Steadfast Group (ASX:SDF) Beneish M-Score: -2.67 (As of Jun. 25, 2026)


ASX:SDF Steadfast Group Ltd ASX:SDF
83 GF Score
Price A$5.08
GF Value A$6.54
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Steadfast Group Beneish M-Score?

Steadfast Group ASX:SDF +2.63% 83 Beneish M-Score is -2.67 as of Jun. 25, 2026. GuruFocus rates ASX:SDF with a GF Score™ of 83/100 and a GF Value™ of A$6.54 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, Steadfast Group ranks better than 69.52% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:SDF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.6   Max: -1.27
Current: -2.67

During the past 12 years, the highest Beneish M-Score of Steadfast Group was -1.27. The lowest was -3.35. And the median was -2.60.

ASX:SDF
83GF Score
Steadfast Group Ltd ASX:SDF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Steadfast Group 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 Steadfast Group 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 * 0.9379+0.528 * 1+0.404 * 1+0.892 * 1.0994+0.115 * 1.0604
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0112+4.679 * -0.043439-0.327 * 1.0816
=-2.67

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$1,150 Mil.
Revenue was A$1,320 Mil.
Gross Profit was A$1,320 Mil.
Total Current Assets was A$0 Mil.
Total Assets was A$6,427 Mil.
Property, Plant and Equipment(Net PPE) was A$158 Mil.
Depreciation, Depletion and Amortization(DDA) was A$100 Mil.
Selling, General, & Admin. Expense(SGA) was A$750 Mil.
Total Current Liabilities was A$0 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,493 Mil.
Net Income was A$335 Mil.
Gross Profit was A$116 Mil.
Cash Flow from Operations was A$499 Mil.
 Total Receivables was A$1,115 Mil.
Revenue was A$1,201 Mil.
Gross Profit was A$1,201 Mil.
Total Current Assets was A$0 Mil.
Total Assets was A$5,706 Mil.
Property, Plant and Equipment(Net PPE) was A$140 Mil.
Depreciation, Depletion and Amortization(DDA) was A$98 Mil.
Selling, General, & Admin. Expense(SGA) was A$675 Mil.
Total Current Liabilities was A$0 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,225 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)
=(1149.8 / 1320.2) / (1115.1 / 1200.8)
=0.870929 / 0.928631
=0.9379

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)
=(1200.8 / 1200.8) / (1320.2 / 1320.2)
=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 + 157.5) / 6427.4) / (1 - (0 + 140) / 5705.8)
=0.975496 / 0.975464
=1

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
=1320.2 / 1200.8
=1.0994

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))
=(97.5 / (97.5 + 140)) / (99.5 / (99.5 + 157.5))
=0.410526 / 0.38716
=1.0604

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)
=(750.4 / 1320.2) / (675 / 1200.8)
=0.568399 / 0.562125
=1.0112

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)
=((1492.9 + 0) / 6427.4) / ((1225.3 + 0) / 5705.8)
=0.232271 / 0.214746
=1.0816

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
=(334.9 - 115.6 - 498.5) / 6427.4
=-0.043439

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.

Steadfast Group has a M-score of -2.67 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 -2.67 mean?
Steadfast Group (ASX:SDF) has a Beneish M-Score of -2.67 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Steadfast Group and its competitors. According to the industry distribution chart, Steadfast Group ranks #121 out of 397 companies in the Insurance industry, placing it in the top 30.5%.
Is Steadfast Group's Beneish M-Score too high?
Steadfast Group's current Beneish M-Score is -2.67. Based on the distribution chart, Steadfast Group ranks #121 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Steadfast Group has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Steadfast Group's Beneish M-Score compare to MRSH and AON?
According to the Insurance industry distribution chart, Steadfast Group ranks #121 out of 397 companies for Beneish M-Score. This puts Steadfast Group 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 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 Steadfast Group and its competitors. Steadfast Group's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steadfast Group stock overvalued right now?
Based on GuruFocus' analysis, Steadfast Group (ASX:SDF) is currently considered Modestly Undervalued. The stock's GF Value™ is A$6.54, compared to a current price of A$5.08 — trading 22.3% below its estimated fair value. The current Beneish M-Score is -2.67. Steadfast Group's overall GF Score™ is 83/100 with 2 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 Steadfast Group (ASX:SDF), the current Beneish M-Score is -2.67 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 Steadfast Group (ASX:SDF) Overvalued in 2026?

Based on GuruFocus' analysis, Steadfast Group stock appears to be undervalued. The current stock price of A$5.08 is trading 22.3% below its estimated GF Value™ of A$6.54. GuruFocus considers Steadfast Group to be Modestly Undervalued.

Key valuation signals for ASX:SDF:

  • Beneish M-Score: -2.67
  • GF Value™: A$6.54 vs. price of A$5.08 (22.3% below fair value)
  • GF Score™: 83/100 with 2 warning signs

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

Steadfast Group Business Description

Other Exchanges SFGLF:USA
Address 99 Bathurst Street, Level 4, Sydney, NSW, AUS, 2000
Steadfast Group is the largest general insurance broker network in Australia and New Zealand, with over 400 brokers and around 1,800 offices in Australia, New Zealand, Singapore, and London. Steadfast operates as both a broker and a consolidator via equity interests in insurance broker businesses, generating over AUD 12 billion of network broker gross written premium annually. Steadfast also co-owns and consolidates underwriting agencies and other complementary businesses.
83GF 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$5.08
Price
A$6.54
GF Value