Citizens Financial Group (MIL:1CFG) Beneish M-Score: -2.39 (As of Jun. 30, 2026)


MIL:1CFG Citizens Financial Group Inc MIL:1CFG
44 GF Score
Price €53.14
GF Value €36.27
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Citizens Financial Group Beneish M-Score?

Citizens Financial Group MIL:1CFG 44 Beneish M-Score is -2.39 as of Jun. 30, 2026. GuruFocus rates MIL:1CFG with a GF Score™ of 44/100 and a GF Value™ of €36.27 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,399 Banks companies, Citizens Financial Group ranks worse than 51.61% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Citizens Financial Group's Beneish M-Score or its related term are showing as below:

MIL:1CFG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52   Med: -2.6   Max: -2.36
Current: -2.39

During the past 13 years, the highest Beneish M-Score of Citizens Financial Group was -2.36. The lowest was -3.52. And the median was -2.60.

MIL:1CFG
44GF Score
Citizens Financial Group Inc MIL:1CFG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Citizens Financial Group 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 Citizens Financial Group 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+0.892 * 1.0095+0.115 * 1.0893
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9847+4.679 * -0.002973-0.327 * 0.9652
=-2.46

* 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 €0 Mil.
Revenue was 1875.32 + 1842.078 + 1804.536 + 1766.079 = €7,288 Mil.
Gross Profit was 1875.32 + 1842.078 + 1804.536 + 1766.079 = €7,288 Mil.
Total Current Assets was €0 Mil.
Total Assets was €197,149 Mil.
Property, Plant and Equipment(Net PPE) was €756 Mil.
Depreciation, Depletion and Amortization(DDA) was €402 Mil.
Selling, General, & Admin. Expense(SGA) was €2,730 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €8,884 Mil.
Net Income was 447.205 + 450.912 + 420.888 + 378.012 = €1,697 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 205.005 + -134.932 + 1444.992 + 768.162 = €2,283 Mil.
 Total Receivables was €0 Mil.
Revenue was 1789.875 + 1896.63 + 1712.801 + 1819.911 = €7,219 Mil.
Gross Profit was 1789.875 + 1896.63 + 1712.801 + 1819.911 = €7,219 Mil.
Total Current Assets was €0 Mil.
Total Assets was €203,637 Mil.
Property, Plant and Equipment(Net PPE) was €791 Mil.
Depreciation, Depletion and Amortization(DDA) was €481 Mil.
Selling, General, & Admin. Expense(SGA) was €2,746 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €9,507 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 / 7288.013) / (0 / 7219.217)
=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)
=(7219.217 / 7219.217) / (7288.013 / 7288.013)
=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 + 756.01) / 197149.07) / (1 - (0 + 790.875) / 203636.9)
=0.996165 / 0.996116
=1

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
=7288.013 / 7219.217
=1.0095

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))
=(481.271 / (481.271 + 790.875)) / (402.289 / (402.289 + 756.01))
=0.378314 / 0.34731
=1.0893

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)
=(2729.793 / 7288.013) / (2746.037 / 7219.217)
=0.374559 / 0.380379
=0.9847

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)
=((8883.55 + 0) / 197149.07) / ((9507.15 + 0) / 203636.9)
=0.04506 / 0.046687
=0.9652

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
=(1697.017 - 0 - 2283.227) / 197149.07
=-0.002973

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.

Citizens Financial Group has a M-score of -2.46 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 -2.39 mean?
Citizens Financial Group (MIL:1CFG) has a Beneish M-Score of -2.39 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Citizens Financial Group and its competitors. According to the industry distribution chart, Citizens Financial Group ranks #722 out of 1399 companies in the Banks industry, placing it in the top 51.6%.
Is Citizens Financial Group's Beneish M-Score too high?
Citizens Financial Group's current Beneish M-Score is -2.39. Based on the distribution chart, Citizens Financial Group ranks #722 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Citizens Financial Group has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Citizens Financial Group's Beneish M-Score compare to BAP and RF?
According to the Banks industry distribution chart, Citizens Financial Group ranks #722 out of 1399 companies for Beneish M-Score. This places Citizens Financial Group 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 Citizens Financial Group and its competitors. Citizens Financial Group's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Citizens Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Citizens Financial Group (MIL:1CFG) is currently considered Significantly Overvalued. The stock's GF Value™ is €36.27, compared to a current price of €53.14 — trading 46.5% above its estimated fair value. The current Beneish M-Score is -2.39. Citizens Financial Group's overall GF Score™ is 44/100 with 6 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 Citizens Financial Group (MIL:1CFG), the current Beneish M-Score is -2.39 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 Citizens Financial Group (MIL:1CFG) Overvalued in 2026?

Based on GuruFocus' analysis, Citizens Financial Group stock appears to be overvalued. The current stock price of €53.14 is trading 46.5% above its estimated GF Value™ of €36.27. GuruFocus considers Citizens Financial Group to be Significantly Overvalued.

Key valuation signals for MIL:1CFG:

  • Beneish M-Score: -2.39
  • GF Value™: €36.27 vs. price of €53.14 (46.5% above fair value)
  • GF Score™: 44/100 with 6 warning signs

No single metric tells the full story. See the MIL:1CFG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Citizens Financial Group Business Description

Address One Citizens Plaza, Providence, RI, USA, 02903
Citizens Financial Group Inc is a bank holding company headquartered in Providence, Rhode Island. Through its subsidiaries, it offers various retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. The group's reportable business segments are: Consumer Banking and Commercial Banking. The majority of its revenue is generated from the Consumer Banking segment, which serves consumer customers and small businesses, offering traditional banking products and services, including deposits, mortgage and home equity lending, credit cards, small business loans, education loans, point-of-sale finance loans, and wealth management solutions, among others, through a network of branches and ATMs.
44GF Score

Get the complete analysis for MIL:1CFG

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

€53.14
Price
€36.27
GF Value