Banco Pichincha CA (XGUA:PCD) Beneish M-Score: -2.43 (As of Jun. 25, 2026)


XGUA:PCD Banco Pichincha CA XGUA:PCD
75 GF Score
Price $131.00
GF Value $101.53
Valuation Modestly Overvalued
! 3 Warning Signs
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What is Banco Pichincha CA Beneish M-Score?

Banco Pichincha CA XGUA:PCD 75 Beneish M-Score is -2.43 as of Jun. 25, 2026. GuruFocus rates XGUA:PCD with a GF Score™ of 75/100 and a GF Value™ of $101.53 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, Banco Pichincha CA ranks better than 55.87% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XGUA:PCD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.49   Max: -2.03
Current: -2.43

During the past 10 years, the highest Beneish M-Score of Banco Pichincha CA was -2.03. The lowest was -2.84. And the median was -2.49.

XGUA:PCD
75GF Score
Banco Pichincha CA XGUA:PCD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banco Pichincha CA 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 Banco Pichincha CA 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 * 1.0012+0.892 * 1.2019+0.115 * 0.8302
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.04468-0.327 * 0.6952
=-2.43

* 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 $0 Mil.
Revenue was $1,877 Mil.
Gross Profit was $1,877 Mil.
Total Current Assets was $0 Mil.
Total Assets was $26,976 Mil.
Property, Plant and Equipment(Net PPE) was $284 Mil.
Depreciation, Depletion and Amortization(DDA) was $76 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,051 Mil.
Net Income was $237 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,442 Mil.
 Total Receivables was $0 Mil.
Revenue was $1,562 Mil.
Gross Profit was $1,562 Mil.
Total Current Assets was $0 Mil.
Total Assets was $23,805 Mil.
Property, Plant and Equipment(Net PPE) was $278 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,334 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 / 1877.127) / (0 / 1561.76)
=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)
=(1561.76 / 1561.76) / (1877.127 / 1877.127)
=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 + 283.798) / 26976.269) / (1 - (0 + 278.472) / 23804.861)
=0.98948 / 0.988302
=1.0012

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
=1877.127 / 1561.76
=1.2019

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))
=(58.949 / (58.949 + 278.472)) / (75.634 / (75.634 + 283.798))
=0.174705 / 0.210426
=0.8302

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)
=(0 / 1877.127) / (0 / 1561.76)
=0 / 0
=1

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)
=((1051.278 + 0) / 26976.269) / ((1334.406 + 0) / 23804.861)
=0.03897 / 0.056056
=0.6952

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
=(236.85 - 0 - 1442.161) / 26976.269
=-0.04468

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.

Banco Pichincha CA has a M-score of -2.43 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 -2.43 mean?
Banco Pichincha CA (XGUA:PCD) has a Beneish M-Score of -2.43 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Pichincha CA and its competitors. According to the industry distribution chart, Banco Pichincha CA ranks #616 out of 1396 companies in the Banks industry, placing it in the top 44.1%.
Is Banco Pichincha CA's Beneish M-Score too high?
Banco Pichincha CA's current Beneish M-Score is -2.43. Based on the distribution chart, Banco Pichincha CA ranks #616 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Banco Pichincha CA has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banco Pichincha CA's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Pichincha CA ranks #616 out of 1396 companies for Beneish M-Score. This puts Banco Pichincha CA 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 Banco Pichincha CA and its competitors. Banco Pichincha CA's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Pichincha CA stock overvalued right now?
Based on GuruFocus' analysis, Banco Pichincha CA (XGUA:PCD) is currently considered Modestly Overvalued. The stock's GF Value™ is $101.53, compared to a current price of $131.00 — trading 29% above its estimated fair value. The current Beneish M-Score is -2.43. Banco Pichincha CA's overall GF Score™ is 75/100 with 3 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 Banco Pichincha CA (XGUA:PCD), the current Beneish M-Score is -2.43 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 Banco Pichincha CA (XGUA:PCD) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Pichincha CA stock appears to be overvalued. The current stock price of $131.00 is trading 29% above its estimated GF Value™ of $101.53. GuruFocus considers Banco Pichincha CA to be Modestly Overvalued.

Key valuation signals for XGUA:PCD:

  • Beneish M-Score: -2.43
  • GF Value™: $101.53 vs. price of $131.00 (29% above fair value)
  • GF Score™: 75/100 with 3 warning signs

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

Banco Pichincha CA Business Description

Other Exchanges PCD:Ecuador
Address Av Amazonas 4545, Pereira. Building Financial Center Office No. 507, Quito, ECU
Banco Pichincha CA provides banking services in Ecuador. The products and services of the bank include electronic banking, savings account, current account, debit cards, credit cards, and other related services.
75GF Score

Get the complete analysis for XGUA:PCD

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

$131.00
Price
$101.53
GF Value