Stewart Information Services (FRA:SIU) Beneish M-Score: -3.04 (As of Aug. 04, 2026)

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FRA:SIU Stewart Information Services Corp FRA:SIU
79 GF Score
Price €57.00
GF Value €66.72
! 3 Warning Signs
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What is Stewart Information Services Beneish M-Score?

Stewart Information Services FRA:SIU -0.87% 79 Beneish M-Score is -3.04 as of Aug. 04, 2026. GuruFocus rates FRA:SIU with a GF Score™ of 79/100 and a GF Value™ of €66.72. The stock has 3 warning signs investors should review. Among 397 Insurance companies, Stewart Information Services ranks better than 86.65% 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 -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:SIU' s Beneish M-Score Range Over the Past 10 Years
Min: -6.66   Med: -3.05   Max: -2.32
Current: -3.04

During the past 13 years, the highest Beneish M-Score of Stewart Information Services was -2.32. The lowest was -6.66. And the median was -3.05.

FRA:SIU
79GF Score
Stewart Information Services Corp FRA:SIU
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Stewart Information Services 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 Stewart Information Services 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 * 1.1445+0.528 * 1+0.404 * 0.9797+0.892 * 1.1239+0.115 * 1.3875
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9407+4.679 * -0.185295-0.327 * 1.1501
=-3.11

* 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 €187 Mil.
Revenue was 675.831 + 675.134 + 678.972 + 626.131 = €2,656 Mil.
Gross Profit was 675.831 + 675.134 + 678.972 + 626.131 = €2,656 Mil.
Total Current Assets was €0 Mil.
Total Assets was €2,801 Mil.
Property, Plant and Equipment(Net PPE) was €244 Mil.
Depreciation, Depletion and Amortization(DDA) was €54 Mil.
Selling, General, & Admin. Expense(SGA) was €744 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €667 Mil.
Net Income was 14.674 + 30.981 + 37.709 + 27.676 = €111 Mil.
Non Operating Income was 139.586 + 95.581 + 99.349 + 97.668 = €432 Mil.
Cash Flow from Operations was -3.884 + 76.469 + 78.934 + 46.322 = €198 Mil.
 Total Receivables was €145 Mil.
Revenue was 566.085 + 635.965 + 601.815 + 559.472 = €2,363 Mil.
Gross Profit was 566.085 + 635.965 + 601.815 + 559.472 = €2,363 Mil.
Total Current Assets was €0 Mil.
Total Assets was €2,504 Mil.
Property, Plant and Equipment(Net PPE) was €170 Mil.
Depreciation, Depletion and Amortization(DDA) was €57 Mil.
Selling, General, & Admin. Expense(SGA) was €704 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €518 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)
=(187.016 / 2656.068) / (145.395 / 2363.337)
=0.070411 / 0.061521
=1.1445

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)
=(2363.337 / 2363.337) / (2656.068 / 2656.068)
=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 + 243.576) / 2800.859) / (1 - (0 + 170.289) / 2504.064)
=0.913035 / 0.931995
=0.9797

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
=2656.068 / 2363.337
=1.1239

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))
=(57.089 / (57.089 + 170.289)) / (53.815 / (53.815 + 243.576))
=0.251075 / 0.180957
=1.3875

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)
=(744.179 / 2656.068) / (703.938 / 2363.337)
=0.280181 / 0.297858
=0.9407

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)
=((666.575 + 0) / 2800.859) / ((518.169 + 0) / 2504.064)
=0.237989 / 0.206931
=1.1501

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
=(111.04 - 432.184 - 197.841) / 2800.859
=-0.185295

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.

Stewart Information Services has a M-score of -3.11 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 -3.04 mean?
Stewart Information Services (FRA:SIU) has a Beneish M-Score of -3.04 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Stewart Information Services and its competitors. According to the industry distribution chart, Stewart Information Services ranks #53 out of 397 companies in the Insurance industry, placing it in the top 13.4%.
Is Stewart Information Services' Beneish M-Score too high?
Stewart Information Services' current Beneish M-Score is -3.04. Based on the distribution chart, Stewart Information Services ranks #53 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Stewart Information Services has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Stewart Information Services' Beneish M-Score compare to HMN and HCI?
According to the Insurance industry distribution chart, Stewart Information Services ranks #53 out of 397 companies for Beneish M-Score. This places Stewart Information Services in the top 13% of its industry — outperforming the majority of peers. 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 Stewart Information Services and its competitors. Stewart Information Services's current Beneish M-Score is -3.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Stewart Information Services stock overvalued right now?
Stewart Information Services (FRA:SIU) has a current Beneish M-Score of -3.04. The stock's GF Value™ is €66.72, compared to a current price of €57.00 — trading 14.6% below its estimated fair value. The current Beneish M-Score is -3.04. Stewart Information Services' overall GF Score™ is 79/100 with 3 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 Stewart Information Services (FRA:SIU), the current Beneish M-Score is -3.04 as of Aug. 04, 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 Stewart Information Services (FRA:SIU) Overvalued in 2026?

Based on GuruFocus' analysis, Stewart Information Services stock appears to be undervalued. The current stock price of €57.00 is trading 14.6% below its estimated GF Value™ of €66.72.

Key valuation signals for FRA:SIU:

  • Beneish M-Score: -3.04
  • GF Value™: €66.72 vs. price of €57.00 (14.6% below fair value)
  • GF Score™: 79/100 with 3 warning signs

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

Stewart Information Services Business Description

Other Exchanges STC:USA
Address 1360 Post Oak Boulevard, Suite 100, Houston, TX, USA, 77056
Stewart Information Services Corp is a customer-focused, title insurance and real estate services company offering products and services to home buyers and sellers, mortgage lenders and servicers, attorneys, and home builders. It has three operating segments: Title insurance and related services which generates key revenue, includes the functions of searching, examining, closing, and insuring the condition of the title to real property. It also includes home and personal insurance services, Real estate solutions segment supports the real estate mortgage industry by providing appraisal management services, online notarization and closing solutions, credit, and real estate information services, search and valuation services. Corporate and other segment is comprised of parent holding company.
79GF Score

Get the complete analysis for FRA:SIU

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

€57.00
Price
€66.72
GF Value