FCMB Group (NSA:FCMB) Beneish M-Score: -2.66 (As of Jun. 26, 2026)


NSA:FCMB FCMB Group PLC NSA:FCMB
55 GF Score
Price ₦9.90
GF Value ₦7.30
Valuation Significantly Overvalued
! 5 Warning Signs
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What is FCMB Group Beneish M-Score?

FCMB Group NSA:FCMB -1.00% 55 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates NSA:FCMB with a GF Score™ of 55/100 and a GF Value™ of ₦7.30 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, FCMB Group ranks better than 84.47% 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 FCMB Group's Beneish M-Score or its related term are showing as below:

NSA:FCMB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27   Med: -2.42   Max: -1.82
Current: -2.66

During the past 13 years, the highest Beneish M-Score of FCMB Group was -1.82. The lowest was -3.27. And the median was -2.42.

NSA:FCMB
55GF Score
FCMB Group PLC NSA:FCMB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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FCMB 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 FCMB 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 * 0.9999+0.892 * 1.7194+0.115 * 0.8835
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8046+4.679 * -0.178963-0.327 * 1.0048
=-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 176895.842 + 190343.821 + 161562.428 + 148399.889 = ₦677,202 Mil.
Gross Profit was 176895.842 + 190343.821 + 161562.428 + 148399.889 = ₦677,202 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦7,964,006 Mil.
Property, Plant and Equipment(Net PPE) was ₦62,612 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦18,426 Mil.
Selling, General, & Admin. Expense(SGA) was ₦124,060 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦895,916 Mil.
Net Income was 76354.891 + 51760.723 + 51951.855 + 41128.877 = ₦221,196 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 483730.303 + 403301.527 + 312489.013 + 446936.23 = ₦1,646,457 Mil.
 Total Receivables was ₦0 Mil.
Revenue was 120324.823 + 72171.08 + 105037.58 + 96327.082 = ₦393,861 Mil.
Gross Profit was 120324.823 + 72171.08 + 105037.58 + 96327.082 = ₦393,861 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦7,405,326 Mil.
Property, Plant and Equipment(Net PPE) was ₦57,798 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦14,530 Mil.
Selling, General, & Admin. Expense(SGA) was ₦89,676 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦829,077 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 / 677201.98) / (0 / 393860.565)
=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)
=(393860.565 / 393860.565) / (677201.98 / 677201.98)
=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 + 62612.217) / 7964005.564) / (1 - (0 + 57797.84) / 7405325.628)
=0.992138 / 0.992195
=0.9999

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
=677201.98 / 393860.565
=1.7194

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))
=(14529.6 / (14529.6 + 57797.84)) / (18425.511 / (18425.511 + 62612.217))
=0.200886 / 0.22737
=0.8835

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)
=(124060.424 / 677201.98) / (89675.758 / 393860.565)
=0.183196 / 0.227684
=0.8046

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)
=((895916.084 + 0) / 7964005.564) / ((829077.121 + 0) / 7405325.628)
=0.112496 / 0.111957
=1.0048

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
=(221196.346 - 0 - 1646457.073) / 7964005.564
=-0.178963

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.

FCMB Group 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?
FCMB Group (NSA:FCMB) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FCMB Group and its competitors. According to the industry distribution chart, FCMB Group ranks #217 out of 1397 companies in the Banks industry, placing it in the top 15.5%.
Is FCMB Group's Beneish M-Score too high?
FCMB Group's current Beneish M-Score is -2.66. Based on the distribution chart, FCMB Group ranks #217 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, FCMB Group has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does FCMB Group's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, FCMB Group ranks #217 out of 1397 companies for Beneish M-Score. This places FCMB Group 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 FCMB Group and its competitors. FCMB Group'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 FCMB Group stock overvalued right now?
Based on GuruFocus' analysis, FCMB Group (NSA:FCMB) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦7.30, compared to a current price of ₦9.90 — trading 35.6% above its estimated fair value. The current Beneish M-Score is -2.66. FCMB Group's overall GF Score™ is 55/100 with 5 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 FCMB Group (NSA:FCMB), the current Beneish M-Score is -2.66 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 FCMB Group (NSA:FCMB) Overvalued in 2026?

Based on GuruFocus' analysis, FCMB Group stock appears to be overvalued. The current stock price of ₦9.90 is trading 35.6% above its estimated GF Value™ of ₦7.30. GuruFocus considers FCMB Group to be Significantly Overvalued.

Key valuation signals for NSA:FCMB:

  • Beneish M-Score: -2.66
  • GF Value™: ₦7.30 vs. price of ₦9.90 (35.6% above fair value)
  • GF Score™: 55/100 with 5 warning signs

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

FCMB Group Business Description

Address 44 Marina, 5th Floor, First City Plaza, Lagos, NGA
FCMB Group PLC provides banking services. Its segments include Investment Banking, Investment Management, SME Banking, Commercial Banking, Corporate Banking, Personal Banking, Institutional Banking, and Treasury and Financial Markets. The majority of the revenue is derived from Corporate Banking which incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products. The corporate banking business unit caters for the specific needs of companies and financial institutions. It operates in two geographic regions, being: Nigeria and Europe (UK).
55GF Score

Get the complete analysis for NSA:FCMB

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

₦9.90
Price
₦7.30
GF Value