Grupo Cibest (MEX:CIB1N) Beneish M-Score: -3.17 (As of Aug. 12, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MEX:CIB1N Grupo Cibest SA MEX:CIB1N
92 GF Score
Price MXN763.86
GF Value MXN462.27
! 3 Warning Signs
View Full Analysis

What is Grupo Cibest Beneish M-Score?

Grupo Cibest MEX:CIB1N 92 Beneish M-Score is -3.17 as of Aug. 12, 2026. GuruFocus rates MEX:CIB1N with a GF Score™ of 92/100 and a GF Value™ of MXN462.27. The stock has 3 warning signs investors should review. Among 1,393 Banks companies, Grupo Cibest ranks better than 94.69% 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 -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:CIB1N' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17   Med: -2.33   Max: 13.54
Current: -3.17

During the past 13 years, the highest Beneish M-Score of Grupo Cibest was 13.54. The lowest was -3.17. And the median was -2.33.

MEX:CIB1N
92GF Score
Grupo Cibest SA MEX:CIB1N
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Grupo Cibest 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 Grupo Cibest 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 * 0.0655+0.528 * 1+0.404 * 1.001+0.892 * 1.1544+0.115 * 0.9703
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9494+4.679 * -0.004574-0.327 * 0.755
=-3.14

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was MXN9,323 Mil.
Revenue was 43035.591 + 36271.146 + 29132.601 + 34375.552 = MXN142,815 Mil.
Gross Profit was 43035.591 + 36271.146 + 29132.601 + 34375.552 = MXN142,815 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,839,954 Mil.
Property, Plant and Equipment(Net PPE) was MXN33,243 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,044 Mil.
Selling, General, & Admin. Expense(SGA) was MXN51,936 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN86,833 Mil.
Net Income was 13836.28 + 7149.369 + -8917.194 + 10036.197 = MXN22,105 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 0 + 3539.433 + 33294.438 + -6313.934 = MXN30,520 Mil.
 Total Receivables was MXN123,341 Mil.
Revenue was 32441.372 + 33043.749 + 25277.864 + 32948.167 = MXN123,711 Mil.
Gross Profit was 32441.372 + 33043.749 + 25277.864 + 32948.167 = MXN123,711 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,750,905 Mil.
Property, Plant and Equipment(Net PPE) was MXN33,285 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,878 Mil.
Selling, General, & Admin. Expense(SGA) was MXN47,388 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN109,442 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)
=(9322.649 / 142814.89) / (123340.757 / 123711.152)
=0.065278 / 0.997006
=0.0655

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)
=(123711.152 / 123711.152) / (142814.89 / 142814.89)
=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 + 33243.359) / 1839954.272) / (1 - (0 + 33284.665) / 1750904.752)
=0.981933 / 0.98099
=1.001

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
=142814.89 / 123711.152
=1.1544

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))
=(4878.113 / (4878.113 + 33284.665)) / (5043.822 / (5043.822 + 33243.359))
=0.127824 / 0.131737
=0.9703

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)
=(51936.469 / 142814.89) / (47388.342 / 123711.152)
=0.363663 / 0.383056
=0.9494

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)
=((86832.503 + 0) / 1839954.272) / ((109442.002 + 0) / 1750904.752)
=0.047193 / 0.062506
=0.755

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
=(22104.652 - 0 - 30519.937) / 1839954.272
=-0.004574

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.

Grupo Cibest has a M-score of -3.14 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 -3.17 mean?
Grupo Cibest (MEX:CIB1N) has a Beneish M-Score of -3.17 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grupo Cibest and its competitors. According to the industry distribution chart, Grupo Cibest ranks #74 out of 1393 companies in the Banks industry, placing it in the top 5.3%.
Is Grupo Cibest's Beneish M-Score too high?
Grupo Cibest's current Beneish M-Score is -3.17. Based on the distribution chart, Grupo Cibest ranks #74 out of 1393 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Grupo Cibest has a GF Score™ of 92/100, reflecting its overall financial health beyond just this single metric.
How does Grupo Cibest's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Grupo Cibest ranks #74 out of 1393 companies for Beneish M-Score. This places Grupo Cibest in the top 5% 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 Grupo Cibest and its competitors. Grupo Cibest's current Beneish M-Score is -3.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Grupo Cibest stock overvalued right now?
Grupo Cibest (MEX:CIB1N) has a current Beneish M-Score of -3.17. The stock's GF Value™ is MXN462.27, compared to a current price of MXN763.86 — trading 65.2% above its estimated fair value. The current Beneish M-Score is -3.17. Grupo Cibest's overall GF Score™ is 92/100 with 3 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 Grupo Cibest (MEX:CIB1N), the current Beneish M-Score is -3.17 as of Aug. 12, 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 Grupo Cibest (MEX:CIB1N) Overvalued in 2026?

Based on GuruFocus' analysis, Grupo Cibest stock appears to be overvalued. The current stock price of MXN763.86 is trading 65.2% above its estimated GF Value™ of MXN462.27.

Key valuation signals for MEX:CIB1N:

  • Beneish M-Score: -3.17
  • GF Value™: MXN462.27 vs. price of MXN763.86 (65.2% above fair value)
  • GF Score™: 92/100 with 3 warning signs

No single metric tells the full story. See the MEX:CIB1N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Grupo Cibest Business Description

Address Avenida Los Industriales, Carrera 48 No. 26-85, Medellin, COL
Grupo Cibest SA is a full service financial group offering a broad range of financial products and services to a diversified individual and corporate clients through subsidiaries. Its network also includes offshore banking subsidiaries in Panama and Puerto Rico, as well as other adjacent businesses. Its products and services include Savings and Investment, Financing, Factoring, Financial and Operating Leases, Capital Markets, Trading, Cash Management, Foreign Currency and Trade Finance, Bancassurance and Insurance, Investment Banking, Trust and Fiduciary Services, Mortgage Lending Business, among others. Its segments include Banking Colombia, Banking El Salvador, Banking Guatemala, International Banking, Leases, All Other and Banking Panama.
92GF Score

Get the complete analysis for MEX:CIB1N

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

MXN763.86
Price
MXN462.27
GF Value