VALIF (Valiant Holding AG) Beneish M-Score: -2.49 (As of Jun. 27, 2026)


VALIF Valiant Holding AG VALIF
60 GF Score
Price $118.35
GF Value $81.84
! 2 Warning Signs
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What is Valiant Holding AG Beneish M-Score?

Valiant Holding AG VALIF 60 Beneish M-Score is -2.49 as of Jun. 27, 2026. GuruFocus rates VALIF with a GF Score™ of 60/100 and a GF Value™ of $81.84. The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Valiant Holding AG ranks better than 68.07% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

VALIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.47   Max: -2.24
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Valiant Holding AG was -2.24. The lowest was -2.76. And the median was -2.47.

VALIF
60GF Score
Valiant Holding AG VALIF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Valiant Holding AG 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 Valiant Holding AG 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 * 1.0002+0.892 * 1.1103+0.115 * 0.9843
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9999+4.679 * 0.002364-0.327 * 1.0232
=-2.38

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $0.0 Mil.
Revenue was $690.2 Mil.
Gross Profit was $690.2 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $47,526.8 Mil.
Property, Plant and Equipment(Net PPE) was $92.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.4 Mil.
Selling, General, & Admin. Expense(SGA) was $97.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $13,332.9 Mil.
Net Income was $194.1 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $81.8 Mil.
 Total Receivables was $0.0 Mil.
Revenue was $621.7 Mil.
Gross Profit was $621.7 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $41,637.2 Mil.
Property, Plant and Equipment(Net PPE) was $89.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.3 Mil.
Selling, General, & Admin. Expense(SGA) was $87.8 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $11,415.9 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 / 690.247) / (0 / 621.69)
=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)
=(621.69 / 621.69) / (690.247 / 690.247)
=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 + 92.506) / 47526.845) / (1 - (0 + 89.729) / 41637.201)
=0.998054 / 0.997845
=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
=690.247 / 621.69
=1.1103

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))
=(22.258 / (22.258 + 89.729)) / (23.404 / (23.404 + 92.506))
=0.198755 / 0.201915
=0.9843

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)
=(97.498 / 690.247) / (87.82 / 621.69)
=0.141251 / 0.14126
=0.9999

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)
=((13332.921 + 0) / 47526.845) / ((11415.912 + 0) / 41637.201)
=0.280535 / 0.274176
=1.0232

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
=(194.139 - 0 - 81.777) / 47526.845
=0.002364

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.

Valiant Holding AG has a M-score of -2.38 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 -2.49 mean?
Valiant Holding AG (VALIF) has a Beneish M-Score of -2.49 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Valiant Holding AG and its competitors. According to the industry distribution chart, Valiant Holding AG ranks #446 out of 1397 companies in the Banks industry, placing it in the top 31.9%.
Is Valiant Holding AG's Beneish M-Score too high?
Valiant Holding AG's current Beneish M-Score is -2.49. Based on the distribution chart, Valiant Holding AG ranks #446 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Valiant Holding AG has a GF Score™ of 60/100, reflecting its overall financial health beyond just this single metric.
How does Valiant Holding AG's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Valiant Holding AG ranks #446 out of 1397 companies for Beneish M-Score. This puts Valiant Holding AG 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 Valiant Holding AG and its competitors. Valiant Holding AG's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Valiant Holding AG stock overvalued right now?
Valiant Holding AG (VALIF) has a current Beneish M-Score of -2.49. The stock's GF Value™ is $81.84, compared to a current price of $118.35 — trading 44.6% above its estimated fair value. The current Beneish M-Score is -2.49. Valiant Holding AG's overall GF Score™ is 60/100 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 Valiant Holding AG (VALIF), the current Beneish M-Score is -2.49 as of Jun. 27, 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 Valiant Holding AG (VALIF) Overvalued in 2026?

Based on GuruFocus' analysis, Valiant Holding AG stock appears to be overvalued. The current stock price of $118.35 is trading 44.6% above its estimated GF Value™ of $81.84.

Key valuation signals for VALIF:

  • Beneish M-Score: -2.49
  • GF Value™: $81.84 vs. price of $118.35 (44.6% above fair value)
  • GF Score™: 60/100 with 2 warning signs

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

Valiant Holding AG Business Description

Address c/o Valiant Bank AG, Pilatusstrasse 39, Lucerne, CHE, 6003
Valiant Holding AG is an independent retail and SME bank that offers banking and financial services to clients. It caters to the following client segments: private clients, affluent private clients, self-employed individuals and small companies, and medium-sized companies. The products and services of the Group encompass mobile banking, payment solution Twint, savings accounts, retirement planning solutions, payments, investing, financing products, advisory services, and customized investment solutions.
60GF Score

Get the complete analysis for VALIF

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

$118.35
Price
$81.84
GF Value