MF Banka AD (XBLB:IEFB-R-A) Beneish M-Score: -2.81 (As of Jul. 15, 2026)

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What is MF Banka AD Beneish M-Score?

MF Banka AD XBLB:IEFB-R-A Beneish M-Score is -2.81 as of Jul. 15, 2026. The stock has 2 warning signs investors should review.

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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBLB:IEFB-R-A' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17   Med: -2.42   Max: -1.86
Current: -2.81

During the past 13 years, the highest Beneish M-Score of MF Banka AD was -1.86. The lowest was -3.17. And the median was -2.42.

MF Banka AD 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 MF Banka AD 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 * 1.0033+0.892 * 0.9244+0.115 * 0.8749
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1809+4.679 * -0.035282-0.327 * 1.1586
=-2.81

* 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 BAM0.00 Mil.
Revenue was BAM53.44 Mil.
Gross Profit was BAM53.44 Mil.
Total Current Assets was BAM0.00 Mil.
Total Assets was BAM970.10 Mil.
Property, Plant and Equipment(Net PPE) was BAM9.30 Mil.
Depreciation, Depletion and Amortization(DDA) was BAM3.71 Mil.
Selling, General, & Admin. Expense(SGA) was BAM3.50 Mil.
Total Current Liabilities was BAM0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BAM76.27 Mil.
Net Income was BAM14.71 Mil.
Gross Profit was BAM0.00 Mil.
Cash Flow from Operations was BAM48.94 Mil.
 Total Receivables was BAM0.00 Mil.
Revenue was BAM57.81 Mil.
Gross Profit was BAM57.81 Mil.
Total Current Assets was BAM0.00 Mil.
Total Assets was BAM827.59 Mil.
Property, Plant and Equipment(Net PPE) was BAM10.67 Mil.
Depreciation, Depletion and Amortization(DDA) was BAM3.54 Mil.
Selling, General, & Admin. Expense(SGA) was BAM3.21 Mil.
Total Current Liabilities was BAM0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BAM56.16 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 / 53.44) / (0 / 57.811)
=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)
=(57.811 / 57.811) / (53.44 / 53.44)
=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 + 9.301) / 970.101) / (1 - (0 + 10.667) / 827.592)
=0.990412 / 0.987111
=1.0033

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
=53.44 / 57.811
=0.9244

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))
=(3.541 / (3.541 + 10.667)) / (3.705 / (3.705 + 9.301))
=0.249226 / 0.284869
=0.8749

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)
=(3.504 / 53.44) / (3.21 / 57.811)
=0.065569 / 0.055526
=1.1809

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)
=((76.267 + 0) / 970.101) / ((56.159 + 0) / 827.592)
=0.078618 / 0.067858
=1.1586

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
=(14.71 - 0 - 48.937) / 970.101
=-0.035282

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.

MF Banka AD has a M-score of -2.81 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 -2.81 mean?
MF Banka AD (XBLB:IEFB-R-A) has a Beneish M-Score of -2.81 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MF Banka AD and its competitors.
Is MF Banka AD's Beneish M-Score too high?
MF Banka AD's current Beneish M-Score is -2.81.
How does MF Banka AD's Beneish M-Score compare to USB and PNC?
MF Banka AD's Beneish M-Score of -2.81 can be compared against companies in the Banks 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 MF Banka AD and its competitors. MF Banka AD's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MF Banka AD stock overvalued right now?
MF Banka AD (XBLB:IEFB-R-A) has a current Beneish M-Score of -2.81. The stock's GF Value™ is BAM108.56, compared to a current price of BAM174.82 — trading 61% above its estimated fair value. The current Beneish M-Score is -2.81. 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 MF Banka AD (XBLB:IEFB-R-A), the current Beneish M-Score is -2.81 as of Jul. 15, 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.

MF Banka AD Business Description

Address Aleja Svetog Save Street No. 61, Banja Luka, BIH
MF Banka AD provides is a regional bank engaged in providing banking products and services. The bank is licensed to perform banking activities that include payment transfers, crediting, and depositary operations in the country and abroad. It offers savings products, loans, payment services, deposit and documentary operations services, cards, electronic and mobile banking, SMS, and ATM services. Geographically, it operates in the region of Bosnia and Herzegovina and serves individuals, businesses, and small and medium-sized enterprises.