EZRA (Reliance Global Group) Beneish M-Score: -5.65 (As of Jun. 25, 2026)

What is Reliance Global Group Beneish M-Score?

Reliance Global Group EZRA -1.46% 40 Beneish M-Score is -5.65 as of Jun. 25, 2026. GuruFocus rates EZRA with a GF Score™ of 40/100 and a GF Value™ of $6.49 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 397 Insurance companies, Reliance Global Group ranks better than 96.98% on this metric.

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 -5.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

EZRA' s Beneish M-Score Range Over the Past 10 Years
Min: -49.08 Med: -3.91 Max: 97.54
Current: -5.65

During the past 12 years, the highest Beneish M-Score of Reliance Global Group was 97.54. The lowest was -49.08. And the median was -3.91.

Reliance Global Group Beneish M-Score Related Terms

Reliance Global Group Beneish M-Score Historical Data

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The historical data trend for Reliance Global Group's Beneish M-Score can be seen below:

* 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.

Reliance Global Group Beneish M-Score Chart

Reliance Global Group Annual Data

Trend

Aug15

Aug16

Aug17

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.80

-3.91

-3.94

-3.19

-6.37

Reliance Global Group Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.38	-3.60	-6.13	-6.37	-5.65

EZRA vs TIRXF, GOCO, MRSH: Beneish M-Score Comparison

For the Insurance Brokers subindustry, Reliance Global 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.

Reliance Global Group Beneish M-Score vs Insurance Industry

For the Insurance industry and Financial Services sector, Reliance Global Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Reliance Global Group's Beneish M-Score falls into.

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Reliance Global Group Inc EZRA

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Reliance Global 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 Reliance Global Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8233

0.528 * -0.7767

0.404 * 0.8712

0.892 * 0.8462

0.115 * 0.9867

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3118

4.679 * -0.422686

0.327 * 0.5469

-5.65

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0.72 Mil.
Revenue was 3.827 + 2.612 + 2.496 + 3.087 = $12.02 Mil.
Gross Profit was 0.632 + -0.151 + -2.412 + -0.466 = $-2.40 Mil.
Total Current Assets was $4.46 Mil.
Total Assets was $13.79 Mil.
Property, Plant and Equipment(Net PPE) was $0.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.28 Mil.
Selling, General, & Admin. Expense(SGA) was $5.17 Mil.
Total Current Liabilities was $1.86 Mil.
Long-Term Debt & Capital Lease Obligation was $4.51 Mil.
Net Income was -1.471 + -1.383 + -1.157 + -2.711 = $-6.72 Mil.
Non Operating Income was -0.105 + 0.085 + 3.009 + -0.02 = $2.97 Mil.
Cash Flow from Operations was -0.571 + -1.625 + -0.814 + -0.853 = $-3.86 Mil.

Total Receivables was $1.03 Mil.
Revenue was 4.236 + 3.297 + 3.441 + 3.233 = $14.21 Mil.
Gross Profit was 0.537 + 0.44 + 0.831 + 0.392 = $2.20 Mil.
Total Current Assets was $3.85 Mil.
Total Assets was $16.82 Mil.
Property, Plant and Equipment(Net PPE) was $1.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.61 Mil.
Selling, General, & Admin. Expense(SGA) was $4.66 Mil.
Total Current Liabilities was $3.93 Mil.
Long-Term Debt & Capital Lease Obligation was $10.28 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)
	=	(0.719 / 12.022)	/	(1.032 / 14.207)
	=	0.059807	/	0.07264
	=	0.8233

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)
	=	(2.2 / 14.207)	/	(-2.397 / 12.022)
	=	0.154853	/	-0.199384
	=	-0.7767

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 - (4.464 + 0.901) / 13.788)	/	(1 - (3.85 + 1.177) / 16.823)
	=	0.610894	/	0.701183
	=	0.8712

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
	=	12.022	/	14.207
	=	0.8462

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))
	=	(1.613 / (1.613 + 1.177))	/	(1.275 / (1.275 + 0.901))
	=	0.578136	/	0.585938
	=	0.9867

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)
	=	(5.173 / 12.022)	/	(4.66 / 14.207)
	=	0.430294	/	0.328007
	=	1.3118

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)
	=	((4.508 + 1.86) / 13.788)	/	((10.279 + 3.928) / 16.823)
	=	0.461851	/	0.844499
	=	0.5469

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
	=	(-6.722 - 2.969	-	-3.863)	/	13.788
	=	-0.422686

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.

Reliance Global Group has a M-score of -5.65 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 -5.65 mean?

Reliance Global Group (EZRA) has a Beneish M-Score of -5.65 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Reliance Global Group and its competitors. According to the industry distribution chart, Reliance Global Group ranks #12 out of 397 companies in the Insurance industry, placing it in the top 3%.

Is Reliance Global Group's Beneish M-Score too high?

Reliance Global Group's current Beneish M-Score is -5.65. Based on the distribution chart, Reliance Global Group ranks #12 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Reliance Global Group has a GF Score™ of 40/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Reliance Global Group's Beneish M-Score compare to TIRXF and GOCO?

According to the Insurance industry distribution chart, Reliance Global Group ranks #12 out of 397 companies for Beneish M-Score. This places Reliance Global Group in the top 3% of its industry — outperforming the majority of peers. 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 Reliance Global Group and its competitors. Reliance Global Group's current Beneish M-Score is -5.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Reliance Global Group stock overvalued right now?

Based on GuruFocus' analysis, Reliance Global Group (EZRA) is currently considered Possible Value Trap. The stock's GF Value™ is $6.49, compared to a current price of $3.38 — trading 47.9% below its estimated fair value. The current Beneish M-Score is -5.65. Reliance Global Group's overall GF Score™ is 40/100 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 Reliance Global Group (EZRA), the current Beneish M-Score is -5.65 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 Reliance Global Group (EZRA) Overvalued in 2026?

Based on GuruFocus' analysis, Reliance Global Group stock appears to be undervalued. The current stock price of $3.38 is trading 47.9% below its estimated GF Value™ of $6.49. GuruFocus considers Reliance Global Group to be Possible Value Trap.

Key valuation signals for EZRA:

Beneish M-Score: -5.65
GF Value™: $6.49 vs. price of $3.38 (47.9% below fair value)
GF Score™: 40/100 with 6 warning signs

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

Reliance Global Group Business Description

Industry Financial Services Insurance

Comparable Companies TIRXF GOCO MRSH AON AJG WTW BRO ERIE BOM:543390 NP ARX ASX:SDF CRVL SAU:8313 ASX:AUB BWIN XSGO:BANVIDA LIFE GSHD CRD.A

Address 300 Boulevard of the Americas, Suite 105, Lakewood, NJ, USA, 08701

Website https://www.relianceglobalgroup.com

Reliance Global Group Inc operates as a holding company that acquires, owns, and actively manages insurance and technology-focused businesses. The company focuses on growing by pursuing acquisition strategies initially, and focuses on wholesale and retail insurance agencies. Its primary move is to identify specific risks to reward arbitrage opportunities and develop these on a national platform, thereby increasing revenues and returns, and then identify and acquire undervalued wholesale and retail insurance agencies with operations in growing or underserved segments, expand and optimize their operations. The Company operates as a single operating segment, the Insurance Segment, earning its revenues from insurance commissions.

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$3.38

Price

$6.49

GF Value

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