Komercijalna Banka AD Skopje (XMAE:KMB) Beneish M-Score: -2.36 (As of Jul. 14, 2026)

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XMAE:KMB Komercijalna Banka AD Skopje XMAE:KMB
65 GF Score
Price MKD25,400.00
GF Value MKD27,961.18
Valuation Fairly Valued
! 3 Warning Signs
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What is Komercijalna Banka AD Skopje Beneish M-Score?

Komercijalna Banka AD Skopje XMAE:KMB +0.79% 65 Beneish M-Score is -2.36 as of Jul. 14, 2026. GuruFocus rates XMAE:KMB with a GF Score™ of 65/100 and a GF Value™ of MKD27,961.18 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,399 Banks companies, Komercijalna Banka AD Skopje ranks worse than 56.75% 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XMAE:KMB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.62   Max: -2.2
Current: -2.36

During the past 13 years, the highest Beneish M-Score of Komercijalna Banka AD Skopje was -2.20. The lowest was -2.94. And the median was -2.62.

XMAE:KMB
65GF Score
Komercijalna Banka AD Skopje XMAE:KMB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Komercijalna Banka AD Skopje 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 Komercijalna Banka AD Skopje 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 * 1.0014+0.892 * 1.2097+0.115 * 0.9583
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6616+4.679 * 0.009802-0.327 * 1.5221
=-2.36

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was MKD0 Mil.
Revenue was MKD8,253 Mil.
Gross Profit was MKD8,253 Mil.
Total Current Assets was MKD0 Mil.
Total Assets was MKD178,720 Mil.
Property, Plant and Equipment(Net PPE) was MKD2,722 Mil.
Depreciation, Depletion and Amortization(DDA) was MKD248 Mil.
Selling, General, & Admin. Expense(SGA) was MKD161 Mil.
Total Current Liabilities was MKD0 Mil.
Long-Term Debt & Capital Lease Obligation was MKD1,457 Mil.
Net Income was MKD4,947 Mil.
Gross Profit was MKD0 Mil.
Cash Flow from Operations was MKD3,195 Mil.
 Total Receivables was MKD0 Mil.
Revenue was MKD6,823 Mil.
Gross Profit was MKD6,823 Mil.
Total Current Assets was MKD0 Mil.
Total Assets was MKD163,681 Mil.
Property, Plant and Equipment(Net PPE) was MKD2,715 Mil.
Depreciation, Depletion and Amortization(DDA) was MKD236 Mil.
Selling, General, & Admin. Expense(SGA) was MKD201 Mil.
Total Current Liabilities was MKD0 Mil.
Long-Term Debt & Capital Lease Obligation was MKD876 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 / 8253.467) / (0 / 6822.574)
=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)
=(6822.574 / 6822.574) / (8253.467 / 8253.467)
=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 + 2721.908) / 178719.788) / (1 - (0 + 2715.418) / 163681.337)
=0.98477 / 0.98341
=1.0014

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
=8253.467 / 6822.574
=1.2097

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))
=(235.938 / (235.938 + 2715.418)) / (247.739 / (247.739 + 2721.908))
=0.079942 / 0.083424
=0.9583

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)
=(160.971 / 8253.467) / (201.116 / 6822.574)
=0.019503 / 0.029478
=0.6616

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)
=((1456.825 + 0) / 178719.788) / ((876.461 + 0) / 163681.337)
=0.008151 / 0.005355
=1.5221

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
=(4946.892 - 0 - 3195.028) / 178719.788
=0.009802

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.

Komercijalna Banka AD Skopje has a M-score of -2.36 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 -2.36 mean?
Komercijalna Banka AD Skopje (XMAE:KMB) has a Beneish M-Score of -2.36 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Komercijalna Banka AD Skopje and its competitors. According to the industry distribution chart, Komercijalna Banka AD Skopje ranks #794 out of 1399 companies in the Banks industry, placing it in the top 56.8%.
Is Komercijalna Banka AD Skopje's Beneish M-Score too high?
Komercijalna Banka AD Skopje's current Beneish M-Score is -2.36. Based on the distribution chart, Komercijalna Banka AD Skopje ranks #794 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Komercijalna Banka AD Skopje has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Komercijalna Banka AD Skopje's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Komercijalna Banka AD Skopje ranks #794 out of 1399 companies for Beneish M-Score. This places Komercijalna Banka AD Skopje 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 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 Komercijalna Banka AD Skopje and its competitors. Komercijalna Banka AD Skopje's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Komercijalna Banka AD Skopje stock overvalued right now?
Based on GuruFocus' analysis, Komercijalna Banka AD Skopje (XMAE:KMB) is currently considered Fairly Valued. The stock's GF Value™ is MKD27,961.18, compared to a current price of MKD25,400.00 — trading 9.2% below its estimated fair value. The current Beneish M-Score is -2.36. Komercijalna Banka AD Skopje's overall GF Score™ is 65/100 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 Komercijalna Banka AD Skopje (XMAE:KMB), the current Beneish M-Score is -2.36 as of Jul. 14, 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 Komercijalna Banka AD Skopje (XMAE:KMB) Overvalued in 2026?

Based on GuruFocus' analysis, Komercijalna Banka AD Skopje stock appears to be undervalued. The current stock price of MKD25,400.00 is trading 9.2% below its estimated GF Value™ of MKD27,961.18. GuruFocus considers Komercijalna Banka AD Skopje to be Fairly Valued.

Key valuation signals for XMAE:KMB:

  • Beneish M-Score: -2.36
  • GF Value™: MKD27,961.18 vs. price of MKD25,400.00 (9.2% below fair value)
  • GF Score™: 65/100 with 3 warning signs

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

Komercijalna Banka AD Skopje Business Description

Address St.Orce Nikolov Street no. 3, P.O. Box 563, Skopje, MKD, 1000
Komercijalna Banka AD Skopje is a commercial bank. The principal activities of the bank are - collecting deposits, placing loans and advances domestically and abroad, factoring and financing commercial transactions, foreign exchange operations, fast money transfer, trading with foreign currencies, trading with securities, services of a bank-custodian of investment and pension funds, intermediating in selling insurance policies, data collection and analysis of company's credit rating, and many others. It operates in the Republic of Macedonia, Europe, and other EU member countries.
65GF Score

Get the complete analysis for XMAE:KMB

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

MKD25,400.00
Price
MKD27,961.18
GF Value