NCB Financial Group (XJAM:NCBFG) Beneish M-Score: -2.45 (As of Aug. 01, 2026)

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XJAM:NCBFG NCB Financial Group Ltd XJAM:NCBFG
60 GF Score
Price JMD74.00
GF Value JMD39.49
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is NCB Financial Group Beneish M-Score?

NCB Financial Group XJAM:NCBFG -1.02% 60 Beneish M-Score is -2.45 as of Aug. 01, 2026. GuruFocus rates XJAM:NCBFG with a GF Score™ of 60/100 and a GF Value™ of JMD39.49 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 85 Diversified Financial Services companies, NCB Financial Group ranks worse than 54.12% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:NCBFG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.25   Med: -2.45   Max: -1.91
Current: -2.45

During the past 13 years, the highest Beneish M-Score of NCB Financial Group was -1.91. The lowest was -4.25. And the median was -2.45.

XJAM:NCBFG
60GF Score
NCB Financial Group Ltd XJAM:NCBFG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NCB 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 NCB 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+0.528 * 1+0.404 * 0.9997+0.892 * 1.0762+0.115 * 1.0732
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8101+4.679 * -0.01909-0.327 * 0.9804
=-2.45

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was JMD0 Mil.
Revenue was JMD281,875 Mil.
Gross Profit was JMD281,875 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD2,405,997 Mil.
Property, Plant and Equipment(Net PPE) was JMD34,604 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD8,155 Mil.
Selling, General, & Admin. Expense(SGA) was JMD10,011 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD306,611 Mil.
Net Income was JMD23,132 Mil.
Gross Profit was JMD0 Mil.
Cash Flow from Operations was JMD69,062 Mil.
 Total Receivables was JMD0 Mil.
Revenue was JMD261,910 Mil.
Gross Profit was JMD261,910 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD2,316,011 Mil.
Property, Plant and Equipment(Net PPE) was JMD32,608 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD8,392 Mil.
Selling, General, & Admin. Expense(SGA) was JMD11,483 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD301,040 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 / 281874.713) / (0 / 261909.591)
=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)
=(261909.591 / 261909.591) / (281874.713 / 281874.713)
=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 + 34604.399) / 2405996.947) / (1 - (0 + 32608.254) / 2316010.845)
=0.985617 / 0.985921
=0.9997

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
=281874.713 / 261909.591
=1.0762

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))
=(8392.15 / (8392.15 + 32608.254)) / (8155.359 / (8155.359 + 34604.399))
=0.204685 / 0.190725
=1.0732

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)
=(10011.465 / 281874.713) / (11482.805 / 261909.591)
=0.035517 / 0.043843
=0.8101

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)
=((306611.443 + 0) / 2405996.947) / ((301039.615 + 0) / 2316010.845)
=0.127436 / 0.129982
=0.9804

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
=(23131.671 - 0 - 69061.519) / 2405996.947
=-0.01909

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.

NCB Financial Group has a M-score of -2.45 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 -2.45 mean?
NCB Financial Group (XJAM:NCBFG) has a Beneish M-Score of -2.45 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NCB Financial Group and its competitors. According to the industry distribution chart, NCB Financial Group ranks #46 out of 85 companies in the Diversified Financial Services industry, placing it in the top 54.1%.
Is NCB Financial Group's Beneish M-Score too high?
NCB Financial Group's current Beneish M-Score is -2.45. Based on the distribution chart, NCB Financial Group ranks #46 out of 85 companies in the Diversified Financial Services industry, which is below the industry midpoint. Overall, NCB Financial Group has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NCB Financial Group's Beneish M-Score compare to FRHC and VOYA?
According to the Diversified Financial Services industry distribution chart, NCB Financial Group ranks #46 out of 85 companies for Beneish M-Score. This places NCB 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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial Services 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 NCB Financial Group and its competitors. NCB Financial Group's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NCB Financial Group stock overvalued right now?
Based on GuruFocus' analysis, NCB Financial Group (XJAM:NCBFG) is currently considered Significantly Overvalued. The stock's GF Value™ is JMD39.49, compared to a current price of JMD74.00 — trading 87.4% above its estimated fair value. The current Beneish M-Score is -2.45. NCB Financial Group'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 NCB Financial Group (XJAM:NCBFG), the current Beneish M-Score is -2.45 as of Aug. 01, 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 NCB Financial Group (XJAM:NCBFG) Overvalued in 2026?

Based on GuruFocus' analysis, NCB Financial Group stock appears to be overvalued. The current stock price of JMD74.00 is trading 87.4% above its estimated GF Value™ of JMD39.49. GuruFocus considers NCB Financial Group to be Significantly Overvalued.

Key valuation signals for XJAM:NCBFG:

  • Beneish M-Score: -2.45
  • GF Value™: JMD39.49 vs. price of JMD74.00 (87.4% above fair value)
  • GF Score™: 60/100 with 6 warning signs

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

NCB Financial Group Business Description

Other Exchanges NCBFG:Trinidad and Tobago
Address 32 Trafalgar Road, The Atrium, Kingston, JAM, 10
NCB Financial Group Ltd provides financial services. Its segments comprise Banking and Investment Activities which includes Consumer & SME Banking, Corporate and Commerical Banking, Payment services, Treasury and Correspondent banking, Wealth, Asset management, and Investment Banking; And Insurance Activities Life and Health Insurance and pension Management, and General Insurance. Maximum revenue is from Life and Health Insurance and pension Management sector, with maximum profit from Jamaica and Trinidad and Tobago.
60GF Score

Get the complete analysis for XJAM:NCBFG

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

JMD74.00
Price
JMD39.49
GF Value