Talanx AG (CHIX:TLXD) Beneish M-Score: -2.59 (As of Jun. 27, 2026)


CHIX:TLXD Talanx AG CHIX:TLXD
77 GF Score
Price €103.70
GF Value €102.55
Valuation Fairly Valued
! 2 Warning Signs
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What is Talanx AG Beneish M-Score?

Talanx AG CHIX:TLXD 77 Beneish M-Score is -2.59 as of Jun. 27, 2026. GuruFocus rates CHIX:TLXD with a GF Score™ of 77/100 and a GF Value™ of €102.55 (Fairly Valued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, Talanx AG ranks better than 61.71% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:TLXd' s Beneish M-Score Range Over the Past 10 Years
Min: -4.71   Med: -2.57   Max: 0.75
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Talanx AG was 0.75. The lowest was -4.71. And the median was -2.57.

CHIX:TLXD
77GF Score
Talanx AG CHIX:TLXD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Talanx AG 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 Talanx AG 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 * 1.0235+0.528 * 1+0.404 * 1.0003+0.892 * 1.016+0.115 * 0.9479
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.033847-0.327 * 0.9387
=-2.59

* 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 €1,953 Mil.
Revenue was €48,437 Mil.
Gross Profit was €48,437 Mil.
Total Current Assets was €0 Mil.
Total Assets was €180,814 Mil.
Property, Plant and Equipment(Net PPE) was €877 Mil.
Depreciation, Depletion and Amortization(DDA) was €141 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €8,183 Mil.
Net Income was €2,480 Mil.
Gross Profit was €227 Mil.
Cash Flow from Operations was €8,373 Mil.
 Total Receivables was €1,878 Mil.
Revenue was €47,674 Mil.
Gross Profit was €47,674 Mil.
Total Current Assets was €0 Mil.
Total Assets was €180,419 Mil.
Property, Plant and Equipment(Net PPE) was €933 Mil.
Depreciation, Depletion and Amortization(DDA) was €141 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €8,698 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)
=(1953 / 48437) / (1878 / 47674)
=0.04032 / 0.039393
=1.0235

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)
=(47674 / 47674) / (48437 / 48437)
=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 + 877) / 180814) / (1 - (0 + 933) / 180419)
=0.99515 / 0.994829
=1.0003

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
=48437 / 47674
=1.016

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))
=(141 / (141 + 933)) / (141 / (141 + 877))
=0.131285 / 0.138507
=0.9479

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 / 48437) / (0 / 47674)
=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)
=((8183 + 0) / 180814) / ((8698 + 0) / 180419)
=0.045256 / 0.04821
=0.9387

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
=(2480 - 227 - 8373) / 180814
=-0.033847

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.

Talanx AG has a M-score of -2.59 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 -2.59 mean?
Talanx AG (CHIX:TLXD) has a Beneish M-Score of -2.59 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Talanx AG and its competitors. According to the industry distribution chart, Talanx AG ranks #152 out of 397 companies in the Insurance industry, placing it in the top 38.3%.
Is Talanx AG's Beneish M-Score too high?
Talanx AG's current Beneish M-Score is -2.59. Based on the distribution chart, Talanx AG ranks #152 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Talanx AG has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Talanx AG's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Talanx AG ranks #152 out of 397 companies for Beneish M-Score. This puts Talanx AG 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 Talanx AG and its competitors. Talanx AG's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Talanx AG stock overvalued right now?
Based on GuruFocus' analysis, Talanx AG (CHIX:TLXD) is currently considered Fairly Valued. The stock's GF Value™ is €102.55, compared to a current price of €103.70 — trading 1.1% above its estimated fair value. The current Beneish M-Score is -2.59. Talanx AG's overall GF Score™ is 77/100 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 Talanx AG (CHIX:TLXD), the current Beneish M-Score is -2.59 as of Jun. 27, 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 Talanx AG (CHIX:TLXD) Overvalued in 2026?

Based on GuruFocus' analysis, Talanx AG stock appears to be overvalued. The current stock price of €103.70 is trading 1.1% above its estimated GF Value™ of €102.55. GuruFocus considers Talanx AG to be Fairly Valued.

Key valuation signals for CHIX:TLXD:

  • Beneish M-Score: -2.59
  • GF Value™: €102.55 vs. price of €103.70 (1.1% above fair value)
  • GF Score™: 77/100 with 2 warning signs

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

Talanx AG Business Description

Address HDI-Platz 1, Hannover, NI, DEU, 30659
Talanx is the third largest insurer in Germany. It sells insurance to businesses, individuals, and reinsures other insurers. The origins of Talanx go back to the early 1900s and the founding of two mutuals in Germany, HDI and FSV, that were set up to provide liability insurance to the German iron and steel industry, and fire insurance to the German mining industry as a result of a growing dissatisfaction with providers of insurance. These two mutuals merged to form Halfplichtverband der Deutschen Industrie, or HDI, in 1970. Over the years companies outside of metals and mining have joined the mutual. HDI started providing reinsurance services in the mid-1920s, and individual insurance in the 1950s. HDI owns just over three-quarters of the Talanx share capital.
77GF Score

Get the complete analysis for CHIX:TLXD

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

€103.70
Price
€102.55
GF Value