AELIY (Anadolu Hayat Emeklilik AS) Beneish M-Score: -1.93 (As of Jun. 28, 2026)


AELIY Anadolu Hayat Emeklilik AS AELIY
48 GF Score
Price $8.22
GF Value $8.69
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What is Anadolu Hayat Emeklilik AS Beneish M-Score?

Anadolu Hayat Emeklilik AS AELIY 48 Beneish M-Score is -1.93 as of Jun. 28, 2026. GuruFocus rates AELIY with a GF Score™ of 48/100 and a GF Value™ of $8.69. Among 402 Insurance companies, Anadolu Hayat Emeklilik AS ranks worse than 87.06% 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 -1.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Anadolu Hayat Emeklilik AS's Beneish M-Score or its related term are showing as below:

AELIY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.58   Med: -2.01   Max: -1.24
Current: -1.93

During the past 13 years, the highest Beneish M-Score of Anadolu Hayat Emeklilik AS was -1.24. The lowest was -2.58. And the median was -2.01.

AELIY
48GF Score
Anadolu Hayat Emeklilik AS AELIY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Anadolu Hayat Emeklilik AS 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 Anadolu Hayat Emeklilik AS 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 * 1.0705+0.528 * 1+0.404 * 0.9999+0.892 * 1.2991+0.115 * 1.1208
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0709+4.679 * -0.014629-0.327 * 0.8333
=-2.16

* 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 $9,104.3 Mil.
Revenue was 240.922 + 246.679 + 234.647 + 233.038 = $955.3 Mil.
Gross Profit was 240.922 + 246.679 + 234.647 + 233.038 = $955.3 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $10,598.3 Mil.
Property, Plant and Equipment(Net PPE) was $12.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.5 Mil.
Selling, General, & Admin. Expense(SGA) was $35.1 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $5.4 Mil.
Net Income was 36.526 + 45.024 + 37.553 + 35.977 = $155.1 Mil.
Non Operating Income was 33.051 + 30.999 + 27.757 + 26.851 = $118.7 Mil.
Cash Flow from Operations was 24.275 + -21.377 + 70.823 + 117.748 = $191.5 Mil.
 Total Receivables was $6,546.8 Mil.
Revenue was 216.394 + 189.191 + 169.25 + 160.53 = $735.4 Mil.
Gross Profit was 216.394 + 189.191 + 169.25 + 160.53 = $735.4 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $7,793.0 Mil.
Property, Plant and Equipment(Net PPE) was $8.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.7 Mil.
Selling, General, & Admin. Expense(SGA) was $25.3 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $4.8 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)
=(9104.316 / 955.286) / (6546.822 / 735.365)
=9.530461 / 8.90282
=1.0705

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)
=(735.365 / 735.365) / (955.286 / 955.286)
=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 + 12.698) / 10598.302) / (1 - (0 + 8.305) / 7792.953)
=0.998802 / 0.998934
=0.9999

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
=955.286 / 735.365
=1.2991

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))
=(2.672 / (2.672 + 8.305)) / (3.523 / (3.523 + 12.698))
=0.243418 / 0.217188
=1.1208

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)
=(35.134 / 955.286) / (25.255 / 735.365)
=0.036779 / 0.034343
=1.0709

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)
=((5.406 + 0) / 10598.302) / ((4.769 + 0) / 7792.953)
=0.00051 / 0.000612
=0.8333

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
=(155.08 - 118.658 - 191.469) / 10598.302
=-0.014629

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.

Anadolu Hayat Emeklilik AS has a M-score of -2.16 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 -1.93 mean?
Anadolu Hayat Emeklilik AS (AELIY) has a Beneish M-Score of -1.93 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Anadolu Hayat Emeklilik AS and its competitors. According to the industry distribution chart, Anadolu Hayat Emeklilik AS ranks #350 out of 402 companies in the Insurance industry, placing it in the top 87.1%.
Is Anadolu Hayat Emeklilik AS's Beneish M-Score too high?
Anadolu Hayat Emeklilik AS's current Beneish M-Score is -1.93. Based on the distribution chart, Anadolu Hayat Emeklilik AS ranks #350 out of 402 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Anadolu Hayat Emeklilik AS has a GF Score™ of 48/100, reflecting its overall financial health beyond just this single metric.
How does Anadolu Hayat Emeklilik AS's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Anadolu Hayat Emeklilik AS ranks #350 out of 402 companies for Beneish M-Score. This places Anadolu Hayat Emeklilik AS 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Anadolu Hayat Emeklilik AS and its competitors. Anadolu Hayat Emeklilik AS's current Beneish M-Score is -1.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anadolu Hayat Emeklilik AS stock overvalued right now?
Anadolu Hayat Emeklilik AS (AELIY) has a current Beneish M-Score of -1.93. The stock's GF Value™ is $8.69, compared to a current price of $8.22 — trading 5.4% below its estimated fair value. The current Beneish M-Score is -1.93. Anadolu Hayat Emeklilik AS's overall GF Score™ is 48/100. 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 Anadolu Hayat Emeklilik AS (AELIY), the current Beneish M-Score is -1.93 as of Jun. 28, 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 Anadolu Hayat Emeklilik AS (AELIY) Overvalued in 2026?

Based on GuruFocus' analysis, Anadolu Hayat Emeklilik AS stock appears to be undervalued. The current stock price of $8.22 is trading 5.4% below its estimated GF Value™ of $8.69.

Key valuation signals for AELIY:

  • Beneish M-Score: -1.93
  • GF Value™: $8.69 vs. price of $8.22 (5.4% below fair value)
  • GF Score™: 48/100

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

Anadolu Hayat Emeklilik AS Business Description

Other Exchanges ANHYT:Turkey
Address Meltem Sokak No:10, ?? Kuleleri Kule: 2, Kat: 16, Levent, Be?ikta?, Istanbul, TUR, 34330
Anadolu Hayat Emeklilik AS is engaged in the provision of insurance services in Turkey. The activities of the company involve providing individual and group insurance and reinsurance services relating to group life, individual life, retirement and related personal accident branches, establishing retirement funds, developing internal rules and regulations related to these funds. It also engages in portfolio management, custody contracts and establishes retirement funds.
48GF Score

Get the complete analysis for AELIY

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

$8.22
Price
$8.69
GF Value