Aksigorta AS (IST:AKGRT) Beneish M-Score: -2.97 (As of Aug. 07, 2026)

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IST:AKGRT Aksigorta AS IST:AKGRT
49 GF Score
Price ₺6.43
GF Value ₺8.88
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Aksigorta AS Beneish M-Score?

Aksigorta AS IST:AKGRT -1.53% 49 Beneish M-Score is -2.97 as of Aug. 07, 2026. GuruFocus rates IST:AKGRT with a GF Score™ of 49/100 and a GF Value™ of ₺8.88 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 399 Insurance companies, Aksigorta AS ranks better than 85.46% 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:AKGRT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83   Med: -2.59   Max: -2.08
Current: -2.97

During the past 13 years, the highest Beneish M-Score of Aksigorta AS was -2.08. The lowest was -3.83. And the median was -2.59.

IST:AKGRT
49GF Score
Aksigorta AS IST:AKGRT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aksigorta AS 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 Aksigorta AS 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 * 0.966+0.528 * 1+0.404 * 0.9936+0.892 * 1.1382+0.115 * 1.2391
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7695+4.679 * -0.13114-0.327 * 0.9084
=-2.91

* 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 ₺7,204 Mil.
Revenue was 5971.701 + 5641.891 + 5031.144 + 4962.7 = ₺21,607 Mil.
Gross Profit was 5971.701 + 5641.891 + 5031.144 + 4962.7 = ₺21,607 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺37,983 Mil.
Property, Plant and Equipment(Net PPE) was ₺622 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺313 Mil.
Selling, General, & Admin. Expense(SGA) was ₺26 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺196 Mil.
Net Income was 268.169 + 451.028 + 824.946 + 857.766 = ₺2,402 Mil.
Non Operating Income was 124.006 + 161.729 + 140.989 + 181.895 = ₺609 Mil.
Cash Flow from Operations was 1546.061 + 3568.342 + 898.979 + 761.002 = ₺6,774 Mil.
 Total Receivables was ₺6,552 Mil.
Revenue was 4387.069 + 5565.761 + 4593.416 + 4437.054 = ₺18,983 Mil.
Gross Profit was 4387.069 + 5565.761 + 4593.416 + 4437.054 = ₺18,983 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺27,581 Mil.
Property, Plant and Equipment(Net PPE) was ₺276 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺196 Mil.
Selling, General, & Admin. Expense(SGA) was ₺30 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺157 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)
=(7204.064 / 21607.436) / (6552.102 / 18983.3)
=0.333407 / 0.345151
=0.966

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)
=(18983.3 / 18983.3) / (21607.436 / 21607.436)
=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 + 622.261) / 37983.014) / (1 - (0 + 276.461) / 27581.432)
=0.983617 / 0.989977
=0.9936

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
=21607.436 / 18983.3
=1.1382

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))
=(196.088 / (196.088 + 276.461)) / (313.31 / (313.31 + 622.261))
=0.414958 / 0.334886
=1.2391

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)
=(26.256 / 21607.436) / (29.981 / 18983.3)
=0.001215 / 0.001579
=0.7695

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)
=((195.861 + 0) / 37983.014) / ((156.585 + 0) / 27581.432)
=0.005157 / 0.005677
=0.9084

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
=(2401.909 - 608.619 - 6774.384) / 37983.014
=-0.13114

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.

Aksigorta AS has a M-score of -2.91 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 -2.97 mean?
Aksigorta AS (IST:AKGRT) has a Beneish M-Score of -2.97 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aksigorta AS and its competitors. According to the industry distribution chart, Aksigorta AS ranks #58 out of 399 companies in the Insurance industry, placing it in the top 14.5%.
Is Aksigorta AS's Beneish M-Score too high?
Aksigorta AS's current Beneish M-Score is -2.97. Based on the distribution chart, Aksigorta AS ranks #58 out of 399 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Aksigorta AS has a GF Score™ of 49/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Aksigorta AS's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Aksigorta AS ranks #58 out of 399 companies for Beneish M-Score. This places Aksigorta AS in the top 15% 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 Aksigorta AS and its competitors. Aksigorta AS's current Beneish M-Score is -2.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aksigorta AS stock overvalued right now?
Based on GuruFocus' analysis, Aksigorta AS (IST:AKGRT) is currently considered Modestly Undervalued. The stock's GF Value™ is ₺8.88, compared to a current price of ₺6.43 — trading 27.6% below its estimated fair value. The current Beneish M-Score is -2.97. Aksigorta AS's overall GF Score™ is 49/100 with 2 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 Aksigorta AS (IST:AKGRT), the current Beneish M-Score is -2.97 as of Aug. 07, 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 Aksigorta AS (IST:AKGRT) Overvalued in 2026?

Based on GuruFocus' analysis, Aksigorta AS stock appears to be undervalued. The current stock price of ₺6.43 is trading 27.6% below its estimated GF Value™ of ₺8.88. GuruFocus considers Aksigorta AS to be Modestly Undervalued.

Key valuation signals for IST:AKGRT:

  • Beneish M-Score: -2.97
  • GF Value™: ₺8.88 vs. price of ₺6.43 (27.6% below fair value)
  • GF Score™: 49/100 with 2 warning signs

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

Aksigorta AS Business Description

Address Poligon Street, Buyaka 2 Site, 1 Block, No: 8A, Kapi No:2, Fatih Sultan Mehmet Mahallesi, Istanbul, TUR, 34471
Aksigorta AS is a Turkey-based general insurance company. The main operations of the company include insurance activities based on non-life insurance branches, including fire, marine, personal accident, engineering, agriculture and health insurance coverage policies. It also offers its services online through its Aksigorta Service Centre.
49GF Score

Get the complete analysis for IST:AKGRT

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

₺6.43
Price
₺8.88
GF Value