Vontobel Holding AG (XSWX:VONN) Beneish M-Score: -2.50 (As of Jun. 25, 2026)


XSWX:VONN Vontobel Holding AG XSWX:VONN
65 GF Score
Price CHF72.10
GF Value CHF62.35
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Vontobel Holding AG Beneish M-Score?

Vontobel Holding AG XSWX:VONN -0.83% 65 Beneish M-Score is -2.50 as of Jun. 25, 2026. GuruFocus rates XSWX:VONN with a GF Score™ of 65/100 and a GF Value™ of CHF62.35 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 955 Asset Management companies, Vontobel Holding AG ranks better than 61.15% 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 Vontobel Holding AG's Beneish M-Score or its related term are showing as below:

XSWX:VONN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32   Med: -2.45   Max: -2.2
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Vontobel Holding AG was -2.20. The lowest was -3.32. And the median was -2.45.

XSWX:VONN
65GF Score
Vontobel Holding AG XSWX:VONN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vontobel Holding 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 Vontobel Holding 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 * 1.0011+0.892 * 1.0059+0.115 * 0.9517
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9191+4.679 * -0.023108-0.327 * 0.7717
=-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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was CHF0 Mil.
Revenue was CHF1,422 Mil.
Gross Profit was CHF1,422 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF34,737 Mil.
Property, Plant and Equipment(Net PPE) was CHF378 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF104 Mil.
Selling, General, & Admin. Expense(SGA) was CHF102 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF2,833 Mil.
Net Income was CHF280 Mil.
Gross Profit was CHF0 Mil.
Cash Flow from Operations was CHF1,083 Mil.
 Total Receivables was CHF0 Mil.
Revenue was CHF1,414 Mil.
Gross Profit was CHF1,414 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF32,861 Mil.
Property, Plant and Equipment(Net PPE) was CHF392 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF102 Mil.
Selling, General, & Admin. Expense(SGA) was CHF110 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF3,473 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 / 1422.2) / (0 / 1413.9)
=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)
=(1413.9 / 1413.9) / (1422.2 / 1422.2)
=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 + 377.6) / 34737.4) / (1 - (0 + 392) / 32860.9)
=0.98913 / 0.988071
=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
=1422.2 / 1413.9
=1.0059

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))
=(101.5 / (101.5 + 392)) / (104.1 / (104.1 + 377.6))
=0.205674 / 0.21611
=0.9517

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)
=(101.6 / 1422.2) / (109.9 / 1413.9)
=0.071439 / 0.077728
=0.9191

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)
=((2833.1 + 0) / 34737.4) / ((3472.9 + 0) / 32860.9)
=0.081558 / 0.105685
=0.7717

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
=(280.1 - 0 - 1082.8) / 34737.4
=-0.023108

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.

Vontobel Holding AG 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?
Vontobel Holding AG (XSWX:VONN) has a Beneish M-Score of -2.50 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vontobel Holding AG and its competitors. According to the industry distribution chart, Vontobel Holding AG ranks #371 out of 955 companies in the Asset Management industry, placing it in the top 38.8%.
Is Vontobel Holding AG's Beneish M-Score too high?
Vontobel Holding AG's current Beneish M-Score is -2.50. Based on the distribution chart, Vontobel Holding AG ranks #371 out of 955 companies in the Asset Management industry, which is above the industry midpoint. Overall, Vontobel Holding AG has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Vontobel Holding AG's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Vontobel Holding AG ranks #371 out of 955 companies for Beneish M-Score. This puts Vontobel Holding AG 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Vontobel Holding AG and its competitors. Vontobel Holding AG'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 Vontobel Holding AG stock overvalued right now?
Based on GuruFocus' analysis, Vontobel Holding AG (XSWX:VONN) is currently considered Modestly Overvalued. The stock's GF Value™ is CHF62.35, compared to a current price of CHF72.10 — trading 15.6% above its estimated fair value. The current Beneish M-Score is -2.50. Vontobel Holding AG's overall GF Score™ is 65/100 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 Vontobel Holding AG (XSWX:VONN), the current Beneish M-Score is -2.50 as of Jun. 25, 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 Vontobel Holding AG (XSWX:VONN) Overvalued in 2026?

Based on GuruFocus' analysis, Vontobel Holding AG stock appears to be overvalued. The current stock price of CHF72.10 is trading 15.6% above its estimated GF Value™ of CHF62.35. GuruFocus considers Vontobel Holding AG to be Modestly Overvalued.

Key valuation signals for XSWX:VONN:

  • Beneish M-Score: -2.50
  • GF Value™: CHF62.35 vs. price of CHF72.10 (15.6% above fair value)
  • GF Score™: 65/100 with 7 warning signs

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

Vontobel Holding AG Business Description

Other Exchanges VONNz:UK0QKE:UKVTLN:Germany
Address Gotthardstrasse 43, Zurich, CHE, 8022
Vontobel Holding AG specializes in asset management, wealth management, and digital investing services. It operates through two business segments: The Institutional Clients: This segment focuses on sovereign wealth funds, pension funds, insurance companies as well as banks and other intermediary distribution partners. ii) The Private Clients: This segment serves wealthy private clients (including UHNWIs), family offices, external asset managers and other partners with a wide range of services, including the offering of structured solutions. The majority of the company's revenue is derived from its private clients segment.
65GF Score

Get the complete analysis for XSWX:VONN

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

CHF72.10
Price
CHF62.35
GF Value