PNBK (Patriot National Bancorp) Beneish M-Score: -2.23 (As of Jun. 25, 2026)


PNBK Patriot National Bancorp Inc PNBK
37 GF Score
Price $1.06
GF Value $0.13
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Patriot National Bancorp Beneish M-Score?

Patriot National Bancorp PNBK -3.21% 37 Beneish M-Score is -2.23 as of Jun. 25, 2026. GuruFocus rates PNBK with a GF Score™ of 37/100 and a GF Value™ of $0.13 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, Patriot National Bancorp ranks worse than 77.94% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PNBK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.43   Max: 0.13
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Patriot National Bancorp was 0.13. The lowest was -2.87. And the median was -2.43.

PNBK
37GF Score
Patriot National Bancorp Inc PNBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Patriot National Bancorp 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 Patriot National Bancorp 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 * 1.02+0.528 * 1+0.404 * 1.006+0.892 * 1.2183+0.115 * 1.1581
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0945+4.679 * -0.000354-0.327 * 0.8968
=-2.23

* 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 $6.27 Mil.
Revenue was 10.295 + 9.437 + 7.209 + 6.205 = $33.15 Mil.
Gross Profit was 10.295 + 9.437 + 7.209 + 6.205 = $33.15 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,176.79 Mil.
Property, Plant and Equipment(Net PPE) was $28.46 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.13 Mil.
Selling, General, & Admin. Expense(SGA) was $25.37 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $26.46 Mil.
Net Income was -1.755 + -2.275 + -2.657 + -5.001 = $-11.69 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -2.912 + -4.042 + -5.238 + 0.921 = $-11.27 Mil.
 Total Receivables was $5.05 Mil.
Revenue was 6.578 + 6.539 + 7.056 + 7.034 = $27.21 Mil.
Gross Profit was 6.578 + 6.539 + 7.056 + 7.034 = $27.21 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $956.61 Mil.
Property, Plant and Equipment(Net PPE) was $28.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.33 Mil.
Selling, General, & Admin. Expense(SGA) was $19.03 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $23.98 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)
=(6.272 / 33.146) / (5.047 / 27.207)
=0.189223 / 0.185504
=1.02

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)
=(27.207 / 27.207) / (33.146 / 33.146)
=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 + 28.456) / 1176.794) / (1 - (0 + 28.691) / 956.612)
=0.975819 / 0.970008
=1.006

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
=33.146 / 27.207
=1.2183

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))
=(1.329 / (1.329 + 28.691)) / (1.131 / (1.131 + 28.456))
=0.04427 / 0.038226
=1.1581

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)
=(25.373 / 33.146) / (19.028 / 27.207)
=0.765492 / 0.699379
=1.0945

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)
=((26.455 + 0) / 1176.794) / ((23.98 + 0) / 956.612)
=0.022481 / 0.025068
=0.8968

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
=(-11.688 - 0 - -11.271) / 1176.794
=-0.000354

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.

Patriot National Bancorp has a M-score of -2.23 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 -2.23 mean?
Patriot National Bancorp (PNBK) has a Beneish M-Score of -2.23 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Patriot National Bancorp and its competitors. According to the industry distribution chart, Patriot National Bancorp ranks #1088 out of 1396 companies in the Banks industry, placing it in the top 77.9%.
Is Patriot National Bancorp's Beneish M-Score too high?
Patriot National Bancorp's current Beneish M-Score is -2.23. Based on the distribution chart, Patriot National Bancorp ranks #1088 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Patriot National Bancorp has a GF Score™ of 37/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Patriot National Bancorp's Beneish M-Score compare to BEOB and WRIV?
According to the Banks industry distribution chart, Patriot National Bancorp ranks #1088 out of 1396 companies for Beneish M-Score. This places Patriot National Bancorp 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 Patriot National Bancorp and its competitors. Patriot National Bancorp's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Patriot National Bancorp stock overvalued right now?
Based on GuruFocus' analysis, Patriot National Bancorp (PNBK) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.13, compared to a current price of $1.06 — trading 715.3% above its estimated fair value. The current Beneish M-Score is -2.23. Patriot National Bancorp's overall GF Score™ is 37/100 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 Patriot National Bancorp (PNBK), the current Beneish M-Score is -2.23 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 Patriot National Bancorp (PNBK) Overvalued in 2026?

Based on GuruFocus' analysis, Patriot National Bancorp stock appears to be overvalued. The current stock price of $1.06 is trading 715.3% above its estimated GF Value™ of $0.13. GuruFocus considers Patriot National Bancorp to be Significantly Overvalued.

Key valuation signals for PNBK:

  • Beneish M-Score: -2.23
  • GF Value™: $0.13 vs. price of $1.06 (715.3% above fair value)
  • GF Score™: 37/100 with 1 warning sign

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

Patriot National Bancorp Business Description

Other Exchanges PN21:Germany
Address 900 Bedford Street, Stamford, CT, USA, 06901
Patriot National Bancorp Inc provides consumer and commercial banking services to individuals, small and medium-sized businesses, professionals, and municipalities in Fairfield and New Haven Counties in Connecticut and Westchester County, New York. Its products include checking accounts, savings accounts, money market accounts, time certificates of deposit, and individual retirement accounts. The Bank's lending portfolio is comprised of commercial mortgage and construction loans, commercial loans, home improvement loans, home equity lines of credit, and other personal loans. In addition, the Bank offers bank checks, money orders, automated teller machines, interactive teller machines, online and mobile banking, credit cards, and debit cards.
37GF Score

Get the complete analysis for PNBK

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

$1.06
Price
$0.13
GF Value