Insignia Financial (ASX:IFL) Beneish M-Score: -2.10 (As of Jun. 24, 2026)

What is Insignia Financial Beneish M-Score?

Insignia Financial ASX:IFL 35 Beneish M-Score is -2.10 as of Jun. 24, 2026. GuruFocus rates ASX:IFL with a GF Score™ of 35/100 and a GF Value™ of A$2.12. The stock has 9 warning signs investors should review. Among 955 Asset Management companies, Insignia Financial ranks worse than 55.92% on this metric.

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 -2.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:IFL' s Beneish M-Score Range Over the Past 10 Years
Min: -6.1 Med: -2.56 Max: -0.88
Current: -2.1

During the past 13 years, the highest Beneish M-Score of Insignia Financial was -0.88. The lowest was -6.10. And the median was -2.56.

Insignia Financial Beneish M-Score Related Terms

Insignia Financial Beneish M-Score Historical Data

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The historical data trend for Insignia Financial's Beneish M-Score can be seen below:

* 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.

Insignia Financial Beneish M-Score Chart

Insignia Financial Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.60

-2.35

-3.18

-2.54

-2.10

Insignia Financial Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.54	0.00	-2.10	0.00

ASX:IFL vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Insignia Financial's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Insignia Financial Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Insignia Financial's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Insignia Financial's Beneish M-Score falls into.

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35GF Score

Insignia Financial Ltd ASX:IFL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Insignia Financial 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 Insignia Financial for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.6131

0.528 * 0.7889

0.404 * 0.9463

0.892 * 0.8232

0.115 * 1.4012

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1661

4.679 * 0.024971

0.327 * 1.0736

-2.10

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$355 Mil.
Revenue was A$1,535 Mil.
Gross Profit was A$1,407 Mil.
Total Current Assets was A$935 Mil.
Total Assets was A$3,768 Mil.
Property, Plant and Equipment(Net PPE) was A$193 Mil.
Depreciation, Depletion and Amortization(DDA) was A$115 Mil.
Selling, General, & Admin. Expense(SGA) was A$766 Mil.
Total Current Liabilities was A$840 Mil.
Long-Term Debt & Capital Lease Obligation was A$812 Mil.
Net Income was A$16 Mil.
Gross Profit was A$-168 Mil.
Cash Flow from Operations was A$90 Mil.

Total Receivables was A$268 Mil.
Revenue was A$1,864 Mil.
Gross Profit was A$1,349 Mil.
Total Current Assets was A$822 Mil.
Total Assets was A$3,589 Mil.
Property, Plant and Equipment(Net PPE) was A$109 Mil.
Depreciation, Depletion and Amortization(DDA) was A$121 Mil.
Selling, General, & Admin. Expense(SGA) was A$798 Mil.
Total Current Liabilities was A$577 Mil.
Long-Term Debt & Capital Lease Obligation was A$888 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)
	=	(355.2 / 1534.7)	/	(267.5 / 1864.4)
	=	0.231446	/	0.143478
	=	1.6131

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)
	=	(1348.7 / 1864.4)	/	(1407.3 / 1534.7)
	=	0.723396	/	0.916987
	=	0.7889

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 - (934.8 + 192.7) / 3768.4)	/	(1 - (821.9 + 109.1) / 3588.7)
	=	0.700801	/	0.740575
	=	0.9463

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
	=	1534.7	/	1864.4
	=	0.8232

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))
	=	(120.5 / (120.5 + 109.1))	/	(115.4 / (115.4 + 192.7))
	=	0.524826	/	0.374554
	=	1.4012

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)
	=	(766.3 / 1534.7)	/	(798.3 / 1864.4)
	=	0.499316	/	0.428181
	=	1.1661

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)
	=	((812.1 + 839.6) / 3768.4)	/	((887.8 + 577.3) / 3588.7)
	=	0.438303	/	0.408254
	=	1.0736

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
	=	(16.1 - -168.4	-	90.4)	/	3768.4
	=	0.024971

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.

Insignia Financial has a M-score of -2.10 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 -2.10 mean?

Insignia Financial (ASX:IFL) has a Beneish M-Score of -2.10 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Insignia Financial and its competitors. According to the industry distribution chart, Insignia Financial ranks #534 out of 955 companies in the Asset Management industry, placing it in the top 55.9%.

Is Insignia Financial's Beneish M-Score too high?

Insignia Financial's current Beneish M-Score is -2.10. Based on the distribution chart, Insignia Financial ranks #534 out of 955 companies in the Asset Management industry, which is below the industry midpoint. Overall, Insignia Financial has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.

How does Insignia Financial's Beneish M-Score compare to BLK and BX?

According to the Asset Management industry distribution chart, Insignia Financial ranks #534 out of 955 companies for Beneish M-Score. This places Insignia Financial 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 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 Insignia Financial and its competitors. Insignia Financial's current Beneish M-Score is -2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Insignia Financial stock overvalued right now?

Insignia Financial (ASX:IFL) has a current Beneish M-Score of -2.10. The stock's GF Value™ is A$2.12, compared to a current price of A$4.79 — trading 125.9% above its estimated fair value. The current Beneish M-Score is -2.10. Insignia Financial's overall GF Score™ is 35/100 with 9 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 Insignia Financial (ASX:IFL), the current Beneish M-Score is -2.10 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 Insignia Financial (ASX:IFL) Overvalued in 2026?

Based on GuruFocus' analysis, Insignia Financial stock appears to be overvalued. The current stock price of A$4.79 is trading 125.9% above its estimated GF Value™ of A$2.12.

Key valuation signals for ASX:IFL:

Beneish M-Score: -2.10
GF Value™: A$2.12 vs. price of A$4.79 (125.9% above fair value)
GF Score™: 35/100 with 9 warning signs

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

Insignia Financial Business Description

Industry Financial Services Asset Management

Comparable Companies ASX:L1G ASX:PNI ASX:MFF ASX:LSF ASX:MXT ASX:WAM ASX:PPT ASX:MFG ASX:WLE ASX:GDG BLK OSTO:INVE A TSX:BN BX KKR TSX:BAM APO AMP STT OSTO:EQT

Address 800 Bourke Street, Level 1, Docklands, VIC, AUS, 3008

Website https://www.insigniafinancial.com.au

Insignia Financial (formerly IOOF) provides wealth-management advice and products via a multibranded strategy, and a vertically integrated business model. Insignia's advice business provides financial planning services to both the mass affluent and high-net-worth clients. It also services non-Insignia advisors, providing compliance and other administrative services. Furthermore, Insignia offers platform products, which generates fees mainly from superannuation and non-superannuation investments accessed via its own platforms. It also derives revenue via some third-party platforms sourced from its aligned advisors. Lastly, the firm has an investment management segment.

35GF Score

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

A$4.79

Price

A$2.12

GF Value

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