Security Bank (PHS:SECB) Beneish M-Score: -2.64 (As of Jun. 24, 2026)


PHS:SECB Security Bank Corp PHS:SECB
85 GF Score
Price ₱65.50
GF Value ₱100.71
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Security Bank Beneish M-Score?

Security Bank PHS:SECB +0.08% 85 Beneish M-Score is -2.64 as of Jun. 24, 2026. GuruFocus rates PHS:SECB with a GF Score™ of 85/100 and a GF Value™ of ₱100.71 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, Security Bank ranks better than 83.52% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:SECB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25   Med: -2.48   Max: -2
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Security Bank was -2.00. The lowest was -3.25. And the median was -2.48.

PHS:SECB
85GF Score
Security Bank Corp PHS:SECB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Security 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 Security 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 * 0.999+0.892 * 1.2049+0.115 * 0.9655
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9865+4.679 * -0.08995-0.327 * 0.7625
=-2.64

* 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 ₱65,741 Mil.
Gross Profit was ₱65,741 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱1,194,759 Mil.
Property, Plant and Equipment(Net PPE) was ₱9,663 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱4,623 Mil.
Selling, General, & Admin. Expense(SGA) was ₱6,475 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱69,459 Mil.
Net Income was ₱11,628 Mil.
Gross Profit was ₱0 Mil.
Cash Flow from Operations was ₱119,096 Mil.
 Total Receivables was ₱0 Mil.
Revenue was ₱54,562 Mil.
Gross Profit was ₱54,562 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱1,129,141 Mil.
Property, Plant and Equipment(Net PPE) was ₱8,035 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3,651 Mil.
Selling, General, & Admin. Expense(SGA) was ₱5,447 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱86,091 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 / 65740.777) / (0 / 54561.799)
=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)
=(54561.799 / 54561.799) / (65740.777 / 65740.777)
=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 + 9662.507) / 1194759.253) / (1 - (0 + 8034.827) / 1129140.756)
=0.991913 / 0.992884
=0.999

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
=65740.777 / 54561.799
=1.2049

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))
=(3651.462 / (3651.462 + 8034.827)) / (4623.42 / (4623.42 + 9662.507))
=0.312457 / 0.323635
=0.9655

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)
=(6474.813 / 65740.777) / (5447.39 / 54561.799)
=0.09849 / 0.099839
=0.9865

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)
=((69458.939 + 0) / 1194759.253) / ((86091.315 + 0) / 1129140.756)
=0.058136 / 0.076245
=0.7625

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
=(11627.592 - 0 - 119096.482) / 1194759.253
=-0.08995

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.

Security Bank has a M-score of -2.64 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 -2.64 mean?
Security Bank (PHS:SECB) has a Beneish M-Score of -2.64 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Security Bank and its competitors. According to the industry distribution chart, Security Bank ranks #230 out of 1396 companies in the Banks industry, placing it in the top 16.5%.
Is Security Bank's Beneish M-Score too high?
Security Bank's current Beneish M-Score is -2.64. Based on the distribution chart, Security Bank ranks #230 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Security Bank has a GF Score™ of 85/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Security Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Security Bank ranks #230 out of 1396 companies for Beneish M-Score. This places Security Bank in the top 17% 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 Security Bank and its competitors. Security Bank's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Security Bank stock overvalued right now?
Based on GuruFocus' analysis, Security Bank (PHS:SECB) is currently considered Significantly Undervalued. The stock's GF Value™ is ₱100.71, compared to a current price of ₱65.50 — trading 35% below its estimated fair value. The current Beneish M-Score is -2.64. Security Bank's overall GF Score™ is 85/100 with 1 warning sign 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 Security Bank (PHS:SECB), the current Beneish M-Score is -2.64 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 Security Bank (PHS:SECB) Overvalued in 2026?

Based on GuruFocus' analysis, Security Bank stock appears to be undervalued. The current stock price of ₱65.50 is trading 35% below its estimated GF Value™ of ₱100.71. GuruFocus considers Security Bank to be Significantly Undervalued.

Key valuation signals for PHS:SECB:

  • Beneish M-Score: -2.64
  • GF Value™: ₱100.71 vs. price of ₱65.50 (35% below fair value)
  • GF Score™: 85/100 with 1 warning sign

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

Security Bank Business Description

Other Exchanges SYBJF:USA
Address 6776 Ayala Avenue, Security Bank Centre, Makati City, PHL, 0719
Security Bank Corp is engaged in banking. It operates in four segments: the Financial Markets Segment focuses on providing the money market, foreign exchange, financial derivatives, securities distribution, asset management, trust, and fiduciary services; the Wholesale Banking Segment addresses the corporate, institutional, and public sector markets and commercial clients. Services include relationship management, lending and other credit facilities, trade, cash management, deposit-taking, and leasing services; the Retail Banking Segment addresses individual, retail, and small businesses; the Business Banking segment covers deposit-taking and servicing, consumer loans, credit card facilities, and bancassurance; and All Other Segments include other support services.
85GF Score

Get the complete analysis for PHS:SECB

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

₱65.50
Price
₱100.71
GF Value