NN Group NV (FRA:2NN) Beneish M-Score: -2.70 (As of Jun. 24, 2026)


FRA:2NN NN Group NV FRA:2NN
57 GF Score
Price €75.90
GF Value €50.87
Valuation Significantly Overvalued
! 11 Warning Signs
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What is NN Group NV Beneish M-Score?

NN Group NV FRA:2NN +0.03% 57 Beneish M-Score is -2.70 as of Jun. 24, 2026. GuruFocus rates FRA:2NN with a GF Score™ of 57/100 and a GF Value™ of €50.87 (Significantly Overvalued). The stock has 11 warning signs investors should review. Among 399 Insurance companies, NN Group NV ranks better than 71.18% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:2NN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3   Med: -2.49   Max: -2.09
Current: -2.7

During the past 13 years, the highest Beneish M-Score of NN Group NV was -2.09. The lowest was -3.30. And the median was -2.49.

FRA:2NN
57GF Score
NN Group NV FRA:2NN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NN Group NV 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 NN Group NV 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 * 1.0074+0.528 * 1+0.404 * 0.9999+0.892 * 0.7704+0.115 * 1.1123
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4033+4.679 * 0.021404-0.327 * 1.1953
=-2.70

* 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 €1,660 Mil.
Revenue was €8,574 Mil.
Gross Profit was €8,574 Mil.
Total Current Assets was €0 Mil.
Total Assets was €204,912 Mil.
Property, Plant and Equipment(Net PPE) was €313 Mil.
Depreciation, Depletion and Amortization(DDA) was €139 Mil.
Selling, General, & Admin. Expense(SGA) was €320 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €13,689 Mil.
Net Income was €1,188 Mil.
Gross Profit was €-852 Mil.
Cash Flow from Operations was €-2,346 Mil.
 Total Receivables was €2,139 Mil.
Revenue was €11,130 Mil.
Gross Profit was €11,130 Mil.
Total Current Assets was €0 Mil.
Total Assets was €210,375 Mil.
Property, Plant and Equipment(Net PPE) was €302 Mil.
Depreciation, Depletion and Amortization(DDA) was €157 Mil.
Selling, General, & Admin. Expense(SGA) was €296 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €11,758 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)
=(1660 / 8574) / (2139 / 11130)
=0.193609 / 0.192183
=1.0074

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)
=(11130 / 11130) / (8574 / 8574)
=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 + 313) / 204912) / (1 - (0 + 302) / 210375)
=0.998473 / 0.998564
=0.9999

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
=8574 / 11130
=0.7704

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))
=(157 / (157 + 302)) / (139 / (139 + 313))
=0.342048 / 0.307522
=1.1123

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)
=(320 / 8574) / (296 / 11130)
=0.037322 / 0.026595
=1.4033

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)
=((13689 + 0) / 204912) / ((11758 + 0) / 210375)
=0.066804 / 0.055891
=1.1953

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
=(1188 - -852 - -2346) / 204912
=0.021404

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.

NN Group NV has a M-score of -2.70 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 -2.70 mean?
NN Group NV (FRA:2NN) has a Beneish M-Score of -2.70 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NN Group NV and its competitors. According to the industry distribution chart, NN Group NV ranks #115 out of 399 companies in the Insurance industry, placing it in the top 28.8%.
Is NN Group NV's Beneish M-Score too high?
NN Group NV's current Beneish M-Score is -2.70. Based on the distribution chart, NN Group NV ranks #115 out of 399 companies in the Insurance industry, which is above the industry midpoint. Overall, NN Group NV has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NN Group NV's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, NN Group NV ranks #115 out of 399 companies for Beneish M-Score. This puts NN Group NV 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 NN Group NV and its competitors. NN Group NV's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NN Group NV stock overvalued right now?
Based on GuruFocus' analysis, NN Group NV (FRA:2NN) is currently considered Significantly Overvalued. The stock's GF Value™ is €50.87, compared to a current price of €75.90 — trading 49.2% above its estimated fair value. The current Beneish M-Score is -2.70. NN Group NV's overall GF Score™ is 57/100 with 11 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 NN Group NV (FRA:2NN), the current Beneish M-Score is -2.70 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 NN Group NV (FRA:2NN) Overvalued in 2026?

Based on GuruFocus' analysis, NN Group NV stock appears to be overvalued. The current stock price of €75.90 is trading 49.2% above its estimated GF Value™ of €50.87. GuruFocus considers NN Group NV to be Significantly Overvalued.

Key valuation signals for FRA:2NN:

  • Beneish M-Score: -2.70
  • GF Value™: €50.87 vs. price of €75.90 (49.2% above fair value)
  • GF Score™: 57/100 with 11 warning signs

No single metric tells the full story. See the FRA:2NN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

NN Group NV Business Description

Address Schenkkade 65, The Hague, ZH, NLD, 2595 AS
NN Group is a European insurance company that primarily sells long-term savings in the Netherlands. The business is made up of four divisions: Netherlands life, Netherlands nonlife, insurance Europe, and Japan life. The Netherlands life business is the biggest division and tends to generate around three-quarters of operating income. That business sells traditional spread-based long-term savings and more modern defined-contribution savings. Since 2022, assets that are managed to support the traditional savings products and in-house part of defined-contribution products are managed by Goldman Sachs Asset Management. Since around 2013, NN has closed its domestic individual life insurance products to new business.
57GF Score

Get the complete analysis for FRA:2NN

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

€75.90
Price
€50.87
GF Value