JPMorgan Chase (STU:CMC) Beneish M-Score: -2.13 (As of Jun. 24, 2026)


STU:CMC JPMorgan Chase & Co STU:CMC
77 GF Score
Price €294.10
GF Value €244.85
Valuation Modestly Overvalued
! 9 Warning Signs
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What is JPMorgan Chase Beneish M-Score?

JPMorgan Chase STU:CMC +1.08% 77 Beneish M-Score is -2.13 as of Jun. 24, 2026. GuruFocus rates STU:CMC with a GF Score™ of 77/100 and a GF Value™ of €244.85 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 1,396 Banks companies, JPMorgan Chase ranks worse than 85.53% 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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:CMC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.34   Max: -1.61
Current: -2.13

During the past 13 years, the highest Beneish M-Score of JPMorgan Chase was -1.61. The lowest was -2.67. And the median was -2.34.

STU:CMC
77GF Score
JPMorgan Chase & Co STU:CMC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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JPMorgan Chase 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 JPMorgan Chase 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 * 1.1268+0.528 * 1+0.404 * 1+0.892 * 1.0024+0.115 * 0.987
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9908+4.679 * 0.034085-0.327 * 0.98
=-2.20

* 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 €123,119 Mil.
Revenue was 43105.545 + 39109.784 + 39558.36 + 38912.694 = €160,686 Mil.
Gross Profit was 43105.545 + 39109.784 + 39558.36 + 38912.694 = €160,686 Mil.
Total Current Assets was €0 Mil.
Total Assets was €4,238,911 Mil.
Property, Plant and Equipment(Net PPE) was €31,807 Mil.
Depreciation, Depletion and Amortization(DDA) was €7,869 Mil.
Selling, General, & Admin. Expense(SGA) was €53,214 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €388,181 Mil.
Net Income was 14267.31 + 11123.35 + 12262.836 + 12993.729 = €50,647 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -183173.265 + 102244.296 + -38522.328 + 25617.249 = €-93,834 Mil.
 Total Receivables was €109,007 Mil.
Revenue was 41927.475 + 40865.405 + 38433.056 + 39081.172 = €160,307 Mil.
Gross Profit was 41927.475 + 40865.405 + 38433.056 + 39081.172 = €160,307 Mil.
Total Current Assets was €0 Mil.
Total Assets was €4,031,017 Mil.
Property, Plant and Equipment(Net PPE) was €30,350 Mil.
Depreciation, Depletion and Amortization(DDA) was €7,386 Mil.
Selling, General, & Admin. Expense(SGA) was €53,583 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €376,682 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)
=(123118.91 / 160686.383) / (109006.625 / 160307.108)
=0.766206 / 0.679986
=1.1268

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)
=(160307.108 / 160307.108) / (160686.383 / 160686.383)
=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 + 31806.915) / 4238910.875) / (1 - (0 + 30350.175) / 4031016.8)
=0.992496 / 0.992471
=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
=160686.383 / 160307.108
=1.0024

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))
=(7386.45 / (7386.45 + 30350.175)) / (7868.566 / (7868.566 + 31806.915))
=0.195737 / 0.198323
=0.987

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)
=(53213.974 / 160686.383) / (53583.216 / 160307.108)
=0.331167 / 0.334254
=0.9908

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)
=((388180.86 + 0) / 4238910.875) / ((376682.2 + 0) / 4031016.8)
=0.091576 / 0.093446
=0.98

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
=(50647.225 - 0 - -93834.048) / 4238910.875
=0.034085

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.

JPMorgan Chase has a M-score of -2.20 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 -2.13 mean?
JPMorgan Chase (STU:CMC) has a Beneish M-Score of -2.13 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JPMorgan Chase and its competitors. According to the industry distribution chart, JPMorgan Chase ranks #1194 out of 1396 companies in the Banks industry, placing it in the top 85.5%.
Is JPMorgan Chase's Beneish M-Score too high?
JPMorgan Chase's current Beneish M-Score is -2.13. Based on the distribution chart, JPMorgan Chase ranks #1194 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, JPMorgan Chase has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does JPMorgan Chase's Beneish M-Score compare to BAC and WFC?
According to the Banks industry distribution chart, JPMorgan Chase ranks #1194 out of 1396 companies for Beneish M-Score. This places JPMorgan Chase 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 JPMorgan Chase and its competitors. JPMorgan Chase's current Beneish M-Score is -2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JPMorgan Chase stock overvalued right now?
Based on GuruFocus' analysis, JPMorgan Chase (STU:CMC) is currently considered Modestly Overvalued. The stock's GF Value™ is €244.85, compared to a current price of €294.10 — trading 20.1% above its estimated fair value. The current Beneish M-Score is -2.13. JPMorgan Chase's overall GF Score™ is 77/100 with 9 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 JPMorgan Chase (STU:CMC), the current Beneish M-Score is -2.13 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 JPMorgan Chase (STU:CMC) Overvalued in 2026?

Based on GuruFocus' analysis, JPMorgan Chase stock appears to be overvalued. The current stock price of €294.10 is trading 20.1% above its estimated GF Value™ of €244.85. GuruFocus considers JPMorgan Chase to be Modestly Overvalued.

Key valuation signals for STU:CMC:

  • Beneish M-Score: -2.13
  • GF Value™: €244.85 vs. price of €294.10 (20.1% above fair value)
  • GF Score™: 77/100 with 9 warning signs

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

JPMorgan Chase Business Description

Address 270 Park Avenue, New York, NY, USA, 10017
JPMorgan is a leading global financial services firm with operations in 66 countries and over 318,000 employees as of year-end 2025. Under the JPMorgan brands, the bank holding company boasts a $4.9 trillion balance sheet and $2.68 trillion in deposits, as of March 2026. The firm generates its revenue across three core operating segments: consumer and community banking, the commercial and investment bank, and asset and wealth management. It maintains the top global ranking in investment banking fees with an 8.4% market share, serves millions of consumers through its network of over 5,000 US branches, and manages over $7.1 trillion in client assets within its wealth and asset management franchise.
77GF Score

Get the complete analysis for STU:CMC

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

€294.10
Price
€244.85
GF Value