UkrGasBank OJSC (UKEX:UGZB) Beneish M-Score: 0.00 (As of Aug. 04, 2026)

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UKEX:UGZB UkrGasBank OJSC UKEX:UGZB
91 GF Score
Price ₴0.60
GF Value ₴1.39
! 2 Warning Signs
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What is UkrGasBank OJSC Beneish M-Score?

UkrGasBank OJSC UKEX:UGZB 91 Beneish M-Score is 0.00 as of Aug. 04, 2026. GuruFocus rates UKEX:UGZB with a GF Score™ of 91/100 and a GF Value™ of ₴1.39. The stock has 2 warning signs investors should review. Among 1,391 Banks companies, UkrGasBank OJSC ranks worse than 71890.65% 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.

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

During the past 13 years, the highest Beneish M-Score of UkrGasBank OJSC was 0.22. The lowest was -6.89. And the median was -2.44.

UKEX:UGZB
91GF Score
UkrGasBank OJSC UKEX:UGZB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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UkrGasBank OJSC 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 UkrGasBank OJSC 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ₴0 Mil.
Revenue was 3192.649 + 3022.744 + 3604.604 + 3264.04 = ₴13,084 Mil.
Gross Profit was 3192.649 + 3022.744 + 3604.604 + 3264.04 = ₴13,084 Mil.
Total Current Assets was ₴0 Mil.
Total Assets was ₴221,758 Mil.
Property, Plant and Equipment(Net PPE) was ₴1,171 Mil.
Depreciation, Depletion and Amortization(DDA) was ₴511 Mil.
Selling, General, & Admin. Expense(SGA) was ₴815 Mil.
Total Current Liabilities was ₴0 Mil.
Long-Term Debt & Capital Lease Obligation was ₴0 Mil.
Net Income was 505.523 + 968.972 + 1708.359 + 1109.36 = ₴4,292 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₴0 Mil.
Cash Flow from Operations was 1101.165 + 9157.874 + 8573.441 + -36404.456 = ₴-17,572 Mil.
 Total Receivables was ₴0 Mil.
Revenue was 3176.526 + 2844.769 + 3288.631 + 3078.604 = ₴12,389 Mil.
Gross Profit was 3176.526 + 2844.769 + 3288.631 + 3078.604 = ₴12,389 Mil.
Total Current Assets was ₴0 Mil.
Total Assets was ₴204,422 Mil.
Property, Plant and Equipment(Net PPE) was ₴1,293 Mil.
Depreciation, Depletion and Amortization(DDA) was ₴465 Mil.
Selling, General, & Admin. Expense(SGA) was ₴695 Mil.
Total Current Liabilities was ₴0 Mil.
Long-Term Debt & Capital Lease Obligation was ₴0 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 / 13084.037) / (0 / 12388.53)
=0 / 0
=

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)
=(12388.53 / 12388.53) / (13084.037 / 13084.037)
=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 + 1170.777) / 221758.286) / (1 - (0 + 1293.323) / 204421.785)
=0.99472 / 0.993673
=

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
=13084.037 / 12388.53
=

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))
=(464.621 / (464.621 + 1293.323)) / (510.55 / (510.55 + 1170.777))
=0.264298 / 0.303659
=

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)
=(815.344 / 13084.037) / (695 / 12388.53)
=0.062316 / 0.0561
=

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)
=((0 + 0) / 221758.286) / ((0 + 0) / 204421.785)
=0 / 0
=

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
=(4292.214 - 0 - -17571.976) / 221758.286
=0.098595

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
UkrGasBank OJSC (UKEX:UGZB) has a Beneish M-Score of 0.00 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on UkrGasBank OJSC and its competitors. According to the industry distribution chart, UkrGasBank OJSC ranks #999999 out of 1391 companies in the Banks industry.
Is UkrGasBank OJSC's Beneish M-Score too high?
UkrGasBank OJSC's current Beneish M-Score is 0.00. Based on the distribution chart, UkrGasBank OJSC ranks #999999 out of 1391 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, UkrGasBank OJSC has a GF Score™ of 91/100, reflecting its overall financial health beyond just this single metric.
How does UkrGasBank OJSC's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, UkrGasBank OJSC ranks #999999 out of 1391 companies for Beneish M-Score. This places UkrGasBank OJSC 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 UkrGasBank OJSC and its competitors. UkrGasBank OJSC's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is UkrGasBank OJSC stock overvalued right now?
UkrGasBank OJSC (UKEX:UGZB) has a current Beneish M-Score of 0.00. The stock's GF Value™ is ₴1.39, compared to a current price of ₴0.60 — trading 56.8% below its estimated fair value. The current Beneish M-Score is 0.00. UkrGasBank OJSC's overall GF Score™ is 91/100 with 2 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 UkrGasBank OJSC (UKEX:UGZB), the current Beneish M-Score is 0.00 as of Aug. 04, 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 UkrGasBank OJSC (UKEX:UGZB) Overvalued in 2026?

Based on GuruFocus' analysis, UkrGasBank OJSC stock appears to be undervalued. The current stock price of ₴0.60 is trading 56.8% below its estimated GF Value™ of ₴1.39.

Key valuation signals for UKEX:UGZB:

  • Beneish M-Score: 0.00
  • GF Value™: ₴1.39 vs. price of ₴0.60 (56.8% below fair value)
  • GF Score™: 91/100 with 2 warning signs

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

UkrGasBank OJSC Business Description

Other Exchanges UGZB:Ukraine
Address Kovpaka Street 29, Kyiv, UKR, 03150
UkrGasBank OJSC provides a range of banking products and services for retail and corporate customers in Ukraine. It accepts deposits and current accounts, and provides purpose and consumer loans, and overdrafts. The company also offers payment and fund transfer, currency exchange, credit card handling, financing, and other banking services, as well as attracts and places funds for its corporate and retail customers. Its segments are Retail banking, Corporate banking, clients of small and medium-sized enterprises (SME); Financial institutions, treasury and investment business; and Other Activities. The majority of its revenue is generated from the Financial institutions, treasury, and investment business.
91GF Score

Get the complete analysis for UKEX:UGZB

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

₴0.60
Price
₴1.39
GF Value