ZION (Zions Bancorp NA) Beneish M-Score: -2.84 (As of Jun. 24, 2026)


ZION Zions Bancorp NA ZION
66 GF Score
Price $68.30
GF Value $53.85
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is Zions Bancorp NA Beneish M-Score?

Zions Bancorp NA ZION -0.28% 66 Beneish M-Score is -2.84 as of Jun. 24, 2026. GuruFocus rates ZION with a GF Score™ of 66/100 and a GF Value™ of $53.85 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Zions Bancorp NA ranks better than 90.04% 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ZION' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76   Med: -2.5   Max: -1.14
Current: -2.84

During the past 13 years, the highest Beneish M-Score of Zions Bancorp NA was -1.14. The lowest was -3.76. And the median was -2.50.

ZION
66GF Score
Zions Bancorp NA ZION
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Zions Bancorp NA 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 Zions Bancorp NA 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 * 0.9156+0.528 * 1+0.404 * 1.0001+0.892 * 1.0835+0.115 * 1.0115
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9761+4.679 * -0.004036-0.327 * 2.0371
=-2.84

* 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 $374 Mil.
Revenue was 849 + 891 + 861 + 838 = $3,439 Mil.
Gross Profit was 849 + 891 + 861 + 838 = $3,439 Mil.
Total Current Assets was $0 Mil.
Total Assets was $87,957 Mil.
Property, Plant and Equipment(Net PPE) was $1,356 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General, & Admin. Expense(SGA) was $1,507 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,963 Mil.
Net Income was 233 + 263 + 222 + 244 = $962 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 423 + 518 + 438 + -62 = $1,317 Mil.
 Total Receivables was $377 Mil.
Revenue was 795 + 820 + 792 + 767 = $3,174 Mil.
Gross Profit was 795 + 820 + 792 + 767 = $3,174 Mil.
Total Current Assets was $0 Mil.
Total Assets was $87,992 Mil.
Property, Plant and Equipment(Net PPE) was $1,362 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General, & Admin. Expense(SGA) was $1,425 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $964 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)
=(374 / 3439) / (377 / 3174)
=0.108753 / 0.118778
=0.9156

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)
=(3174 / 3174) / (3439 / 3439)
=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 + 1356) / 87957) / (1 - (0 + 1362) / 87992)
=0.984583 / 0.984521
=1.0001

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
=3439 / 3174
=1.0835

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))
=(120 / (120 + 1362)) / (118 / (118 + 1356))
=0.080972 / 0.080054
=1.0115

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)
=(1507 / 3439) / (1425 / 3174)
=0.438209 / 0.44896
=0.9761

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)
=((1963 + 0) / 87957) / ((964 + 0) / 87992)
=0.022318 / 0.010956
=2.0371

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
=(962 - 0 - 1317) / 87957
=-0.004036

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.

Zions Bancorp NA has a M-score of -2.84 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 -2.84 mean?
Zions Bancorp NA (ZION) has a Beneish M-Score of -2.84 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zions Bancorp NA and its competitors. According to the industry distribution chart, Zions Bancorp NA ranks #139 out of 1396 companies in the Banks industry, placing it in the top 10%.
Is Zions Bancorp NA's Beneish M-Score too high?
Zions Bancorp NA's current Beneish M-Score is -2.84. Based on the distribution chart, Zions Bancorp NA ranks #139 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Zions Bancorp NA has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Zions Bancorp NA's Beneish M-Score compare to SSB and ONB?
According to the Banks industry distribution chart, Zions Bancorp NA ranks #139 out of 1396 companies for Beneish M-Score. This places Zions Bancorp NA in the top 10% of its industry — outperforming the majority of peers. 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 Zions Bancorp NA and its competitors. Zions Bancorp NA's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zions Bancorp NA stock overvalued right now?
Based on GuruFocus' analysis, Zions Bancorp NA (ZION) is currently considered Modestly Overvalued. The stock's GF Value™ is $53.85, compared to a current price of $68.30 — trading 26.8% above its estimated fair value. The current Beneish M-Score is -2.84. Zions Bancorp NA's overall GF Score™ is 66/100 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 Zions Bancorp NA (ZION), the current Beneish M-Score is -2.84 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 Zions Bancorp NA (ZION) Overvalued in 2026?

Based on GuruFocus' analysis, Zions Bancorp NA stock appears to be overvalued. The current stock price of $68.30 is trading 26.8% above its estimated GF Value™ of $53.85. GuruFocus considers Zions Bancorp NA to be Modestly Overvalued.

Key valuation signals for ZION:

  • Beneish M-Score: -2.84
  • GF Value™: $53.85 vs. price of $68.30 (26.8% above fair value)
  • GF Score™: 66/100 with 6 warning signs

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

Zions Bancorp NA Business Description

Address One South Main Street, Salt Lake City, UT, USA, 84133-1109
Zions Bancorp is a US regional bank with around $90 billion in total assets as of March 31, 2026. Headquartered in Salt Lake City, Utah, Zions' branch network is in the Western and Southwestern United States and includes seven affiliate banks in these markets. The bank has a heavy focus on small and midsize commercial banking.
66GF Score

Get the complete analysis for ZION

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

$68.30
Price
$53.85
GF Value