M&T Bank (MEX:MTB) Beneish M-Score: -2.45 (As of Jun. 24, 2026)


MEX:MTB M&T Bank Corp MEX:MTB
46 GF Score
Price MXN3,905.88
GF Value MXN3,401.32
Valuation Modestly Overvalued
! 8 Warning Signs
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What is M&T Bank Beneish M-Score?

M&T Bank MEX:MTB 46 Beneish M-Score is -2.45 as of Jun. 24, 2026. GuruFocus rates MEX:MTB with a GF Score™ of 46/100 and a GF Value™ of MXN3,401.32 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, M&T Bank ranks better than 60.67% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for M&T Bank's Beneish M-Score or its related term are showing as below:

MEX:MTB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57   Med: -2.45   Max: -1.5
Current: -2.45

During the past 13 years, the highest Beneish M-Score of M&T Bank was -1.50. The lowest was -3.57. And the median was -2.45.

MEX:MTB
46GF Score
M&T Bank Corp MEX:MTB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

M&T 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 M&T 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+0.528 * 1+0.404 * 0.9999+0.892 * 0.9644+0.115 * 1.0597
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9907+4.679 * -0.002136-0.327 * 1.0428
=-2.53

* 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 43422.742 + 43879.891 + 45732.091 + 44926.471 = MXN177,961 Mil.
Gross Profit was 43422.742 + 43879.891 + 45732.091 + 44926.471 = MXN177,961 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN3,872,270 Mil.
Property, Plant and Equipment(Net PPE) was MXN30,944 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN8,519 Mil.
Selling, General, & Admin. Expense(SGA) was MXN64,408 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN201,515 Mil.
Net Income was 11973.713 + 13666.326 + 14528.606 + 13481.707 = MXN53,650 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 18249.092 + 9416.981 + 18362.544 + 15891.845 = MXN61,920 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 47176.609 + 49261.163 + 45917.78 + 42172.877 = MXN184,528 Mil.
Gross Profit was 47176.609 + 49261.163 + 45917.78 + 42172.877 = MXN184,528 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN4,302,789 Mil.
Property, Plant and Equipment(Net PPE) was MXN33,981 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN10,079 Mil.
Selling, General, & Admin. Expense(SGA) was MXN67,413 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN214,729 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 / 177961.195) / (0 / 184528.429)
=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)
=(184528.429 / 184528.429) / (177961.195 / 177961.195)
=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 + 30944.113) / 3872269.87) / (1 - (0 + 33981.07) / 4302789.085)
=0.992009 / 0.992103
=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
=177961.195 / 184528.429
=0.9644

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))
=(10078.821 / (10078.821 + 33981.07)) / (8518.68 / (8518.68 + 30944.113))
=0.228753 / 0.215866
=1.0597

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)
=(64408.297 / 177961.195) / (67413.082 / 184528.429)
=0.361923 / 0.365326
=0.9907

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)
=((201515.423 + 0) / 3872269.87) / ((214729.267 + 0) / 4302789.085)
=0.052041 / 0.049905
=1.0428

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
=(53650.352 - 0 - 61920.462) / 3872269.87
=-0.002136

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.

M&T Bank has a M-score of -2.53 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 -2.45 mean?
M&T Bank (MEX:MTB) has a Beneish M-Score of -2.45 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on M&T Bank and its competitors. According to the industry distribution chart, M&T Bank ranks #549 out of 1396 companies in the Banks industry, placing it in the top 39.3%.
Is M&T Bank's Beneish M-Score too high?
M&T Bank's current Beneish M-Score is -2.45. Based on the distribution chart, M&T Bank ranks #549 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, M&T Bank has a GF Score™ of 46/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does M&T Bank's Beneish M-Score compare to HBAN and BAP?
According to the Banks industry distribution chart, M&T Bank ranks #549 out of 1396 companies for Beneish M-Score. This puts M&T Bank in the upper 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 M&T Bank and its competitors. M&T Bank's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is M&T Bank stock overvalued right now?
Based on GuruFocus' analysis, M&T Bank (MEX:MTB) is currently considered Modestly Overvalued. The stock's GF Value™ is MXN3,401.32, compared to a current price of MXN3,905.88 — trading 14.8% above its estimated fair value. The current Beneish M-Score is -2.45. M&T Bank's overall GF Score™ is 46/100 with 8 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 M&T Bank (MEX:MTB), the current Beneish M-Score is -2.45 as of Jun. 24, 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 M&T Bank (MEX:MTB) Overvalued in 2026?

Based on GuruFocus' analysis, M&T Bank stock appears to be overvalued. The current stock price of MXN3,905.88 is trading 14.8% above its estimated GF Value™ of MXN3,401.32. GuruFocus considers M&T Bank to be Modestly Overvalued.

Key valuation signals for MEX:MTB:

  • Beneish M-Score: -2.45
  • GF Value™: MXN3,401.32 vs. price of MXN3,905.88 (14.8% above fair value)
  • GF Score™: 46/100 with 8 warning signs

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

M&T Bank Business Description

Address One M&T Plaza, Buffalo, NY, USA, 14203
M&T Bank is a US regional bank with around $215 billion in assets as of the end of the first quarter of 2026. Headquartered in Buffalo, New York, the bank's footprint is mostly concentrated in New England and the US Mid-Atlantic. M&T Bank boasts a community banking approach, and boasts over 900 branches in 13 states and Washington, D.C. Apart from retail and commercial banking, M&T Bank also has wealth management operations through Wilmington Trust and a partnership with LPL Financial, and a corporate trust business.
46GF Score

Get the complete analysis for MEX:MTB

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

MXN3,905.88
Price
MXN3,401.32
GF Value