Cullen/Frost Bankers (STU:CFZ) Beneish M-Score: -2.42 (As of Jun. 24, 2026)


STU:CFZ Cullen/Frost Bankers Inc STU:CFZ
73 GF Score
Price €132.00
GF Value €118.94
! 5 Warning Signs
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What is Cullen/Frost Bankers Beneish M-Score?

Cullen/Frost Bankers STU:CFZ +0.77% 73 Beneish M-Score is -2.42 as of Jun. 24, 2026. GuruFocus rates STU:CFZ with a GF Score™ of 73/100 and a GF Value™ of €118.94. The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Cullen/Frost Bankers ranks better than 53.8% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Cullen/Frost Bankers's Beneish M-Score or its related term are showing as below:

STU:CFZ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.55   Med: -2.41   Max: -2.15
Current: -2.42

During the past 13 years, the highest Beneish M-Score of Cullen/Frost Bankers was -2.15. The lowest was -2.55. And the median was -2.41.

STU:CFZ
73GF Score
Cullen/Frost Bankers Inc STU:CFZ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Cullen/Frost Bankers 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 Cullen/Frost Bankers 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 * 0.9992+0.892 * 1.0001+0.115 * 1.0124
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9902+4.679 * -0.002607-0.327 * 0.9872
=-2.49

* 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 497.234 + 496.226 + 483.148 + 474.142 = €1,951 Mil.
Gross Profit was 497.234 + 496.226 + 483.148 + 474.142 = €1,951 Mil.
Total Current Assets was €0 Mil.
Total Assets was €45,607 Mil.
Property, Plant and Equipment(Net PPE) was €1,153 Mil.
Depreciation, Depletion and Amortization(DDA) was €76 Mil.
Selling, General, & Admin. Expense(SGA) was €777 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €193 Mil.
Net Income was 147.904 + 141.979 + 148.572 + 136.122 = €575 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 205.284 + 154.348 + 211.793 + 122.049 = €693 Mil.
 Total Receivables was €0 Mil.
Revenue was 499.714 + 512.207 + 466.752 + 471.841 = €1,951 Mil.
Gross Profit was 499.714 + 512.207 + 466.752 + 471.841 = €1,951 Mil.
Total Current Assets was €0 Mil.
Total Assets was €48,104 Mil.
Property, Plant and Equipment(Net PPE) was €1,177 Mil.
Depreciation, Depletion and Amortization(DDA) was €78 Mil.
Selling, General, & Admin. Expense(SGA) was €784 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €206 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 / 1950.75) / (0 / 1950.514)
=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)
=(1950.514 / 1950.514) / (1950.75 / 1950.75)
=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 + 1152.569) / 45606.742) / (1 - (0 + 1177.122) / 48104.386)
=0.974728 / 0.97553
=0.9992

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
=1950.75 / 1950.514
=1.0001

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))
=(78.366 / (78.366 + 1177.122)) / (75.729 / (75.729 + 1152.569))
=0.062419 / 0.061654
=1.0124

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)
=(776.8 / 1950.75) / (784.411 / 1950.514)
=0.398206 / 0.402156
=0.9902

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)
=((192.981 + 0) / 45606.742) / ((206.17 + 0) / 48104.386)
=0.004231 / 0.004286
=0.9872

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
=(574.577 - 0 - 693.474) / 45606.742
=-0.002607

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.

Cullen/Frost Bankers has a M-score of -2.49 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 -2.42 mean?
Cullen/Frost Bankers (STU:CFZ) has a Beneish M-Score of -2.42 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cullen/Frost Bankers and its competitors. According to the industry distribution chart, Cullen/Frost Bankers ranks #645 out of 1396 companies in the Banks industry, placing it in the top 46.2%.
Is Cullen/Frost Bankers' Beneish M-Score too high?
Cullen/Frost Bankers' current Beneish M-Score is -2.42. Based on the distribution chart, Cullen/Frost Bankers ranks #645 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Cullen/Frost Bankers has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does Cullen/Frost Bankers' Beneish M-Score compare to COLB and WAL?
According to the Banks industry distribution chart, Cullen/Frost Bankers ranks #645 out of 1396 companies for Beneish M-Score. This puts Cullen/Frost Bankers 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 Cullen/Frost Bankers and its competitors. Cullen/Frost Bankers's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cullen/Frost Bankers stock overvalued right now?
Cullen/Frost Bankers (STU:CFZ) has a current Beneish M-Score of -2.42. The stock's GF Value™ is €118.94, compared to a current price of €132.00 — trading 11% above its estimated fair value. The current Beneish M-Score is -2.42. Cullen/Frost Bankers' overall GF Score™ is 73/100 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 Cullen/Frost Bankers (STU:CFZ), the current Beneish M-Score is -2.42 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 Cullen/Frost Bankers (STU:CFZ) Overvalued in 2026?

Based on GuruFocus' analysis, Cullen/Frost Bankers stock appears to be overvalued. The current stock price of €132.00 is trading 11% above its estimated GF Value™ of €118.94.

Key valuation signals for STU:CFZ:

  • Beneish M-Score: -2.42
  • GF Value™: €118.94 vs. price of €132.00 (11% above fair value)
  • GF Score™: 73/100 with 5 warning signs

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

Cullen/Frost Bankers Business Description

Address 111 W. Houston Street, San Antonio, TX, USA, 78205
Cullen/Frost is a regional US bank with around $52 billion in assets (as of March 2026), and it focuses exclusively on the Texas market. The bank has deep expertise in this market. It has implemented a relationship-based banking approach that has garnered a strong market share in San Antonio. Cullen/Frost is also expanding into Houston, Dallas, and Austin market regions through targeted branch openings rather than acquisitions. The bank's sweet spot is small to medium-sized Texas-based commercial clients.
73GF Score

Get the complete analysis for STU:CFZ

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

€132.00
Price
€118.94
GF Value