IGGRF (IG Group Holdings) Beneish M-Score: -2.76 (As of Jun. 25, 2026)


IGGRF IG Group Holdings PLC IGGRF
76 GF Score
Price $24.80
GF Value $15.94
Valuation Significantly Overvalued
! 9 Warning Signs
View Full Analysis

What is IG Group Holdings Beneish M-Score?

IG Group Holdings IGGRF 76 Beneish M-Score is -2.76 as of Jun. 25, 2026. GuruFocus rates IGGRF with a GF Score™ of 76/100 and a GF Value™ of $15.94 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 702 Capital Markets companies, IG Group Holdings ranks better than 77.35% on this metric.

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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IGGRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.57   Max: -1.9
Current: -2.76

During the past 13 years, the highest Beneish M-Score of IG Group Holdings was -1.90. The lowest was -3.00. And the median was -2.57.

IG Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IG Group Holdings's Beneish M-Score can be seen below:

* 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.

IG Group Holdings Beneish M-Score Chart

IG Group Holdings Annual Data
Trend May15 May16 May17 May18 May19 May20 May21 May22 May23 May24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.62 -2.39 -2.52 -1.90 -2.76

IG Group Holdings Semi-Annual Data
Nov15 May16 Nov16 May17 Nov17 May18 Nov18 May19 Nov19 May20 Nov20 May21 Nov21 May22 Nov22 May23 Nov23 May24 Nov24 May25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.90 0.00 -2.76 0.00 -3.00

IGGRF vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, IG Group Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

IG Group Holdings Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, IG Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where IG Group Holdings's Beneish M-Score falls into.


IGGRF
76GF Score
IG Group Holdings PLC IGGRF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

IG Group 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 IG Group 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 * 1.0051+0.528 * 1.0532+0.404 * 0.9438+0.892 * 0.9089+0.115 * 1.0411
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1337+4.679 * -0.030365-0.327 * 1.1074
=-2.75

* 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 (May24) TTM:Last Year (May23) TTM:
Total Receivables was $662 Mil.
Revenue was $1,078 Mil.
Gross Profit was $825 Mil.
Total Current Assets was $2,137 Mil.
Total Assets was $3,718 Mil.
Property, Plant and Equipment(Net PPE) was $53 Mil.
Depreciation, Depletion and Amortization(DDA) was $80 Mil.
Selling, General, & Admin. Expense(SGA) was $220 Mil.
Total Current Liabilities was $867 Mil.
Long-Term Debt & Capital Lease Obligation was $398 Mil.
Net Income was $389 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $502 Mil.
 Total Receivables was $725 Mil.
Revenue was $1,186 Mil.
Gross Profit was $956 Mil.
Total Current Assets was $2,066 Mil.
Total Assets was $3,739 Mil.
Property, Plant and Equipment(Net PPE) was $45 Mil.
Depreciation, Depletion and Amortization(DDA) was $76 Mil.
Selling, General, & Admin. Expense(SGA) was $214 Mil.
Total Current Liabilities was $759 Mil.
Long-Term Debt & Capital Lease Obligation was $390 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)
=(661.947 / 1077.623) / (724.594 / 1185.643)
=0.614266 / 0.61114
=1.0051

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)
=(956.18 / 1185.643) / (825.158 / 1077.623)
=0.806465 / 0.76572
=1.0532

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 - (2137.042 + 52.845) / 3717.952) / (1 - (2065.918 + 45.069) / 3739.326)
=0.410996 / 0.435463
=0.9438

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
=1077.623 / 1185.643
=0.9089

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))
=(76.155 / (76.155 + 45.069)) / (80.405 / (80.405 + 52.845))
=0.628217 / 0.603415
=1.0411

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)
=(220.228 / 1077.623) / (213.733 / 1185.643)
=0.204365 / 0.180268
=1.1337

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)
=((397.598 + 866.751) / 3717.952) / ((389.638 + 758.677) / 3739.326)
=0.340066 / 0.307091
=1.1074

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
=(389.001 - 0 - 501.896) / 3717.952
=-0.030365

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.

IG Group Holdings has a M-score of -2.75 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 -2.76 mean?
IG Group Holdings (IGGRF) has a Beneish M-Score of -2.76 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IG Group Holdings and its competitors. According to the industry distribution chart, IG Group Holdings ranks #159 out of 702 companies in the Capital Markets industry, placing it in the top 22.6%.
Is IG Group Holdings' Beneish M-Score too high?
IG Group Holdings' current Beneish M-Score is -2.76. Based on the distribution chart, IG Group Holdings ranks #159 out of 702 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, IG Group Holdings has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does IG Group Holdings' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, IG Group Holdings ranks #159 out of 702 companies for Beneish M-Score. This places IG Group Holdings in the top 23% 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 IG Group Holdings and its competitors. IG Group Holdings's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IG Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, IG Group Holdings (IGGRF) is currently considered Significantly Overvalued. The stock's GF Value™ is $15.94, compared to a current price of $24.80 — trading 55.6% above its estimated fair value. The current Beneish M-Score is -2.76. IG Group Holdings' overall GF Score™ is 76/100 with 9 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 IG Group Holdings (IGGRF), the current Beneish M-Score is -2.76 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 IG Group Holdings (IGGRF) Overvalued in 2026?

Based on GuruFocus' analysis, IG Group Holdings stock appears to be overvalued. The current stock price of $24.80 is trading 55.6% above its estimated GF Value™ of $15.94. GuruFocus considers IG Group Holdings to be Significantly Overvalued.

Key valuation signals for IGGRF:

  • Beneish M-Score: -2.76
  • GF Value™: $15.94 vs. price of $24.80 (55.6% above fair value)
  • GF Score™: 76/100 with 9 warning signs

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

IG Group Holdings Business Description

Address Cannon Bridge House, 25 Dowgate Hill, London, GBR, EC4R 2YA
IG Group Holdings PLC provides online trading services to its clients. The majority of the company's revenue stems from its derivative products and contracts for difference (CFDs). The company operates through various segments which are The U.K. segment which derives its revenue from financial spread bets, CFDs, binary options, and execution-only stockbroking. The Australian segment derives its revenue from CFDs and binary options. The European segment derives its revenue from CFDs, binary options, and execution-only stockbroking. The Rest of the World segment derives its revenue from the operation of a regulated futures and options exchange as well as CFDs and binary options. The company generates more than half of its revenue from the U.K., followed by Europe and Australia.
76GF Score

Get the complete analysis for IGGRF

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

$24.80
Price
$15.94
GF Value