ELFIF (E-L Financial) Beneish M-Score: 54.29 (As of Jun. 24, 2026)


ELFIF E-L Financial Corp Ltd ELFIF
60 GF Score
Price $11.94
GF Value $10.82
Valuation Fairly Valued
! 8 Warning Signs
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What is E-L Financial Beneish M-Score?

E-L Financial ELFIF -0.25% 60 Beneish M-Score is 54.29 as of Jun. 24, 2026. GuruFocus rates ELFIF with a GF Score™ of 60/100 and a GF Value™ of $10.82 (Fairly Valued). The stock has 8 warning signs investors should review. Among 399 Insurance companies, E-L Financial ranks worse than 99.5% 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.

Warning Sign:

Beneish M-Score 54.29 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ELFIF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -1.8   Max: 54.29
Current: 54.29

During the past 13 years, the highest Beneish M-Score of E-L Financial was 54.29. The lowest was -3.39. And the median was -1.80.

ELFIF
60GF Score
E-L Financial Corp Ltd ELFIF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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E-L Financial 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 E-L Financial 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 * 62.7959+0.528 * 1+0.404 * 1.0001+0.892 * 0.8853+0.115 * 0.9201
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6238+4.679 * 0.029324-0.327 * 0.9396
=54.31

* 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 $38 Mil.
Revenue was $2,080 Mil.
Gross Profit was $2,080 Mil.
Total Current Assets was $0 Mil.
Total Assets was $21,719 Mil.
Property, Plant and Equipment(Net PPE) was $1 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $105 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $435 Mil.
Net Income was $896 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $259 Mil.
 Total Receivables was $1 Mil.
Revenue was $2,350 Mil.
Gross Profit was $2,350 Mil.
Total Current Assets was $0 Mil.
Total Assets was $19,737 Mil.
Property, Plant and Equipment(Net PPE) was $2 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $73 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $420 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)
=(38.41 / 2080.468) / (0.691 / 2349.928)
=0.018462 / 0.000294
=62.7959

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)
=(2349.928 / 2349.928) / (2080.468 / 2080.468)
=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 + 0.623) / 21718.794) / (1 - (0 + 1.917) / 19736.665)
=0.999971 / 0.999903
=1.0001

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
=2080.468 / 2349.928
=0.8853

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))
=(15.721 / (15.721 + 1.917)) / (19.316 / (19.316 + 0.623))
=0.891314 / 0.968755
=0.9201

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)
=(104.673 / 2080.468) / (72.812 / 2349.928)
=0.050312 / 0.030985
=1.6238

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)
=((434.629 + 0) / 21718.794) / ((420.347 + 0) / 19736.665)
=0.020012 / 0.021298
=0.9396

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
=(895.986 - 0 - 259.112) / 21718.794
=0.029324

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.

E-L Financial has a M-score of 54.31 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 54.29 mean?
E-L Financial (ELFIF) has a Beneish M-Score of 54.29 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on E-L Financial and its competitors. According to the industry distribution chart, E-L Financial ranks #397 out of 399 companies in the Insurance industry, placing it in the top 99.5%.
Is E-L Financial's Beneish M-Score too high?
E-L Financial's current Beneish M-Score is 54.29. Based on the distribution chart, E-L Financial ranks #397 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, E-L Financial has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does E-L Financial's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, E-L Financial ranks #397 out of 399 companies for Beneish M-Score. This places E-L Financial 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 E-L Financial and its competitors. E-L Financial's current Beneish M-Score is 54.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is E-L Financial stock overvalued right now?
Based on GuruFocus' analysis, E-L Financial (ELFIF) is currently considered Fairly Valued. The stock's GF Value™ is $10.82, compared to a current price of $11.94 — trading 10.4% above its estimated fair value. The current Beneish M-Score is 54.29. E-L Financial's overall GF Score™ is 60/100 with 8 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 E-L Financial (ELFIF), the current Beneish M-Score is 54.29 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 E-L Financial (ELFIF) Overvalued in 2026?

Based on GuruFocus' analysis, E-L Financial stock appears to be overvalued. The current stock price of $11.94 is trading 10.4% above its estimated GF Value™ of $10.82. GuruFocus considers E-L Financial to be Fairly Valued.

Key valuation signals for ELFIF:

  • Beneish M-Score: 54.29
  • GF Value™: $10.82 vs. price of $11.94 (10.4% above fair value)
  • GF Score™: 60/100 with 8 warning signs

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

E-L Financial Business Description

Address 165 University Avenue, 10th Floor, Toronto, ON, CAN, M5H 3B8
E-L Financial Corp Ltd operates as an investment and insurance holding company that provides a broad range of wealth management products, individual insurance products, group plans, and financial services to meet the needs of individuals, professionals, and businesses. The firm has two segments; The Empire Life operating segment underwrites life and health insurance policies and provides segregated funds, mutual funds, and annuity products, and the E-L Corporate segment operations include the oversight of investments in equities held through holdings of common shares, investment funds, closed-end investment companies, and other private companies.
60GF Score

Get the complete analysis for ELFIF

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

$11.94
Price
$10.82
GF Value