WF (Woori Financial Group) Beneish M-Score: -2.35 (As of Jul. 28, 2026)

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WF Woori Financial Group Inc WF
51 GF Score
Price $65.69
GF Value $33.62
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Woori Financial Group Beneish M-Score?

Woori Financial Group WF -2.71% 51 Beneish M-Score is -2.35 as of Jul. 28, 2026. GuruFocus rates WF with a GF Score™ of 51/100 and a GF Value™ of $33.62 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,394 Banks companies, Woori Financial Group ranks worse than 58.9% 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51   Med: -2.47   Max: -2.07
Current: -2.35

During the past 10 years, the highest Beneish M-Score of Woori Financial Group was -2.07. The lowest was -3.51. And the median was -2.47.

WF
51GF Score
Woori Financial Group Inc WF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Woori Financial Group 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 Woori Financial Group 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 * 1.1128+0.528 * 1+0.404 * 0.9976+0.892 * 1.0391+0.115 * 1.2402
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0449+4.679 * -0.012999-0.327 * 0.9648
=-2.37

* 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 $15,376 Mil.
Revenue was 2263.548 + 2303.137 + 2402.222 + 2490.255 = $9,459 Mil.
Gross Profit was 2263.548 + 2303.137 + 2402.222 + 2490.255 = $9,459 Mil.
Total Current Assets was $0 Mil.
Total Assets was $410,988 Mil.
Property, Plant and Equipment(Net PPE) was $6,594 Mil.
Depreciation, Depletion and Amortization(DDA) was $882 Mil.
Selling, General, & Admin. Expense(SGA) was $3,354 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $59,508 Mil.
Net Income was 405.442 + 224.116 + 893.039 + 685.384 = $2,208 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -2088.908 + 8034.983 + 3140.873 + -1536.393 = $7,551 Mil.
 Total Receivables was $13,298 Mil.
Revenue was 2175.202 + 2085.09 + 2459.087 + 2383.506 = $9,103 Mil.
Gross Profit was 2175.202 + 2085.09 + 2459.087 + 2383.506 = $9,103 Mil.
Total Current Assets was $0 Mil.
Total Assets was $365,274 Mil.
Property, Plant and Equipment(Net PPE) was $4,982 Mil.
Depreciation, Depletion and Amortization(DDA) was $854 Mil.
Selling, General, & Admin. Expense(SGA) was $3,089 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $54,821 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)
=(15376.451 / 9459.162) / (13297.506 / 9102.885)
=1.625562 / 1.460801
=1.1128

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)
=(9102.885 / 9102.885) / (9459.162 / 9459.162)
=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 + 6593.677) / 410988.276) / (1 - (0 + 4981.963) / 365274.466)
=0.983957 / 0.986361
=0.9976

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
=9459.162 / 9102.885
=1.0391

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))
=(854.329 / (854.329 + 4981.963)) / (882.401 / (882.401 + 6593.677))
=0.146382 / 0.11803
=1.2402

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)
=(3354.173 / 9459.162) / (3089.002 / 9102.885)
=0.354595 / 0.339343
=1.0449

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)
=((59508.001 + 0) / 410988.276) / ((54820.577 + 0) / 365274.466)
=0.144792 / 0.150081
=0.9648

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
=(2207.981 - 0 - 7550.555) / 410988.276
=-0.012999

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.

Woori Financial Group has a M-score of -2.37 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 -2.35 mean?
Woori Financial Group (WF) has a Beneish M-Score of -2.35 as of Jul. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Woori Financial Group and its competitors. According to the industry distribution chart, Woori Financial Group ranks #821 out of 1394 companies in the Banks industry, placing it in the top 58.9%.
Is Woori Financial Group's Beneish M-Score too high?
Woori Financial Group's current Beneish M-Score is -2.35. Based on the distribution chart, Woori Financial Group ranks #821 out of 1394 companies in the Banks industry, which is below the industry midpoint. Overall, Woori Financial Group has a GF Score™ of 51/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Woori Financial Group's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Woori Financial Group ranks #821 out of 1394 companies for Beneish M-Score. This places Woori Financial Group 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 Woori Financial Group and its competitors. Woori Financial Group's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Woori Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Woori Financial Group (WF) is currently considered Significantly Overvalued. The stock's GF Value™ is $33.62, compared to a current price of $65.69 — trading 95.4% above its estimated fair value. The current Beneish M-Score is -2.35. Woori Financial Group's overall GF Score™ is 51/100 with 1 warning sign 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 Woori Financial Group (WF), the current Beneish M-Score is -2.35 as of Jul. 28, 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 Woori Financial Group (WF) Overvalued in 2026?

Based on GuruFocus' analysis, Woori Financial Group stock appears to be overvalued. The current stock price of $65.69 is trading 95.4% above its estimated GF Value™ of $33.62. GuruFocus considers Woori Financial Group to be Significantly Overvalued.

Key valuation signals for WF:

  • Beneish M-Score: -2.35
  • GF Value™: $33.62 vs. price of $65.69 (95.4% above fair value)
  • GF Score™: 51/100 with 1 warning sign

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

Woori Financial Group Business Description

Other Exchanges 316140:Korea2WGA:Germany
Address 51, Sogong-ro, Jung-gu, Seoul, KOR, 04632
Woori Financial Group Inc is a banking and financial services holding company that offers a wide range of businesses, including corporate banking, consumer banking, credit card operations, investment banking, capital markets activities, international banking, asset management, life insurance, and other businesses. It provides products and services to customers, which mainly comprise small- and medium-sized enterprises and individuals, as well as some of Korea's corporations. It has six operational business segments: banking, life insurance, credit card, capital, investment securities, and other operations.
51GF Score

Get the complete analysis for WF

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

$65.69
Price
$33.62
GF Value