Liechtensteinische Landesbank AG (XSWX:LLBN) Beneish M-Score: -2.18 (As of Jun. 26, 2026)


XSWX:LLBN Liechtensteinische Landesbank AG XSWX:LLBN
58 GF Score
Price CHF104.20
GF Value CHF79.89
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Liechtensteinische Landesbank AG Beneish M-Score?

Liechtensteinische Landesbank AG XSWX:LLBN -0.19% 58 Beneish M-Score is -2.18 as of Jun. 26, 2026. GuruFocus rates XSWX:LLBN with a GF Score™ of 58/100 and a GF Value™ of CHF79.89 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Liechtensteinische Landesbank AG ranks worse than 82.32% 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:LLBN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: -2.48   Max: -2.18
Current: -2.18

During the past 13 years, the highest Beneish M-Score of Liechtensteinische Landesbank AG was -2.18. The lowest was -2.91. And the median was -2.48.

XSWX:LLBN
58GF Score
Liechtensteinische Landesbank AG XSWX:LLBN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Liechtensteinische Landesbank AG 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 Liechtensteinische Landesbank AG 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 * 0.9992+0.892 * 1.0992+0.115 * 1.045
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0344+4.679 * 0.057262-0.327 * 1.1699
=-2.18

* 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 CHF0.0 Mil.
Revenue was CHF611.8 Mil.
Gross Profit was CHF611.8 Mil.
Total Current Assets was CHF0.0 Mil.
Total Assets was CHF28,318.2 Mil.
Property, Plant and Equipment(Net PPE) was CHF166.0 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF40.4 Mil.
Selling, General, & Admin. Expense(SGA) was CHF56.6 Mil.
Total Current Liabilities was CHF0.0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF3,650.5 Mil.
Net Income was CHF166.4 Mil.
Gross Profit was CHF0.0 Mil.
Cash Flow from Operations was CHF-1,455.2 Mil.
 Total Receivables was CHF0.0 Mil.
Revenue was CHF556.6 Mil.
Gross Profit was CHF556.6 Mil.
Total Current Assets was CHF0.0 Mil.
Total Assets was CHF27,663.6 Mil.
Property, Plant and Equipment(Net PPE) was CHF141.3 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF36.4 Mil.
Selling, General, & Admin. Expense(SGA) was CHF49.7 Mil.
Total Current Liabilities was CHF0.0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF3,048.2 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 / 611.775) / (0 / 556.557)
=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)
=(556.557 / 556.557) / (611.775 / 611.775)
=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 + 165.961) / 28318.216) / (1 - (0 + 141.284) / 27663.636)
=0.994139 / 0.994893
=0.9992

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
=611.775 / 556.557
=1.0992

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))
=(36.352 / (36.352 + 141.284)) / (40.415 / (40.415 + 165.961))
=0.204643 / 0.195832
=1.045

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)
=(56.556 / 611.775) / (49.739 / 556.557)
=0.092446 / 0.089369
=1.0344

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)
=((3650.512 + 0) / 28318.216) / ((3048.2 + 0) / 27663.636)
=0.12891 / 0.110188
=1.1699

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
=(166.387 - 0 - -1455.162) / 28318.216
=0.057262

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.

Liechtensteinische Landesbank AG has a M-score of -2.18 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 -2.18 mean?
Liechtensteinische Landesbank AG (XSWX:LLBN) has a Beneish M-Score of -2.18 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Liechtensteinische Landesbank AG and its competitors. According to the industry distribution chart, Liechtensteinische Landesbank AG ranks #1150 out of 1397 companies in the Banks industry, placing it in the top 82.3%.
Is Liechtensteinische Landesbank AG's Beneish M-Score too high?
Liechtensteinische Landesbank AG's current Beneish M-Score is -2.18. Based on the distribution chart, Liechtensteinische Landesbank AG ranks #1150 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Liechtensteinische Landesbank AG has a GF Score™ of 58/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Liechtensteinische Landesbank AG's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Liechtensteinische Landesbank AG ranks #1150 out of 1397 companies for Beneish M-Score. This places Liechtensteinische Landesbank AG in the lower 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 Liechtensteinische Landesbank AG and its competitors. Liechtensteinische Landesbank AG's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Liechtensteinische Landesbank AG stock overvalued right now?
Based on GuruFocus' analysis, Liechtensteinische Landesbank AG (XSWX:LLBN) is currently considered Modestly Overvalued. The stock's GF Value™ is CHF79.89, compared to a current price of CHF104.20 — trading 30.4% above its estimated fair value. The current Beneish M-Score is -2.18. Liechtensteinische Landesbank AG's overall GF Score™ is 58/100 with 7 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 Liechtensteinische Landesbank AG (XSWX:LLBN), the current Beneish M-Score is -2.18 as of Jun. 26, 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 Liechtensteinische Landesbank AG (XSWX:LLBN) Overvalued in 2026?

Based on GuruFocus' analysis, Liechtensteinische Landesbank AG stock appears to be overvalued. The current stock price of CHF104.20 is trading 30.4% above its estimated GF Value™ of CHF79.89. GuruFocus considers Liechtensteinische Landesbank AG to be Modestly Overvalued.

Key valuation signals for XSWX:LLBN:

  • Beneish M-Score: -2.18
  • GF Value™: CHF79.89 vs. price of CHF104.20 (30.4% above fair value)
  • GF Score™: 58/100 with 7 warning signs

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

Liechtensteinische Landesbank AG Business Description

Other Exchanges LLBNz:UK0RP8:UKLLS1:Germany
Address Stadtle 44, P.O. Box 384, Vaduz, LIE, 9490
Liechtensteinische Landesbank AG is a universal banking and financial services group. The bank business activities are divided into the following segments: Retail & Corporate Banking and International Wealth Management. The companies product and services portfolio includes various financial services, such as payment processing, lending, mortgage, individual pension fund solutions, wealth planning, taxation, asset management, and investment advisory, among others. The company generates a majority of its revenue from the Retail & Corporate Banking segment and more than half of its revenue is earned in Liechtenstein and the rest from Switzerland and Austria.
58GF Score

Get the complete analysis for XSWX:LLBN

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

CHF104.20
Price
CHF79.89
GF Value