Komercni Banka AS (XPRA:KOMB) Beneish M-Score: -2.61 (As of Jul. 02, 2026)


XPRA:KOMB Komercni Banka AS XPRA:KOMB
58 GF Score
Price Kč985.00
GF Value Kč856.92
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Komercni Banka AS Beneish M-Score?

Komercni Banka AS XPRA:KOMB +1.29% 58 Beneish M-Score is -2.61 as of Jul. 02, 2026. GuruFocus rates XPRA:KOMB with a GF Score™ of 58/100 and a GF Value™ of Kč856.92 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Komercni Banka AS ranks better than 81.96% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPRA:KOMB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.39   Max: -1.62
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Komercni Banka AS was -1.62. The lowest was -3.29. And the median was -2.39.

XPRA:KOMB
58GF Score
Komercni Banka AS XPRA:KOMB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Komercni Banka AS 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 Komercni Banka AS 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 * 1.0001+0.892 * 0.9412+0.115 * 0.9716
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0071+4.679 * -0.00472-0.327 * 1.1412
=-2.61

* 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 Kč0 Mil.
Revenue was Kč36,799 Mil.
Gross Profit was Kč36,799 Mil.
Total Current Assets was Kč0 Mil.
Total Assets was Kč1,599,579 Mil.
Property, Plant and Equipment(Net PPE) was Kč8,193 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč4,095 Mil.
Selling, General, & Admin. Expense(SGA) was Kč3,240 Mil.
Total Current Liabilities was Kč0 Mil.
Long-Term Debt & Capital Lease Obligation was Kč96,274 Mil.
Net Income was Kč18,056 Mil.
Gross Profit was Kč0 Mil.
Cash Flow from Operations was Kč25,606 Mil.
 Total Receivables was Kč0 Mil.
Revenue was Kč39,098 Mil.
Gross Profit was Kč39,098 Mil.
Total Current Assets was Kč0 Mil.
Total Assets was Kč1,536,000 Mil.
Property, Plant and Equipment(Net PPE) was Kč7,972 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč3,817 Mil.
Selling, General, & Admin. Expense(SGA) was Kč3,418 Mil.
Total Current Liabilities was Kč0 Mil.
Long-Term Debt & Capital Lease Obligation was Kč81,010 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 / 36799) / (0 / 39098)
=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)
=(39098 / 39098) / (36799 / 36799)
=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 + 8193) / 1599579) / (1 - (0 + 7972) / 1536000)
=0.994878 / 0.99481
=1.0001

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
=36799 / 39098
=0.9412

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))
=(3817 / (3817 + 7972)) / (4095 / (4095 + 8193))
=0.323776 / 0.333252
=0.9716

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)
=(3240 / 36799) / (3418 / 39098)
=0.088046 / 0.087421
=1.0071

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)
=((96274 + 0) / 1599579) / ((81010 + 0) / 1536000)
=0.060187 / 0.052741
=1.1412

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
=(18056 - 0 - 25606) / 1599579
=-0.00472

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.

Komercni Banka AS has a M-score of -2.61 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 -2.61 mean?
Komercni Banka AS (XPRA:KOMB) has a Beneish M-Score of -2.61 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Komercni Banka AS and its competitors. According to the industry distribution chart, Komercni Banka AS ranks #252 out of 1397 companies in the Banks industry, placing it in the top 18%.
Is Komercni Banka AS's Beneish M-Score too high?
Komercni Banka AS's current Beneish M-Score is -2.61. Based on the distribution chart, Komercni Banka AS ranks #252 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Komercni Banka AS has a GF Score™ of 58/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Komercni Banka AS's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Komercni Banka AS ranks #252 out of 1397 companies for Beneish M-Score. This places Komercni Banka AS in the top 18% 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 Komercni Banka AS and its competitors. Komercni Banka AS's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Komercni Banka AS stock overvalued right now?
Based on GuruFocus' analysis, Komercni Banka AS (XPRA:KOMB) is currently considered Modestly Overvalued. The stock's GF Value™ is Kč856.92, compared to a current price of Kč985.00 — trading 14.9% above its estimated fair value. The current Beneish M-Score is -2.61. Komercni Banka AS's overall GF Score™ is 58/100 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 Komercni Banka AS (XPRA:KOMB), the current Beneish M-Score is -2.61 as of Jul. 02, 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 Komercni Banka AS (XPRA:KOMB) Overvalued in 2026?

Based on GuruFocus' analysis, Komercni Banka AS stock appears to be overvalued. The current stock price of Kč985.00 is trading 14.9% above its estimated GF Value™ of Kč856.92. GuruFocus considers Komercni Banka AS to be Modestly Overvalued.

Key valuation signals for XPRA:KOMB:

  • Beneish M-Score: -2.61
  • GF Value™: Kč856.92 vs. price of Kč985.00 (14.9% above fair value)
  • GF Score™: 58/100 with 4 warning signs

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

Komercni Banka AS Business Description

Other Exchanges KONN:Germany
Address Na Prikope 33 cp. 969, P.O. BOX 839, Prague 1, CZE, 114 07
Komercni Banka AS is a universal bank providing a wide range of retail, corporate, and investment banking activities. These activities are complemented by other specialized services, including pension insurance, building savings, leasing, factoring, consumer loans, insurance, and services of fintech companies. The Group has the following operating segments: i) Retail Banking: includes the provision of products and services to individuals, ii) Corporate Banking: includes the provision of products and services to corporate entities, iii) Investment Banking: involves trading in financial instruments; and iv) Other: consists of the head office of the Bank. The majority of the revenue is derived from the Retail banking segment.
58GF Score

Get the complete analysis for XPRA:KOMB

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

Kč985.00
Price
Kč856.92
GF Value