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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for The Baldwin Insurance Group's Beneish M-Score or its related term are showing as below:
BWIN'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.56 Med: -1.61 Max: -1.16
Current: -2.4
During the past 9 years, the highest Beneish M-Score of The Baldwin Insurance Group was -1.16. The lowest was -2.56. And the median was -1.61.
The Baldwin Insurance Group Beneish M-Score Related Terms
The Baldwin Insurance Group Beneish M-Score Historical Data
* 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.
BWIN vs LIFE, GSHD, CRVL: Beneish M-Score Comparison
For the Insurance Brokers subindustry, The Baldwin Insurance Group'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.
The Baldwin Insurance Group Beneish M-Score vs Insurance Industry
For the Insurance industry and Financial Services sector, The Baldwin Insurance Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Baldwin Insurance Group's Beneish M-Score falls into.
The Baldwin Insurance 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 The Baldwin Insurance 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 * 1.1052
+
0.528 * 0.8634
+
0.404 * 0.9774
+
0.892 * 1.0815
+
0.115 * 0.89
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * 0.001588
-
0.327 * 1.0024
=
-2.40
* 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.
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.
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))
=
(108.924 / (108.924 + 94.339))
/
(127.83 / (127.83 + 84.478))
=
0.535877
/
0.602097
=
0.89
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
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
=
(-33.813 - -10.527
-
-29.418)
/
3862.22
=
0.001588
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.
The Baldwin Insurance Group has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
The Baldwin Insurance Group (BWIN) has a Beneish M-Score of -2.40 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Baldwin Insurance Group and its competitors. According to the industry distribution chart, The Baldwin Insurance Group ranks #248 out of 397 companies in the Insurance industry, placing it in the top 62.5%.
Is The Baldwin Insurance Group's Beneish M-Score too high?
The Baldwin Insurance Group's current Beneish M-Score is -2.40. Based on the distribution chart, The Baldwin Insurance Group ranks #248 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, The Baldwin Insurance Group has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does The Baldwin Insurance Group's Beneish M-Score compare to LIFE and GSHD?
According to the Insurance industry distribution chart, The Baldwin Insurance Group ranks #248 out of 397 companies for Beneish M-Score. This places The Baldwin Insurance Group 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 The Baldwin Insurance Group and its competitors. The Baldwin Insurance Group's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Baldwin Insurance Group stock overvalued right now?
Based on GuruFocus' analysis, The Baldwin Insurance Group (BWIN) is currently considered Modestly Undervalued. The stock's GF Value™ is $29.32, compared to a current price of $24.98 — trading 14.8% below its estimated fair value. The current Beneish M-Score is -2.40. The Baldwin Insurance Group's overall GF Score™ is 74/100 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 The Baldwin Insurance Group (BWIN), the current Beneish M-Score is -2.40 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 The Baldwin Insurance Group (BWIN) Overvalued in 2026?
Based on GuruFocus' analysis, The Baldwin Insurance Group stock appears to be undervalued.
The current stock price of $24.98 is trading 14.8% below its estimated GF Value™ of $29.32.
GuruFocus considers The Baldwin Insurance Group to be Modestly Undervalued.
Key valuation signals for BWIN:
Beneish M-Score: -2.40
GF Value™: $29.32 vs. price of $24.98 (14.8% below fair value)
No single metric tells the full story. See the BWIN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Baldwin Insurance Group Inc is an insurance distribution company operating in the United States. The company provides commercial risk management, employee benefits, private risk management, and personal insurance solutions. It operates through three segments: Insurance Advisory Solutions, which focuses on commercial risk management and employee benefits; Underwriting, Capacity & Technology Solutions, which includes managing general agency operations, reinsurance brokerage, captive management, and technology-enabled insurance products; and Mainstreet Insurance Solutions, which offers personal, commercial, and life and health insurance products through community-based distribution channels.
74GF Score
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