Philippine Trust Co (PHS:PTC) Beneish M-Score: -2.32 (As of Jun. 25, 2026)


PHS:PTC Philippine Trust Co PHS:PTC
68 GF Score
Price ₱90.00
GF Value ₱100.61
Valuation Modestly Undervalued
View Full Analysis

What is Philippine Trust Co Beneish M-Score?

Philippine Trust Co PHS:PTC 68 Beneish M-Score is -2.32 as of Jun. 25, 2026. GuruFocus rates PHS:PTC with a GF Score™ of 68/100 and a GF Value™ of ₱100.61 (Modestly Undervalued). Among 1,396 Banks companies, Philippine Trust Co ranks worse than 64.76% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:PTC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73   Med: -2.52   Max: -2.13
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Philippine Trust Co was -2.13. The lowest was -2.73. And the median was -2.52.

PHS:PTC
68GF Score
Philippine Trust Co PHS:PTC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Philippine Trust Co 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 Trust Co 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 * 0.9989+0.892 * 0.9994+0.115 * 0.8776
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2662+4.679 * 0.05173-0.327 * 1.0513
=-2.32

* 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 ₱0 Mil.
Revenue was ₱3,965 Mil.
Gross Profit was ₱3,965 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱171,354 Mil.
Property, Plant and Equipment(Net PPE) was ₱3,215 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱218 Mil.
Selling, General, & Admin. Expense(SGA) was ₱57 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱116 Mil.
Net Income was ₱270 Mil.
Gross Profit was ₱0 Mil.
Cash Flow from Operations was ₱-8,594 Mil.
 Total Receivables was ₱0 Mil.
Revenue was ₱3,968 Mil.
Gross Profit was ₱3,968 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱175,471 Mil.
Property, Plant and Equipment(Net PPE) was ₱3,107 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱183 Mil.
Selling, General, & Admin. Expense(SGA) was ₱45 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱113 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 / 3965.282) / (0 / 3967.534)
=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)
=(3967.534 / 3967.534) / (3965.282 / 3965.282)
=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 + 3214.653) / 171354.03) / (1 - (0 + 3106.688) / 175471.176)
=0.98124 / 0.982295
=0.9989

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
=3965.282 / 3967.534
=0.9994

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))
=(183.016 / (183.016 + 3106.688)) / (217.582 / (217.582 + 3214.653))
=0.055633 / 0.063394
=0.8776

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)
=(56.821 / 3965.282) / (44.902 / 3967.534)
=0.01433 / 0.011317
=1.2662

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)
=((115.839 + 0) / 171354.03) / ((112.879 + 0) / 175471.176)
=0.000676 / 0.000643
=1.0513

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
=(269.918 - 0 - -8594.187) / 171354.03
=0.05173

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 Trust Co has a M-score of -2.32 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 -2.32 mean?
Philippine Trust Co (PHS:PTC) has a Beneish M-Score of -2.32 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Philippine Trust Co and its competitors. According to the industry distribution chart, Philippine Trust Co ranks #904 out of 1396 companies in the Banks industry, placing it in the top 64.8%.
Is Philippine Trust Co's Beneish M-Score too high?
Philippine Trust Co's current Beneish M-Score is -2.32. Based on the distribution chart, Philippine Trust Co ranks #904 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Philippine Trust Co has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Philippine Trust Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Philippine Trust Co ranks #904 out of 1396 companies for Beneish M-Score. This places Philippine Trust Co 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 Philippine Trust Co and its competitors. Philippine Trust Co's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Philippine Trust Co stock overvalued right now?
Based on GuruFocus' analysis, Philippine Trust Co (PHS:PTC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱100.61, compared to a current price of ₱90.00 — trading 10.5% below its estimated fair value. The current Beneish M-Score is -2.32. Philippine Trust Co's overall GF Score™ is 68/100. 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 Trust Co (PHS:PTC), the current Beneish M-Score is -2.32 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 Philippine Trust Co (PHS:PTC) Overvalued in 2026?

Based on GuruFocus' analysis, Philippine Trust Co stock appears to be undervalued. The current stock price of ₱90.00 is trading 10.5% below its estimated GF Value™ of ₱100.61. GuruFocus considers Philippine Trust Co to be Modestly Undervalued.

Key valuation signals for PHS:PTC:

  • Beneish M-Score: -2.32
  • GF Value™: ₱100.61 vs. price of ₱90.00 (10.5% below fair value)
  • GF Score™: 68/100

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

Philippine Trust Co Business Description

Address 1000 United Nations Avenue corner San Marcelino Street, Philtrust Bank Building, Manila, PHL, 1007
Philippine Trust Co is engaged in the commercial banking business. It offers various products and services such as deposit products, loans, international services, treasury, and trust functions. The company also provides investment management, estate administration, escrow services, insurance and pension plans, stock registry, and transfer services. Its services are offered through a network of branch offices and ATMs located across different regions in the Philippines. The company operates in two key business segments: Lending, which generates maximum revenue, and Treasury operations.
68GF Score

Get the complete analysis for PHS:PTC

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

₱90.00
Price
₱100.61
GF Value