CAL Bank (XGHA:CAL) Beneish M-Score: -2.12 (As of Jun. 25, 2026)


What is CAL Bank Beneish M-Score?

CAL Bank XGHA:CAL Beneish M-Score is -2.12 as of Jun. 25, 2026. The stock has 2 warning signs investors should review. Among 1,396 Banks companies, CAL Bank ranks worse than 85.82% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XGHA:CAL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.77   Max: -2.12
Current: -2.12

During the past 13 years, the highest Beneish M-Score of CAL Bank was -2.12. The lowest was -3.58. And the median was -2.77.

CAL Bank 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 CAL Bank 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 * 0.9893+0.892 * 1.5255+0.115 * 1.1625
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2125+4.679 * -0.079631-0.327 * 0.6522
=-2.12

* 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 GHS0 Mil.
Revenue was GHS878 Mil.
Gross Profit was GHS878 Mil.
Total Current Assets was GHS0 Mil.
Total Assets was GHS11,927 Mil.
Property, Plant and Equipment(Net PPE) was GHS765 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS61 Mil.
Selling, General, & Admin. Expense(SGA) was GHS9 Mil.
Total Current Liabilities was GHS0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS1,073 Mil.
Net Income was GHS305 Mil.
Gross Profit was GHS0 Mil.
Cash Flow from Operations was GHS1,255 Mil.
 Total Receivables was GHS0 Mil.
Revenue was GHS575 Mil.
Gross Profit was GHS575 Mil.
Total Current Assets was GHS0 Mil.
Total Assets was GHS11,689 Mil.
Property, Plant and Equipment(Net PPE) was GHS631 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS59 Mil.
Selling, General, & Admin. Expense(SGA) was GHS27 Mil.
Total Current Liabilities was GHS0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS1,613 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 / 877.756) / (0 / 575.385)
=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)
=(575.385 / 575.385) / (877.756 / 877.756)
=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 + 765.474) / 11926.719) / (1 - (0 + 631.387) / 11688.797)
=0.935819 / 0.945984
=0.9893

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
=877.756 / 575.385
=1.5255

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))
=(59.005 / (59.005 + 631.387)) / (60.741 / (60.741 + 765.474))
=0.085466 / 0.073517
=1.1625

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)
=(8.7 / 877.756) / (26.834 / 575.385)
=0.009912 / 0.046637
=0.2125

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)
=((1073.026 + 0) / 11926.719) / ((1612.511 + 0) / 11688.797)
=0.089968 / 0.137954
=0.6522

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
=(304.911 - 0 - 1254.647) / 11926.719
=-0.079631

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.

CAL Bank has a M-score of -2.12 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 -2.12 mean?
CAL Bank (XGHA:CAL) has a Beneish M-Score of -2.12 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CAL Bank and its competitors. According to the industry distribution chart, CAL Bank ranks #1198 out of 1396 companies in the Banks industry, placing it in the top 85.8%.
Is CAL Bank's Beneish M-Score too high?
CAL Bank's current Beneish M-Score is -2.12. Based on the distribution chart, CAL Bank ranks #1198 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers.
How does CAL Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, CAL Bank ranks #1198 out of 1396 companies for Beneish M-Score. This places CAL Bank 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 CAL Bank and its competitors. CAL Bank's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CAL Bank stock overvalued right now?
CAL Bank (XGHA:CAL) has a current Beneish M-Score of -2.12. The current Beneish M-Score is -2.12. 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 CAL Bank (XGHA:CAL), the current Beneish M-Score is -2.12 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.

CAL Bank Business Description

Address 23 Independence Avenue, P.O. Box 14596, Accra, GHA
CAL Bank Ltd is mainly engaged in providing banking solutions in Ghana. Its reportable segments are: Corporate Banking, Consumer & Commercial Banking, Treasury, and Asset Management. Maximum revenue is derived from the Treasury segment, which undertakes the Bank's funding and centralised risk management activities. The Corporate Banking segment offers loans, deposits, and other services to corporate clients, institutional clients, and public sector entities; the Consumer & Commercial Banking segment provides traditional banking and other financial services such as funds transfer, standing orders, and ATM card service to small and medium enterprises, and individual customers; and the Asset Management segment offers asset and portfolio management and investment advisory services.