Aspen Insurance Holdings (FRA:8ZV) Beneish M-Score: -2.66 (As of Jul. 17, 2026)

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FRA:8ZV Aspen Insurance Holdings Ltd FRA:8ZV
31 GF Score
Price €31.00
! 4 Warning Signs
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What is Aspen Insurance Holdings Beneish M-Score?

Aspen Insurance Holdings FRA:8ZV 31 Beneish M-Score is -2.66 as of Jul. 17, 2026. GuruFocus rates FRA:8ZV with a GF Score™ of 31/100. The stock has 4 warning signs investors should review.

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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:8ZV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -2.12   Max: 0.79
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Aspen Insurance Holdings was 0.79. The lowest was -2.66. And the median was -2.12.

FRA:8ZV
31GF Score
Aspen Insurance Holdings Ltd FRA:8ZV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aspen Insurance Holdings 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 Aspen Insurance Holdings 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 * 1.0066+0.528 * 1+0.404 * 1.0007+0.892 * 0.9184+0.115 * 0.4607
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2594+4.679 * -0.006402-0.327 * 0.9294
=-2.66

* 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 €5,111 Mil.
Revenue was 696.181 + 699.918 + 619.211 + 707.995 = €2,723 Mil.
Gross Profit was 696.181 + 699.918 + 619.211 + 707.995 = €2,723 Mil.
Total Current Assets was €0 Mil.
Total Assets was €13,928 Mil.
Property, Plant and Equipment(Net PPE) was €37 Mil.
Depreciation, Depletion and Amortization(DDA) was €16 Mil.
Selling, General, & Admin. Expense(SGA) was €524 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €309 Mil.
Net Income was 115.205 + 103.944 + 40.315 + 34.04 = €294 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 269.095 + -3.493 + 19.854 + 97.217 = €383 Mil.
 Total Receivables was €5,529 Mil.
Revenue was 866.663 + 698.726 + 709.477 + 690.552 = €2,965 Mil.
Gross Profit was 866.663 + 698.726 + 709.477 + 690.552 = €2,965 Mil.
Total Current Assets was €0 Mil.
Total Assets was €15,040 Mil.
Property, Plant and Equipment(Net PPE) was €51 Mil.
Depreciation, Depletion and Amortization(DDA) was €8 Mil.
Selling, General, & Admin. Expense(SGA) was €453 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €359 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)
=(5111.361 / 2723.305) / (5529.355 / 2965.418)
=1.876896 / 1.864612
=1.0066

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)
=(2965.418 / 2965.418) / (2723.305 / 2723.305)
=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 + 37.064) / 13928.398) / (1 - (0 + 51.093) / 15039.818)
=0.997339 / 0.996603
=1.0007

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
=2723.305 / 2965.418
=0.9184

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))
=(8.258 / (8.258 + 51.093)) / (16.038 / (16.038 + 37.064))
=0.139138 / 0.302023
=0.4607

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)
=(523.549 / 2723.305) / (452.675 / 2965.418)
=0.192248 / 0.152651
=1.2594

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)
=((308.721 + 0) / 13928.398) / ((358.698 + 0) / 15039.818)
=0.022165 / 0.02385
=0.9294

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
=(293.504 - 0 - 382.673) / 13928.398
=-0.006402

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.

Aspen Insurance Holdings has a M-score of -2.66 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 -2.66 mean?
Aspen Insurance Holdings (FRA:8ZV) has a Beneish M-Score of -2.66 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aspen Insurance Holdings and its competitors.
Is Aspen Insurance Holdings' Beneish M-Score too high?
Aspen Insurance Holdings' current Beneish M-Score is -2.66. Overall, Aspen Insurance Holdings has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Aspen Insurance Holdings' Beneish M-Score compare to CB and PGR?
Aspen Insurance Holdings' Beneish M-Score of -2.66 can be compared against companies in the Insurance 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 Aspen Insurance Holdings and its competitors. Aspen Insurance Holdings's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aspen Insurance Holdings stock overvalued right now?
Aspen Insurance Holdings (FRA:8ZV) has a current Beneish M-Score of -2.66. The current Beneish M-Score is -2.66. Aspen Insurance Holdings' overall GF Score™ is 31/100 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 Aspen Insurance Holdings (FRA:8ZV), the current Beneish M-Score is -2.66 as of Jul. 17, 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.

Aspen Insurance Holdings Business Description

Other Exchanges AHLpE.PFD:USAAHLpD.PFD:USA
Address 100 Pitts Bay Road, Waterloo House, Pembroke, BMU, HM08
Aspen Insurance Holdings Ltd is a Bermudian insurance and reinsurance company. Its principal business is marketing and underwriting specialty insurance and reinsurance regularly. It comprises underwriting operations, which include risk-bearing insurance and reinsurance operations; Investing activities, which support underwriting operations; and ACM operations, which earn underwriting, management, and performance fees. It has two segments: Aspen Insurance and Aspen Reinsurance. Aspen Insurance consists of property and casualty insurance, marine, aviation, energy insurance, and financial and professional lines insurance. Aspen Reinsurance comprises property catastrophe reinsurance, other property reinsurance, casualty reinsurance, and specialty reinsurance.
31GF Score

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

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