ALTA banka AD Bitola (XMAE:SBT) Beneish M-Score: 0.00 (As of Jul. 23, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XMAE:SBT ALTA banka AD Bitola XMAE:SBT
73 GF Score
Price MKD3,777.00
View Full Analysis

What is ALTA banka AD Bitola Beneish M-Score?

ALTA banka AD Bitola XMAE:SBT 73 Beneish M-Score is 0.00 as of Jul. 23, 2026. GuruFocus rates XMAE:SBT with a GF Score™ of 73/100.

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.

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

During the past 13 years, the highest Beneish M-Score of ALTA banka AD Bitola was 0.00. The lowest was 0.00. And the median was 0.00.

XMAE:SBT
73GF Score
ALTA banka AD Bitola XMAE:SBT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ALTA banka AD Bitola 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 ALTA banka AD Bitola 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 * 0.9998+0.892 * 1.0578+0.115 * 0.8696
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2474+4.679 * -0.018673-0.327 * 0.8148
=-2.51

* 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 MKD7,730 Mil.
Gross Profit was MKD7,730 Mil.
Total Current Assets was MKD0 Mil.
Total Assets was MKD144,022 Mil.
Property, Plant and Equipment(Net PPE) was MKD1,079 Mil.
Depreciation, Depletion and Amortization(DDA) was MKD214 Mil.
Selling, General, & Admin. Expense(SGA) was MKD184 Mil.
Total Current Liabilities was MKD0 Mil.
Long-Term Debt & Capital Lease Obligation was MKD2,447 Mil.
Net Income was MKD3,554 Mil.
Gross Profit was MKD0 Mil.
Cash Flow from Operations was MKD6,243 Mil.
 Total Receivables was MKD0 Mil.
Revenue was MKD7,307 Mil.
Gross Profit was MKD7,307 Mil.
Total Current Assets was MKD0 Mil.
Total Assets was MKD131,366 Mil.
Property, Plant and Equipment(Net PPE) was MKD958 Mil.
Depreciation, Depletion and Amortization(DDA) was MKD161 Mil.
Selling, General, & Admin. Expense(SGA) was MKD139 Mil.
Total Current Liabilities was MKD0 Mil.
Long-Term Debt & Capital Lease Obligation was MKD2,740 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 / 7729.592) / (0 / 7307.047)
=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)
=(7307.047 / 7307.047) / (7729.592 / 7729.592)
=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 + 1078.701) / 144021.578) / (1 - (0 + 957.599) / 131366.486)
=0.99251 / 0.99271
=0.9998

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
=7729.592 / 7307.047
=1.0578

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))
=(160.91 / (160.91 + 957.599)) / (213.837 / (213.837 + 1078.701))
=0.143861 / 0.16544
=0.8696

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)
=(183.934 / 7729.592) / (139.393 / 7307.047)
=0.023796 / 0.019077
=1.2474

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)
=((2447.363 + 0) / 144021.578) / ((2739.776 + 0) / 131366.486)
=0.016993 / 0.020856
=0.8148

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
=(3553.547 - 0 - 6242.886) / 144021.578
=-0.018673

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.

ALTA banka AD Bitola has a M-score of -2.51 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 0.00 mean?
ALTA banka AD Bitola (XMAE:SBT) has a Beneish M-Score of 0.00 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ALTA banka AD Bitola and its competitors.
Is ALTA banka AD Bitola's Beneish M-Score too high?
ALTA banka AD Bitola's current Beneish M-Score is 0.00. Overall, ALTA banka AD Bitola has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does ALTA banka AD Bitola's Beneish M-Score compare to PNC and USB?
ALTA banka AD Bitola's Beneish M-Score of 0.00 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 ALTA banka AD Bitola and its competitors. ALTA banka AD Bitola's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ALTA banka AD Bitola stock overvalued right now?
ALTA banka AD Bitola (XMAE:SBT) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. ALTA banka AD Bitola's overall GF Score™ is 73/100. 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 ALTA banka AD Bitola (XMAE:SBT), the current Beneish M-Score is 0.00 as of Jul. 23, 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.

ALTA banka AD Bitola Business Description

Other Exchanges STBP.PFD:Macedonia
Address Bulevar Zorana Dindica 121, Belgrade, SRB, 1000
ALTA banka AD Bitola operates as a commercial bank. It serves households and businesses through retail banking and corporate banking segments. Retail banking serves individuals with deposits, loans, mortgages, and payment services, while corporate banking provides businesses with financing, trade finance, and cash management solutions.
73GF Score

Get the complete analysis for XMAE:SBT

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

MKD3,777.00
Price