Grupo Financiero BanorteB de CV (STU:4FN) Beneish M-Score: -2.49 (As of Jun. 26, 2026)


STU:4FN Grupo Financiero Banorte SAB de CV STU:4FN
76 GF Score
Price €9.20
GF Value €8.33
Valuation Fairly Valued
! 6 Warning Signs
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What is Grupo Financiero BanorteB de CV Beneish M-Score?

Grupo Financiero BanorteB de CV STU:4FN +2.22% 76 Beneish M-Score is -2.49 as of Jun. 26, 2026. GuruFocus rates STU:4FN with a GF Score™ of 76/100 and a GF Value™ of €8.33 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,397 Banks companies, Grupo Financiero BanorteB de CV ranks better than 68.07% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Grupo Financiero BanorteB de CV's Beneish M-Score or its related term are showing as below:

STU:4FN' s Beneish M-Score Range Over the Past 10 Years
Min: -7.74   Med: -2.26   Max: -1.06
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Grupo Financiero BanorteB de CV was -1.06. The lowest was -7.74. And the median was -2.26.

STU:4FN
76GF Score
Grupo Financiero Banorte SAB de CV STU:4FN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Grupo Financiero BanorteB de CV 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 Grupo Financiero BanorteB de CV 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 * 0.9991+0.892 * 0.8935+0.115 * 1.1114
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9518+4.679 * 0.010611-0.327 * 0.9143
=-2.48

* 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 Mil.
Revenue was 3256.687 + 2740.852 + 5994.401 + -624.163 = €11,368 Mil.
Gross Profit was 3256.687 + 2740.852 + 5994.401 + -624.163 = €11,368 Mil.
Total Current Assets was €0 Mil.
Total Assets was €126,440 Mil.
Property, Plant and Equipment(Net PPE) was €1,901 Mil.
Depreciation, Depletion and Amortization(DDA) was €261 Mil.
Selling, General, & Admin. Expense(SGA) was €2,191 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €7,258 Mil.
Net Income was 741.497 + 752.895 + 1314.229 + -30.856 = €2,778 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -391.459 + 1480.982 + -1595.391 + 1941.946 = €1,436 Mil.
 Total Receivables was €0 Mil.
Revenue was 2866.864 + 2142.599 + 5374.767 + 2338.308 = €12,723 Mil.
Gross Profit was 2866.864 + 2142.599 + 5374.767 + 2338.308 = €12,723 Mil.
Total Current Assets was €0 Mil.
Total Assets was €115,421 Mil.
Property, Plant and Equipment(Net PPE) was €1,629 Mil.
Depreciation, Depletion and Amortization(DDA) was €253 Mil.
Selling, General, & Admin. Expense(SGA) was €2,576 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €7,246 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 / 11367.777) / (0 / 12722.538)
=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)
=(12722.538 / 12722.538) / (11367.777 / 11367.777)
=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 + 1901.453) / 126440.357) / (1 - (0 + 1628.953) / 115420.819)
=0.984962 / 0.985887
=0.9991

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
=11367.777 / 12722.538
=0.8935

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))
=(252.831 / (252.831 + 1628.953)) / (261.475 / (261.475 + 1901.453))
=0.134357 / 0.120889
=1.1114

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)
=(2191.109 / 11367.777) / (2576.455 / 12722.538)
=0.192747 / 0.202511
=0.9518

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)
=((7257.793 + 0) / 126440.357) / ((7246.346 + 0) / 115420.819)
=0.057401 / 0.062782
=0.9143

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
=(2777.765 - 0 - 1436.078) / 126440.357
=0.010611

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.

Grupo Financiero BanorteB de CV has a M-score of -2.48 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 -2.49 mean?
Grupo Financiero BanorteB de CV (STU:4FN) has a Beneish M-Score of -2.49 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grupo Financiero BanorteB de CV and its competitors. According to the industry distribution chart, Grupo Financiero BanorteB de CV ranks #446 out of 1397 companies in the Banks industry, placing it in the top 31.9%.
Is Grupo Financiero BanorteB de CV's Beneish M-Score too high?
Grupo Financiero BanorteB de CV's current Beneish M-Score is -2.49. Based on the distribution chart, Grupo Financiero BanorteB de CV ranks #446 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Grupo Financiero BanorteB de CV has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Grupo Financiero BanorteB de CV's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Grupo Financiero BanorteB de CV ranks #446 out of 1397 companies for Beneish M-Score. This puts Grupo Financiero BanorteB de CV in the upper 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 Grupo Financiero BanorteB de CV and its competitors. Grupo Financiero BanorteB de CV's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Grupo Financiero BanorteB de CV stock overvalued right now?
Based on GuruFocus' analysis, Grupo Financiero BanorteB de CV (STU:4FN) is currently considered Fairly Valued. The stock's GF Value™ is €8.33, compared to a current price of €9.20 — trading 10.4% above its estimated fair value. The current Beneish M-Score is -2.49. Grupo Financiero BanorteB de CV's overall GF Score™ is 76/100 with 6 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 Grupo Financiero BanorteB de CV (STU:4FN), the current Beneish M-Score is -2.49 as of Jun. 26, 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 Grupo Financiero BanorteB de CV (STU:4FN) Overvalued in 2026?

Based on GuruFocus' analysis, Grupo Financiero BanorteB de CV stock appears to be overvalued. The current stock price of €9.20 is trading 10.4% above its estimated GF Value™ of €8.33. GuruFocus considers Grupo Financiero BanorteB de CV to be Fairly Valued.

Key valuation signals for STU:4FN:

  • Beneish M-Score: -2.49
  • GF Value™: €8.33 vs. price of €9.20 (10.4% above fair value)
  • GF Score™: 76/100 with 6 warning signs

No single metric tells the full story. See the STU:4FN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Grupo Financiero BanorteB de CV Business Description

Address Avenue Prolongacion Reforma 1230, Col. Cruz Manca Santa Fe, Delegacion Cuajimalpa, Mexico, MEX, MEX, 05349
Grupo Financiero Banorte SAB de CV main activity are the execution of financial operations such as the provision of services of commercial banking, brokerage, leasing, financial factoring, warehousing services in general, pensions, life and damage insurance, as well as disposal, management, collection and negotiation, in any form, with credit rights. Its business segments are Retail Banking, SME Banking, Wholesale Banking, Middle-market and Corporate Banking, Transactional Banking, Government Banking, International Banking, etc.
76GF Score

Get the complete analysis for STU:4FN

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

€9.20
Price
€8.33
GF Value