NLB Banka a.d. Skopje (XMAE:TNB) Beneish M-Score: -2.54 (As of Aug. 13, 2026)

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XMAE:TNB NLB Banka a.d. Skopje XMAE:TNB
33 GF Score
Price MKD53,200.00
GF Value MKD54,684.44
Valuation Fairly Valued
! 1 Warning Sign
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What is NLB Banka a.d. Skopje Beneish M-Score?

NLB Banka a.d. Skopje XMAE:TNB -0.37% 33 Beneish M-Score is -2.54 as of Aug. 13, 2026. GuruFocus rates XMAE:TNB with a GF Score™ of 33/100 and a GF Value™ of MKD54,684.44 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,393 Banks companies, NLB Banka a.d. Skopje ranks better than 75.52% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for NLB Banka a.d. Skopje's Beneish M-Score or its related term are showing as below:

XMAE:TNB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.58   Med: -2.47   Max: -2.14
Current: -2.54

During the past 13 years, the highest Beneish M-Score of NLB Banka a.d. Skopje was -2.14. The lowest was -2.58. And the median was -2.47.

XMAE:TNB
33GF Score
NLB Banka a.d. Skopje XMAE:TNB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NLB Banka a.d. 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 NLB Banka a.d. 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 * 1.0004+0.892 * 1.065+0.115 * 0.8814
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2452+4.679 * 0.012072-0.327 * 1.3595
=-2.54

* 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 MKD0 Mil.
Revenue was MKD7,009 Mil.
Gross Profit was MKD7,009 Mil.
Total Current Assets was MKD0 Mil.
Total Assets was MKD156,931 Mil.
Property, Plant and Equipment(Net PPE) was MKD2,189 Mil.
Depreciation, Depletion and Amortization(DDA) was MKD347 Mil.
Selling, General, & Admin. Expense(SGA) was MKD187 Mil.
Total Current Liabilities was MKD0 Mil.
Long-Term Debt & Capital Lease Obligation was MKD6,182 Mil.
Net Income was MKD4,879 Mil.
Gross Profit was MKD0 Mil.
Cash Flow from Operations was MKD2,985 Mil.
 Total Receivables was MKD0 Mil.
Revenue was MKD6,581 Mil.
Gross Profit was MKD6,581 Mil.
Total Current Assets was MKD0 Mil.
Total Assets was MKD131,240 Mil.
Property, Plant and Equipment(Net PPE) was MKD1,887 Mil.
Depreciation, Depletion and Amortization(DDA) was MKD259 Mil.
Selling, General, & Admin. Expense(SGA) was MKD141 Mil.
Total Current Liabilities was MKD0 Mil.
Long-Term Debt & Capital Lease Obligation was MKD3,803 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 / 7008.64) / (0 / 6580.577)
=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)
=(6580.577 / 6580.577) / (7008.64 / 7008.64)
=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 + 2188.529) / 156931.074) / (1 - (0 + 1887.145) / 131239.67)
=0.986054 / 0.985621
=1.0004

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
=7008.64 / 6580.577
=1.065

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))
=(258.581 / (258.581 + 1887.145)) / (346.614 / (346.614 + 2188.529))
=0.12051 / 0.136724
=0.8814

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)
=(186.896 / 7008.64) / (140.921 / 6580.577)
=0.026667 / 0.021415
=1.2452

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)
=((6181.759 + 0) / 156931.074) / ((3802.692 + 0) / 131239.67)
=0.039392 / 0.028975
=1.3595

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
=(4879.441 - 0 - 2984.935) / 156931.074
=0.012072

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.

NLB Banka a.d. Skopje has a M-score of -2.54 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 -2.54 mean?
NLB Banka a.d. Skopje (XMAE:TNB) has a Beneish M-Score of -2.54 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NLB Banka a.d. Skopje and its competitors. According to the industry distribution chart, NLB Banka a.d. Skopje ranks #341 out of 1393 companies in the Banks industry, placing it in the top 24.5%.
Is NLB Banka a.d. Skopje's Beneish M-Score too high?
NLB Banka a.d. Skopje's current Beneish M-Score is -2.54. Based on the distribution chart, NLB Banka a.d. Skopje ranks #341 out of 1393 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, NLB Banka a.d. Skopje has a GF Score™ of 33/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NLB Banka a.d. Skopje's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, NLB Banka a.d. Skopje ranks #341 out of 1393 companies for Beneish M-Score. This places NLB Banka a.d. Skopje in the top 25% of its industry — outperforming the majority of peers. 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 NLB Banka a.d. Skopje and its competitors. NLB Banka a.d. Skopje's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NLB Banka a.d. Skopje stock overvalued right now?
Based on GuruFocus' analysis, NLB Banka a.d. Skopje (XMAE:TNB) is currently considered Fairly Valued. The stock's GF Value™ is MKD54,684.44, compared to a current price of MKD53,200.00 — trading 2.7% below its estimated fair value. The current Beneish M-Score is -2.54. NLB Banka a.d. Skopje's overall GF Score™ is 33/100 with 1 warning sign 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 NLB Banka a.d. Skopje (XMAE:TNB), the current Beneish M-Score is -2.54 as of Aug. 13, 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 NLB Banka a.d. Skopje (XMAE:TNB) Overvalued in 2026?

Based on GuruFocus' analysis, NLB Banka a.d. Skopje stock appears to be undervalued. The current stock price of MKD53,200.00 is trading 2.7% below its estimated GF Value™ of MKD54,684.44. GuruFocus considers NLB Banka a.d. Skopje to be Fairly Valued.

Key valuation signals for XMAE:TNB:

  • Beneish M-Score: -2.54
  • GF Value™: MKD54,684.44 vs. price of MKD53,200.00 (2.7% below fair value)
  • GF Score™: 33/100 with 1 warning sign

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

NLB Banka a.d. Skopje Business Description

Address Majka Tereza No.1, Skopje, MKD, 1000
NLB Banka a.d. Skopje is a bank in the Republic of Macedonia. It provides general banking services like accepting deposits, granting loans and advances, foreign exchange, asset management, retail banking services, brokerage services, custody services, and many others. The bank operates in the Republic of Macedonia, EU countries, Non-EU countries in Europe, and other countries.
33GF Score

Get the complete analysis for XMAE:TNB

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

MKD53,200.00
Price
MKD54,684.44
GF Value