Allianz SE (BUD:ALLIANZ) Beneish M-Score: -2.58 (As of Jul. 06, 2026)


BUD:ALLIANZ Allianz SE BUD:ALLIANZ
17 GF Score
Price Ft148,140.00
GF Value Ft127,007.97
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Allianz SE Beneish M-Score?

Allianz SE BUD:ALLIANZ +0.43% 17 Beneish M-Score is -2.58 as of Jul. 06, 2026. GuruFocus rates BUD:ALLIANZ with a GF Score™ of 17/100 and a GF Value™ of Ft127,007.97 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 400 Insurance companies, Allianz SE ranks better than 60.75% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUD:ALLIANZ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.49   Max: -1.22
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Allianz SE was -1.22. The lowest was -3.29. And the median was -2.49.

BUD:ALLIANZ
17GF Score
Allianz SE BUD:ALLIANZ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Allianz SE 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 Allianz SE 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 * 1.0056+0.528 * 1+0.404 * 0.9991+0.892 * 1.0983+0.115 * 1.0299
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0537+4.679 * -0.014823-0.327 * 1.0354
=-2.47

* 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 Ft4,558,478 Mil.
Revenue was Ft49,735,105 Mil.
Gross Profit was Ft49,735,105 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft370,625,492 Mil.
Property, Plant and Equipment(Net PPE) was Ft4,990,517 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft788,091 Mil.
Selling, General, & Admin. Expense(SGA) was Ft1,932,233 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft12,628,266 Mil.
Net Income was Ft3,898,841 Mil.
Gross Profit was Ft-2,623,712 Mil.
Cash Flow from Operations was Ft12,016,392 Mil.
 Total Receivables was Ft4,127,179 Mil.
Revenue was Ft45,283,124 Mil.
Gross Profit was Ft45,283,124 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft337,997,638 Mil.
Property, Plant and Equipment(Net PPE) was Ft4,265,021 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft696,977 Mil.
Selling, General, & Admin. Expense(SGA) was Ft1,669,639 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft11,123,159 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)
=(4558478.332 / 49735104.518) / (4127178.503 / 45283124.265)
=0.091655 / 0.091142
=1.0056

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)
=(45283124.265 / 45283124.265) / (49735104.518 / 49735104.518)
=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 + 4990516.999) / 370625492.291) / (1 - (0 + 4265020.765) / 337997637.524)
=0.986535 / 0.987382
=0.9991

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
=49735104.518 / 45283124.265
=1.0983

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))
=(696977.068 / (696977.068 + 4265020.765)) / (788090.634 / (788090.634 + 4990516.999))
=0.140463 / 0.136381
=1.0299

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)
=(1932233.235 / 49735104.518) / (1669638.658 / 45283124.265)
=0.03885 / 0.036871
=1.0537

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)
=((12628265.898 + 0) / 370625492.291) / ((11123158.622 + 0) / 337997637.524)
=0.034073 / 0.032909
=1.0354

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
=(3898841.405 - -2623712.207 - 12016392.04) / 370625492.291
=-0.014823

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.

Allianz SE has a M-score of -2.47 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 -2.58 mean?
Allianz SE (BUD:ALLIANZ) has a Beneish M-Score of -2.58 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Allianz SE and its competitors. According to the industry distribution chart, Allianz SE ranks #157 out of 400 companies in the Insurance industry, placing it in the top 39.2%.
Is Allianz SE's Beneish M-Score too high?
Allianz SE's current Beneish M-Score is -2.58. Based on the distribution chart, Allianz SE ranks #157 out of 400 companies in the Insurance industry, which is above the industry midpoint. Overall, Allianz SE has a GF Score™ of 17/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Allianz SE's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Allianz SE ranks #157 out of 400 companies for Beneish M-Score. This puts Allianz SE 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 Allianz SE and its competitors. Allianz SE's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Allianz SE stock overvalued right now?
Based on GuruFocus' analysis, Allianz SE (BUD:ALLIANZ) is currently considered Modestly Overvalued. The stock's GF Value™ is Ft127,007.97, compared to a current price of Ft148,140.00 — trading 16.6% above its estimated fair value. The current Beneish M-Score is -2.58. Allianz SE's overall GF Score™ is 17/100 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 Allianz SE (BUD:ALLIANZ), the current Beneish M-Score is -2.58 as of Jul. 06, 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 Allianz SE (BUD:ALLIANZ) Overvalued in 2026?

Based on GuruFocus' analysis, Allianz SE stock appears to be overvalued. The current stock price of Ft148,140.00 is trading 16.6% above its estimated GF Value™ of Ft127,007.97. GuruFocus considers Allianz SE to be Modestly Overvalued.

Key valuation signals for BUD:ALLIANZ:

  • Beneish M-Score: -2.58
  • GF Value™: Ft127,007.97 vs. price of Ft148,140.00 (16.6% above fair value)
  • GF Score™: 17/100 with 6 warning signs

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

Allianz SE Business Description

Address Koniginstrasse 28, Munich, BY, DEU, 80802
Allianz was founded as a transport and accident insurance firm in 1890 by Carl von Thieme and Wilhelm von Finck, the founders of Munich Re. It took the company five years to expand into Europe and North America and subsequently list in Berlin. After World War I, individuals were confronted with the loss of wealth, life, and security and Allianz founded a life business in the 1920s. In the years after World War II, Allianz's foreign assets were seized, and it lost its foreign business. By relocating its head office from Berlin to Munich in 1948, Allianz began the long road of rebuilding its domestic business. It took 20 years for the company to reacquire its prior foreign interests, starting in Austria. It became the largest European insurer in the postwar boom era.
17GF Score

Get the complete analysis for BUD:ALLIANZ

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

Ft148,140.00
Price
Ft127,007.97
GF Value