Camden National (STU:3LR) Beneish M-Score: -2.22 (As of Jun. 25, 2026)


STU:3LR Camden National Corp STU:3LR
61 GF Score
Price €46.60
GF Value €42.03
! 5 Warning Signs
View Full Analysis

What is Camden National Beneish M-Score?

Camden National STU:3LR +1.30% 61 Beneish M-Score is -2.22 as of Jun. 25, 2026. GuruFocus rates STU:3LR with a GF Score™ of 61/100 and a GF Value™ of €42.03. The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Camden National ranks worse than 78.72% 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 -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:3LR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -2.43   Max: -1.88
Current: -2.22

During the past 13 years, the highest Beneish M-Score of Camden National was -1.88. The lowest was -3.39. And the median was -2.43.

STU:3LR
61GF Score
Camden National Corp STU:3LR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Camden National 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 Camden National 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 * 1.0003+0.892 * 1.2335+0.115 * 0.5819
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8703+4.679 * -0.000423-0.327 * 1.0217
=-2.31

* 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 €0.0 Mil.
Revenue was 54.255 + 56.705 + 53.656 + 52.498 = €217.1 Mil.
Gross Profit was 54.255 + 56.705 + 53.656 + 52.498 = €217.1 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €6,021.8 Mil.
Property, Plant and Equipment(Net PPE) was €44.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €9.2 Mil.
Selling, General, & Admin. Expense(SGA) was €68.0 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €54.1 Mil.
Net Income was 18.929 + 19.265 + 18.057 + 12.208 = €68.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 17.305 + 17.72 + 30.754 + 5.23 = €71.0 Mil.
 Total Receivables was €0.0 Mil.
Revenue was 53.987 + 44.151 + 39.306 + 38.57 = €176.0 Mil.
Gross Profit was 53.987 + 44.151 + 39.306 + 38.57 = €176.0 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €6,442.4 Mil.
Property, Plant and Equipment(Net PPE) was €49.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €5.5 Mil.
Selling, General, & Admin. Expense(SGA) was €63.4 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €56.7 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)
=(0 / 217.114) / (0 / 176.014)
=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)
=(176.014 / 176.014) / (217.114 / 217.114)
=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 + 44.505) / 6021.768) / (1 - (0 + 49.226) / 6442.426)
=0.992609 / 0.992359
=1.0003

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
=217.114 / 176.014
=1.2335

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))
=(5.465 / (5.465 + 49.226)) / (9.227 / (9.227 + 44.505))
=0.099925 / 0.171723
=0.5819

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)
=(68.042 / 217.114) / (63.379 / 176.014)
=0.313393 / 0.360079
=0.8703

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)
=((54.14 + 0) / 6021.768) / ((56.693 + 0) / 6442.426)
=0.008991 / 0.0088
=1.0217

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
=(68.459 - 0 - 71.009) / 6021.768
=-0.000423

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.

Camden National has a M-score of -2.31 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 -2.22 mean?
Camden National (STU:3LR) has a Beneish M-Score of -2.22 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Camden National and its competitors. According to the industry distribution chart, Camden National ranks #1099 out of 1396 companies in the Banks industry, placing it in the top 78.7%.
Is Camden National's Beneish M-Score too high?
Camden National's current Beneish M-Score is -2.22. Based on the distribution chart, Camden National ranks #1099 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Camden National has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does Camden National's Beneish M-Score compare to FMNB and EGBN?
According to the Banks industry distribution chart, Camden National ranks #1099 out of 1396 companies for Beneish M-Score. This places Camden National 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 Camden National and its competitors. Camden National's current Beneish M-Score is -2.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Camden National stock overvalued right now?
Camden National (STU:3LR) has a current Beneish M-Score of -2.22. The stock's GF Value™ is €42.03, compared to a current price of €46.60 — trading 10.9% above its estimated fair value. The current Beneish M-Score is -2.22. Camden National's overall GF Score™ is 61/100 with 5 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 Camden National (STU:3LR), the current Beneish M-Score is -2.22 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 Camden National (STU:3LR) Overvalued in 2026?

Based on GuruFocus' analysis, Camden National stock appears to be overvalued. The current stock price of €46.60 is trading 10.9% above its estimated GF Value™ of €42.03.

Key valuation signals for STU:3LR:

  • Beneish M-Score: -2.22
  • GF Value™: €42.03 vs. price of €46.60 (10.9% above fair value)
  • GF Score™: 61/100 with 5 warning signs

No single metric tells the full story. See the STU:3LR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Camden National Business Description

Other Exchanges CAC:USA
Address 2 Elm Street, Camden, ME, USA, 04843
Camden National Corporation is a banking solutions provider in the United States. Its core business is providing commercial banking products to individuals and corporates. Its consumer and commercial banking services entail services such as loans and deposits, savings and online banking, treasury management solutions and non-profit products to consumer, institutional, municipal, non-profit and commercial customers. The company also offers investment management and fiduciary services.
61GF Score

Get the complete analysis for STU:3LR

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

€46.60
Price
€42.03
GF Value