PNFPPC.PFD (Pinnacle Financial Partners) Beneish M-Score: -2.92 (As of Jun. 29, 2026)


PNFPPC.PFD Pinnacle Financial Partners Inc PNFPPC.PFD
68 GF Score
Price $24.53
! 2 Warning Signs
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What is Pinnacle Financial Partners Beneish M-Score?

Pinnacle Financial Partners PNFPPC.PFD -0.10% 68 Beneish M-Score is -2.92 as of Jun. 29, 2026. GuruFocus rates PNFPPC.PFD with a GF Score™ of 68/100. The stock has 2 warning signs investors should review. Among 1,399 Banks companies, Pinnacle Financial Partners ranks better than 92.28% 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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PNFPpC.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -4.92   Med: -2.24   Max: 3.99
Current: -2.92

During the past 13 years, the highest Beneish M-Score of Pinnacle Financial Partners was 3.99. The lowest was -4.92. And the median was -2.24.

PNFPPC.PFD
68GF Score
Pinnacle Financial Partners Inc PNFPPC.PFD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pinnacle Financial Partners 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 Pinnacle Financial Partners 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 * 0+0.528 * 1+0.404 * 0.9986+0.892 * 1.6174+0.115 * 0.8813
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8923+4.679 * -0.008598-0.327 * 1.0974
=-2.92

* 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 $0.00 Mil.
Revenue was 1186 + 477.505 + 463.119 + 443.402 = $2,570.03 Mil.
Gross Profit was 1186 + 477.505 + 463.119 + 443.402 = $2,570.03 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $122,766.00 Mil.
Property, Plant and Equipment(Net PPE) was $907.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $379.41 Mil.
Selling, General, & Admin. Expense(SGA) was $1,024.11 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $5,741.00 Mil.
Net Income was 150 + 169.781 + 173.136 + 158.54 = $651.46 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 926 + 115.717 + 403.25 + 262.041 = $1,707.01 Mil.
 Total Receivables was $220.61 Mil.
Revenue was 442 + 424.956 + 407.877 + 314.129 = $1,588.96 Mil.
Gross Profit was 442 + 424.956 + 407.877 + 314.129 = $1,588.96 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $54,254.80 Mil.
Property, Plant and Equipment(Net PPE) was $323.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $113.49 Mil.
Selling, General, & Admin. Expense(SGA) was $709.58 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $2,312.05 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 / 2570.026) / (220.614 / 1588.962)
=0 / 0.138842
=0

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)
=(1588.962 / 1588.962) / (2570.026 / 2570.026)
=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 + 907) / 122766) / (1 - (0 + 323.129) / 54254.804)
=0.992612 / 0.994044
=0.9986

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
=2570.026 / 1588.962
=1.6174

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))
=(113.486 / (113.486 + 323.129)) / (379.414 / (379.414 + 907))
=0.259922 / 0.294939
=0.8813

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)
=(1024.108 / 2570.026) / (709.582 / 1588.962)
=0.398482 / 0.44657
=0.8923

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)
=((5741 + 0) / 122766) / ((2312.053 + 0) / 54254.804)
=0.046764 / 0.042615
=1.0974

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
=(651.457 - 0 - 1707.008) / 122766
=-0.008598

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.

Pinnacle Financial Partners has a M-score of -2.92 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 -2.92 mean?
Pinnacle Financial Partners (PNFPPC.PFD) has a Beneish M-Score of -2.92 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pinnacle Financial Partners and its competitors. According to the industry distribution chart, Pinnacle Financial Partners ranks #108 out of 1399 companies in the Banks industry, placing it in the top 7.7%.
Is Pinnacle Financial Partners' Beneish M-Score too high?
Pinnacle Financial Partners' current Beneish M-Score is -2.92. Based on the distribution chart, Pinnacle Financial Partners ranks #108 out of 1399 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Pinnacle Financial Partners has a GF Score™ of 68/100, reflecting its overall financial health beyond just this single metric.
How does Pinnacle Financial Partners' Beneish M-Score compare to EWBC and WBS?
According to the Banks industry distribution chart, Pinnacle Financial Partners ranks #108 out of 1399 companies for Beneish M-Score. This places Pinnacle Financial Partners in the top 8% 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 Pinnacle Financial Partners and its competitors. Pinnacle Financial Partners's current Beneish M-Score is -2.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pinnacle Financial Partners stock overvalued right now?
Pinnacle Financial Partners (PNFPPC.PFD) has a current Beneish M-Score of -2.92. The current Beneish M-Score is -2.92. Pinnacle Financial Partners' overall GF Score™ is 68/100 with 2 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 Pinnacle Financial Partners (PNFPPC.PFD), the current Beneish M-Score is -2.92 as of Jun. 29, 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.

Pinnacle Financial Partners Business Description

Other Exchanges PNFP:USA
Address 3400 Overton Park Drive, Atlanta, GA, USA, 30339
Pinnacle Financial Partners Inc is a financial holding company. The company operates through its wholly-owned subsidiary, Pinnacle Bank. The bank provides a full range of lending products, including commercial, real estate, and consumer loans to individuals and small to medium-sized businesses. It operates as a community bank mainly in the urban markets of Nashville, Knoxville, Memphis, and Chattanooga, Tennessee, as well as surrounding counties. It relies heavily on mergers and acquisitions. A majority of its loan portfolio is in commercial loans, mainly real estate, as well as industrial loans. The bank generates a majority of its net revenue through net interest income.
68GF Score

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

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