mBank (WAR:MBK) Beneish M-Score: -2.49 (As of Jun. 24, 2026)


WAR:MBK mBank SA WAR:MBK
67 GF Score
Price zł1,412.00
GF Value zł732.24
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is mBank Beneish M-Score?

mBank WAR:MBK +0.14% 67 Beneish M-Score is -2.49 as of Jun. 24, 2026. GuruFocus rates WAR:MBK with a GF Score™ of 67/100 and a GF Value™ of zł732.24 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, mBank ranks better than 67.98% 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 mBank's Beneish M-Score or its related term are showing as below:

WAR:MBK' s Beneish M-Score Range Over the Past 10 Years
Min: -4.46   Med: -2.39   Max: -0.81
Current: -2.49

During the past 13 years, the highest Beneish M-Score of mBank was -0.81. The lowest was -4.46. And the median was -2.39.

WAR:MBK
67GF Score
mBank SA WAR:MBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

mBank 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 mBank 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 * 1.0011+0.892 * 1.0445+0.115 * 0.9043
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0636+4.679 * -0.004394-0.327 * 1.0321
=-2.49

* 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 zł0 Mil.
Revenue was 3157 + 3129.904 + 3227.395 + 3207.254 = zł12,722 Mil.
Gross Profit was 3157 + 3129.904 + 3227.395 + 3207.254 = zł12,722 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł290,547 Mil.
Property, Plant and Equipment(Net PPE) was zł1,369 Mil.
Depreciation, Depletion and Amortization(DDA) was zł690 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,089 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł18,516 Mil.
Net Income was 953 + 1041.489 + 836.99 + 959.39 = zł3,791 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -16490 + 15510.635 + 4187.792 + 1859.082 = zł5,068 Mil.
 Total Receivables was zł0 Mil.
Revenue was 3091 + 3153.426 + 3189.264 + 2745.692 = zł12,179 Mil.
Gross Profit was 3091 + 3153.426 + 3189.264 + 2745.692 = zł12,179 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł246,068 Mil.
Property, Plant and Equipment(Net PPE) was zł1,427 Mil.
Depreciation, Depletion and Amortization(DDA) was zł620 Mil.
Selling, General, & Admin. Expense(SGA) was zł980 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł15,194 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 / 12721.553) / (0 / 12179.382)
=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)
=(12179.382 / 12179.382) / (12721.553 / 12721.553)
=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 + 1369) / 290547) / (1 - (0 + 1427.484) / 246067.967)
=0.995288 / 0.994199
=1.0011

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
=12721.553 / 12179.382
=1.0445

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))
=(620.491 / (620.491 + 1427.484)) / (689.751 / (689.751 + 1369))
=0.302978 / 0.335034
=0.9043

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)
=(1088.678 / 12721.553) / (979.994 / 12179.382)
=0.085577 / 0.080463
=1.0636

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)
=((18516 + 0) / 290547) / ((15194.113 + 0) / 246067.967)
=0.063728 / 0.061748
=1.0321

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
=(3790.869 - 0 - 5067.509) / 290547
=-0.004394

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.

mBank has a M-score of -2.49 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?
mBank (WAR:MBK) has a Beneish M-Score of -2.49 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on mBank and its competitors. According to the industry distribution chart, mBank ranks #447 out of 1396 companies in the Banks industry, placing it in the top 32%.
Is mBank's Beneish M-Score too high?
mBank's current Beneish M-Score is -2.49. Based on the distribution chart, mBank ranks #447 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, mBank has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does mBank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, mBank ranks #447 out of 1396 companies for Beneish M-Score. This puts mBank 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 mBank and its competitors. mBank'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 mBank stock overvalued right now?
Based on GuruFocus' analysis, mBank (WAR:MBK) is currently considered Significantly Overvalued. The stock's GF Value™ is zł732.24, compared to a current price of zł1,412.00 — trading 92.8% above its estimated fair value. The current Beneish M-Score is -2.49. mBank's overall GF Score™ is 67/100 with 6 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 mBank (WAR:MBK), the current Beneish M-Score is -2.49 as of Jun. 24, 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 mBank (WAR:MBK) Overvalued in 2026?

Based on GuruFocus' analysis, mBank stock appears to be overvalued. The current stock price of zł1,412.00 is trading 92.8% above its estimated GF Value™ of zł732.24. GuruFocus considers mBank to be Significantly Overvalued.

Key valuation signals for WAR:MBK:

  • Beneish M-Score: -2.49
  • GF Value™: zł732.24 vs. price of zł1,412.00 (92.8% above fair value)
  • GF Score™: 67/100 with 6 warning signs

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

mBank Business Description

Other Exchanges BRU:Germany
Address 18 Prosta Street, Warsaw, POL, 00-850
mBank SA is a financial services group operating in Poland, as well as the Czech Republic and Slovakia. Its primary business is retail, corporate, and investment banking, but the company also conducts leasing, factoring, and wealth management operations, among other financial services. The group offers insurance policies through a strategic partnership. The bank plans to emphasize customer service, particularly in the development of its banking solutions. The group conducts its business segments in The Retail Banking segment, The Corporate and Investment Banking segment, The Treasury and Other segments, and the FX Mortgage Loans segment and the majority of its revenue is generated from the retail banking segment.
67GF Score

Get the complete analysis for WAR:MBK

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

zł1,412.00
Price
zł732.24
GF Value