JSC VTB Bank (MIC:VTBR) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


MIC:VTBR JSC VTB Bank MIC:VTBR
17 GF Score
Price ₽70.79
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What is JSC VTB Bank Beneish M-Score?

JSC VTB Bank MIC:VTBR -0.94% 17 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates MIC:VTBR with a GF Score™ of 17/100.

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 JSC VTB Bank's Beneish M-Score or its related term are showing as below:

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

MIC:VTBR
17GF Score
JSC VTB Bank MIC:VTBR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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JSC VTB 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 JSC VTB 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 * 1.0072+0.892 * 0.2068+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.025364-0.327 * 1.2206
=-3.38

* 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 ₽0 Mil.
Revenue was ₽185,200 Mil.
Gross Profit was ₽185,200 Mil.
Total Current Assets was ₽0 Mil.
Total Assets was ₽24,424,000 Mil.
Property, Plant and Equipment(Net PPE) was ₽398,800 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽0 Mil.
Selling, General, & Admin. Expense(SGA) was ₽0 Mil.
Total Current Liabilities was ₽0 Mil.
Long-Term Debt & Capital Lease Obligation was ₽1,260,700 Mil.
Net Income was ₽-619,500 Mil.
Gross Profit was ₽0 Mil.
Cash Flow from Operations was ₽0 Mil.
 Total Receivables was ₽0 Mil.
Revenue was ₽895,600 Mil.
Gross Profit was ₽895,600 Mil.
Total Current Assets was ₽0 Mil.
Total Assets was ₽20,859,300 Mil.
Property, Plant and Equipment(Net PPE) was ₽488,000 Mil.
Depreciation, Depletion and Amortization(DDA) was ₽0 Mil.
Selling, General, & Admin. Expense(SGA) was ₽0 Mil.
Total Current Liabilities was ₽0 Mil.
Long-Term Debt & Capital Lease Obligation was ₽882,100 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 / 185200) / (0 / 895600)
=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)
=(895600 / 895600) / (185200 / 185200)
=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 + 398800) / 24424000) / (1 - (0 + 488000) / 20859300)
=0.983672 / 0.976605
=1.0072

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
=185200 / 895600
=0.2068

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))
=(0 / (0 + 488000)) / (0 / (0 + 398800))
=0 / 0
=1

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)
=(0 / 185200) / (0 / 895600)
=0 / 0
=1

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)
=((1260700 + 0) / 24424000) / ((882100 + 0) / 20859300)
=0.051617 / 0.042288
=1.2206

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
=(-619500 - 0 - 0) / 24424000
=-0.025364

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.

JSC VTB Bank has a M-score of -3.38 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?
JSC VTB Bank (MIC:VTBR) 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 JSC VTB Bank and its competitors.
Is JSC VTB Bank's Beneish M-Score too high?
JSC VTB Bank's current Beneish M-Score is 0.00. Overall, JSC VTB Bank has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does JSC VTB Bank's Beneish M-Score compare to USB and PNC?
JSC VTB 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 JSC VTB Bank and its competitors. JSC VTB 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 JSC VTB Bank stock overvalued right now?
JSC VTB Bank (MIC:VTBR) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. JSC VTB Bank's overall GF Score™ is 17/100. 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 JSC VTB Bank (MIC:VTBR), 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.

JSC VTB Bank Business Description

Address 11A Degtyarniy Lane, Saint Petersburg, RUS, 191144
JSC VTB Bank and its subsidiaries are providers of banking products and services, domiciled in the Russian Federation. The bank earns the majority of its revenue domestically. Its revenue driver of the bank is the corporate/investment banking segment, which offers services such as commercial lending, currencies, export and import transactions, securities trading, derivatives, broking, dealing, corporate finance, asset management, and financial consulting.
17GF Score

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

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