Nabil Bank (XNEP:NABIL) Beneish M-Score: -2.57 (As of Sep. 07, 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.

XNEP:NABIL Nabil Bank Ltd XNEP:NABIL
81 GF Score
Price NPR539.00
GF Value NPR558.50
Valuation Fairly Valued
! 2 Warning Signs
View Full Analysis

What is Nabil Bank Beneish M-Score?

Nabil Bank XNEP:NABIL 81 Beneish M-Score is -2.57 as of Sep. 07, 2026. GuruFocus rates XNEP:NABIL with a GF Score™ of 81/100 and a GF Value™ of NPR558.50 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,394 Banks companies, Nabil Bank ranks better than 77.83% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XNEP:NABIL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.36   Med: -2.25   Max: -1.53
Current: -2.57

During the past 13 years, the highest Beneish M-Score of Nabil Bank was -1.53. The lowest was -4.36. And the median was -2.25.

XNEP:NABIL
81GF Score
Nabil Bank Ltd XNEP:NABIL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nabil Bank 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 Nabil Bank 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 * 1.0005+0.892 * 1.0354+0.115 * 0.9637
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9772+4.679 * -0.024823-0.327 * 1.0083
=-2.57

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was NPR0 Mil.
Revenue was NPR21,548 Mil.
Gross Profit was NPR21,548 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR643,340 Mil.
Property, Plant and Equipment(Net PPE) was NPR4,489 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR775 Mil.
Selling, General, & Admin. Expense(SGA) was NPR1,126 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR11,194 Mil.
Net Income was NPR6,136 Mil.
Gross Profit was NPR0 Mil.
Cash Flow from Operations was NPR22,106 Mil.
 Total Receivables was NPR0 Mil.
Revenue was NPR20,812 Mil.
Gross Profit was NPR20,812 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR557,974 Mil.
Property, Plant and Equipment(Net PPE) was NPR4,196 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR694 Mil.
Selling, General, & Admin. Expense(SGA) was NPR1,113 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR9,628 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 / 21548.119) / (0 / 20811.958)
=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)
=(20811.958 / 20811.958) / (21548.119 / 21548.119)
=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 + 4488.534) / 643339.607) / (1 - (0 + 4195.544) / 557973.984)
=0.993023 / 0.992481
=1.0005

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
=21548.119 / 20811.958
=1.0354

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))
=(693.817 / (693.817 + 4195.544)) / (775.023 / (775.023 + 4488.534))
=0.141903 / 0.147243
=0.9637

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)
=(1125.713 / 21548.119) / (1112.585 / 20811.958)
=0.052242 / 0.053459
=0.9772

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)
=((11194.008 + 0) / 643339.607) / ((9628.44 + 0) / 557973.984)
=0.0174 / 0.017256
=1.0083

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
=(6136.373 - 0 - 22106.184) / 643339.607
=-0.024823

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.

Nabil Bank has a M-score of -2.57 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 -2.57 mean?
Nabil Bank (XNEP:NABIL) has a Beneish M-Score of -2.57 as of Sep. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nabil Bank and its competitors. According to the industry distribution chart, Nabil Bank ranks #309 out of 1394 companies in the Banks industry, placing it in the top 22.2%.
Is Nabil Bank's Beneish M-Score too high?
Nabil Bank's current Beneish M-Score is -2.57. Based on the distribution chart, Nabil Bank ranks #309 out of 1394 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Nabil Bank has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nabil Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Nabil Bank ranks #309 out of 1394 companies for Beneish M-Score. This places Nabil Bank in the top 22% 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 Nabil Bank and its competitors. Nabil Bank's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nabil Bank stock overvalued right now?
Based on GuruFocus' analysis, Nabil Bank (XNEP:NABIL) is currently considered Fairly Valued. The stock's GF Value™ is NPR558.50, compared to a current price of NPR539.00 — trading 3.5% below its estimated fair value. The current Beneish M-Score is -2.57. Nabil Bank's overall GF Score™ is 81/100 with 2 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 Nabil Bank (XNEP:NABIL), the current Beneish M-Score is -2.57 as of Sep. 07, 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 Nabil Bank (XNEP:NABIL) Overvalued in 2026?

Based on GuruFocus' analysis, Nabil Bank stock appears to be undervalued. The current stock price of NPR539.00 is trading 3.5% below its estimated GF Value™ of NPR558.50. GuruFocus considers Nabil Bank to be Fairly Valued.

Key valuation signals for XNEP:NABIL:

  • Beneish M-Score: -2.57
  • GF Value™: NPR558.50 vs. price of NPR539.00 (3.5% below fair value)
  • GF Score™: 81/100 with 2 warning signs

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

Nabil Bank Business Description

Address Beena Marg, Durbar Marg, Nabil Center, Tindhara, Kathmandu, NPL, 44600
Nabil Bank Ltd is a private sector bank in Nepal engaged in providing a full range of commercial banking services. The banks products and services are categorized into financial intermediation, which includes deposit mobilization, lending activities, and other auxiliary banking services excluding treasury, cards, and trade finance; treasury operations, which comprise the investment book, foreign currency operations, liquidity management, open market operations, and the investment portfolio; trade finance operations, which include letters of credit and guarantees; and cards, e-banking, and alternate channels, covering debit and credit card issuance, merchant relationships, e-banking, m-banking, and ATM management. It operates in Nepal, with the majority of revenue coming from Bagmati.
81GF Score

Get the complete analysis for XNEP:NABIL

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

NPR539.00
Price
NPR558.50
GF Value