Fidelity Bank (NSA:FBP) Beneish M-Score: -2.66 (As of Jun. 25, 2026)


NSA:FBP Fidelity Bank PLC NSA:FBP
71 GF Score
Price ₦18.15
GF Value ₦14.13
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Fidelity Bank Beneish M-Score?

Fidelity Bank NSA:FBP 71 Beneish M-Score is -2.66 as of Jun. 25, 2026. GuruFocus rates NSA:FBP with a GF Score™ of 71/100 and a GF Value™ of ₦14.13 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,396 Banks companies, Fidelity Bank ranks better than 84.38% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSA:FBP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.43   Max: -1.02
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Fidelity Bank was -1.02. The lowest was -3.29. And the median was -2.43.

NSA:FBP
71GF Score
Fidelity Bank PLC NSA:FBP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Fidelity 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 Fidelity 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 * 0.9933+0.892 * 0.8425+0.115 * 1.1128
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.9369+4.679 * 0.012183-0.327 * 0.8429
=-2.66

* 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 257020 + 185657 + 182275 + 215320 = ₦840,272 Mil.
Gross Profit was 257020 + 185657 + 182275 + 215320 = ₦840,272 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦11,354,300 Mil.
Property, Plant and Equipment(Net PPE) was ₦183,917 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦31,476 Mil.
Selling, General, & Admin. Expense(SGA) was ₦112,387 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦1,014,903 Mil.
Net Income was 74471 + 30717 + 71169 + 41211 = ₦217,568 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 79240 + 398575 + 132899 + -531474 = ₦79,240 Mil.
 Total Receivables was ₦0 Mil.
Revenue was 227668 + 206225 + 287993 + 275440 = ₦997,326 Mil.
Gross Profit was 227668 + 206225 + 287993 + 275440 = ₦997,326 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦10,451,646 Mil.
Property, Plant and Equipment(Net PPE) was ₦99,883 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦19,398 Mil.
Selling, General, & Admin. Expense(SGA) was ₦68,868 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦1,108,388 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 / 840272) / (0 / 997326)
=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)
=(997326 / 997326) / (840272 / 840272)
=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 + 183917) / 11354300) / (1 - (0 + 99883) / 10451646)
=0.983802 / 0.990443
=0.9933

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
=840272 / 997326
=0.8425

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))
=(19398 / (19398 + 99883)) / (31476 / (31476 + 183917))
=0.162624 / 0.146133
=1.1128

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)
=(112387 / 840272) / (68868 / 997326)
=0.133751 / 0.069053
=1.9369

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)
=((1014903 + 0) / 11354300) / ((1108388 + 0) / 10451646)
=0.089385 / 0.106049
=0.8429

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
=(217568 - 0 - 79240) / 11354300
=0.012183

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.

Fidelity Bank has a M-score of -2.66 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 -2.66 mean?
Fidelity Bank (NSA:FBP) has a Beneish M-Score of -2.66 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fidelity Bank and its competitors. According to the industry distribution chart, Fidelity Bank ranks #218 out of 1396 companies in the Banks industry, placing it in the top 15.6%.
Is Fidelity Bank's Beneish M-Score too high?
Fidelity Bank's current Beneish M-Score is -2.66. Based on the distribution chart, Fidelity Bank ranks #218 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Fidelity Bank has a GF Score™ of 71/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fidelity Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Fidelity Bank ranks #218 out of 1396 companies for Beneish M-Score. This places Fidelity Bank in the top 16% 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 Fidelity Bank and its competitors. Fidelity Bank's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fidelity Bank stock overvalued right now?
Based on GuruFocus' analysis, Fidelity Bank (NSA:FBP) is currently considered Modestly Overvalued. The stock's GF Value™ is ₦14.13, compared to a current price of ₦18.15 — trading 28.5% above its estimated fair value. The current Beneish M-Score is -2.66. Fidelity Bank's overall GF Score™ is 71/100 with 4 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 Fidelity Bank (NSA:FBP), the current Beneish M-Score is -2.66 as of Jun. 25, 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 Fidelity Bank (NSA:FBP) Overvalued in 2026?

Based on GuruFocus' analysis, Fidelity Bank stock appears to be overvalued. The current stock price of ₦18.15 is trading 28.5% above its estimated GF Value™ of ₦14.13. GuruFocus considers Fidelity Bank to be Modestly Overvalued.

Key valuation signals for NSA:FBP:

  • Beneish M-Score: -2.66
  • GF Value™: ₦14.13 vs. price of ₦18.15 (28.5% above fair value)
  • GF Score™: 71/100 with 4 warning signs

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

Fidelity Bank Business Description

Address 1 Fidelity Bank Close Off Kofo Abayomi Street, Fidelity Place, Victoria Island, Lagos, NGA
Fidelity Bank PLC offers banking and other financial services to corporate and individual customers. It operates through segments including Retail banking that offers retail, personal and commercial services to individuals, small and medium business customers and E-Business products to serve retail banking; Its Corporate Banking segment offers commercial and corporate banking services to corporate business customers, it covers the Power and Infrastructure, Oil and Gas Upstream and downstream, Real Estate, Agro-Allied, and other industries; and Investment banking segment is involved in the funding and management of the bank's securities, trading, and investment decisions. It generates maximum revenue from the Retail Segment.
71GF Score

Get the complete analysis for NSA:FBP

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

₦18.15
Price
₦14.13
GF Value