OTP Bank (XPRA:OTP) Beneish M-Score: -2.50 (As of Jun. 24, 2026)


XPRA:OTP OTP Bank PLC XPRA:OTP
87 GF Score
Price Kč2,752.00
GF Value Kč2,088.46
Valuation Significantly Overvalued
! 5 Warning Signs
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What is OTP Bank Beneish M-Score?

OTP Bank XPRA:OTP 87 Beneish M-Score is -2.50 as of Jun. 24, 2026. GuruFocus rates XPRA:OTP with a GF Score™ of 87/100 and a GF Value™ of Kč2,088.46 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,396 Banks companies, OTP Bank ranks better than 69.77% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPRA:OTP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.45   Max: -2.19
Current: -2.5

During the past 13 years, the highest Beneish M-Score of OTP Bank was -2.19. The lowest was -2.84. And the median was -2.45.

XPRA:OTP
87GF Score
OTP Bank PLC XPRA:OTP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

OTP 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 OTP 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 * 1.0014+0.892 * 1.1311+0.115 * 0.8862
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8709+4.679 * -0.023784-0.327 * 1.1151
=-2.50

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was Kč0 Mil.
Revenue was 54960.941 + 55756.462 + 54297.552 + 53352.045 = Kč218,367 Mil.
Gross Profit was 54960.941 + 55756.462 + 54297.552 + 53352.045 = Kč218,367 Mil.
Total Current Assets was Kč0 Mil.
Total Assets was Kč3,261,447 Mil.
Property, Plant and Equipment(Net PPE) was Kč43,997 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč11,242 Mil.
Selling, General, & Admin. Expense(SGA) was Kč31,211 Mil.
Total Current Liabilities was Kč0 Mil.
Long-Term Debt & Capital Lease Obligation was Kč238,595 Mil.
Net Income was 11981.472 + 20179.959 + 22425.395 + 22396.161 = Kč76,983 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Kč0 Mil.
Cash Flow from Operations was 204838.916 + -101152.273 + 22728.98 + 28138.782 = Kč154,554 Mil.
 Total Receivables was Kč0 Mil.
Revenue was 50243.965 + 50651.948 + 47793.823 + 44363.351 = Kč193,053 Mil.
Gross Profit was 50243.965 + 50651.948 + 47793.823 + 44363.351 = Kč193,053 Mil.
Total Current Assets was Kč0 Mil.
Total Assets was Kč3,021,045 Mil.
Property, Plant and Equipment(Net PPE) was Kč44,962 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč9,894 Mil.
Selling, General, & Admin. Expense(SGA) was Kč31,685 Mil.
Total Current Liabilities was Kč0 Mil.
Long-Term Debt & Capital Lease Obligation was Kč198,192 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 / 218367) / (0 / 193053.087)
=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)
=(193053.087 / 193053.087) / (218367 / 218367)
=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 + 43997.142) / 3261447.015) / (1 - (0 + 44961.934) / 3021044.68)
=0.98651 / 0.985117
=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
=218367 / 193053.087
=1.1311

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))
=(9893.587 / (9893.587 + 44961.934)) / (11241.625 / (11241.625 + 43997.142))
=0.180357 / 0.20351
=0.8862

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)
=(31211.223 / 218367) / (31685.032 / 193053.087)
=0.14293 / 0.164126
=0.8709

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)
=((238594.592 + 0) / 3261447.015) / ((198192.355 + 0) / 3021044.68)
=0.073156 / 0.065604
=1.1151

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
=(76982.987 - 0 - 154554.405) / 3261447.015
=-0.023784

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.

OTP Bank has a M-score of -2.50 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 -2.50 mean?
OTP Bank (XPRA:OTP) has a Beneish M-Score of -2.50 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on OTP Bank and its competitors. According to the industry distribution chart, OTP Bank ranks #422 out of 1396 companies in the Banks industry, placing it in the top 30.2%.
Is OTP Bank's Beneish M-Score too high?
OTP Bank's current Beneish M-Score is -2.50. Based on the distribution chart, OTP Bank ranks #422 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, OTP Bank has a GF Score™ of 87/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does OTP Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, OTP Bank ranks #422 out of 1396 companies for Beneish M-Score. This puts OTP Bank in the upper 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 OTP Bank and its competitors. OTP Bank's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is OTP Bank stock overvalued right now?
Based on GuruFocus' analysis, OTP Bank (XPRA:OTP) is currently considered Significantly Overvalued. The stock's GF Value™ is Kč2,088.46, compared to a current price of Kč2,752.00 — trading 31.8% above its estimated fair value. The current Beneish M-Score is -2.50. OTP Bank's overall GF Score™ is 87/100 with 5 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 OTP Bank (XPRA:OTP), the current Beneish M-Score is -2.50 as of Jun. 24, 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 OTP Bank (XPRA:OTP) Overvalued in 2026?

Based on GuruFocus' analysis, OTP Bank stock appears to be overvalued. The current stock price of Kč2,752.00 is trading 31.8% above its estimated GF Value™ of Kč2,088.46. GuruFocus considers OTP Bank to be Significantly Overvalued.

Key valuation signals for XPRA:OTP:

  • Beneish M-Score: -2.50
  • GF Value™: Kč2,088.46 vs. price of Kč2,752.00 (31.8% above fair value)
  • GF Score™: 87/100 with 5 warning signs

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

OTP Bank Business Description

Address 16, Nador Street, Budapest, HUN, 1051
OTP Bank PLC provides universal financial services through several subsidiaries. It performs banking operations via its bank in Hungary. The Group's operating segments are as follows: OTP Core Hungary, Russia, Ukraine, Bulgaria, Romania, Serbia, Croatia, Montenegro, Albania, Moldova, Slovenia, Uzbekistan, Merkantil Group, Asset Management subsidiaries, other subsidiaries, and Corporate Centre. The Bank provides comprehensive banking & other financial services to both retail & corporate customers: its activities include deposit collection from customers, raising money from the money & capital markets. It also offers mortgage loans, consumer credits, working capital & investment loans to companies and municipalities. A majority of the bank's net revenue is net interest income.
87GF Score

Get the complete analysis for XPRA:OTP

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

Kč2,752.00
Price
Kč2,088.46
GF Value