Bancontander (XMAD:SAN) Beneish M-Score: -2.48 (As of Jun. 25, 2026)


XMAD:SAN Banco Santander SA XMAD:SAN
58 GF Score
Price €11.86
GF Value €5.05
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Bancontander Beneish M-Score?

Bancontander XMAD:SAN -0.57% 58 Beneish M-Score is -2.48 as of Jun. 25, 2026. GuruFocus rates XMAD:SAN with a GF Score™ of 58/100 and a GF Value™ of €5.05 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, Bancontander ranks better than 66.12% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XMAD:SAN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -2.46   Max: 3.98
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Bancontander was 3.98. The lowest was -3.11. And the median was -2.46.

XMAD:SAN
58GF Score
Banco Santander SA XMAD:SAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bancontander 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 Bancontander 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 * 1.0227+0.528 * 1+0.404 * 1.0024+0.892 * 0.9622+0.115 * 0.8981
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0377+4.679 * 0.008701-0.327 * 1.0263
=-2.48

* 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 €9,721 Mil.
Revenue was 15444 + 14978 + 14177 + 14332 = €58,931 Mil.
Gross Profit was 15444 + 14978 + 14177 + 14332 = €58,931 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,856,625 Mil.
Property, Plant and Equipment(Net PPE) was €25,755 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,184 Mil.
Selling, General, & Admin. Expense(SGA) was €21,099 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €328,619 Mil.
Net Income was 5455 + 3764 + 3504 + 3431 = €16,154 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = €0 Mil.
 Total Receivables was €9,878 Mil.
Revenue was 15002 + 15812 + 14941 + 15490 = €61,245 Mil.
Gross Profit was 15002 + 15812 + 14941 + 15490 = €61,245 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,845,177 Mil.
Property, Plant and Equipment(Net PPE) was €29,987 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,288 Mil.
Selling, General, & Admin. Expense(SGA) was €21,130 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €318,216 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)
=(9721 / 58931) / (9878 / 61245)
=0.164956 / 0.161287
=1.0227

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)
=(61245 / 61245) / (58931 / 58931)
=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 + 25755) / 1856625) / (1 - (0 + 29987) / 1845177)
=0.986128 / 0.983748
=1.0024

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
=58931 / 61245
=0.9622

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))
=(3288 / (3288 + 29987)) / (3184 / (3184 + 25755))
=0.098813 / 0.110025
=0.8981

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)
=(21099 / 58931) / (21130 / 61245)
=0.358029 / 0.345008
=1.0377

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)
=((328619 + 0) / 1856625) / ((318216 + 0) / 1845177)
=0.176998 / 0.172458
=1.0263

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
=(16154 - 0 - 0) / 1856625
=0.008701

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.

Bancontander has a M-score of -2.48 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 -2.48 mean?
Bancontander (XMAD:SAN) has a Beneish M-Score of -2.48 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bancontander and its competitors. According to the industry distribution chart, Bancontander ranks #473 out of 1396 companies in the Banks industry, placing it in the top 33.9%.
Is Bancontander's Beneish M-Score too high?
Bancontander's current Beneish M-Score is -2.48. Based on the distribution chart, Bancontander ranks #473 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Bancontander has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bancontander's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Bancontander ranks #473 out of 1396 companies for Beneish M-Score. This puts Bancontander 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 Bancontander and its competitors. Bancontander's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bancontander stock overvalued right now?
Based on GuruFocus' analysis, Bancontander (XMAD:SAN) is currently considered Significantly Overvalued. The stock's GF Value™ is €5.05, compared to a current price of €11.86 — trading 134.9% above its estimated fair value. The current Beneish M-Score is -2.48. Bancontander's overall GF Score™ is 58/100 with 7 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 Bancontander (XMAD:SAN), the current Beneish M-Score is -2.48 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 Bancontander (XMAD:SAN) Overvalued in 2026?

Based on GuruFocus' analysis, Bancontander stock appears to be overvalued. The current stock price of €11.86 is trading 134.9% above its estimated GF Value™ of €5.05. GuruFocus considers Bancontander to be Significantly Overvalued.

Key valuation signals for XMAD:SAN:

  • Beneish M-Score: -2.48
  • GF Value™: €5.05 vs. price of €11.86 (134.9% above fair value)
  • GF Score™: 58/100 with 7 warning signs

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

Bancontander Business Description

Address Avenida de Cantabria s/n, Boadilla del Monte, Ciudad Grupo Santander, Madrid, ESP, 28660
Santander's focus is on retail and commercial banking. Latin America is geographically the most significant operation, with Brazil making the largest contribution. Its continental European business is mainly in Spain and Portugal. Santander's UK presence is the result of its acquisition of Abbey building society. In the US, Santander operates a vehicle finance business and a regional bank focused on the Northeastern states.
58GF Score

Get the complete analysis for XMAD:SAN

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

€11.86
Price
€5.05
GF Value