AXA (AXAHF) Beneish M-Score: -2.62 (As of Jun. 24, 2026)


AXAHF AXA SA AXAHF
66 GF Score
Price $48.62
GF Value $43.65
Valuation Modestly Overvalued
! 5 Warning Signs
View Full Analysis

What is AXA Beneish M-Score?

AXA AXAHF -1.58% 66 Beneish M-Score is -2.62 as of Jun. 24, 2026. GuruFocus rates AXAHF with a GF Score™ of 66/100 and a GF Value™ of $43.65 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 399 Insurance companies, AXA ranks better than 63.66% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AXAHF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12   Med: -2.5   Max: -1.96
Current: -2.62

During the past 13 years, the highest Beneish M-Score of AXA was -1.96. The lowest was -3.12. And the median was -2.50.

AXAHF
66GF Score
AXA SA AXAHF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

AXA 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 AXA 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 * 0.9722+0.528 * 1+0.404 * 1+0.892 * 1.1471+0.115 * 0.6543
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.021316-0.327 * 0.9964
=-2.51

* 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 $12,520 Mil.
Revenue was $124,034 Mil.
Gross Profit was $124,034 Mil.
Total Current Assets was $0 Mil.
Total Assets was $744,191 Mil.
Property, Plant and Equipment(Net PPE) was $2,514 Mil.
Depreciation, Depletion and Amortization(DDA) was $-861 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $70,834 Mil.
Net Income was $11,472 Mil.
Gross Profit was $1,162 Mil.
Cash Flow from Operations was $26,173 Mil.
 Total Receivables was $11,226 Mil.
Revenue was $108,128 Mil.
Gross Profit was $108,128 Mil.
Total Current Assets was $0 Mil.
Total Assets was $684,568 Mil.
Property, Plant and Equipment(Net PPE) was $2,316 Mil.
Depreciation, Depletion and Amortization(DDA) was $-588 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $65,393 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)
=(12519.906 / 124033.958) / (11226.178 / 108127.749)
=0.100939 / 0.103823
=0.9722

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)
=(108127.749 / 108127.749) / (124033.958 / 124033.958)
=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 + 2514.052) / 744190.867) / (1 - (0 + 2316.23) / 684567.539)
=0.996622 / 0.996617
=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
=124033.958 / 108127.749
=1.1471

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))
=(-588.482 / (-588.482 + 2316.23)) / (-860.656 / (-860.656 + 2514.052))
=-0.340606 / -0.520538
=0.6543

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)
=(0 / 124033.958) / (0 / 108127.749)
=0 / 0
=1

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)
=((70833.724 + 0) / 744190.867) / ((65392.67 + 0) / 684567.539)
=0.095182 / 0.095524
=0.9964

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
=(11471.897 - 1161.593 - 26173.302) / 744190.867
=-0.021316

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.

AXA has a M-score of -2.51 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 -2.62 mean?
AXA (AXAHF) has a Beneish M-Score of -2.62 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AXA and its competitors. According to the industry distribution chart, AXA ranks #145 out of 399 companies in the Insurance industry, placing it in the top 36.3%.
Is AXA's Beneish M-Score too high?
AXA's current Beneish M-Score is -2.62. Based on the distribution chart, AXA ranks #145 out of 399 companies in the Insurance industry, which is above the industry midpoint. Overall, AXA has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does AXA's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, AXA ranks #145 out of 399 companies for Beneish M-Score. This puts AXA 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 AXA and its competitors. AXA's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AXA stock overvalued right now?
Based on GuruFocus' analysis, AXA (AXAHF) is currently considered Modestly Overvalued. The stock's GF Value™ is $43.65, compared to a current price of $48.62 — trading 11.4% above its estimated fair value. The current Beneish M-Score is -2.62. AXA's overall GF Score™ is 66/100 with 5 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 AXA (AXAHF), the current Beneish M-Score is -2.62 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 AXA (AXAHF) Overvalued in 2026?

Based on GuruFocus' analysis, AXA stock appears to be overvalued. The current stock price of $48.62 is trading 11.4% above its estimated GF Value™ of $43.65. GuruFocus considers AXA to be Modestly Overvalued.

Key valuation signals for AXAHF:

  • Beneish M-Score: -2.62
  • GF Value™: $43.65 vs. price of $48.62 (11.4% above fair value)
  • GF Score™: 66/100 with 5 warning signs

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

AXA Business Description

Address 25, Avenue Matignon, Paris, FRA, 75008
AXA's origins date back to Ancienne Mutuelle, one of the few insurers that remained after the creation of the French social security system. With the threat of nationalization, a merger took place between Drouot and AXA, which was then still known as Mutuelles Unies in 1982, and later Présence. Ten years later, AXA acquired North American life insurer Equitable Holdings. This was a time of expansion as AXA also bought the French insurer UAP. As markets crashed at the turn of the millennium, AXA decided to refocus its business and exited its stake in US investment bank Donaldson, Lufkin & Jenrette. A few years later, the business expanded again with the acquisition of Swiss insurer Winterthur. AXA has reshaped its portfolio to technical risks.
66GF Score

Get the complete analysis for AXAHF

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

$48.62
Price
$43.65
GF Value