United Bankshares (STU:UNK) Beneish M-Score: -2.44 (As of Jun. 26, 2026)


STU:UNK United Bankshares Inc STU:UNK
65 GF Score
Price €40.40
GF Value €36.41
Valuation Modestly Overvalued
! 4 Warning Signs
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What is United Bankshares Beneish M-Score?

United Bankshares STU:UNK +1.00% 65 Beneish M-Score is -2.44 as of Jun. 26, 2026. GuruFocus rates STU:UNK with a GF Score™ of 65/100 and a GF Value™ of €36.41 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, United Bankshares ranks better than 58.27% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:UNK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.35   Max: -1.85
Current: -2.44

During the past 13 years, the highest Beneish M-Score of United Bankshares was -1.85. The lowest was -2.76. And the median was -2.35.

STU:UNK
65GF Score
United Bankshares Inc STU:UNK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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United Bankshares 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 United Bankshares 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 * 0.844+0.528 * 1+0.404 * 1.0002+0.892 * 1.0976+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.905+4.679 * -0.001032-0.327 * 0.948
=-2.51

* 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 €95 Mil.
Revenue was 273.301 + 271.545 + 274.977 + 264.776 = €1,085 Mil.
Gross Profit was 273.301 + 271.545 + 274.977 + 264.776 = €1,085 Mil.
Total Current Assets was €0 Mil.
Total Assets was €29,155 Mil.
Property, Plant and Equipment(Net PPE) was €257 Mil.
Depreciation, Depletion and Amortization(DDA) was €2 Mil.
Selling, General, & Admin. Expense(SGA) was €282 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €542 Mil.
Net Income was 107.433 + 110.019 + 111.397 + 104.665 = €434 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 139.14 + 118.637 + 128.346 + 77.479 = €464 Mil.
 Total Receivables was €102 Mil.
Revenue was 267.343 + 249.293 + 235.312 + 236.238 = €988 Mil.
Gross Profit was 267.343 + 249.293 + 235.312 + 236.238 = €988 Mil.
Total Current Assets was €0 Mil.
Total Assets was €30,329 Mil.
Property, Plant and Equipment(Net PPE) was €275 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €284 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €594 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)
=(94.692 / 1084.599) / (102.221 / 988.186)
=0.087306 / 0.103443
=0.844

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)
=(988.186 / 988.186) / (1084.599 / 1084.599)
=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 + 256.887) / 29155.154) / (1 - (0 + 274.525) / 30329.357)
=0.991189 / 0.990949
=1.0002

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
=1084.599 / 988.186
=1.0976

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))
=(0 / (0 + 274.525)) / (1.59 / (1.59 + 256.887))
=0 / 0.006151
=1

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)
=(282.325 / 1084.599) / (284.217 / 988.186)
=0.260304 / 0.287615
=0.905

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)
=((541.609 + 0) / 29155.154) / ((594.353 + 0) / 30329.357)
=0.018577 / 0.019597
=0.948

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
=(433.514 - 0 - 463.602) / 29155.154
=-0.001032

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.

United Bankshares has a M-score of -2.51 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 -2.44 mean?
United Bankshares (STU:UNK) has a Beneish M-Score of -2.44 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on United Bankshares and its competitors. According to the industry distribution chart, United Bankshares ranks #583 out of 1397 companies in the Banks industry, placing it in the top 41.7%.
Is United Bankshares' Beneish M-Score too high?
United Bankshares' current Beneish M-Score is -2.44. Based on the distribution chart, United Bankshares ranks #583 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, United Bankshares has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does United Bankshares' Beneish M-Score compare to FLG and GBCI?
According to the Banks industry distribution chart, United Bankshares ranks #583 out of 1397 companies for Beneish M-Score. This puts United Bankshares 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 United Bankshares and its competitors. United Bankshares's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Bankshares stock overvalued right now?
Based on GuruFocus' analysis, United Bankshares (STU:UNK) is currently considered Modestly Overvalued. The stock's GF Value™ is €36.41, compared to a current price of €40.40 — trading 11% above its estimated fair value. The current Beneish M-Score is -2.44. United Bankshares' overall GF Score™ is 65/100 with 4 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 United Bankshares (STU:UNK), the current Beneish M-Score is -2.44 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 United Bankshares (STU:UNK) Overvalued in 2026?

Based on GuruFocus' analysis, United Bankshares stock appears to be overvalued. The current stock price of €40.40 is trading 11% above its estimated GF Value™ of €36.41. GuruFocus considers United Bankshares to be Modestly Overvalued.

Key valuation signals for STU:UNK:

  • Beneish M-Score: -2.44
  • GF Value™: €36.41 vs. price of €40.40 (11% above fair value)
  • GF Score™: 65/100 with 4 warning signs

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

United Bankshares Business Description

Other Exchanges UBSI:USA
Address 500 Virginia Street, 300 United Center, East Charleston, Charleston, WV, USA, 25301
United Bankshares Inc is a financial holding company that provides banking services. The company operates in one segment: Community banking, which offers a full range-of-products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time, and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans, as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers.
65GF Score

Get the complete analysis for STU:UNK

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

€40.40
Price
€36.41
GF Value