UniCredit SpA (XSWX:UCG) Beneish M-Score: -2.52 (As of Jul. 01, 2026)


XSWX:UCG UniCredit SpA XSWX:UCG
62 GF Score
Price CHF64.35
GF Value CHF38.40
! 5 Warning Signs
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What is UniCredit SpA Beneish M-Score?

UniCredit SpA XSWX:UCG 62 Beneish M-Score is -2.52 as of Jul. 01, 2026. GuruFocus rates XSWX:UCG with a GF Score™ of 62/100 and a GF Value™ of CHF38.40. The stock has 5 warning signs investors should review. Among 1,397 Banks companies, UniCredit SpA ranks better than 72.94% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:UCG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.45   Max: -2.05
Current: -2.52

During the past 13 years, the highest Beneish M-Score of UniCredit SpA was -2.05. The lowest was -3.02. And the median was -2.45.

XSWX:UCG
62GF Score
UniCredit SpA XSWX:UCG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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UniCredit SpA 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 UniCredit SpA 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 * 1.0011+0.892 * 0.9416+0.115 * 1.0068
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0949+4.679 * 0.002746-0.327 * 0.9539
=-2.52

* 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 Mil.
Revenue was CHF23,365 Mil.
Gross Profit was CHF23,365 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF812,052 Mil.
Property, Plant and Equipment(Net PPE) was CHF6,850 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1,194 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2,389 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF121,250 Mil.
Net Income was CHF10,185 Mil.
Gross Profit was CHF0 Mil.
Cash Flow from Operations was CHF7,955 Mil.
 Total Receivables was CHF0 Mil.
Revenue was CHF24,814 Mil.
Gross Profit was CHF24,814 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF731,956 Mil.
Property, Plant and Equipment(Net PPE) was CHF6,938 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1,219 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2,317 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF114,577 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 / 23364.847) / (0 / 24814.488)
=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)
=(24814.488 / 24814.488) / (23364.847 / 23364.847)
=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 + 6850.167) / 812052.298) / (1 - (0 + 6937.675) / 731955.986)
=0.991564 / 0.990522
=1.0011

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
=23364.847 / 24814.488
=0.9416

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))
=(1219.298 / (1219.298 + 6937.675)) / (1194.417 / (1194.417 + 6850.167))
=0.149479 / 0.148475
=1.0068

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)
=(2388.834 / 23364.847) / (2317.226 / 24814.488)
=0.102241 / 0.093382
=1.0949

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)
=((121250.108 + 0) / 812052.298) / ((114576.668 + 0) / 731955.986)
=0.149313 / 0.156535
=0.9539

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
=(10185.203 - 0 - 7955.003) / 812052.298
=0.002746

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.

UniCredit SpA has a M-score of -2.52 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 -2.52 mean?
UniCredit SpA (XSWX:UCG) has a Beneish M-Score of -2.52 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on UniCredit SpA and its competitors. According to the industry distribution chart, UniCredit SpA ranks #378 out of 1397 companies in the Banks industry, placing it in the top 27.1%.
Is UniCredit SpA's Beneish M-Score too high?
UniCredit SpA's current Beneish M-Score is -2.52. Based on the distribution chart, UniCredit SpA ranks #378 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, UniCredit SpA has a GF Score™ of 62/100, reflecting its overall financial health beyond just this single metric.
How does UniCredit SpA's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, UniCredit SpA ranks #378 out of 1397 companies for Beneish M-Score. This puts UniCredit SpA 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 UniCredit SpA and its competitors. UniCredit SpA's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is UniCredit SpA stock overvalued right now?
UniCredit SpA (XSWX:UCG) has a current Beneish M-Score of -2.52. The stock's GF Value™ is CHF38.40, compared to a current price of CHF64.35 — trading 67.6% above its estimated fair value. The current Beneish M-Score is -2.52. UniCredit SpA's overall GF Score™ is 62/100 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 UniCredit SpA (XSWX:UCG), the current Beneish M-Score is -2.52 as of Jul. 01, 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 UniCredit SpA (XSWX:UCG) Overvalued in 2026?

Based on GuruFocus' analysis, UniCredit SpA stock appears to be overvalued. The current stock price of CHF64.35 is trading 67.6% above its estimated GF Value™ of CHF38.40.

Key valuation signals for XSWX:UCG:

  • Beneish M-Score: -2.52
  • GF Value™: CHF38.40 vs. price of CHF64.35 (67.6% above fair value)
  • GF Score™: 62/100 with 5 warning signs

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

UniCredit SpA Business Description

Address Piazza Gae Aulenti 3, Tower A, Milan, ITA, 20154
UniCredit is one of the two largest Italian retail and commercial banks, but roughly half of its operations are outside Italy. UniCredit has a strong presence in Germany, Austria, and Central and Eastern Europe. It generates most of its revenue from retail banking but also maintains a sizable corporate and investment bank. It is is expanding its reach into asset management and insurance.
62GF Score

Get the complete analysis for XSWX:UCG

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

CHF64.35
Price
CHF38.40
GF Value