Axis Capital Holdings (FRA:AXV) Beneish M-Score: -2.18 (As of Jun. 25, 2026)


FRA:AXV Axis Capital Holdings Ltd FRA:AXV
80 GF Score
Price €89.00
GF Value €89.05
! 4 Warning Signs
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What is Axis Capital Holdings Beneish M-Score?

Axis Capital Holdings FRA:AXV +2.89% 80 Beneish M-Score is -2.18 as of Jun. 25, 2026. GuruFocus rates FRA:AXV with a GF Score™ of 80/100 and a GF Value™ of €89.05. The stock has 4 warning signs investors should review. Among 397 Insurance companies, Axis Capital Holdings ranks worse than 77.33% 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:AXV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.65   Med: -2.43   Max: -1.68
Current: -2.18

During the past 13 years, the highest Beneish M-Score of Axis Capital Holdings was -1.68. The lowest was -2.65. And the median was -2.43.

FRA:AXV
80GF Score
Axis Capital Holdings Ltd FRA:AXV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Axis Capital 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 Axis Capital 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 * 1.0913+0.528 * 1+0.404 * 1.0001+0.892 * 1.0174+0.115 * 0.9977
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9655+4.679 * 0.024968-0.327 * 0.9363
=-2.24

* 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 €11,656 Mil.
Revenue was 1453.786 + 1472.81 + 1442.65 + 1335.444 = €5,705 Mil.
Gross Profit was 1453.786 + 1472.81 + 1442.65 + 1335.444 = €5,705 Mil.
Total Current Assets was €0 Mil.
Total Assets was €30,810 Mil.
Property, Plant and Equipment(Net PPE) was €82 Mil.
Depreciation, Depletion and Amortization(DDA) was €49 Mil.
Selling, General, & Admin. Expense(SGA) was €604 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,292 Mil.
Net Income was 220.373 + 247.326 + 257.188 + 193.651 = €919 Mil.
Non Operating Income was 4.886 + 3.741 + 5.617 + 7.51 = €22 Mil.
Cash Flow from Operations was 449.284 + 538.333 + 574.113 + -1434.207 = €128 Mil.
 Total Receivables was €10,498 Mil.
Revenue was 1357.716 + 1513.452 + 1369.296 + 1366.417 = €5,607 Mil.
Gross Profit was 1357.716 + 1513.452 + 1369.296 + 1366.417 = €5,607 Mil.
Total Current Assets was €0 Mil.
Total Assets was €30,755 Mil.
Property, Plant and Equipment(Net PPE) was €85 Mil.
Depreciation, Depletion and Amortization(DDA) was €51 Mil.
Selling, General, & Admin. Expense(SGA) was €615 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,378 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)
=(11655.821 / 5704.69) / (10497.854 / 5606.881)
=2.0432 / 1.872316
=1.0913

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)
=(5606.881 / 5606.881) / (5704.69 / 5704.69)
=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 + 81.89) / 30810.215) / (1 - (0 + 85.377) / 30755.486)
=0.997342 / 0.997224
=1.0001

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
=5704.69 / 5606.881
=1.0174

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))
=(50.834 / (50.834 + 85.377)) / (48.939 / (48.939 + 81.89))
=0.3732 / 0.374068
=0.9977

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)
=(603.788 / 5704.69) / (614.649 / 5606.881)
=0.105841 / 0.109624
=0.9655

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)
=((1292.02 + 0) / 30810.215) / ((1377.532 + 0) / 30755.486)
=0.041935 / 0.04479
=0.9363

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
=(918.538 - 21.754 - 127.523) / 30810.215
=0.024968

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.

Axis Capital Holdings has a M-score of -2.24 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 -2.18 mean?
Axis Capital Holdings (FRA:AXV) has a Beneish M-Score of -2.18 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Axis Capital Holdings and its competitors. According to the industry distribution chart, Axis Capital Holdings ranks #307 out of 397 companies in the Insurance industry, placing it in the top 77.3%.
Is Axis Capital Holdings' Beneish M-Score too high?
Axis Capital Holdings' current Beneish M-Score is -2.18. Based on the distribution chart, Axis Capital Holdings ranks #307 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Axis Capital Holdings has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does Axis Capital Holdings' Beneish M-Score compare to FAF and ACT?
According to the Insurance industry distribution chart, Axis Capital Holdings ranks #307 out of 397 companies for Beneish M-Score. This places Axis Capital Holdings 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 Axis Capital Holdings and its competitors. Axis Capital Holdings's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Axis Capital Holdings stock overvalued right now?
Axis Capital Holdings (FRA:AXV) has a current Beneish M-Score of -2.18. The stock's GF Value™ is €89.05, compared to a current price of €89.00 — trading 0.1% below its estimated fair value. The current Beneish M-Score is -2.18. Axis Capital Holdings' overall GF Score™ is 80/100 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 Axis Capital Holdings (FRA:AXV), the current Beneish M-Score is -2.18 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 Axis Capital Holdings (FRA:AXV) Overvalued in 2026?

Based on GuruFocus' analysis, Axis Capital Holdings stock appears to be undervalued. The current stock price of €89.00 is trading 0.1% below its estimated GF Value™ of €89.05.

Key valuation signals for FRA:AXV:

  • Beneish M-Score: -2.18
  • GF Value™: €89.05 vs. price of €89.00 (0.1% below fair value)
  • GF Score™: 80/100 with 4 warning signs

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

Axis Capital Holdings Business Description

Other Exchanges AXSpE.PFD:USAAXS:USA
Address 29 Richmond Road, 3rd Floor, Pembroke, BMU, HM 08
Axis Capital Holdings Ltd is a specialty underwriter and provider of insurance and reinsurance solutions with operations in Bermuda, the United States (U.S.), Europe, Singapore, and Canada. The company manages its portfolio holistically, aiming to construct an optimum consolidated portfolio of funded and unfunded risks. The company's segment consists of Insurance and Reinsurance. The company generates the majority of its revenue from the Insurance segment. Geographically, the company generates the majority of its revenue from the United States, and also has its presence in Ireland, Lloyd's of London, and Bermuda.
80GF Score

Get the complete analysis for FRA:AXV

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

€89.00
Price
€89.05
GF Value