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HBAN (Huntington Bancshares) Beneish M-Score : -2.43 (As of Jul. 15, 2025)


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What is Huntington Bancshares Beneish M-Score?

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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HBAN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.44   Max: -0.91
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Huntington Bancshares was -0.91. The lowest was -3.42. And the median was -2.44.


Huntington Bancshares 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 Huntington Bancshares 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 * 1.0108+0.528 * 1+0.404 * 1.0005+0.892 * 1.0498+0.115 * 1.1736
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9443+4.679 * 0.000964-0.327 * 1.1218
=-2.43

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $7,107 Mil.
Revenue was 1920 + 1954 + 1874 + 1803 = $7,551 Mil.
Gross Profit was 1920 + 1954 + 1874 + 1803 = $7,551 Mil.
Total Current Assets was $0 Mil.
Total Assets was $209,596 Mil.
Property, Plant and Equipment(Net PPE) was $1,085 Mil.
Depreciation, Depletion and Amortization(DDA) was $641 Mil.
Selling, General, & Admin. Expense(SGA) was $2,947 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $18,096 Mil.
Net Income was 527 + 530 + 517 + 474 = $2,048 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 513 + 1484 + -438 + 287 = $1,846 Mil.
Total Receivables was $6,698 Mil.
Revenue was 1754 + 1721 + 1877 + 1841 = $7,193 Mil.
Gross Profit was 1754 + 1721 + 1877 + 1841 = $7,193 Mil.
Total Current Assets was $0 Mil.
Total Assets was $193,519 Mil.
Property, Plant and Equipment(Net PPE) was $1,095 Mil.
Depreciation, Depletion and Amortization(DDA) was $846 Mil.
Selling, General, & Admin. Expense(SGA) was $2,973 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $14,894 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)
=(7107 / 7551) / (6698 / 7193)
=0.9412 / 0.931183
=1.0108

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)
=(7193 / 7193) / (7551 / 7551)
=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 + 1085) / 209596) / (1 - (0 + 1095) / 193519)
=0.994823 / 0.994342
=1.0005

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
=7551 / 7193
=1.0498

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))
=(846 / (846 + 1095)) / (641 / (641 + 1085))
=0.435858 / 0.371379
=1.1736

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)
=(2947 / 7551) / (2973 / 7193)
=0.390279 / 0.413319
=0.9443

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)
=((18096 + 0) / 209596) / ((14894 + 0) / 193519)
=0.086338 / 0.076964
=1.1218

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
=(2048 - 0 - 1846) / 209596
=0.000964

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.

Huntington Bancshares has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.


Huntington Bancshares Beneish M-Score Related Terms

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Huntington Bancshares Business Description

Address
41 South High Street, Columbus, OH, USA, 43287
Huntington is a regional US bank with around $200 billion in assets (as of 2024) and has a large presence, particularly in the Midwestern market. It offers a full suite of consumer deposit and lending services, along with commercial services focused on payments, investment management, capital markets, equipment financing, treasury management, and other common banking services.
Executives
Helga Houston officer: Senior Exec. V. P. 516 S. NEW HOPE ROAD, P.O. BOX 2636, GASTONIA NC 28053
Zachary Jacob Wasserman officer: CFO and Senior Exec. VP HUNTINGTON BANCSHARES INCORPORATED, 41 S. HIGH STREET, COLUMBUS OH 43215
Brantley J Standridge officer: Senior Exec. V.P. 214 N TRYON STREET, CHARLOTTE NC 28202
Scott D Kleinman officer: Sr. EVP of Principal Sub. HUNTINGTON BANCSHARES INCORPORATED, 41 SOUTH HIGH STREET, COLUMBUS OH 43287
Donnell R White officer: Chief DEI Officer, SVP 333 W FORT STREET, SUITE 1800, DETROIT MI 48226
Nancy E Maloney officer: EVP and Controller HUNTINGTON BANCSHARES INCORPORATED, HUNTINGTON CENTER, 41 S. HIGH STREET, COLUMBUS OH 43287
Rajeev Syal officer: SEVP HUNTINGTON BANCSHARES INCORPORATED, 41 S. HIGH STREET, COLUMBUS OH 43215
Ann B Crane director DANA KLEIN, 4288 WEST DUBLIN GRANVILLE RD, DUBLIN OH 43017
Julie C Tutkovics officer: Executive Vice President III CASCADE PLAZA, AKRON OH 44308
Marcy C Hingst officer: SEVP and General Counsel HUNTINGTON CENTER, 41 S HIGH STREET, COLUMBUS OH 43287
Paul G Heller officer: Sr. EVP & Chief Technology and HUNTINGTON BANCSHARES INCORPORATED, 41 S. HIGH STREET, COLUMBUS OH 43215
Rafael Diaz-granados director HUNTINGTON CENTER, 41 S HIGH STREET, COLUMBUS OH 43287
Gary Torgow director 235 EAST MAIN STREET, MIDLAND MI 48640
Kenneth J Phelan director HUNTINGTON BANCSHARES INCORPORATED, 41 S. HIGH STREET, COLUMBUS OH 43215
David L Porteous director P.O. BOX 44, REED CITY MI 49677