Banco Azteca Institucion De Banca Multiple (MEX:FPLUS16) Beneish M-Score: -2.28 (As of Jun. 25, 2026)


MEX:FPLUS16 Banco Azteca SA Institucion De Banca Multiple MEX:FPLUS16
53 GF Score
Price MXN5.12
GF Value MXN6.01
Valuation Modestly Undervalued
! 1 Warning Sign
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What is Banco Azteca Institucion De Banca Multiple Beneish M-Score?

Banco Azteca Institucion De Banca Multiple MEX:FPLUS16 -10.96% 53 Beneish M-Score is -2.28 as of Jun. 25, 2026. GuruFocus rates MEX:FPLUS16 with a GF Score™ of 53/100 and a GF Value™ of MXN6.01 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, Banco Azteca Institucion De Banca Multiple ranks worse than 69.91% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Banco Azteca Institucion De Banca Multiple's Beneish M-Score or its related term are showing as below:

MEX:FPLUS16' s Beneish M-Score Range Over the Past 10 Years
Min: -148.32   Med: -2.36   Max: -1.93
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Banco Azteca Institucion De Banca Multiple was -1.93. The lowest was -148.32. And the median was -2.36.

MEX:FPLUS16
53GF Score
Banco Azteca SA Institucion De Banca Multiple MEX:FPLUS16
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banco Azteca Institucion De Banca Multiple 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 Banco Azteca Institucion De Banca Multiple 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 * 1.0073+0.892 * 1.1096+0.115 * 0.9235
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9493+4.679 * 0.005412-0.327 * 0.7833
=-2.28

* 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 26090 + 29447 + 26349 + 25820 = MXN107,706 Mil.
Gross Profit was 26090 + 29447 + 26349 + 25820 = MXN107,706 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN350,144 Mil.
Property, Plant and Equipment(Net PPE) was MXN15,676 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,636 Mil.
Selling, General, & Admin. Expense(SGA) was MXN72,637 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN4,561 Mil.
Net Income was 1806 + 2596 + 1212 + 1248 = MXN6,862 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 365 + 3993 + 2886 + -2277 = MXN4,967 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 24511 + 25864 + 24498 + 22195 = MXN97,068 Mil.
Gross Profit was 24511 + 25864 + 24498 + 22195 = MXN97,068 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN334,988 Mil.
Property, Plant and Equipment(Net PPE) was MXN17,311 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,623 Mil.
Selling, General, & Admin. Expense(SGA) was MXN68,962 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN5,571 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 / 107706) / (0 / 97068)
=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)
=(97068 / 97068) / (107706 / 107706)
=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 + 15676) / 350144) / (1 - (0 + 17311) / 334988)
=0.95523 / 0.948324
=1.0073

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
=107706 / 97068
=1.1096

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))
=(4623 / (4623 + 17311)) / (4636 / (4636 + 15676))
=0.210769 / 0.228239
=0.9235

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)
=(72637 / 107706) / (68962 / 97068)
=0.674401 / 0.71045
=0.9493

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)
=((4561 + 0) / 350144) / ((5571 + 0) / 334988)
=0.013026 / 0.01663
=0.7833

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
=(6862 - 0 - 4967) / 350144
=0.005412

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.

Banco Azteca Institucion De Banca Multiple has a M-score of -2.28 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 -2.28 mean?
Banco Azteca Institucion De Banca Multiple (MEX:FPLUS16) has a Beneish M-Score of -2.28 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Azteca Institucion De Banca Multiple and its competitors. According to the industry distribution chart, Banco Azteca Institucion De Banca Multiple ranks #976 out of 1396 companies in the Banks industry, placing it in the top 69.9%.
Is Banco Azteca Institucion De Banca Multiple's Beneish M-Score too high?
Banco Azteca Institucion De Banca Multiple's current Beneish M-Score is -2.28. Based on the distribution chart, Banco Azteca Institucion De Banca Multiple ranks #976 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Banco Azteca Institucion De Banca Multiple has a GF Score™ of 53/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Banco Azteca Institucion De Banca Multiple's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Azteca Institucion De Banca Multiple ranks #976 out of 1396 companies for Beneish M-Score. This places Banco Azteca Institucion De Banca Multiple in the lower half of its industry. 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 Banco Azteca Institucion De Banca Multiple and its competitors. Banco Azteca Institucion De Banca Multiple's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Azteca Institucion De Banca Multiple stock overvalued right now?
Based on GuruFocus' analysis, Banco Azteca Institucion De Banca Multiple (MEX:FPLUS16) is currently considered Modestly Undervalued. The stock's GF Value™ is MXN6.01, compared to a current price of MXN5.12 — trading 14.8% below its estimated fair value. The current Beneish M-Score is -2.28. Banco Azteca Institucion De Banca Multiple's overall GF Score™ is 53/100 with 1 warning sign 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 Banco Azteca Institucion De Banca Multiple (MEX:FPLUS16), the current Beneish M-Score is -2.28 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 Banco Azteca Institucion De Banca Multiple (MEX:FPLUS16) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Azteca Institucion De Banca Multiple stock appears to be undervalued. The current stock price of MXN5.12 is trading 14.8% below its estimated GF Value™ of MXN6.01. GuruFocus considers Banco Azteca Institucion De Banca Multiple to be Modestly Undervalued.

Key valuation signals for MEX:FPLUS16:

  • Beneish M-Score: -2.28
  • GF Value™: MXN6.01 vs. price of MXN5.12 (14.8% below fair value)
  • GF Score™: 53/100 with 1 warning sign

No single metric tells the full story. See the MEX:FPLUS16 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Banco Azteca Institucion De Banca Multiple Business Description

Address Insurgentes Sur No. 3579, Torre 2 Piso 6, Col. Villa Olimpica, Delegacion Tlalpan, Distrito Federal, Mexico City, MEX, 14020
Banco Azteca SA Institucion De Banca Multiple provides banking products and services. The company's business divisions include Debit Business, Aztec businessman, Micronegocity and Aztec Point.
53GF Score

Get the complete analysis for MEX:FPLUS16

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

MXN5.12
Price
MXN6.01
GF Value