HG (Hamilton Insurance Group) Beneish M-Score: -2.39 (As of Jun. 25, 2026)


HG Hamilton Insurance Group Ltd HG
61 GF Score
Price $32.61
GF Value $27.18
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Hamilton Insurance Group Beneish M-Score?

Hamilton Insurance Group HG +0.74% 61 Beneish M-Score is -2.39 as of Jun. 25, 2026. GuruFocus rates HG with a GF Score™ of 61/100 and a GF Value™ of $27.18 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 399 Insurance companies, Hamilton Insurance Group ranks worse than 65.16% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.46   Med: -2.4   Max: -1.95
Current: -2.39

During the past 6 years, the highest Beneish M-Score of Hamilton Insurance Group was -1.95. The lowest was -2.46. And the median was -2.40.

HG
61GF Score
Hamilton Insurance Group Ltd HG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hamilton Insurance Group 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 Hamilton Insurance Group 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 * 0.9559+0.528 * 1+0.404 * 1+0.892 * 1.1856+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.745+4.679 * -0.028279-0.327 * 0.8446
=-2.39

* 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 $2,678 Mil.
Revenue was 773.377 + 742.905 + 681.539 + 754.484 = $2,952 Mil.
Gross Profit was 773.377 + 742.905 + 681.539 + 754.484 = $2,952 Mil.
Total Current Assets was $0 Mil.
Total Assets was $9,864 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $55 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $150 Mil.
Net Income was 133.538 + 172.184 + 136.2 + 187.415 = $629 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 100.828 + 293.425 + 295.613 + 218.411 = $908 Mil.
 Total Receivables was $2,363 Mil.
Revenue was 781.746 + 582.955 + 525.051 + 600.424 = $2,490 Mil.
Gross Profit was 781.746 + 582.955 + 525.051 + 600.424 = $2,490 Mil.
Total Current Assets was $0 Mil.
Total Assets was $8,343 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $63 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $150 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)
=(2677.676 / 2952.305) / (2362.76 / 2490.176)
=0.906978 / 0.948833
=0.9559

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)
=(2490.176 / 2490.176) / (2952.305 / 2952.305)
=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 + 0) / 9864.009) / (1 - (0 + 0) / 8342.831)
=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
=2952.305 / 2490.176
=1.1856

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))
=(17.171 / (17.171 + 0)) / (15.967 / (15.967 + 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)
=(55.271 / 2952.305) / (62.576 / 2490.176)
=0.018721 / 0.025129
=0.745

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)
=((149.769 + 0) / 9864.009) / ((149.974 + 0) / 8342.831)
=0.015183 / 0.017976
=0.8446

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
=(629.337 - 0 - 908.277) / 9864.009
=-0.028279

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.

Hamilton Insurance Group has a M-score of -2.39 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 -2.39 mean?
Hamilton Insurance Group (HG) has a Beneish M-Score of -2.39 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hamilton Insurance Group and its competitors. According to the industry distribution chart, Hamilton Insurance Group ranks #260 out of 399 companies in the Insurance industry, placing it in the top 65.2%.
Is Hamilton Insurance Group's Beneish M-Score too high?
Hamilton Insurance Group's current Beneish M-Score is -2.39. Based on the distribution chart, Hamilton Insurance Group ranks #260 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Hamilton Insurance Group has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hamilton Insurance Group's Beneish M-Score compare to SPNT and GLRE?
According to the Insurance industry distribution chart, Hamilton Insurance Group ranks #260 out of 399 companies for Beneish M-Score. This places Hamilton Insurance Group 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 Hamilton Insurance Group and its competitors. Hamilton Insurance Group's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hamilton Insurance Group stock overvalued right now?
Based on GuruFocus' analysis, Hamilton Insurance Group (HG) is currently considered Modestly Overvalued. The stock's GF Value™ is $27.18, compared to a current price of $32.61 — trading 20% above its estimated fair value. The current Beneish M-Score is -2.39. Hamilton Insurance Group's overall GF Score™ is 61/100 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 Hamilton Insurance Group (HG), the current Beneish M-Score is -2.39 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 Hamilton Insurance Group (HG) Overvalued in 2026?

Based on GuruFocus' analysis, Hamilton Insurance Group stock appears to be overvalued. The current stock price of $32.61 is trading 20% above its estimated GF Value™ of $27.18. GuruFocus considers Hamilton Insurance Group to be Modestly Overvalued.

Key valuation signals for HG:

  • Beneish M-Score: -2.39
  • GF Value™: $27.18 vs. price of $32.61 (20% above fair value)
  • GF Score™: 61/100 with 5 warning signs

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

Hamilton Insurance Group Business Description

Other Exchanges QN0:Germany
Address 90 Pitts Bay Road, Wellesley House North, 1st Floor, Pembroke, BMU, HM 08
Hamilton Insurance Group Ltd is a specialty insurance and reinsurance company. It operates globally, with underwriting operations in London, Dublin, Bermuda, and the United States. It operates three principal underwriting platforms (Hamilton Global Specialty, Hamilton Select, and Hamilton Re) that are categorized into two reporting business segments: International and Bermuda.
61GF Score

Get the complete analysis for HG

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

$32.61
Price
$27.18
GF Value