SpareBank 1 SMN (OSL:MING) Beneish M-Score: -2.53 (As of Jun. 26, 2026)


OSL:MING SpareBank 1 SMN OSL:MING
69 GF Score
Price kr190.54
GF Value kr183.32
Valuation Fairly Valued
! 6 Warning Signs
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What is SpareBank 1 SMN Beneish M-Score?

SpareBank 1 SMN OSL:MING +0.45% 69 Beneish M-Score is -2.53 as of Jun. 26, 2026. GuruFocus rates OSL:MING with a GF Score™ of 69/100 and a GF Value™ of kr183.32 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,397 Banks companies, SpareBank 1 SMN ranks better than 74.3% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SpareBank 1 SMN's Beneish M-Score or its related term are showing as below:

OSL:MING' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72   Med: -2.31   Max: -1.72
Current: -2.53

During the past 13 years, the highest Beneish M-Score of SpareBank 1 SMN was -1.72. The lowest was -2.72. And the median was -2.31.

OSL:MING
69GF Score
SpareBank 1 SMN OSL:MING
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SpareBank 1 SMN 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 SpareBank 1 SMN 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 * 1.0001+0.892 * 1.0102+0.115 * 0.9373
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8857+4.679 * -0.024142-0.327 * 0.877
=-2.53

* 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 kr0 Mil.
Revenue was 1862 + 1977 + 2029 + 2082 = kr7,950 Mil.
Gross Profit was 1862 + 1977 + 2029 + 2082 = kr7,950 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr248,820 Mil.
Property, Plant and Equipment(Net PPE) was kr699 Mil.
Depreciation, Depletion and Amortization(DDA) was kr187 Mil.
Selling, General, & Admin. Expense(SGA) was kr102 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr47,479 Mil.
Net Income was 832 + 1036 + 1153 + 1108 = kr4,129 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 5207 + 6195 + -1403 + 137 = kr10,136 Mil.
 Total Receivables was kr0 Mil.
Revenue was 1971 + 2009 + 1895 + 1995 = kr7,870 Mil.
Gross Profit was 1971 + 2009 + 1895 + 1995 = kr7,870 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr251,025 Mil.
Property, Plant and Equipment(Net PPE) was kr738 Mil.
Depreciation, Depletion and Amortization(DDA) was kr182 Mil.
Selling, General, & Admin. Expense(SGA) was kr114 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr54,616 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 / 7950) / (0 / 7870)
=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)
=(7870 / 7870) / (7950 / 7950)
=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 + 699) / 248820) / (1 - (0 + 738) / 251025)
=0.997191 / 0.99706
=1.0001

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
=7950 / 7870
=1.0102

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))
=(182 / (182 + 738)) / (187 / (187 + 699))
=0.197826 / 0.211061
=0.9373

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)
=(102 / 7950) / (114 / 7870)
=0.01283 / 0.014485
=0.8857

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)
=((47479 + 0) / 248820) / ((54616 + 0) / 251025)
=0.190817 / 0.217572
=0.877

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
=(4129 - 0 - 10136) / 248820
=-0.024142

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.

SpareBank 1 SMN has a M-score of -2.53 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 -2.53 mean?
SpareBank 1 SMN (OSL:MING) has a Beneish M-Score of -2.53 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SpareBank 1 SMN and its competitors. According to the industry distribution chart, SpareBank 1 SMN ranks #359 out of 1397 companies in the Banks industry, placing it in the top 25.7%.
Is SpareBank 1 SMN's Beneish M-Score too high?
SpareBank 1 SMN's current Beneish M-Score is -2.53. Based on the distribution chart, SpareBank 1 SMN ranks #359 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, SpareBank 1 SMN has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does SpareBank 1 SMN's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, SpareBank 1 SMN ranks #359 out of 1397 companies for Beneish M-Score. This puts SpareBank 1 SMN in the upper 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 SpareBank 1 SMN and its competitors. SpareBank 1 SMN's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SpareBank 1 SMN stock overvalued right now?
Based on GuruFocus' analysis, SpareBank 1 SMN (OSL:MING) is currently considered Fairly Valued. The stock's GF Value™ is kr183.32, compared to a current price of kr190.54 — trading 3.9% above its estimated fair value. The current Beneish M-Score is -2.53. SpareBank 1 SMN's overall GF Score™ is 69/100 with 6 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 SpareBank 1 SMN (OSL:MING), the current Beneish M-Score is -2.53 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 SpareBank 1 SMN (OSL:MING) Overvalued in 2026?

Based on GuruFocus' analysis, SpareBank 1 SMN stock appears to be overvalued. The current stock price of kr190.54 is trading 3.9% above its estimated GF Value™ of kr183.32. GuruFocus considers SpareBank 1 SMN to be Fairly Valued.

Key valuation signals for OSL:MING:

  • Beneish M-Score: -2.53
  • GF Value™: kr183.32 vs. price of kr190.54 (3.9% above fair value)
  • GF Score™: 69/100 with 6 warning signs

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

SpareBank 1 SMN Business Description

Other Exchanges MINGo:UK0IVM:UKSJI:Germany
Address Sondre gate 4, Trondheim, NOR, 7011
SpareBank 1 SMN is a regional bank offering retail and corporate banking services and principally operating in Norway. The bank is among the owners of the SpareBank 1 Alliance. The services and products of the bank serves real estate, construction, sea farming, agriculture, fisheries, shipbuilding, offshore, and retail industries as well as the public and energy sectors. The bank's income is split nearly evenly between net interest income and net fees and commission income. The company has Retail Banking and Corporate Banking as its reportable segment.
69GF Score

Get the complete analysis for OSL:MING

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

kr190.54
Price
kr183.32
GF Value