First Republic Bank (MEX:FRC) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


MEX:FRC First Republic Bank MEX:FRC
12 GF Score
Price MXN60.95
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What is First Republic Bank Beneish M-Score?

First Republic Bank MEX:FRC 12 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates MEX:FRC with a GF Score™ of 12/100.

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.

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

During the past 13 years, the highest Beneish M-Score of First Republic Bank was 0.00. The lowest was 0.00. And the median was 0.00.

MEX:FRC
12GF Score
First Republic Bank MEX:FRC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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First Republic Bank 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 First Republic Bank 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 * 1.1798+0.528 * 1+0.404 * 1.0008+0.892 * 1.1384+0.115 * 1.0015
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9663+4.679 * 0.006783-0.327 * 1.3339
=-2.26

* 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 (Dec22) TTM:Last Year (Dec21) TTM:
Total Receivables was MXN13,803 Mil.
Revenue was 27586.84 + 30172.5 + 29855.112 + 27357.714 = MXN114,972 Mil.
Gross Profit was 27586.84 + 30172.5 + 29855.112 + 27357.714 = MXN114,972 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN4,145,610 Mil.
Property, Plant and Equipment(Net PPE) was MXN37,491 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN3,825 Mil.
Selling, General, & Admin. Expense(SGA) was MXN48,540 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN167,256 Mil.
Net Income was 7525.456 + 8951.175 + 8711.094 + 7984.311 = MXN33,172 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 467.904 + 2252.88 + 2132.508 + 199.11 = MXN5,052 Mil.
 Total Receivables was MXN10,278 Mil.
Revenue was 27611.844 + 26442.732 + 24086.26 + 22853.038 = MXN100,994 Mil.
Gross Profit was 27611.844 + 26442.732 + 24086.26 + 22853.038 = MXN100,994 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN3,714,819 Mil.
Property, Plant and Equipment(Net PPE) was MXN36,638 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN3,744 Mil.
Selling, General, & Admin. Expense(SGA) was MXN44,127 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN112,355 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)
=(13803.168 / 114972.166) / (10277.514 / 100993.874)
=0.120057 / 0.101764
=1.1798

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)
=(100993.874 / 100993.874) / (114972.166 / 114972.166)
=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 + 37490.808) / 4145609.947) / (1 - (0 + 36638.004) / 3714818.721)
=0.990957 / 0.990137
=1.0008

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
=114972.166 / 100993.874
=1.1384

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))
=(3743.949 / (3743.949 + 36638.004)) / (3824.587 / (3824.587 + 37490.808))
=0.092713 / 0.092571
=1.0015

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)
=(48540.17 / 114972.166) / (44126.675 / 100993.874)
=0.422191 / 0.436924
=0.9663

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)
=((167256.184 + 0) / 4145609.947) / ((112355.178 + 0) / 3714818.721)
=0.040345 / 0.030245
=1.3339

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
=(33172.036 - 0 - 5052.402) / 4145609.947
=0.006783

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.

First Republic Bank has a M-score of -2.26 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 0.00 mean?
First Republic Bank (MEX:FRC) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Republic Bank and its competitors.
Is First Republic Bank's Beneish M-Score too high?
First Republic Bank's current Beneish M-Score is 0.00. Overall, First Republic Bank has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does First Republic Bank's Beneish M-Score compare to FRBK and SIVBQ?
First Republic Bank's Beneish M-Score of 0.00 can be compared against companies in the Banks 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 First Republic Bank and its competitors. First Republic Bank's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Republic Bank stock overvalued right now?
First Republic Bank (MEX:FRC) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. First Republic Bank's overall GF Score™ is 12/100. 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 First Republic Bank (MEX:FRC), the current Beneish M-Score is 0.00 as of Jun. 26, 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.

First Republic Bank Business Description

Address 111 Pine Street, 2nd Floor, San Francisco, CA, USA, 94111
First Republic Bank offers private banking and wealth management services to high-net-worth clients. Services are offered in the San Francisco, New York City, and Los Angeles markets. The bank was founded in 1985.
12GF Score

Get the complete analysis for MEX:FRC

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

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