Unicaja Banco (XMAD:UNI) Beneish M-Score: -2.40 (As of Jun. 24, 2026)


XMAD:UNI Unicaja Banco SA XMAD:UNI
56 GF Score
Price €3.18
GF Value €1.42
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Unicaja Banco Beneish M-Score?

Unicaja Banco XMAD:UNI -0.44% 56 Beneish M-Score is -2.40 as of Jun. 24, 2026. GuruFocus rates XMAD:UNI with a GF Score™ of 56/100 and a GF Value™ of €1.42 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Unicaja Banco ranks better than 50.57% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XMAD:UNI' s Beneish M-Score Range Over the Past 10 Years
Min: -4.59   Med: -2.57   Max: -1.55
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Unicaja Banco was -1.55. The lowest was -4.59. And the median was -2.57.

XMAD:UNI
56GF Score
Unicaja Banco SA XMAD:UNI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Unicaja Banco 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 Unicaja Banco 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 * 1.0003+0.892 * 0.9853+0.115 * 0.9308
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0536+4.679 * 0.020857-0.327 * 0.9471
=-2.40

* 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 €2,097 Mil.
Gross Profit was €2,097 Mil.
Total Current Assets was €0 Mil.
Total Assets was €98,428 Mil.
Property, Plant and Equipment(Net PPE) was €1,134 Mil.
Depreciation, Depletion and Amortization(DDA) was €92 Mil.
Selling, General, & Admin. Expense(SGA) was €143 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €4,114 Mil.
Net Income was €632 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €-1,421 Mil.
 Total Receivables was €0 Mil.
Revenue was €2,128 Mil.
Gross Profit was €2,128 Mil.
Total Current Assets was €0 Mil.
Total Assets was €97,365 Mil.
Property, Plant and Equipment(Net PPE) was €1,155 Mil.
Depreciation, Depletion and Amortization(DDA) was €87 Mil.
Selling, General, & Admin. Expense(SGA) was €138 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €4,296 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 / 2097.189) / (0 / 2128.43)
=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)
=(2128.43 / 2128.43) / (2097.189 / 2097.189)
=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 + 1134.499) / 98427.639) / (1 - (0 + 1154.523) / 97365.429)
=0.988474 / 0.988142
=1.0003

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
=2097.189 / 2128.43
=0.9853

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))
=(86.85 / (86.85 + 1154.523)) / (92.209 / (92.209 + 1134.499))
=0.069963 / 0.075168
=0.9308

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)
=(142.868 / 2097.189) / (137.625 / 2128.43)
=0.068124 / 0.06466
=1.0536

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)
=((4113.521 + 0) / 98427.639) / ((4296.124 + 0) / 97365.429)
=0.041792 / 0.044124
=0.9471

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
=(632.356 - 0 - -1420.553) / 98427.639
=0.020857

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.

Unicaja Banco has a M-score of -2.40 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 -2.40 mean?
Unicaja Banco (XMAD:UNI) has a Beneish M-Score of -2.40 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Unicaja Banco and its competitors. According to the industry distribution chart, Unicaja Banco ranks #690 out of 1396 companies in the Banks industry, placing it in the top 49.4%.
Is Unicaja Banco's Beneish M-Score too high?
Unicaja Banco's current Beneish M-Score is -2.40. Based on the distribution chart, Unicaja Banco ranks #690 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Unicaja Banco has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Unicaja Banco's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Unicaja Banco ranks #690 out of 1396 companies for Beneish M-Score. This puts Unicaja Banco 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 Unicaja Banco and its competitors. Unicaja Banco's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Unicaja Banco stock overvalued right now?
Based on GuruFocus' analysis, Unicaja Banco (XMAD:UNI) is currently considered Significantly Overvalued. The stock's GF Value™ is €1.42, compared to a current price of €3.18 — trading 123.9% above its estimated fair value. The current Beneish M-Score is -2.40. Unicaja Banco's overall GF Score™ is 56/100 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 Unicaja Banco (XMAD:UNI), the current Beneish M-Score is -2.40 as of Jun. 24, 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 Unicaja Banco (XMAD:UNI) Overvalued in 2026?

Based on GuruFocus' analysis, Unicaja Banco stock appears to be overvalued. The current stock price of €3.18 is trading 123.9% above its estimated GF Value™ of €1.42. GuruFocus considers Unicaja Banco to be Significantly Overvalued.

Key valuation signals for XMAD:UNI:

  • Beneish M-Score: -2.40
  • GF Value™: €1.42 vs. price of €3.18 (123.9% above fair value)
  • GF Score™: 56/100 with 6 warning signs

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

Unicaja Banco Business Description

Address Avenida de Andalucia 10 y 12, Malaga, ESP, 29007
Unicaja Banco SA is a credit institution; its main activity is retail banking. The group's object includes the provision of investment services and other auxiliary services, as well as the performance of insurance agent activities, as an exclusive or related operator, without the simultaneous exercise of both. Its segments are Credit institutions and insurance companies; these are the activities of the Bank and other Group companies engaged in financial services, as well as other ancillary activities carried out by the Group and of immaterial amounts, and central or general services that have not been allocated to any segment, and Other entities, which include the activities carried out by the other Group companies not included in the previous section. The Group operates in Spain.
56GF Score

Get the complete analysis for XMAD:UNI

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

€3.18
Price
€1.42
GF Value