NBGIF (National Bank of Greece) Beneish M-Score: -2.70 (As of Jun. 26, 2026)


NBGIF National Bank of Greece SA NBGIF
56 GF Score
Price $18.00
GF Value $9.39
Valuation Significantly Overvalued
! 8 Warning Signs
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What is National Bank of Greece Beneish M-Score?

National Bank of Greece NBGIF 56 Beneish M-Score is -2.70 as of Jun. 26, 2026. GuruFocus rates NBGIF with a GF Score™ of 56/100 and a GF Value™ of $9.39 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,397 Banks companies, National Bank of Greece ranks better than 86.61% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for National Bank of Greece's Beneish M-Score or its related term are showing as below:

NBGIF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.6   Max: -1.56
Current: -2.7

During the past 13 years, the highest Beneish M-Score of National Bank of Greece was -1.56. The lowest was -3.35. And the median was -2.60.

NBGIF
56GF Score
National Bank of Greece SA NBGIF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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National Bank of Greece 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 National Bank of Greece 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 * 0.9988+0.892 * 1.0409+0.115 * 1.0413
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1929+4.679 * -0.026186-0.327 * 1.1125
=-2.63

* 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 825.434 + 620.609 + 757.042 + 788.927 = $2,992 Mil.
Gross Profit was 825.434 + 620.609 + 757.042 + 788.927 = $2,992 Mil.
Total Current Assets was $0 Mil.
Total Assets was $95,606 Mil.
Property, Plant and Equipment(Net PPE) was $1,758 Mil.
Depreciation, Depletion and Amortization(DDA) was $244 Mil.
Selling, General, & Admin. Expense(SGA) was $367 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,198 Mil.
Net Income was 314.451 + 327.869 + 321.596 + 357.555 = $1,321 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 2145.665 + 466.042 + -539.906 + 1753.172 = $3,825 Mil.
 Total Receivables was $0 Mil.
Revenue was 731.892 + 602.094 + 792.453 + 748.116 = $2,875 Mil.
Gross Profit was 731.892 + 602.094 + 792.453 + 748.116 = $2,875 Mil.
Total Current Assets was $0 Mil.
Total Assets was $81,429 Mil.
Property, Plant and Equipment(Net PPE) was $1,400 Mil.
Depreciation, Depletion and Amortization(DDA) was $204 Mil.
Selling, General, & Admin. Expense(SGA) was $296 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,979 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 / 2992.012) / (0 / 2874.555)
=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)
=(2874.555 / 2874.555) / (2992.012 / 2992.012)
=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 + 1758.382) / 95605.78) / (1 - (0 + 1400) / 81429.189)
=0.981608 / 0.982807
=0.9988

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
=2992.012 / 2874.555
=1.0409

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))
=(203.775 / (203.775 + 1400)) / (244.39 / (244.39 + 1758.382))
=0.12706 / 0.122026
=1.0413

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)
=(367.193 / 2992.012) / (295.731 / 2874.555)
=0.122724 / 0.102879
=1.1929

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)
=((5197.688 + 0) / 95605.78) / ((3979.459 + 0) / 81429.189)
=0.054366 / 0.04887
=1.1125

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
=(1321.471 - 0 - 3824.973) / 95605.78
=-0.026186

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.

National Bank of Greece has a M-score of -2.63 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 -2.70 mean?
National Bank of Greece (NBGIF) has a Beneish M-Score of -2.70 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Bank of Greece and its competitors. According to the industry distribution chart, National Bank of Greece ranks #187 out of 1397 companies in the Banks industry, placing it in the top 13.4%.
Is National Bank of Greece's Beneish M-Score too high?
National Bank of Greece's current Beneish M-Score is -2.70. Based on the distribution chart, National Bank of Greece ranks #187 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, National Bank of Greece has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Bank of Greece's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, National Bank of Greece ranks #187 out of 1397 companies for Beneish M-Score. This places National Bank of Greece in the top 13% of its industry — outperforming the majority of peers. 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 National Bank of Greece and its competitors. National Bank of Greece's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Bank of Greece stock overvalued right now?
Based on GuruFocus' analysis, National Bank of Greece (NBGIF) is currently considered Significantly Overvalued. The stock's GF Value™ is $9.39, compared to a current price of $18.00 — trading 91.7% above its estimated fair value. The current Beneish M-Score is -2.70. National Bank of Greece's overall GF Score™ is 56/100 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 National Bank of Greece (NBGIF), the current Beneish M-Score is -2.70 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.

Is National Bank of Greece (NBGIF) Overvalued in 2026?

Based on GuruFocus' analysis, National Bank of Greece stock appears to be overvalued. The current stock price of $18.00 is trading 91.7% above its estimated GF Value™ of $9.39. GuruFocus considers National Bank of Greece to be Significantly Overvalued.

Key valuation signals for NBGIF:

  • Beneish M-Score: -2.70
  • GF Value™: $9.39 vs. price of $18.00 (91.7% above fair value)
  • GF Score™: 56/100 with 8 warning signs

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

National Bank of Greece Business Description

Address 86 Eolou Street, Athens, GRC, 10559
National Bank of Greece SA consists of several subsidiaries offering diverse financial services, including retail, corporate, and investment banking, specialized asset solutions, transactional banking, leasing, factoring, brokerage, asset management, real estate management, and bancassurance-related services. Its segments include Retail Banking, Corporate and Investment Banking, Trouble Assets Units, Global Markets and Asset Management, International Banking Operations, and Other. The group generates maximum revenue from the Retail Banking segment, which, through its branch network and digital business, offers various types of loans (mortgage, consumer, and small business lending), cards (debit, credit, and prepaid cards), deposits, investment, bancassurance, and other products.
56GF Score

Get the complete analysis for NBGIF

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

$18.00
Price
$9.39
GF Value