PNC (PNC Financial Services Group) Beneish M-Score: -2.14 (As of Jun. 24, 2026)


PNC PNC Financial Services Group Inc PNC
78 GF Score
Price $239.84
GF Value $202.76
Valuation Modestly Overvalued
! 8 Warning Signs
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What is PNC Financial Services Group Beneish M-Score?

PNC Financial Services Group PNC +0.49% 78 Beneish M-Score is -2.14 as of Jun. 24, 2026. GuruFocus rates PNC with a GF Score™ of 78/100 and a GF Value™ of $202.76 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, PNC Financial Services Group ranks worse than 84.89% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PNC Financial Services Group's Beneish M-Score or its related term are showing as below:

PNC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.51   Max: -2.14
Current: -2.14

During the past 13 years, the highest Beneish M-Score of PNC Financial Services Group was -2.14. The lowest was -2.87. And the median was -2.51.

PNC
78GF Score
PNC Financial Services Group Inc PNC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PNC Financial Services Group 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 PNC Financial Services Group 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 * 1.236+0.528 * 1+0.404 * 1+0.892 * 1.1268+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9555+4.679 * 0.000653-0.327 * 1.0099
=-2.14

* 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 $9,281 Mil.
Revenue was 6157 + 6068 + 5900 + 5662 = $23,787 Mil.
Gross Profit was 6157 + 6068 + 5900 + 5662 = $23,787 Mil.
Total Current Assets was $0 Mil.
Total Assets was $603,028 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $357 Mil.
Selling, General, & Admin. Expense(SGA) was $8,378 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $66,666 Mil.
Net Income was 1760 + 2020 + 1808 + 1627 = $7,215 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1928 + 757 + 2656 + 1480 = $6,821 Mil.
 Total Receivables was $6,664 Mil.
Revenue was 5447 + 5561 + 5431 + 4671 = $21,110 Mil.
Gross Profit was 5447 + 5561 + 5431 + 4671 = $21,110 Mil.
Total Current Assets was $0 Mil.
Total Assets was $554,722 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $312 Mil.
Selling, General, & Admin. Expense(SGA) was $7,781 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $60,722 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)
=(9281 / 23787) / (6664 / 21110)
=0.390171 / 0.31568
=1.236

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)
=(21110 / 21110) / (23787 / 23787)
=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 + 0) / 603028) / (1 - (0 + 0) / 554722)
=1 / 1
=1

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
=23787 / 21110
=1.1268

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))
=(312 / (312 + 0)) / (357 / (357 + 0))
=1 / 1
=1

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)
=(8378 / 23787) / (7781 / 21110)
=0.352209 / 0.368593
=0.9555

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)
=((66666 + 0) / 603028) / ((60722 + 0) / 554722)
=0.110552 / 0.109464
=1.0099

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
=(7215 - 0 - 6821) / 603028
=0.000653

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.

PNC Financial Services Group has a M-score of -2.14 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 -2.14 mean?
PNC Financial Services Group (PNC) has a Beneish M-Score of -2.14 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PNC Financial Services Group and its competitors. According to the industry distribution chart, PNC Financial Services Group ranks #1185 out of 1396 companies in the Banks industry, placing it in the top 84.9%.
Is PNC Financial Services Group's Beneish M-Score too high?
PNC Financial Services Group's current Beneish M-Score is -2.14. Based on the distribution chart, PNC Financial Services Group ranks #1185 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, PNC Financial Services Group has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PNC Financial Services Group's Beneish M-Score compare to USB and NU?
According to the Banks industry distribution chart, PNC Financial Services Group ranks #1185 out of 1396 companies for Beneish M-Score. This places PNC Financial Services Group 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 PNC Financial Services Group and its competitors. PNC Financial Services Group's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PNC Financial Services Group stock overvalued right now?
Based on GuruFocus' analysis, PNC Financial Services Group (PNC) is currently considered Modestly Overvalued. The stock's GF Value™ is $202.76, compared to a current price of $239.84 — trading 18.3% above its estimated fair value. The current Beneish M-Score is -2.14. PNC Financial Services Group's overall GF Score™ is 78/100 with 8 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 PNC Financial Services Group (PNC), the current Beneish M-Score is -2.14 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 PNC Financial Services Group (PNC) Overvalued in 2026?

Based on GuruFocus' analysis, PNC Financial Services Group stock appears to be overvalued. The current stock price of $239.84 is trading 18.3% above its estimated GF Value™ of $202.76. GuruFocus considers PNC Financial Services Group to be Modestly Overvalued.

Key valuation signals for PNC:

  • Beneish M-Score: -2.14
  • GF Value™: $202.76 vs. price of $239.84 (18.3% above fair value)
  • GF Score™: 78/100 with 8 warning signs

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

PNC Financial Services Group Business Description

Address 300 Fifth Avenue, The Tower at PNC Plaza, Pittsburgh, PA, USA, 15222-2401
PNC Financial is one of the three super-regional banks in the US, with over $600 billion in total assets at the end of March 2026. Headquartered in Pittsburgh, Pennsylvania, PNC Financial has a coast-to-coast branch network, with a strong presence in the US Midwest and Northeast. It closed its acquisition of FirstBank in January 2026, which added around $26 billion in assets to its balance sheet, and PNC is currently expanding in the Southern and Western regions of the US. The bank provides a diversified set of financial services in retail banking, commercial banking, card and treasury management, asset management, and investment banking. PNC derived around 38% of revenue from fee income and 62% from net interest income in 2025.
78GF Score

Get the complete analysis for PNC

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

$239.84
Price
$202.76
GF Value