State Street (STU:ZYA) Beneish M-Score: -1.76 (As of Jun. 25, 2026)


STU:ZYA State Street Corp STU:ZYA
72 GF Score
Price €148.50
GF Value €100.11
Valuation Significantly Overvalued
! 9 Warning Signs
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What is State Street Beneish M-Score?

State Street STU:ZYA +0.07% 72 Beneish M-Score is -1.76 as of Jun. 25, 2026. GuruFocus rates STU:ZYA with a GF Score™ of 72/100 and a GF Value™ of €100.11 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 955 Asset Management companies, State Street ranks worse than 66.18% 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.

Warning Sign:

Beneish M-Score -1.76 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STU:ZYA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.47   Max: 1.82
Current: -1.76

During the past 13 years, the highest Beneish M-Score of State Street was 1.82. The lowest was -3.35. And the median was -2.47.

STU:ZYA
72GF Score
State Street Corp STU:ZYA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

State Street 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 State Street 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 * 1.6116+0.528 * 1+0.404 * 0.9991+0.892 * 1.0263+0.115 * 0.8845
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9478+4.679 * 0.015175-0.327 * 0.9652
=-1.82

* 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 €9,013 Mil.
Revenue was 3283.54 + 3131.618 + 3020.34 + 3007.623 = €12,443 Mil.
Gross Profit was 3283.54 + 3131.618 + 3020.34 + 3007.623 = €12,443 Mil.
Total Current Assets was €0 Mil.
Total Assets was €339,223 Mil.
Property, Plant and Equipment(Net PPE) was €3,586 Mil.
Depreciation, Depletion and Amortization(DDA) was €587 Mil.
Selling, General, & Admin. Expense(SGA) was €4,390 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €21,827 Mil.
Net Income was 660.86 + 637.938 + 733.572 + 600.831 = €2,633 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -10503.695 + 8575.868 + 6731.652 + -7318.347 = €-2,515 Mil.
 Total Receivables was €5,449 Mil.
Revenue was 3037.7 + 3258.46 + 2863.378 + 2964.439 = €12,124 Mil.
Gross Profit was 3037.7 + 3258.46 + 2863.378 + 2964.439 = €12,124 Mil.
Total Current Assets was €0 Mil.
Total Assets was €344,741 Mil.
Property, Plant and Equipment(Net PPE) was €3,339 Mil.
Depreciation, Depletion and Amortization(DDA) was €474 Mil.
Selling, General, & Admin. Expense(SGA) was €4,513 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €22,983 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)
=(9013.3 / 12443.121) / (5449.175 / 12123.977)
=0.72436 / 0.449454
=1.6116

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)
=(12123.977 / 12123.977) / (12443.121 / 12443.121)
=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 + 3586.29) / 339222.725) / (1 - (0 + 3339.25) / 344741.025)
=0.989428 / 0.990314
=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
=12443.121 / 12123.977
=1.0263

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))
=(474.358 / (474.358 + 3339.25)) / (586.872 / (586.872 + 3586.29))
=0.124386 / 0.14063
=0.8845

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)
=(4390.155 / 12443.121) / (4513.386 / 12123.977)
=0.352818 / 0.372269
=0.9478

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)
=((21826.545 + 0) / 339222.725) / ((22982.55 + 0) / 344741.025)
=0.064343 / 0.066666
=0.9652

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
=(2633.201 - 0 - -2514.522) / 339222.725
=0.015175

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.

State Street has a M-score of -1.82 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 -1.76 mean?
State Street (STU:ZYA) has a Beneish M-Score of -1.76 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on State Street and its competitors. According to the industry distribution chart, State Street ranks #632 out of 955 companies in the Asset Management industry, placing it in the top 66.2%.
Is State Street's Beneish M-Score too high?
State Street's current Beneish M-Score is -1.76. Based on the distribution chart, State Street ranks #632 out of 955 companies in the Asset Management industry, which is below the industry midpoint. Overall, State Street has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does State Street's Beneish M-Score compare to AMP and NTRS?
According to the Asset Management industry distribution chart, State Street ranks #632 out of 955 companies for Beneish M-Score. This places State Street 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 State Street and its competitors. State Street's current Beneish M-Score is -1.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is State Street stock overvalued right now?
Based on GuruFocus' analysis, State Street (STU:ZYA) is currently considered Significantly Overvalued. The stock's GF Value™ is €100.11, compared to a current price of €148.50 — trading 48.3% above its estimated fair value. The current Beneish M-Score is -1.76. State Street's overall GF Score™ is 72/100 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 State Street (STU:ZYA), the current Beneish M-Score is -1.76 as of Jun. 25, 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 State Street (STU:ZYA) Overvalued in 2026?

Based on GuruFocus' analysis, State Street stock appears to be overvalued. The current stock price of €148.50 is trading 48.3% above its estimated GF Value™ of €100.11. GuruFocus considers State Street to be Significantly Overvalued.

Key valuation signals for STU:ZYA:

  • Beneish M-Score: -1.76
  • GF Value™: €100.11 vs. price of €148.50 (48.3% above fair value)
  • GF Score™: 72/100 with 9 warning signs

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

State Street Business Description

Address One Congress Street, Boston, MA, USA, 02114
State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $54 trillion in assets under custody and administration, and $5.7 trillion in assets under management, as of Dec. 31, 2025, State Street operates globally in more than 100 geographic markets and employs about 51,500 worldwide.
72GF Score

Get the complete analysis for STU:ZYA

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

€148.50
Price
€100.11
GF Value