Huntington Bancshares (STU:HU3) Beneish M-Score: -2.29 (As of Jun. 29, 2026)


STU:HU3 Huntington Bancshares Inc STU:HU3
74 GF Score
Price €15.60
GF Value €14.58
Valuation Fairly Valued
! 5 Warning Signs
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What is Huntington Bancshares Beneish M-Score?

Huntington Bancshares STU:HU3 -0.62% 74 Beneish M-Score is -2.29 as of Jun. 29, 2026. GuruFocus rates STU:HU3 with a GF Score™ of 74/100 and a GF Value™ of €14.58 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,399 Banks companies, Huntington Bancshares ranks worse than 68.62% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:HU3' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.44   Max: -0.91
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Huntington Bancshares was -0.91. The lowest was -3.42. And the median was -2.44.

STU:HU3
74GF Score
Huntington Bancshares Inc STU:HU3
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Huntington 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 Huntington 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 * 0.9641+0.528 * 1+0.404 * 0.9977+0.892 * 1.0778+0.115 * 1.4474
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9793+4.679 * -0.000992-0.327 * 0.8764
=-2.35

* 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 €6,831 Mil.
Revenue was 2225.645 + 1826.706 + 1818.168 + 1680.246 = €7,551 Mil.
Gross Profit was 2225.645 + 1826.706 + 1818.168 + 1680.246 = €7,551 Mil.
Total Current Assets was €0 Mil.
Total Assets was €246,847 Mil.
Property, Plant and Equipment(Net PPE) was €1,849 Mil.
Depreciation, Depletion and Amortization(DDA) was €640 Mil.
Selling, General, & Admin. Expense(SGA) was €2,886 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €18,679 Mil.
Net Income was 452.395 + 443.226 + 535.908 + 464.712 = €1,896 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 453.26 + 792.512 + 414.924 + 480.318 = €2,141 Mil.
 Total Receivables was €6,574 Mil.
Revenue was 1776 + 1866.07 + 1688.474 + 1674.987 = €7,006 Mil.
Gross Profit was 1776 + 1866.07 + 1688.474 + 1674.987 = €7,006 Mil.
Total Current Assets was €0 Mil.
Total Assets was €193,876 Mil.
Property, Plant and Equipment(Net PPE) was €1,004 Mil.
Depreciation, Depletion and Amortization(DDA) was €594 Mil.
Selling, General, & Admin. Expense(SGA) was €2,734 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €16,739 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)
=(6830.905 / 7550.765) / (6573.975 / 7005.531)
=0.904664 / 0.938398
=0.9641

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)
=(7005.531 / 7005.531) / (7550.765 / 7550.765)
=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 + 1849.37) / 246846.78) / (1 - (0 + 1003.625) / 193876.3)
=0.992508 / 0.994823
=0.9977

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
=7550.765 / 7005.531
=1.0778

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))
=(594.337 / (594.337 + 1003.625)) / (639.571 / (639.571 + 1849.37))
=0.371934 / 0.256965
=1.4474

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)
=(2885.859 / 7550.765) / (2734.157 / 7005.531)
=0.382194 / 0.390285
=0.9793

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)
=((18678.81 + 0) / 246846.78) / ((16738.8 + 0) / 193876.3)
=0.07567 / 0.086338
=0.8764

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
=(1896.241 - 0 - 2141.014) / 246846.78
=-0.000992

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.

Huntington Bancshares has a M-score of -2.35 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 -2.29 mean?
Huntington Bancshares (STU:HU3) has a Beneish M-Score of -2.29 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Huntington Bancshares and its competitors. According to the industry distribution chart, Huntington Bancshares ranks #960 out of 1399 companies in the Banks industry, placing it in the top 68.6%.
Is Huntington Bancshares' Beneish M-Score too high?
Huntington Bancshares' current Beneish M-Score is -2.29. Based on the distribution chart, Huntington Bancshares ranks #960 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Huntington Bancshares has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Huntington Bancshares' Beneish M-Score compare to MTB and BAP?
According to the Banks industry distribution chart, Huntington Bancshares ranks #960 out of 1399 companies for Beneish M-Score. This places Huntington 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 Huntington Bancshares and its competitors. Huntington Bancshares's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Huntington Bancshares stock overvalued right now?
Based on GuruFocus' analysis, Huntington Bancshares (STU:HU3) is currently considered Fairly Valued. The stock's GF Value™ is €14.58, compared to a current price of €15.60 — trading 7% above its estimated fair value. The current Beneish M-Score is -2.29. Huntington Bancshares' overall GF Score™ is 74/100 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 Huntington Bancshares (STU:HU3), the current Beneish M-Score is -2.29 as of Jun. 29, 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 Huntington Bancshares (STU:HU3) Overvalued in 2026?

Based on GuruFocus' analysis, Huntington Bancshares stock appears to be overvalued. The current stock price of €15.60 is trading 7% above its estimated GF Value™ of €14.58. GuruFocus considers Huntington Bancshares to be Fairly Valued.

Key valuation signals for STU:HU3:

  • Beneish M-Score: -2.29
  • GF Value™: €14.58 vs. price of €15.60 (7% above fair value)
  • GF Score™: 74/100 with 5 warning signs

No single metric tells the full story. See the STU:HU3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Huntington Bancshares Business Description

Address 41 South High Street, Columbus, OH, USA, 43287
Huntington is a regional US bank with over $285 billion in assets. It offers a full suite of consumer deposit and lending services, along with commercial services focused on payments, investment management, capital markets, equipment financing, treasury management, and other common banking services.
74GF Score

Get the complete analysis for STU:HU3

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

€15.60
Price
€14.58
GF Value