DGICB (Donegal Group) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


DGICB Donegal Group Inc DGICB
62 GF Score
Price $20.33
GF Value $15.61
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Donegal Group Beneish M-Score?

Donegal Group DGICB +1.55% 62 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates DGICB with a GF Score™ of 62/100 and a GF Value™ of $15.61 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 399 Insurance companies, Donegal Group ranks worse than 250626.32% 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.

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

During the past 13 years, the highest Beneish M-Score of Donegal Group was -2.17. The lowest was -2.64. And the median was -2.50.

DGICB
62GF Score
Donegal Group Inc DGICB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Donegal 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 Donegal 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 $586.7 Mil.
Revenue was $978.0 Mil.
Gross Profit was $978.0 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $2,386.6 Mil.
Property, Plant and Equipment(Net PPE) was $2.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.1 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was $79.3 Mil.
Gross Profit was $0.3 Mil.
Cash Flow from Operations was $70.2 Mil.
 Total Receivables was $610.3 Mil.
Revenue was $989.6 Mil.
Gross Profit was $989.6 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $2,336.0 Mil.
Property, Plant and Equipment(Net PPE) was $2.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.9 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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)
=(586.713 / 978.014) / (610.283 / 989.605)
=0.599902 / 0.616694
=

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)
=(989.605 / 989.605) / (978.014 / 978.014)
=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 + 2.329) / 2386.629) / (1 - (0 + 2.479) / 2336.032)
=0.999024 / 0.998939
=

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
=978.014 / 989.605
=

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))
=(3.873 / (3.873 + 2.479)) / (3.075 / (3.075 + 2.329))
=0.609729 / 0.569023
=

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 / 978.014) / (0 / 989.605)
=0 / 0
=

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)
=((0 + 0) / 2386.629) / ((0 + 0) / 2336.032)
=0 / 0
=

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
=(79.341 - 0.302 - 70.199) / 2386.629
=0.003704

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Donegal Group (DGICB) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Donegal Group and its competitors. According to the industry distribution chart, Donegal Group ranks #999999 out of 399 companies in the Insurance industry.
Is Donegal Group's Beneish M-Score too high?
Donegal Group's current Beneish M-Score is 0.00. Based on the distribution chart, Donegal Group ranks #999999 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Donegal Group has a GF Score™ of 62/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Donegal Group's Beneish M-Score compare to HRTG and HIPO?
According to the Insurance industry distribution chart, Donegal Group ranks #999999 out of 399 companies for Beneish M-Score. This places Donegal 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 Donegal Group and its competitors. Donegal Group's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Donegal Group stock overvalued right now?
Based on GuruFocus' analysis, Donegal Group (DGICB) is currently considered Modestly Overvalued. The stock's GF Value™ is $15.61, compared to a current price of $20.33 — trading 30.2% above its estimated fair value. The current Beneish M-Score is 0.00. Donegal Group's overall GF Score™ is 62/100 with 4 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 Donegal Group (DGICB), the current Beneish M-Score is 0.00 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 Donegal Group (DGICB) Overvalued in 2026?

Based on GuruFocus' analysis, Donegal Group stock appears to be overvalued. The current stock price of $20.33 is trading 30.2% above its estimated GF Value™ of $15.61. GuruFocus considers Donegal Group to be Modestly Overvalued.

Key valuation signals for DGICB:

  • Beneish M-Score: 0.00
  • GF Value™: $15.61 vs. price of $20.33 (30.2% above fair value)
  • GF Score™: 62/100 with 4 warning signs

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

Donegal Group Business Description

Other Exchanges DGICA:USA
Address 1195 River Road, P.O. Box 302, Marietta, PA, USA, 17547
Donegal Group Inc is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern, and Southwestern states. It includes three segments: Investments Function, Commercial Lines of Insurance, and Personal Lines of Insurance. The majority of revenue is from the commercial Lines segment. The commercial Lines segment consists mainly of commercial automobile, commercial multi-peril, and workers' compensation policies.
62GF Score

Get the complete analysis for DGICB

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

$20.33
Price
$15.61
GF Value