SFBS (Servisfirst Bancshares) Beneish M-Score: -2.32 (As of Aug. 18, 2026)

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SFBS Servisfirst Bancshares Inc SFBS
71 GF Score
Price $90.53
GF Value $93.79
Valuation Fairly Valued
! 4 Warning Signs
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What is Servisfirst Bancshares Beneish M-Score?

Servisfirst Bancshares SFBS -0.88% 71 Beneish M-Score is -2.32 as of Aug. 18, 2026. GuruFocus rates SFBS with a GF Score™ of 71/100 and a GF Value™ of $93.79 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,395 Banks companies, Servisfirst Bancshares ranks worse than 65.3% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SFBS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51   Med: -2.28   Max: -2
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Servisfirst Bancshares was -2.00. The lowest was -2.51. And the median was -2.28.

SFBS
71GF Score
Servisfirst Bancshares Inc SFBS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Servisfirst Bancshares 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 Servisfirst Bancshares 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 * 0.8393+0.528 * 1+0.404 * 1+0.892 * 1.1921+0.115 * 1.0208
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9383+4.679 * -0.008295-0.327 * 0.5083
=-2.32

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was $61.9 Mil.
Revenue was 168.529 + 158.988 + 155.569 + 136.281 = $619.4 Mil.
Gross Profit was 168.529 + 158.988 + 155.569 + 136.281 = $619.4 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $18,345.5 Mil.
Property, Plant and Equipment(Net PPE) was $63.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.0 Mil.
Selling, General, & Admin. Expense(SGA) was $117.2 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $34.8 Mil.
Net Income was 85.793 + 82.971 + 86.384 + 65.571 = $320.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 163.102 + 70.142 + 98.757 + 140.897 = $472.9 Mil.
 Total Receivables was $61.8 Mil.
Revenue was 132.108 + 131.83 + 131.971 + 123.67 = $519.6 Mil.
Gross Profit was 132.108 + 131.83 + 131.971 + 123.67 = $519.6 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $17,378.6 Mil.
Property, Plant and Equipment(Net PPE) was $60.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.8 Mil.
Selling, General, & Admin. Expense(SGA) was $104.8 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $64.7 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)
=(61.873 / 619.367) / (61.839 / 519.579)
=0.099897 / 0.119018
=0.8393

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)
=(519.579 / 519.579) / (619.367 / 619.367)
=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 + 63.648) / 18345.498) / (1 - (0 + 59.993) / 17378.628)
=0.996531 / 0.996548
=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
=619.367 / 519.579
=1.1921

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))
=(4.808 / (4.808 + 59.993)) / (4.989 / (4.989 + 63.648))
=0.074196 / 0.072687
=1.0208

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)
=(117.171 / 619.367) / (104.761 / 519.579)
=0.189179 / 0.201627
=0.9383

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)
=((34.75 + 0) / 18345.498) / ((64.747 + 0) / 17378.628)
=0.001894 / 0.003726
=0.5083

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
=(320.719 - 0 - 472.898) / 18345.498
=-0.008295

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.

Servisfirst Bancshares has a M-score of -2.32 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 -2.32 mean?
Servisfirst Bancshares (SFBS) has a Beneish M-Score of -2.32 as of Aug. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Servisfirst Bancshares and its competitors. According to the industry distribution chart, Servisfirst Bancshares ranks #911 out of 1395 companies in the Banks industry, placing it in the top 65.3%.
Is Servisfirst Bancshares' Beneish M-Score too high?
Servisfirst Bancshares' current Beneish M-Score is -2.32. Based on the distribution chart, Servisfirst Bancshares ranks #911 out of 1395 companies in the Banks industry, which is below the industry midpoint. Overall, Servisfirst Bancshares has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Servisfirst Bancshares' Beneish M-Score compare to IBOC and FULT?
According to the Banks industry distribution chart, Servisfirst Bancshares ranks #911 out of 1395 companies for Beneish M-Score. This places Servisfirst Bancshares 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 Servisfirst Bancshares and its competitors. Servisfirst Bancshares's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Servisfirst Bancshares stock overvalued right now?
Based on GuruFocus' analysis, Servisfirst Bancshares (SFBS) is currently considered Fairly Valued. The stock's GF Value™ is $93.79, compared to a current price of $90.53 — trading 3.5% below its estimated fair value. The current Beneish M-Score is -2.32. Servisfirst Bancshares' overall GF Score™ is 71/100 with 4 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 Servisfirst Bancshares (SFBS), the current Beneish M-Score is -2.32 as of Aug. 18, 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 Servisfirst Bancshares (SFBS) Overvalued in 2026?

Based on GuruFocus' analysis, Servisfirst Bancshares stock appears to be undervalued. The current stock price of $90.53 is trading 3.5% below its estimated GF Value™ of $93.79. GuruFocus considers Servisfirst Bancshares to be Fairly Valued.

Key valuation signals for SFBS:

  • Beneish M-Score: -2.32
  • GF Value™: $93.79 vs. price of $90.53 (3.5% below fair value)
  • GF Score™: 71/100 with 4 warning signs

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

Servisfirst Bancshares Business Description

Address 2500 Woodcrest Place, Birmingham, AL, USA, 35209
Servisfirst Bancshares Inc is a bank holding company whose business is conducted by its wholly owned subsidiary. Through the subsidiary, it offers various banking services to individual and corporate customers in Birmingham, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia. Its various products and service offerings include commercial, consumer, and other loans; accepting deposits; providing electronic banking services, such as online and mobile banking, including remote deposit capture; delivering treasury and cash management services; and providing banking services to other financial institutions. The company operates as a single reportable segment, with a majority of its revenue being derived from the business of banking.
71GF Score

Get the complete analysis for SFBS

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

$90.53
Price
$93.79
GF Value