart, Banque Cantonale Vaudoise ranks #105 out of 1396 companies in the Banks industry, placing it in the top 7.5%.
Is Banque Cantonale Vaudoise's Beneish M-Score too high?
Banque Cantonale Vaudoise's current Beneish M-Score is -2.95. Based on the distribution chart, Banque Cantonale Vaudoise ranks #105 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Banque Cantonale Vaudoise has a GF Score™ of 58/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banque Cantonale Vaudoise's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Banque Cantonale Vaudoise ranks #105 out of 1396 companies for Beneish M-Score. This places Banque Cantonale Vaudoise in the top 8% 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 Banque Cantonale Vaudoise and its competitors. Banque Cantonale Vaudoise's current Beneish M-Score is -2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banque Cantonale Vaudoise stock overvalued right now?
Based on GuruFocus' analysis, Banque Cantonale Vaudoise (LTS:0ACP) is currently considered Modestly Overvalued. The stock's GF Value™ is CHF96.74, compared to a current price of CHF118.01 — trading 22% above its estimated fair value. The current Beneish M-Score is -2.95. Banque Cantonale Vaudoise's overall GF Score™ is 58/100 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 Banque Cantonale Vaudoise (LTS:0ACP), the current Beneish M-Score is -2.95 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 Banque Cantonale Vaudoise (LTS:0ACP) Overvalued in 2026?

Based on GuruFocus' analysis, Banque Cantonale Vaudoise stock appears to be overvalued. The current stock price of CHF118.01 is trading 22% above its estimated GF Value™ of CHF96.74. GuruFocus considers Banque Cantonale Vaudoise to be Modestly Overvalued.

Key valuation signals for LTS:0ACP:

  • Beneish M-Score: -2.95
  • GF Value™: CHF96.74 vs. price of CHF118.01 (22% above fair value)
  • GF Score™: 58/100 with 4 warning signs

No single metric tells the full story. See the LTS:0ACP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Banque Cantonale Vaudoise Business Description

Address Place Saint-Francois 14, Lausanne, CHE, 1003
Banque Cantonale Vaudoise is a universal cantonal, or Swiss government-owned bank. The bank's core businesses include retail banking, private banking, corporate banking, and asset management and trading. It offers a comprehensive range of financial services to all client segments. The majority of the bank's net revenue is net interest income, but it also generates substantial net fee and commission income.
58GF Score

Get the complete analysis for LTS:0ACP

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

CHF118.01
Price
CHF96.74
GF Value