Financiera IndependenciaB de CV Sofom E N R (MEX:FINDEP) Beneish M-Score: -2.74 (As of Jun. 27, 2026)


MEX:FINDEP Financiera Independencia SAB de CV Sofom E N R MEX:FINDEP
56 GF Score
Price MXN7.69
GF Value MXN8.16
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Financiera IndependenciaB de CV Sofom E N R Beneish M-Score?

Financiera IndependenciaB de CV Sofom E N R MEX:FINDEP 56 Beneish M-Score is -2.74 as of Jun. 27, 2026. GuruFocus rates MEX:FINDEP with a GF Score™ of 56/100 and a GF Value™ of MXN8.16 (Fairly Valued). The stock has 4 warning signs investors should review. Among 483 Credit Services companies, Financiera IndependenciaB de CV Sofom E N R ranks better than 79.5% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Financiera IndependenciaB de CV Sofom E N R's Beneish M-Score or its related term are showing as below:

MEX:FINDEP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.38   Max: -1.64
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Financiera IndependenciaB de CV Sofom E N R was -1.64. The lowest was -3.18. And the median was -2.38.

MEX:FINDEP
56GF Score
Financiera Independencia SAB de CV Sofom E N R MEX:FINDEP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Financiera IndependenciaB de CV Sofom E N R 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 Financiera IndependenciaB de CV Sofom E N R 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 * 0.958+0.892 * 0.9519+0.115 * 0.2325
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0528+4.679 * -0.015959-0.327 * 1.0814
=-2.74

* 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 MXN0 Mil.
Revenue was 1121.246 + 1233.836 + 1260.287 + 1236.791 = MXN4,852 Mil.
Gross Profit was 1121.246 + 1233.836 + 1260.287 + 1236.791 = MXN4,852 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN11,403 Mil.
Property, Plant and Equipment(Net PPE) was MXN609 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN347 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,587 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN4,918 Mil.
Net Income was 147.32 + 149.074 + 142.71 + 145.542 = MXN585 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 8.14 + 423.813 + 118.948 + 215.731 = MXN767 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 1238.553 + 1309.782 + 1301.95 + 1247.047 = MXN5,097 Mil.
Gross Profit was 1238.553 + 1309.782 + 1301.95 + 1247.047 = MXN5,097 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN12,852 Mil.
Property, Plant and Equipment(Net PPE) was MXN153 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN14 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,582 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN5,125 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 / 4852.16) / (0 / 5097.332)
=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)
=(5097.332 / 5097.332) / (4852.16 / 4852.16)
=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 + 608.895) / 11403.329) / (1 - (0 + 152.8) / 12851.8)
=0.946604 / 0.988111
=0.958

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
=4852.16 / 5097.332
=0.9519

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))
=(14.077 / (14.077 + 152.8)) / (346.761 / (346.761 + 608.895))
=0.084356 / 0.362851
=0.2325

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)
=(2587.439 / 4852.16) / (2581.806 / 5097.332)
=0.533255 / 0.506501
=1.0528

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)
=((4917.766 + 0) / 11403.329) / ((5125.3 + 0) / 12851.8)
=0.431257 / 0.3988
=1.0814

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
=(584.646 - 0 - 766.632) / 11403.329
=-0.015959

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.

Financiera IndependenciaB de CV Sofom E N R has a M-score of -2.74 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 -2.74 mean?
Financiera IndependenciaB de CV Sofom E N R (MEX:FINDEP) has a Beneish M-Score of -2.74 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Financiera IndependenciaB de CV Sofom E N R and its competitors. According to the industry distribution chart, Financiera IndependenciaB de CV Sofom E N R ranks #99 out of 483 companies in the Credit Services industry, placing it in the top 20.5%.
Is Financiera IndependenciaB de CV Sofom E N R's Beneish M-Score too high?
Financiera IndependenciaB de CV Sofom E N R's current Beneish M-Score is -2.74. Based on the distribution chart, Financiera IndependenciaB de CV Sofom E N R ranks #99 out of 483 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, Financiera IndependenciaB de CV Sofom E N R has a GF Score™ of 56/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Financiera IndependenciaB de CV Sofom E N R's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Financiera IndependenciaB de CV Sofom E N R ranks #99 out of 483 companies for Beneish M-Score. This places Financiera IndependenciaB de CV Sofom E N R in the top 21% 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Financiera IndependenciaB de CV Sofom E N R and its competitors. Financiera IndependenciaB de CV Sofom E N R's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Financiera IndependenciaB de CV Sofom E N R stock overvalued right now?
Based on GuruFocus' analysis, Financiera IndependenciaB de CV Sofom E N R (MEX:FINDEP) is currently considered Fairly Valued. The stock's GF Value™ is MXN8.16, compared to a current price of MXN7.69 — trading 5.8% below its estimated fair value. The current Beneish M-Score is -2.74. Financiera IndependenciaB de CV Sofom E N R's overall GF Score™ is 56/100 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 Financiera IndependenciaB de CV Sofom E N R (MEX:FINDEP), the current Beneish M-Score is -2.74 as of Jun. 27, 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 Financiera IndependenciaB de CV Sofom E N R (MEX:FINDEP) Overvalued in 2026?

Based on GuruFocus' analysis, Financiera IndependenciaB de CV Sofom E N R stock appears to be undervalued. The current stock price of MXN7.69 is trading 5.8% below its estimated GF Value™ of MXN8.16. GuruFocus considers Financiera IndependenciaB de CV Sofom E N R to be Fairly Valued.

Key valuation signals for MEX:FINDEP:

  • Beneish M-Score: -2.74
  • GF Value™: MXN8.16 vs. price of MXN7.69 (5.8% below fair value)
  • GF Score™: 56/100 with 4 warning signs

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

Financiera IndependenciaB de CV Sofom E N R Business Description

Address Prolongacion Paseo de la Reforma No. 600, Int. 420, Col. Santa Fe Pena Blanca, Mexico DF, MEX, 01210
Financiera Independencia SAB de CV Sofom E N R operates as a microfinance company. The company offers Credipopular for self-employed individuals, CrediMama for mothers with a child, CrediInmediato for employed individuals.
56GF Score

Get the complete analysis for MEX:FINDEP

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

MXN7.69
Price
MXN8.16
GF Value