FG (F&G Annuities & Life) Beneish M-Score: -2.29 (As of Jun. 25, 2026)


FG F&G Annuities & Life Inc FG
58 GF Score
Price $26.44
GF Value $31.20
Valuation Modestly Undervalued
! 1 Warning Sign
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What is F&G Annuities & Life Beneish M-Score?

F&G Annuities & Life FG -5.03% 58 Beneish M-Score is -2.29 as of Jun. 25, 2026. GuruFocus rates FG with a GF Score™ of 58/100 and a GF Value™ of $31.20 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 397 Insurance companies, F&G Annuities & Life ranks worse than 73.3% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for F&G Annuities & Life's Beneish M-Score or its related term are showing as below:

FG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.36   Max: -1.95
Current: -2.29

During the past 7 years, the highest Beneish M-Score of F&G Annuities & Life was -1.95. The lowest was -2.84. And the median was -2.36.

FG
58GF Score
F&G Annuities & Life Inc FG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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F&G Annuities & Life 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 F&G Annuities & Life 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 * 1.1433+0.528 * 1+0.404 * 1+0.892 * 1.1895+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8096+4.679 * -0.039819-0.327 * 0.8734
=-2.29

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $20,053 Mil.
Revenue was 1087 + 1668 + 1603 + 1304 = $5,662 Mil.
Gross Profit was 1087 + 1668 + 1603 + 1304 = $5,662 Mil.
Total Current Assets was $0 Mil.
Total Assets was $101,031 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $685 Mil.
Selling, General, & Admin. Expense(SGA) was $286 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,249 Mil.
Net Income was 249 + 128 + 118 + 40 = $535 Mil.
Non Operating Income was 17 + 26 + 24 + 23 = $90 Mil.
Cash Flow from Operations was 743 + 1168 + 937 + 1620 = $4,468 Mil.
 Total Receivables was $14,746 Mil.
Revenue was 854 + 1470 + 1361 + 1075 = $4,760 Mil.
Gross Profit was 854 + 1470 + 1361 + 1075 = $4,760 Mil.
Total Current Assets was $0 Mil.
Total Assets was $88,007 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $599 Mil.
Selling, General, & Admin. Expense(SGA) was $297 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,243 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)
=(20053 / 5662) / (14746 / 4760)
=3.541681 / 3.097899
=1.1433

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)
=(4760 / 4760) / (5662 / 5662)
=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) / 101031) / (1 - (0 + 0) / 88007)
=1 / 1
=1

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
=5662 / 4760
=1.1895

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))
=(599 / (599 + 0)) / (685 / (685 + 0))
=1 / 1
=1

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)
=(286 / 5662) / (297 / 4760)
=0.050512 / 0.062395
=0.8096

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)
=((2249 + 0) / 101031) / ((2243 + 0) / 88007)
=0.02226 / 0.025487
=0.8734

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
=(535 - 90 - 4468) / 101031
=-0.039819

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.

F&G Annuities & Life has a M-score of -2.29 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 -2.29 mean?
F&G Annuities & Life (FG) has a Beneish M-Score of -2.29 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on F&G Annuities & Life and its competitors. According to the industry distribution chart, F&G Annuities & Life ranks #291 out of 397 companies in the Insurance industry, placing it in the top 73.3%.
Is F&G Annuities & Life's Beneish M-Score too high?
F&G Annuities & Life's current Beneish M-Score is -2.29. Based on the distribution chart, F&G Annuities & Life ranks #291 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, F&G Annuities & Life has a GF Score™ of 58/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does F&G Annuities & Life's Beneish M-Score compare to BHF and GNW?
According to the Insurance industry distribution chart, F&G Annuities & Life ranks #291 out of 397 companies for Beneish M-Score. This places F&G Annuities & Life 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 F&G Annuities & Life and its competitors. F&G Annuities & Life's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is F&G Annuities & Life stock overvalued right now?
Based on GuruFocus' analysis, F&G Annuities & Life (FG) is currently considered Modestly Undervalued. The stock's GF Value™ is $31.20, compared to a current price of $26.44 — trading 15.3% below its estimated fair value. The current Beneish M-Score is -2.29. F&G Annuities & Life's overall GF Score™ is 58/100 with 1 warning sign 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 F&G Annuities & Life (FG), the current Beneish M-Score is -2.29 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 F&G Annuities & Life (FG) Overvalued in 2026?

Based on GuruFocus' analysis, F&G Annuities & Life stock appears to be undervalued. The current stock price of $26.44 is trading 15.3% below its estimated GF Value™ of $31.20. GuruFocus considers F&G Annuities & Life to be Modestly Undervalued.

Key valuation signals for FG:

  • Beneish M-Score: -2.29
  • GF Value™: $31.20 vs. price of $26.44 (15.3% below fair value)
  • GF Score™: 58/100 with 1 warning sign

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

F&G Annuities & Life Business Description

Address 801 Grand Avenue, Suite 2600, Des Moines, IA, USA, 50309
F&G Annuities & Life Inc is a provider of insurance solutions serving retail annuity and life customers as well as institutional clients. Through its insurance subsidiaries, including FGL Insurance and Fidelity & Guaranty Life Insurance Company of New York it markets a broad portfolio of deferred annuities (fixed indexed annuities (FIAs) and multi-year guarantee annuities (MYGAs) or other fixed rate annuities), immediate annuities, indexed universal life (IUL) insurance, funding agreements through funding agreement-backed notes issuances and the Federal Home Loan Bank of Atlanta (FHLB)), and pension risk transfer (PRT) solutions.
58GF Score

Get the complete analysis for FG

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

$26.44
Price
$31.20
GF Value