Grupo Financiero Multiva S A B (MEX:GFMULTIO) Beneish M-Score: -2.16 (As of Jun. 30, 2026)


MEX:GFMULTIO Grupo Financiero Multiva S A B MEX:GFMULTIO
56 GF Score
Price MXN8.00
GF Value MXN10.50
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Grupo Financiero Multiva S A B Beneish M-Score?

Grupo Financiero Multiva S A B MEX:GFMULTIO 56 Beneish M-Score is -2.16 as of Jun. 30, 2026. GuruFocus rates MEX:GFMULTIO with a GF Score™ of 56/100 and a GF Value™ of MXN10.50 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 86 Diversified Financial Services companies, Grupo Financiero Multiva S A B ranks worse than 67.44% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Grupo Financiero Multiva S A B's Beneish M-Score or its related term are showing as below:

MEX:GFMULTIO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -2.38   Max: -2.05
Current: -2.16

During the past 13 years, the highest Beneish M-Score of Grupo Financiero Multiva S A B was -2.05. The lowest was -2.90. And the median was -2.38.

MEX:GFMULTIO
56GF Score
Grupo Financiero Multiva S A B MEX:GFMULTIO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Grupo Financiero Multiva S A B 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 Financiero Multiva S A B 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 * 0.9999+0.892 * 1.341+0.115 * 1.4977
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1037+4.679 * -0.029573-0.327 * 0.6369
=-2.16

* 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 1879.898 + 2075.021 + 1603.428 + 1383.912 = MXN6,942 Mil.
Gross Profit was 1879.898 + 2075.021 + 1603.428 + 1383.912 = MXN6,942 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN216,895 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,065 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN189 Mil.
Selling, General, & Admin. Expense(SGA) was MXN3,991 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN10,071 Mil.
Net Income was 338.072 + 491.309 + 308.543 + 308.067 = MXN1,446 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was -4954.09 + 7609.555 + 1479.502 + 3725.322 = MXN7,860 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 1420.688 + 1198.148 + 1296.231 + 1261.715 = MXN5,177 Mil.
Gross Profit was 1420.688 + 1198.148 + 1296.231 + 1261.715 = MXN5,177 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN185,982 Mil.
Property, Plant and Equipment(Net PPE) was MXN886 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN258 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,697 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN13,559 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 / 6942.259) / (0 / 5176.782)
=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)
=(5176.782 / 5176.782) / (6942.259 / 6942.259)
=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 + 1064.932) / 216895.374) / (1 - (0 + 885.539) / 185981.796)
=0.99509 / 0.995239
=0.9999

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
=6942.259 / 5176.782
=1.341

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))
=(258.478 / (258.478 + 885.539)) / (189.195 / (189.195 + 1064.932))
=0.225939 / 0.150858
=1.4977

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)
=(3991.438 / 6942.259) / (2696.822 / 5176.782)
=0.574948 / 0.520946
=1.1037

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)
=((10070.929 + 0) / 216895.374) / ((13558.527 + 0) / 185981.796)
=0.046432 / 0.072902
=0.6369

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
=(1445.991 - 0 - 7860.289) / 216895.374
=-0.029573

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 Financiero Multiva S A B has a M-score of -2.16 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 -2.16 mean?
Grupo Financiero Multiva S A B (MEX:GFMULTIO) has a Beneish M-Score of -2.16 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grupo Financiero Multiva S A B and its competitors. According to the industry distribution chart, Grupo Financiero Multiva S A B ranks #58 out of 86 companies in the Diversified Financial Services industry, placing it in the top 67.4%.
Is Grupo Financiero Multiva S A B's Beneish M-Score too high?
Grupo Financiero Multiva S A B's current Beneish M-Score is -2.16. Based on the distribution chart, Grupo Financiero Multiva S A B ranks #58 out of 86 companies in the Diversified Financial Services industry, which is below the industry midpoint. Overall, Grupo Financiero Multiva S A B has a GF Score™ of 56/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Grupo Financiero Multiva S A B's Beneish M-Score compare to VOYA and FRHC?
According to the Diversified Financial Services industry distribution chart, Grupo Financiero Multiva S A B ranks #58 out of 86 companies for Beneish M-Score. This places Grupo Financiero Multiva S A B 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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial 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 Grupo Financiero Multiva S A B and its competitors. Grupo Financiero Multiva S A B's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Grupo Financiero Multiva S A B stock overvalued right now?
Based on GuruFocus' analysis, Grupo Financiero Multiva S A B (MEX:GFMULTIO) is currently considered Modestly Undervalued. The stock's GF Value™ is MXN10.50, compared to a current price of MXN8.00 — trading 23.8% below its estimated fair value. The current Beneish M-Score is -2.16. Grupo Financiero Multiva S A B's overall GF Score™ is 56/100 with 2 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 Financiero Multiva S A B (MEX:GFMULTIO), the current Beneish M-Score is -2.16 as of Jun. 30, 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 Financiero Multiva S A B (MEX:GFMULTIO) Overvalued in 2026?

Based on GuruFocus' analysis, Grupo Financiero Multiva S A B stock appears to be undervalued. The current stock price of MXN8.00 is trading 23.8% below its estimated GF Value™ of MXN10.50. GuruFocus considers Grupo Financiero Multiva S A B to be Modestly Undervalued.

Key valuation signals for MEX:GFMULTIO:

  • Beneish M-Score: -2.16
  • GF Value™: MXN10.50 vs. price of MXN8.00 (23.8% below fair value)
  • GF Score™: 56/100 with 2 warning signs

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

Grupo Financiero Multiva S A B Business Description

Address Cerrada Tecamachalco 45, Col. Reforma Social, Mexico, DF, MEX, 11650
Grupo Financiero Multiva S A B is a Mexican holding company active in the financial sectors. The company owns subsidiaries that include multiple banking institutions, brokerage house and entity engaged in the provision of administrative services.
56GF Score

Get the complete analysis for MEX:GFMULTIO

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

MXN8.00
Price
MXN10.50
GF Value