Banque Nationale Agricole (XTUN:BNA) Beneish M-Score: -2.27 (As of Jul. 11, 2026)


XTUN:BNA Banque Nationale Agricole SA XTUN:BNA
76 GF Score
Price TND21.81
GF Value TND9.42
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Banque Nationale Agricole Beneish M-Score?

Banque Nationale Agricole XTUN:BNA 76 Beneish M-Score is -2.27 as of Jul. 11, 2026. GuruFocus rates XTUN:BNA with a GF Score™ of 76/100 and a GF Value™ of TND9.42 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,395 Banks companies, Banque Nationale Agricole ranks worse than 71.97% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTUN:BNA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6   Med: -2.28   Max: -1.97
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Banque Nationale Agricole was -1.97. The lowest was -2.60. And the median was -2.28.

XTUN:BNA
76GF Score
Banque Nationale Agricole SA XTUN:BNA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banque Nationale Agricole 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 Banque Nationale Agricole 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 * 1.0009+0.892 * 1.1226+0.115 * 1.056
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2078+4.679 * 0.022196-0.327 * 0.9198
=-2.27

* 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 TND0 Mil.
Revenue was TND1,238 Mil.
Gross Profit was TND1,238 Mil.
Total Current Assets was TND0 Mil.
Total Assets was TND25,821 Mil.
Property, Plant and Equipment(Net PPE) was TND222 Mil.
Depreciation, Depletion and Amortization(DDA) was TND21 Mil.
Selling, General, & Admin. Expense(SGA) was TND203 Mil.
Total Current Liabilities was TND0 Mil.
Long-Term Debt & Capital Lease Obligation was TND675 Mil.
Net Income was TND288 Mil.
Gross Profit was TND0 Mil.
Cash Flow from Operations was TND-285 Mil.
 Total Receivables was TND0 Mil.
Revenue was TND1,103 Mil.
Gross Profit was TND1,103 Mil.
Total Current Assets was TND0 Mil.
Total Assets was TND23,106 Mil.
Property, Plant and Equipment(Net PPE) was TND218 Mil.
Depreciation, Depletion and Amortization(DDA) was TND22 Mil.
Selling, General, & Admin. Expense(SGA) was TND150 Mil.
Total Current Liabilities was TND0 Mil.
Long-Term Debt & Capital Lease Obligation was TND657 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 / 1238.011) / (0 / 1102.851)
=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)
=(1102.851 / 1102.851) / (1238.011 / 1238.011)
=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 + 221.597) / 25821.207) / (1 - (0 + 218.41) / 23106.003)
=0.991418 / 0.990547
=1.0009

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
=1238.011 / 1102.851
=1.1226

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))
=(21.897 / (21.897 + 218.41)) / (20.927 / (20.927 + 221.597))
=0.091121 / 0.086288
=1.056

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)
=(203.04 / 1238.011) / (149.749 / 1102.851)
=0.164005 / 0.135784
=1.2078

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)
=((674.929 + 0) / 25821.207) / ((656.627 + 0) / 23106.003)
=0.026139 / 0.028418
=0.9198

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
=(287.737 - 0 - -285.391) / 25821.207
=0.022196

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.

Banque Nationale Agricole has a M-score of -2.27 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 -2.27 mean?
Banque Nationale Agricole (XTUN:BNA) has a Beneish M-Score of -2.27 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banque Nationale Agricole and its competitors. According to the industry distribution chart, Banque Nationale Agricole ranks #1004 out of 1395 companies in the Banks industry, placing it in the top 72%.
Is Banque Nationale Agricole's Beneish M-Score too high?
Banque Nationale Agricole's current Beneish M-Score is -2.27. Based on the distribution chart, Banque Nationale Agricole ranks #1004 out of 1395 companies in the Banks industry, which is below the industry midpoint. Overall, Banque Nationale Agricole has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banque Nationale Agricole's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banque Nationale Agricole ranks #1004 out of 1395 companies for Beneish M-Score. This places Banque Nationale Agricole 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 Banque Nationale Agricole and its competitors. Banque Nationale Agricole's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banque Nationale Agricole stock overvalued right now?
Based on GuruFocus' analysis, Banque Nationale Agricole (XTUN:BNA) is currently considered Significantly Overvalued. The stock's GF Value™ is TND9.42, compared to a current price of TND21.81 — trading 131.5% above its estimated fair value. The current Beneish M-Score is -2.27. Banque Nationale Agricole's overall GF Score™ is 76/100 with 6 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 Banque Nationale Agricole (XTUN:BNA), the current Beneish M-Score is -2.27 as of Jul. 11, 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 Banque Nationale Agricole (XTUN:BNA) Overvalued in 2026?

Based on GuruFocus' analysis, Banque Nationale Agricole stock appears to be overvalued. The current stock price of TND21.81 is trading 131.5% above its estimated GF Value™ of TND9.42. GuruFocus considers Banque Nationale Agricole to be Significantly Overvalued.

Key valuation signals for XTUN:BNA:

  • Beneish M-Score: -2.27
  • GF Value™: TND9.42 vs. price of TND21.81 (131.5% above fair value)
  • GF Score™: 76/100 with 6 warning signs

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

Banque Nationale Agricole Business Description

Address Avenue Mohamed V Bab Bhar, Tunis, TUN, 1002
Banque Nationale Agricole SA is engaged in providing banking services. The activities of the bank include accepting deposits, granting loans, credit financing, and other services.
76GF Score

Get the complete analysis for XTUN:BNA

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

TND21.81
Price
TND9.42
GF Value