Philippine Business Bank (PHS:PBB) Beneish M-Score: -2.44 (As of Jun. 24, 2026)


PHS:PBB Philippine Business Bank PHS:PBB
63 GF Score
Price ₱7.06
GF Value ₱8.68
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Philippine Business Bank Beneish M-Score?

Philippine Business Bank PHS:PBB -1.53% 63 Beneish M-Score is -2.44 as of Jun. 24, 2026. GuruFocus rates PHS:PBB with a GF Score™ of 63/100 and a GF Value™ of ₱8.68 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, Philippine Business Bank ranks better than 58.17% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:PBB' s Beneish M-Score Range Over the Past 10 Years
Min: -6.26   Med: -2.41   Max: -1.55
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Philippine Business Bank was -1.55. The lowest was -6.26. And the median was -2.41.

PHS:PBB
63GF Score
Philippine Business Bank PHS:PBB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Philippine Business 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 Philippine Business 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 * 1.0001+0.892 * 1.0315+0.115 * 0.8428
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3351+4.679 * 0.008361-0.327 * 0.867
=-2.44

* 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 1780.497 + 2056.282 + 2039.099 + 2024.477 = ₱7,900 Mil.
Gross Profit was 1780.497 + 2056.282 + 2039.099 + 2024.477 = ₱7,900 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱164,026 Mil.
Property, Plant and Equipment(Net PPE) was ₱976 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱471 Mil.
Selling, General, & Admin. Expense(SGA) was ₱254 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱4,372 Mil.
Net Income was 221.558 + 373.236 + 457.631 + 475.419 = ₱1,528 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 4538.333 + -5771.092 + 1276.954 + 112.181 = ₱156 Mil.
 Total Receivables was ₱0 Mil.
Revenue was 2060.263 + 1406.275 + 2310.527 + 1882.18 = ₱7,659 Mil.
Gross Profit was 2060.263 + 1406.275 + 2310.527 + 1882.18 = ₱7,659 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱160,790 Mil.
Property, Plant and Equipment(Net PPE) was ₱977 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱369 Mil.
Selling, General, & Admin. Expense(SGA) was ₱185 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱4,943 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 / 7900.355) / (0 / 7659.245)
=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)
=(7659.245 / 7659.245) / (7900.355 / 7900.355)
=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 + 975.968) / 164026.488) / (1 - (0 + 977.253) / 160790.341)
=0.99405 / 0.993922
=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
=7900.355 / 7659.245
=1.0315

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))
=(369.383 / (369.383 + 977.253)) / (470.923 / (470.923 + 975.968))
=0.274301 / 0.325472
=0.8428

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)
=(254.192 / 7900.355) / (184.59 / 7659.245)
=0.032175 / 0.0241
=1.3351

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)
=((4371.599 + 0) / 164026.488) / ((4942.558 + 0) / 160790.341)
=0.026652 / 0.030739
=0.867

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
=(1527.844 - 0 - 156.376) / 164026.488
=0.008361

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.

Philippine Business Bank has a M-score of -2.44 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 -2.44 mean?
Philippine Business Bank (PHS:PBB) has a Beneish M-Score of -2.44 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Philippine Business Bank and its competitors. According to the industry distribution chart, Philippine Business Bank ranks #584 out of 1396 companies in the Banks industry, placing it in the top 41.8%.
Is Philippine Business Bank's Beneish M-Score too high?
Philippine Business Bank's current Beneish M-Score is -2.44. Based on the distribution chart, Philippine Business Bank ranks #584 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Philippine Business Bank has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Philippine Business Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Philippine Business Bank ranks #584 out of 1396 companies for Beneish M-Score. This puts Philippine Business Bank 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 Philippine Business Bank and its competitors. Philippine Business Bank's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Philippine Business Bank stock overvalued right now?
Based on GuruFocus' analysis, Philippine Business Bank (PHS:PBB) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱8.68, compared to a current price of ₱7.06 — trading 18.7% below its estimated fair value. The current Beneish M-Score is -2.44. Philippine Business Bank's overall GF Score™ is 63/100 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 Philippine Business Bank (PHS:PBB), the current Beneish M-Score is -2.44 as of Jun. 24, 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 Philippine Business Bank (PHS:PBB) Overvalued in 2026?

Based on GuruFocus' analysis, Philippine Business Bank stock appears to be undervalued. The current stock price of ₱7.06 is trading 18.7% below its estimated GF Value™ of ₱8.68. GuruFocus considers Philippine Business Bank to be Modestly Undervalued.

Key valuation signals for PHS:PBB:

  • Beneish M-Score: -2.44
  • GF Value™: ₱8.68 vs. price of ₱7.06 (18.7% below fair value)
  • GF Score™: 63/100 with 2 warning signs

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

Philippine Business Bank Business Description

Address 350 Rizal Avenue Extension Corner, 8th Avenue, Grace Park, Caloocan City, PHL, 1400
Philippine Business Bank engages in the business of thrift banking. The company provides banking and financial services including cash management, retail and corporate lending, deposit products, international trade finance, treasury, and trust products. The company's predominant operating segments are Consumer Banking which includes auto financing, home financing, and salary or personal loans; Corporate Banking which includes term loans, working capital credit lines, bills purchase, and discounting lines; and Treasury Operations engages in managing the liquidity of the Bank and its trading and investment activities. The majority of its revenue comes from the Corporate Banking segment.
63GF Score

Get the complete analysis for PHS:PBB

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

₱7.06
Price
₱8.68
GF Value