Bancontander Argentina (XMAD:XBRSB) Beneish M-Score: -2.34 (As of Jun. 27, 2026)


XMAD:XBRSB Banco Santander Argentina SA XMAD:XBRSB
16 GF Score
Price €0.25
GF Value €0.26
! 4 Warning Signs
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What is Bancontander Argentina Beneish M-Score?

Bancontander Argentina XMAD:XBRSB 16 Beneish M-Score is -2.34 as of Jun. 27, 2026. GuruFocus rates XMAD:XBRSB with a GF Score™ of 16/100 and a GF Value™ of €0.26. The stock has 4 warning signs investors should review.

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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XMAD:XBRSB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.41   Med: -2.05   Max: 0.6
Current: -2.34

During the past 13 years, the highest Beneish M-Score of Bancontander Argentina was 0.60. The lowest was -3.41. And the median was -2.05.

XMAD:XBRSB
16GF Score
Banco Santander Argentina SA XMAD:XBRSB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bancontander Argentina 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 Argentina 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 * 0.9979+0.892 * 0.6621+0.115 * 1.6463
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.081+4.679 * 0.011118-0.327 * 0.8512
=-2.62

* 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 €0 Mil.
Revenue was 945.542 + 915.699 + 849.589 + 883.135 = €3,594 Mil.
Gross Profit was 945.542 + 915.699 + 849.589 + 883.135 = €3,594 Mil.
Total Current Assets was €0 Mil.
Total Assets was €16,446 Mil.
Property, Plant and Equipment(Net PPE) was €472 Mil.
Depreciation, Depletion and Amortization(DDA) was €196 Mil.
Selling, General, & Admin. Expense(SGA) was €377 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €255 Mil.
Net Income was 22.469 + 69.651 + 73.391 + 158.198 = €324 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -6.731 + 713.464 + -867.803 + 301.929 = €141 Mil.
 Total Receivables was €0 Mil.
Revenue was 1152.369 + 1403.247 + 1121.924 + 1750.244 = €5,428 Mil.
Gross Profit was 1152.369 + 1403.247 + 1121.924 + 1750.244 = €5,428 Mil.
Total Current Assets was €0 Mil.
Total Assets was €17,962 Mil.
Property, Plant and Equipment(Net PPE) was €479 Mil.
Depreciation, Depletion and Amortization(DDA) was €445 Mil.
Selling, General, & Admin. Expense(SGA) was €527 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €327 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 / 3593.965) / (0 / 5427.784)
=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)
=(5427.784 / 5427.784) / (3593.965 / 3593.965)
=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 + 472.452) / 16446.198) / (1 - (0 + 478.935) / 17961.934)
=0.971273 / 0.973336
=0.9979

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
=3593.965 / 5427.784
=0.6621

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))
=(445.45 / (445.45 + 478.935)) / (195.514 / (195.514 + 472.452))
=0.481888 / 0.292701
=1.6463

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)
=(377.139 / 3593.965) / (526.881 / 5427.784)
=0.104937 / 0.097071
=1.081

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)
=((254.67 + 0) / 16446.198) / ((326.754 + 0) / 17961.934)
=0.015485 / 0.018191
=0.8512

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
=(323.709 - 0 - 140.859) / 16446.198
=0.011118

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 Argentina has a M-score of -2.62 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 -2.34 mean?
Bancontander Argentina (XMAD:XBRSB) has a Beneish M-Score of -2.34 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bancontander Argentina and its competitors.
Is Bancontander Argentina's Beneish M-Score too high?
Bancontander Argentina's current Beneish M-Score is -2.34. Overall, Bancontander Argentina has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Bancontander Argentina's Beneish M-Score compare to USB and PNC?
Bancontander Argentina's Beneish M-Score of -2.34 can be compared against companies in the Banks 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 Argentina and its competitors. Bancontander Argentina's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bancontander Argentina stock overvalued right now?
Bancontander Argentina (XMAD:XBRSB) has a current Beneish M-Score of -2.34. The stock's GF Value™ is €0.26, compared to a current price of €0.25 — trading 4.6% below its estimated fair value. The current Beneish M-Score is -2.34. Bancontander Argentina's overall GF Score™ is 16/100 with 4 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 Argentina (XMAD:XBRSB), the current Beneish M-Score is -2.34 as of Jun. 27, 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 Argentina (XMAD:XBRSB) Overvalued in 2026?

Based on GuruFocus' analysis, Bancontander Argentina stock appears to be undervalued. The current stock price of €0.25 is trading 4.6% below its estimated GF Value™ of €0.26.

Key valuation signals for XMAD:XBRSB:

  • Beneish M-Score: -2.34
  • GF Value™: €0.26 vs. price of €0.25 (4.6% below fair value)
  • GF Score™: 16/100 with 4 warning signs

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

Bancontander Argentina Business Description

Address Bartolome Mitre 480, Buenos Aires, ARG, 1036
Banco Santander Argentina SA Formerly Banco Santander Rio SA is a commercial bank and financial services company. It provides various banking products and services to individual and business customers, and small and medium-sized enterprises. The company offers savings and various accounts; and cards, insurance, and private banking services. It also provides collection and payment, foreign trade, investment, cash management and mutual fund, and transactional services. In addition, the company offers financing, treasury, investment banking, custody, and international and online banking services.
16GF Score

Get the complete analysis for XMAD:XBRSB

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

€0.25
Price
€0.26
GF Value