WSBC (Wesbanco) Beneish M-Score: -2.28 (As of Jun. 25, 2026)


WSBC Wesbanco Inc WSBC
60 GF Score
Price $37.86
GF Value $33.07
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is Wesbanco Beneish M-Score?

Wesbanco WSBC +1.58% 60 Beneish M-Score is -2.28 as of Jun. 25, 2026. GuruFocus rates WSBC with a GF Score™ of 60/100 and a GF Value™ of $33.07 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Wesbanco ranks worse than 69.91% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WSBC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33   Med: -2.37   Max: -1.7
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Wesbanco was -1.70. The lowest was -3.33. And the median was -2.37.

WSBC
60GF Score
Wesbanco Inc WSBC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Wesbanco 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 Wesbanco 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 * 0.6055+0.528 * 1+0.404 * 1.0011+0.892 * 1.5985+0.115 * 0.3149
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8542+4.679 * -0.003736-0.327 * 0.6971
=-2.28

* 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 $105 Mil.
Revenue was 255.721 + 262.55 + 260.056 + 259.433 = $1,038 Mil.
Gross Profit was 255.721 + 262.55 + 260.056 + 259.433 = $1,038 Mil.
Total Current Assets was $0 Mil.
Total Assets was $27,482 Mil.
Property, Plant and Equipment(Net PPE) was $251 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $349 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,284 Mil.
Net Income was 88.635 + 91.11 + 83.573 + 57.415 = $321 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 106.579 + 94.906 + 116.879 + 105.05 = $423 Mil.
 Total Receivables was $109 Mil.
Revenue was 192.092 + 161.423 + 149.223 + 146.466 = $649 Mil.
Gross Profit was 192.092 + 161.423 + 149.223 + 146.466 = $649 Mil.
Total Current Assets was $0 Mil.
Total Assets was $27,412 Mil.
Property, Plant and Equipment(Net PPE) was $281 Mil.
Depreciation, Depletion and Amortization(DDA) was $10 Mil.
Selling, General, & Admin. Expense(SGA) was $255 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,837 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)
=(105.288 / 1037.76) / (108.778 / 649.204)
=0.101457 / 0.167556
=0.6055

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)
=(649.204 / 649.204) / (1037.76 / 1037.76)
=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 + 251.325) / 27482.455) / (1 - (0 + 281.493) / 27412.383)
=0.990855 / 0.989731
=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
=1037.76 / 649.204
=1.5985

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))
=(10.382 / (10.382 + 281.493)) / (32.006 / (32.006 + 251.325))
=0.03557 / 0.112963
=0.3149

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)
=(348.517 / 1037.76) / (255.237 / 649.204)
=0.335836 / 0.393154
=0.8542

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)
=((1283.683 + 0) / 27482.455) / ((1836.667 + 0) / 27412.383)
=0.046709 / 0.067001
=0.6971

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
=(320.733 - 0 - 423.414) / 27482.455
=-0.003736

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.

Wesbanco has a M-score of -2.28 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 -2.28 mean?
Wesbanco (WSBC) has a Beneish M-Score of -2.28 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wesbanco and its competitors. According to the industry distribution chart, Wesbanco ranks #976 out of 1396 companies in the Banks industry, placing it in the top 69.9%.
Is Wesbanco's Beneish M-Score too high?
Wesbanco's current Beneish M-Score is -2.28. Based on the distribution chart, Wesbanco ranks #976 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Wesbanco has a GF Score™ of 60/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Wesbanco's Beneish M-Score compare to CBU and BKU?
According to the Banks industry distribution chart, Wesbanco ranks #976 out of 1396 companies for Beneish M-Score. This places Wesbanco 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 Wesbanco and its competitors. Wesbanco's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wesbanco stock overvalued right now?
Based on GuruFocus' analysis, Wesbanco (WSBC) is currently considered Modestly Overvalued. The stock's GF Value™ is $33.07, compared to a current price of $37.86 — trading 14.5% above its estimated fair value. The current Beneish M-Score is -2.28. Wesbanco's overall GF Score™ is 60/100 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 Wesbanco (WSBC), the current Beneish M-Score is -2.28 as of Jun. 25, 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 Wesbanco (WSBC) Overvalued in 2026?

Based on GuruFocus' analysis, Wesbanco stock appears to be overvalued. The current stock price of $37.86 is trading 14.5% above its estimated GF Value™ of $33.07. GuruFocus considers Wesbanco to be Modestly Overvalued.

Key valuation signals for WSBC:

  • Beneish M-Score: -2.28
  • GF Value™: $33.07 vs. price of $37.86 (14.5% above fair value)
  • GF Score™: 60/100 with 6 warning signs

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

Wesbanco Business Description

Address 1 Bank Plaza, Wheeling, WV, USA, 26003
Wesbanco Inc is a bank holding company. Through its subsidiaries, it offers a full range of financial services, including retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking, and insurance. WesBanco operates one commercial bank, WesBanco Bank, which runs scores of branches. The company's reportable segments are Community Banking, which derives key revenue, and Trust and Investment Services. The Community Banking segment offers various banking products and services through various delivery channels, including commercial demand, individual demand, and time deposit accounts; commercial, mortgage, and individual installment loans; and certain non-traditional offerings, such as insurance and securities brokerage services.
60GF Score

Get the complete analysis for WSBC

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

$37.86
Price
$33.07
GF Value