Ameriprise Financial (FRA:A4S) Beneish M-Score: -2.52 (As of Aug. 14, 2026)

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FRA:A4S Ameriprise Financial Inc FRA:A4S
91 GF Score
Price €493.80
GF Value €504.18
Valuation Fairly Valued
! 5 Warning Signs
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What is Ameriprise Financial Beneish M-Score?

Ameriprise Financial FRA:A4S +1.02% 91 Beneish M-Score is -2.52 as of Aug. 14, 2026. GuruFocus rates FRA:A4S with a GF Score™ of 91/100 and a GF Value™ of €504.18 (Fairly Valued). The stock has 5 warning signs investors should review. Among 952 Asset Management companies, Ameriprise Financial ranks better than 63.66% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:A4S' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.49   Max: -1.47
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Ameriprise Financial was -1.47. The lowest was -2.70. And the median was -2.49.

FRA:A4S
91GF Score
Ameriprise Financial Inc FRA:A4S
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ameriprise 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 Ameriprise 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 * 1.0465+0.528 * 1+0.404 * 1+0.892 * 1.0427+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.005+4.679 * -0.024182-0.327 * 1.0193
=-2.52

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was €13,914 Mil.
Revenue was 4287.92 + 4162.38 + 4235.84 + 4081.932 = €16,768 Mil.
Gross Profit was 4287.92 + 4162.38 + 4235.84 + 4081.932 = €16,768 Mil.
Total Current Assets was €0 Mil.
Total Assets was €171,752 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €-45 Mil.
Selling, General, & Admin. Expense(SGA) was €9,764 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €5,496 Mil.
Net Income was 966.084 + 791.475 + 860.832 + 777.024 = €3,395 Mil.
Non Operating Income was 121.52 + 143.59 + 113.582 + 110.76 = €489 Mil.
Cash Flow from Operations was 2505.048 + 397.035 + 2279.326 + 1877.808 = €7,059 Mil.
 Total Receivables was €12,751 Mil.
Revenue was 3793.125 + 4027.45 + 4298.455 + 3961.697 = €16,081 Mil.
Gross Profit was 3793.125 + 4027.45 + 4298.455 + 3961.697 = €16,081 Mil.
Total Current Assets was €0 Mil.
Total Assets was €160,311 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €-113 Mil.
Selling, General, & Admin. Expense(SGA) was €9,317 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €5,033 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)
=(13914.04 / 16768.072) / (12750.969 / 16080.727)
=0.829794 / 0.792935
=1.0465

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)
=(16080.727 / 16080.727) / (16768.072 / 16768.072)
=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) / 171752.028) / (1 - (0 + 0) / 160310.901)
=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
=16768.072 / 16080.727
=1.0427

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))
=(-113.29 / (-113.29 + 0)) / (-45.393 / (-45.393 + 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)
=(9764.239 / 16768.072) / (9317.08 / 16080.727)
=0.582311 / 0.579394
=1.005

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)
=((5496.176 + 0) / 171752.028) / ((5032.935 + 0) / 160310.901)
=0.032001 / 0.031395
=1.0193

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
=(3395.415 - 489.452 - 7059.217) / 171752.028
=-0.024182

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.

Ameriprise Financial has a M-score of -2.52 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 -2.52 mean?
Ameriprise Financial (FRA:A4S) has a Beneish M-Score of -2.52 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ameriprise Financial and its competitors. According to the industry distribution chart, Ameriprise Financial ranks #346 out of 952 companies in the Asset Management industry, placing it in the top 36.3%.
Is Ameriprise Financial's Beneish M-Score too high?
Ameriprise Financial's current Beneish M-Score is -2.52. Based on the distribution chart, Ameriprise Financial ranks #346 out of 952 companies in the Asset Management industry, which is above the industry midpoint. Overall, Ameriprise Financial has a GF Score™ of 91/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ameriprise Financial's Beneish M-Score compare to STT and RJF?
According to the Asset Management industry distribution chart, Ameriprise Financial ranks #346 out of 952 companies for Beneish M-Score. This puts Ameriprise Financial 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Ameriprise Financial and its competitors. Ameriprise Financial's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ameriprise Financial stock overvalued right now?
Based on GuruFocus' analysis, Ameriprise Financial (FRA:A4S) is currently considered Fairly Valued. The stock's GF Value™ is €504.18, compared to a current price of €493.80 — trading 2.1% below its estimated fair value. The current Beneish M-Score is -2.52. Ameriprise Financial's overall GF Score™ is 91/100 with 5 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 Ameriprise Financial (FRA:A4S), the current Beneish M-Score is -2.52 as of Aug. 14, 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 Ameriprise Financial (FRA:A4S) Overvalued in 2026?

Based on GuruFocus' analysis, Ameriprise Financial stock appears to be undervalued. The current stock price of €493.80 is trading 2.1% below its estimated GF Value™ of €504.18. GuruFocus considers Ameriprise Financial to be Fairly Valued.

Key valuation signals for FRA:A4S:

  • Beneish M-Score: -2.52
  • GF Value™: €504.18 vs. price of €493.80 (2.1% below fair value)
  • GF Score™: 91/100 with 5 warning signs

No single metric tells the full story. See the FRA:A4S stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ameriprise Financial Business Description

Address 1099 Ameriprise Financial Center, Minneapolis, MN, USA, 55474
Ameriprise Financial has evolved into a diversified financial services provider that generates roughly 65% of its operating profit from advice and wealth management. With nearly $1.2 trillion in segment assets under management and advisory at year-end 2025, and with roughly 10,600 affiliated and employee advisors, Ameriprise is one of the larger US-based wealth managers. It also boasts a reasonably large asset management franchise in Columbia Threadneedle, which boasted $678 billion in assets under management at year-end 2025. The firm's third segment is its retirement and protection services business, which sells insurance products to the firm's advisory clients. After eliminations, Ameriprise had $1.69 trillion in assets under management and advisory across segments at year-end 2025.
91GF Score

Get the complete analysis for FRA:A4S

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

€493.80
Price
€504.18
GF Value