Instabank ASA (OSL:INSTA) Beneish M-Score: -2.26 (As of Jun. 26, 2026)


OSL:INSTA Instabank ASA OSL:INSTA
57 GF Score
Price kr4.01
GF Value kr2.54
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is Instabank ASA Beneish M-Score?

Instabank ASA OSL:INSTA -0.25% 57 Beneish M-Score is -2.26 as of Jun. 26, 2026. GuruFocus rates OSL:INSTA with a GF Score™ of 57/100 and a GF Value™ of kr2.54 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Instabank ASA ranks worse than 73.23% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:INSTA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.44   Med: -2.23   Max: -2.05
Current: -2.26

During the past 9 years, the highest Beneish M-Score of Instabank ASA was -2.05. The lowest was -2.44. And the median was -2.23.

OSL:INSTA
57GF Score
Instabank ASA OSL:INSTA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Instabank ASA 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 Instabank ASA 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 * 1.0006+0.892 * 1.2403+0.115 * 0.869
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1589+4.679 * 0.052059-0.327 * 1.6025
=-2.26

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was kr0.0 Mil.
Revenue was kr610.4 Mil.
Gross Profit was kr610.4 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr9,891.3 Mil.
Property, Plant and Equipment(Net PPE) was kr9.9 Mil.
Depreciation, Depletion and Amortization(DDA) was kr13.9 Mil.
Selling, General, & Admin. Expense(SGA) was kr142.3 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr190.0 Mil.
Net Income was kr122.8 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr-392.2 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was kr492.2 Mil.
Gross Profit was kr492.2 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr8,008.5 Mil.
Property, Plant and Equipment(Net PPE) was kr12.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr13.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr99.0 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr96.0 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 / 610.43) / (0 / 492.18)
=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)
=(492.18 / 492.18) / (610.43 / 610.43)
=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 + 9.852) / 9891.31) / (1 - (0 + 12.539) / 8008.454)
=0.999004 / 0.998434
=1.0006

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
=610.43 / 492.18
=1.2403

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))
=(13.002 / (13.002 + 12.539)) / (13.935 / (13.935 + 9.852))
=0.509064 / 0.585824
=0.869

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)
=(142.251 / 610.43) / (98.97 / 492.18)
=0.233034 / 0.201085
=1.1589

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)
=((190 + 0) / 9891.31) / ((96 + 0) / 8008.454)
=0.019209 / 0.011987
=1.6025

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
=(122.786 - 0 - -392.15) / 9891.31
=0.052059

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.

Instabank ASA has a M-score of -2.26 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 -2.26 mean?
Instabank ASA (OSL:INSTA) has a Beneish M-Score of -2.26 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Instabank ASA and its competitors. According to the industry distribution chart, Instabank ASA ranks #1023 out of 1397 companies in the Banks industry, placing it in the top 73.2%.
Is Instabank ASA's Beneish M-Score too high?
Instabank ASA's current Beneish M-Score is -2.26. Based on the distribution chart, Instabank ASA ranks #1023 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Instabank ASA has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Instabank ASA's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Instabank ASA ranks #1023 out of 1397 companies for Beneish M-Score. This places Instabank ASA 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 Instabank ASA and its competitors. Instabank ASA's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Instabank ASA stock overvalued right now?
Based on GuruFocus' analysis, Instabank ASA (OSL:INSTA) is currently considered Significantly Overvalued. The stock's GF Value™ is kr2.54, compared to a current price of kr4.01 — trading 57.9% above its estimated fair value. The current Beneish M-Score is -2.26. Instabank ASA's overall GF Score™ is 57/100 with 2 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 Instabank ASA (OSL:INSTA), the current Beneish M-Score is -2.26 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 Instabank ASA (OSL:INSTA) Overvalued in 2026?

Based on GuruFocus' analysis, Instabank ASA stock appears to be overvalued. The current stock price of kr4.01 is trading 57.9% above its estimated GF Value™ of kr2.54. GuruFocus considers Instabank ASA to be Significantly Overvalued.

Key valuation signals for OSL:INSTA:

  • Beneish M-Score: -2.26
  • GF Value™: kr2.54 vs. price of kr4.01 (57.9% above fair value)
  • GF Score™: 57/100 with 2 warning signs

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

Instabank ASA Business Description

Other Exchanges 93V:Germany
Address Drammensveien 175, Oslo, NOR, 0277
Instabank ASA offers banking services. The company operates as a digital bank offering loans, savings and insurance.
57GF Score

Get the complete analysis for OSL:INSTA

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

kr4.01
Price
kr2.54
GF Value