Fidelity National Financial (HAM:F1EF) Beneish M-Score: -2.35 (As of Jun. 27, 2026)


HAM:F1EF Fidelity National Financial Inc HAM:F1EF
72 GF Score
Price €39.60
GF Value €47.65
! 4 Warning Signs
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What is Fidelity National Financial Beneish M-Score?

Fidelity National Financial HAM:F1EF -1.00% 72 Beneish M-Score is -2.35 as of Jun. 27, 2026. GuruFocus rates HAM:F1EF with a GF Score™ of 72/100 and a GF Value™ of €47.65. The stock has 4 warning signs investors should review. Among 397 Insurance companies, Fidelity National Financial ranks worse than 68.51% 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HAM:F1EF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.1   Med: -2.35   Max: 4.84
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Fidelity National Financial was 4.84. The lowest was -3.10. And the median was -2.35.

HAM:F1EF
72GF Score
Fidelity National Financial Inc HAM:F1EF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Fidelity National 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 Fidelity National 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 * 1.192+0.528 * 1+0.404 * 1.0007+0.892 * 1.0571+0.115 * 0.953
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9594+4.679 * -0.043003-0.327 * 0.8806
=-2.41

* 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 €17,691 Mil.
Revenue was 2703.125 + 3375.862 + 3356.028 + 3099.525 = €12,535 Mil.
Gross Profit was 2703.125 + 3375.862 + 3356.028 + 3099.525 = €12,535 Mil.
Total Current Assets was €0 Mil.
Total Assets was €96,447 Mil.
Property, Plant and Equipment(Net PPE) was €452 Mil.
Depreciation, Depletion and Amortization(DDA) was €742 Mil.
Selling, General, & Admin. Expense(SGA) was €3,002 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €4,125 Mil.
Net Income was 210.195 + -99.918 + 305.016 + 241.026 = €656 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 756.875 + 1286.124 + 1116.972 + 1643.832 = €4,804 Mil.
 Total Receivables was €14,039 Mil.
Revenue was 2473.45 + 3370.195 + 3170.619 + 2842.74 = €11,857 Mil.
Gross Profit was 2473.45 + 3370.195 + 3170.619 + 2842.74 = €11,857 Mil.
Total Current Assets was €0 Mil.
Total Assets was €90,843 Mil.
Property, Plant and Equipment(Net PPE) was €491 Mil.
Depreciation, Depletion and Amortization(DDA) was €712 Mil.
Selling, General, & Admin. Expense(SGA) was €2,960 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €4,412 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)
=(17690.98 / 12534.54) / (14038.725 / 11857.004)
=1.411378 / 1.184003
=1.192

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)
=(11857.004 / 11857.004) / (12534.54 / 12534.54)
=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 + 452.395) / 96446.635) / (1 - (0 + 491.175) / 90843.325)
=0.995309 / 0.994593
=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
=12534.54 / 11857.004
=1.0571

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))
=(712.44 / (712.44 + 491.175)) / (741.513 / (741.513 + 452.395))
=0.591917 / 0.621081
=0.953

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)
=(3002.446 / 12534.54) / (2960.311 / 11857.004)
=0.239534 / 0.249668
=0.9594

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)
=((4125.185 + 0) / 96446.635) / ((4412.25 + 0) / 90843.325)
=0.042772 / 0.04857
=0.8806

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
=(656.319 - 0 - 4803.803) / 96446.635
=-0.043003

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.

Fidelity National Financial has a M-score of -2.41 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 -2.35 mean?
Fidelity National Financial (HAM:F1EF) has a Beneish M-Score of -2.35 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fidelity National Financial and its competitors. According to the industry distribution chart, Fidelity National Financial ranks #272 out of 397 companies in the Insurance industry, placing it in the top 68.5%.
Is Fidelity National Financial's Beneish M-Score too high?
Fidelity National Financial's current Beneish M-Score is -2.35. Based on the distribution chart, Fidelity National Financial ranks #272 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, Fidelity National Financial has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.
How does Fidelity National Financial's Beneish M-Score compare to AXS and FAF?
According to the Insurance industry distribution chart, Fidelity National Financial ranks #272 out of 397 companies for Beneish M-Score. This places Fidelity National Financial 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 Fidelity National Financial and its competitors. Fidelity National Financial's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fidelity National Financial stock overvalued right now?
Fidelity National Financial (HAM:F1EF) has a current Beneish M-Score of -2.35. The stock's GF Value™ is €47.65, compared to a current price of €39.60 — trading 16.9% below its estimated fair value. The current Beneish M-Score is -2.35. Fidelity National Financial's overall GF Score™ is 72/100 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 Fidelity National Financial (HAM:F1EF), the current Beneish M-Score is -2.35 as of Jun. 27, 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 Fidelity National Financial (HAM:F1EF) Overvalued in 2026?

Based on GuruFocus' analysis, Fidelity National Financial stock appears to be undervalued. The current stock price of €39.60 is trading 16.9% below its estimated GF Value™ of €47.65.

Key valuation signals for HAM:F1EF:

  • Beneish M-Score: -2.35
  • GF Value™: €47.65 vs. price of €39.60 (16.9% below fair value)
  • GF Score™: 72/100 with 4 warning signs

No single metric tells the full story. See the HAM:F1EF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fidelity National Financial Business Description

Other Exchanges FNF:USAF1EF:Germany
Address 601 Riverside Avenue, Jacksonville, FL, USA, 32204
Fidelity National Financial Inc is a provider of (i) title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances and home warranty and (ii) transaction services to the real estate and mortgage industries. It operates in three segments: Title, F&G, Corporate and Other. The title segment that derives the majority of revenue consists of the operations of title insurance underwriters and related businesses, which provide title insurance and escrow and other title-related services including trust activities, trustee sales guarantees, and home warranty products. All of the company's revenue is generated in the United States.
72GF Score

Get the complete analysis for HAM:F1EF

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

€39.60
Price
€47.65
GF Value