Union Bank Of The Philippines (PHS:UBP) Beneish M-Score: -2.45 (As of Jun. 26, 2026)


PHS:UBP Union Bank Of The Philippines Inc PHS:UBP
77 GF Score
Price ₱24.50
GF Value ₱37.70
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Union Bank Of The Philippines Beneish M-Score?

Union Bank Of The Philippines PHS:UBP -1.21% 77 Beneish M-Score is -2.45 as of Jun. 26, 2026. GuruFocus rates PHS:UBP with a GF Score™ of 77/100 and a GF Value™ of ₱37.70 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 1,397 Banks companies, Union Bank Of The Philippines ranks better than 60.77% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:UBP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73   Med: -2.43   Max: -2.1
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Union Bank Of The Philippines was -2.10. The lowest was -3.73. And the median was -2.43.

PHS:UBP
77GF Score
Union Bank Of The Philippines Inc PHS:UBP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Union Bank Of The Philippines 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 Union Bank Of The Philippines 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 * 0.9996+0.892 * 1.0656+0.115 * 0.859
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7853+4.679 * -0.026068-0.327 * 0.7747
=-2.45

* 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 ₱79,556 Mil.
Gross Profit was ₱79,556 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱1,159,465 Mil.
Property, Plant and Equipment(Net PPE) was ₱11,629 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱4,499 Mil.
Selling, General, & Admin. Expense(SGA) was ₱4,451 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱175,578 Mil.
Net Income was ₱9,941 Mil.
Gross Profit was ₱0 Mil.
Cash Flow from Operations was ₱40,166 Mil.
 Total Receivables was ₱0 Mil.
Revenue was ₱74,657 Mil.
Gross Profit was ₱74,657 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱1,145,441 Mil.
Property, Plant and Equipment(Net PPE) was ₱11,001 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱3,467 Mil.
Selling, General, & Admin. Expense(SGA) was ₱5,318 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱223,898 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 / 79556.03) / (0 / 74657.007)
=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)
=(74657.007 / 74657.007) / (79556.03 / 79556.03)
=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 + 11628.64) / 1159465.465) / (1 - (0 + 11001.211) / 1145441.035)
=0.989971 / 0.990396
=0.9996

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
=79556.03 / 74657.007
=1.0656

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))
=(3467.331 / (3467.331 + 11001.211)) / (4499.319 / (4499.319 + 11628.64))
=0.239646 / 0.278976
=0.859

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)
=(4450.872 / 79556.03) / (5318.478 / 74657.007)
=0.055946 / 0.071239
=0.7853

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)
=((175578.035 + 0) / 1159465.465) / ((223898.052 + 0) / 1145441.035)
=0.15143 / 0.195469
=0.7747

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
=(9940.961 - 0 - 40165.673) / 1159465.465
=-0.026068

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.

Union Bank Of The Philippines has a M-score of -2.45 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 -2.45 mean?
Union Bank Of The Philippines (PHS:UBP) has a Beneish M-Score of -2.45 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Union Bank Of The Philippines and its competitors. According to the industry distribution chart, Union Bank Of The Philippines ranks #548 out of 1397 companies in the Banks industry, placing it in the top 39.2%.
Is Union Bank Of The Philippines' Beneish M-Score too high?
Union Bank Of The Philippines' current Beneish M-Score is -2.45. Based on the distribution chart, Union Bank Of The Philippines ranks #548 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Union Bank Of The Philippines has a GF Score™ of 77/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Union Bank Of The Philippines' Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Union Bank Of The Philippines ranks #548 out of 1397 companies for Beneish M-Score. This puts Union Bank Of The Philippines 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 Union Bank Of The Philippines and its competitors. Union Bank Of The Philippines's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Union Bank Of The Philippines stock overvalued right now?
Based on GuruFocus' analysis, Union Bank Of The Philippines (PHS:UBP) is currently considered Significantly Undervalued. The stock's GF Value™ is ₱37.70, compared to a current price of ₱24.50 — trading 35% below its estimated fair value. The current Beneish M-Score is -2.45. Union Bank Of The Philippines' overall GF Score™ is 77/100 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 Union Bank Of The Philippines (PHS:UBP), the current Beneish M-Score is -2.45 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 Union Bank Of The Philippines (PHS:UBP) Overvalued in 2026?

Based on GuruFocus' analysis, Union Bank Of The Philippines stock appears to be undervalued. The current stock price of ₱24.50 is trading 35% below its estimated GF Value™ of ₱37.70. GuruFocus considers Union Bank Of The Philippines to be Significantly Undervalued.

Key valuation signals for PHS:UBP:

  • Beneish M-Score: -2.45
  • GF Value™: ₱37.70 vs. price of ₱24.50 (35% below fair value)
  • GF Score™: 77/100 with 1 warning sign

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

Union Bank Of The Philippines Business Description

Address Meralco Avenue corner Onyx and Sapphire Roads, UnionBank Plaza, Ortigas Center, Pasig, PHL, 1605
Union Bank Of The Philippines Inc is a company that provides commercial banking products and services. It offers loans and deposits, cash management, retail banking, foreign exchange, capital markets, corporate and consumer finance, investment management, and trust banking. The group's main operating business segments are Consumer Banking, Institutional Banking, Mass Market/Digital Banking, Trust and Insurance, Treasury Banking, and Headquarters. The majority share of groups revenue is generated from the Consumer Banking business segment, which principally handles individual customers' deposits and provides consumer-type loans, such as automobiles and mortgage financing, credit card facilities, and funds transfer facilities.
77GF Score

Get the complete analysis for PHS:UBP

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

₱24.50
Price
₱37.70
GF Value