Republic Financial Hol (TRN:RFHL) Beneish M-Score: -2.46 (As of Jul. 31, 2026)

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TRN:RFHL Republic Financial Hol Ltd TRN:RFHL
87 GF Score
Price TTD109.35
GF Value TTD128.50
Valuation Modestly Undervalued
View Full Analysis

What is Republic Financial Hol Beneish M-Score?

Republic Financial Hol TRN:RFHL +0.05% 87 Beneish M-Score is -2.46 as of Jul. 31, 2026. GuruFocus rates TRN:RFHL with a GF Score™ of 87/100 and a GF Value™ of TTD128.50 (Modestly Undervalued). Among 1,392 Banks companies, Republic Financial Hol ranks better than 62.72% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TRN:RFHL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.46   Max: -2.21
Current: -2.46

During the past 9 years, the highest Beneish M-Score of Republic Financial Hol was -2.21. The lowest was -2.67. And the median was -2.46.

TRN:RFHL
87GF Score
Republic Financial Hol Ltd TRN:RFHL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Republic Financial Hol 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 Republic Financial Hol 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 * 1.0026+0.892 * 1.0649+0.115 * 0.9821
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9733+4.679 * -0.004924-0.327 * 1.0457
=-2.46

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was TTD0 Mil.
Revenue was TTD7,679 Mil.
Gross Profit was TTD7,679 Mil.
Total Current Assets was TTD0 Mil.
Total Assets was TTD127,132 Mil.
Property, Plant and Equipment(Net PPE) was TTD3,815 Mil.
Depreciation, Depletion and Amortization(DDA) was TTD475 Mil.
Selling, General, & Admin. Expense(SGA) was TTD1,505 Mil.
Total Current Liabilities was TTD0 Mil.
Long-Term Debt & Capital Lease Obligation was TTD5,622 Mil.
Net Income was TTD2,202 Mil.
Gross Profit was TTD0 Mil.
Cash Flow from Operations was TTD2,828 Mil.
 Total Receivables was TTD0 Mil.
Revenue was TTD7,211 Mil.
Gross Profit was TTD7,211 Mil.
Total Current Assets was TTD0 Mil.
Total Assets was TTD118,540 Mil.
Property, Plant and Equipment(Net PPE) was TTD3,852 Mil.
Depreciation, Depletion and Amortization(DDA) was TTD470 Mil.
Selling, General, & Admin. Expense(SGA) was TTD1,452 Mil.
Total Current Liabilities was TTD0 Mil.
Long-Term Debt & Capital Lease Obligation was TTD5,013 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 / 7679) / (0 / 7211)
=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)
=(7211 / 7211) / (7679 / 7679)
=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 + 3815) / 127132) / (1 - (0 + 3852) / 118540)
=0.969992 / 0.967505
=1.0026

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
=7679 / 7211
=1.0649

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))
=(470 / (470 + 3852)) / (475 / (475 + 3815))
=0.108746 / 0.110723
=0.9821

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)
=(1505 / 7679) / (1452 / 7211)
=0.195989 / 0.201359
=0.9733

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)
=((5622 + 0) / 127132) / ((5013 + 0) / 118540)
=0.044222 / 0.04229
=1.0457

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
=(2202 - 0 - 2828) / 127132
=-0.004924

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.

Republic Financial Hol has a M-score of -2.46 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 -2.46 mean?
Republic Financial Hol (TRN:RFHL) has a Beneish M-Score of -2.46 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Republic Financial Hol and its competitors. According to the industry distribution chart, Republic Financial Hol ranks #519 out of 1392 companies in the Banks industry, placing it in the top 37.3%.
Is Republic Financial Hol's Beneish M-Score too high?
Republic Financial Hol's current Beneish M-Score is -2.46. Based on the distribution chart, Republic Financial Hol ranks #519 out of 1392 companies in the Banks industry, which is above the industry midpoint. Overall, Republic Financial Hol has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Republic Financial Hol's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Republic Financial Hol ranks #519 out of 1392 companies for Beneish M-Score. This puts Republic Financial Hol 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 Republic Financial Hol and its competitors. Republic Financial Hol's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Republic Financial Hol stock overvalued right now?
Based on GuruFocus' analysis, Republic Financial Hol (TRN:RFHL) is currently considered Modestly Undervalued. The stock's GF Value™ is TTD128.50, compared to a current price of TTD109.35 — trading 14.9% below its estimated fair value. The current Beneish M-Score is -2.46. Republic Financial Hol's overall GF Score™ is 87/100. 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 Republic Financial Hol (TRN:RFHL), the current Beneish M-Score is -2.46 as of Jul. 31, 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 Republic Financial Hol (TRN:RFHL) Overvalued in 2026?

Based on GuruFocus' analysis, Republic Financial Hol stock appears to be undervalued. The current stock price of TTD109.35 is trading 14.9% below its estimated GF Value™ of TTD128.50. GuruFocus considers Republic Financial Hol to be Modestly Undervalued.

Key valuation signals for TRN:RFHL:

  • Beneish M-Score: -2.46
  • GF Value™: TTD128.50 vs. price of TTD109.35 (14.9% below fair value)
  • GF Score™: 87/100

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

Republic Financial Hol Business Description

Address 9-17 Park Street, Republic House, 4th Floor, West Indies, Port of Spain, TTO
Republic Financial Hol Ltd is a financial services group comprising several subsidiaries and associated companies. The company is engaged in providing a wide range of banking, financial, and related services to retail and commercial banking customers, corporate clients, and governments. It operates in two segments: retail and commercial banking, which generates maximum revenue, and other financial services. The company operates in the following geographical segments: Trinidad & Tobago, Barbados, Suriname, Eastern Caribbean, Guyana, Ghana, Cayman Islands, and the British Virgin Islands. It derives key revenue from its operations in Trinidad & Tobago.
87GF Score

Get the complete analysis for TRN:RFHL

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

TTD109.35
Price
TTD128.50
GF Value