Ray Sigorta AS (IST:RAYSG) Beneish M-Score: -2.16 (As of Jun. 27, 2026)


IST:RAYSG Ray Sigorta AS IST:RAYSG
54 GF Score
Price ₺188.00
GF Value ₺617.41
Valuation Significantly Undervalued
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What is Ray Sigorta AS Beneish M-Score?

Ray Sigorta AS IST:RAYSG -0.58% 54 Beneish M-Score is -2.16 as of Jun. 27, 2026. GuruFocus rates IST:RAYSG with a GF Score™ of 54/100 and a GF Value™ of ₺617.41 (Significantly Undervalued). Among 397 Insurance companies, Ray Sigorta AS ranks worse than 77.58% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:RAYSG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.68   Med: -2   Max: 0.16
Current: -2.16

During the past 13 years, the highest Beneish M-Score of Ray Sigorta AS was 0.16. The lowest was -4.68. And the median was -2.00.

IST:RAYSG
54GF Score
Ray Sigorta AS IST:RAYSG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ray Sigorta 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 Ray Sigorta 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 * 0.7118+0.528 * 1+0.404 * 1.0014+0.892 * 1.8303+0.115 * 1.0384
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.0056+4.679 * -0.031899-0.327 * 0.5147
=-2.16

* 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 ₺9,626 Mil.
Revenue was 8870.736 + 9094.534 + 8685.391 + 7731.029 = ₺34,382 Mil.
Gross Profit was 8870.736 + 9094.534 + 8685.391 + 7731.029 = ₺34,382 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺42,295 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,353 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺121 Mil.
Selling, General, & Admin. Expense(SGA) was ₺829 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺15 Mil.
Net Income was 912.071 + 569.713 + 1045.101 + 1309.753 = ₺3,837 Mil.
Non Operating Income was 31.131 + 64.483 + 81.017 + 135.595 = ₺312 Mil.
Cash Flow from Operations was -1070.482 + 3877.909 + -3150.451 + 5216.599 = ₺4,874 Mil.
 Total Receivables was ₺7,388 Mil.
Revenue was 6231.45 + 5507.923 + 4325.489 + 2719.818 = ₺18,785 Mil.
Gross Profit was 6231.45 + 5507.923 + 4325.489 + 2719.818 = ₺18,785 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺29,667 Mil.
Property, Plant and Equipment(Net PPE) was ₺989 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺92 Mil.
Selling, General, & Admin. Expense(SGA) was ₺226 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺20 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)
=(9625.896 / 34381.69) / (7388.366 / 18784.68)
=0.279972 / 0.393319
=0.7118

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)
=(18784.68 / 18784.68) / (34381.69 / 34381.69)
=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 + 1352.908) / 42295.378) / (1 - (0 + 989.069) / 29666.554)
=0.968013 / 0.96666
=1.0014

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
=34381.69 / 18784.68
=1.8303

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))
=(92.296 / (92.296 + 989.069)) / (121.162 / (121.162 + 1352.908))
=0.085351 / 0.082196
=1.0384

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)
=(829.105 / 34381.69) / (225.873 / 18784.68)
=0.024115 / 0.012024
=2.0056

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)
=((14.821 + 0) / 42295.378) / ((20.188 + 0) / 29666.554)
=0.00035 / 0.00068
=0.5147

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
=(3836.638 - 312.226 - 4873.575) / 42295.378
=-0.031899

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.

Ray Sigorta AS has a M-score of -2.16 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 -2.16 mean?
Ray Sigorta AS (IST:RAYSG) has a Beneish M-Score of -2.16 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ray Sigorta AS and its competitors. According to the industry distribution chart, Ray Sigorta AS ranks #308 out of 397 companies in the Insurance industry, placing it in the top 77.6%.
Is Ray Sigorta AS's Beneish M-Score too high?
Ray Sigorta AS's current Beneish M-Score is -2.16. Based on the distribution chart, Ray Sigorta AS ranks #308 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Ray Sigorta AS has a GF Score™ of 54/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ray Sigorta AS's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Ray Sigorta AS ranks #308 out of 397 companies for Beneish M-Score. This places Ray Sigorta AS 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 Ray Sigorta AS and its competitors. Ray Sigorta AS's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ray Sigorta AS stock overvalued right now?
Based on GuruFocus' analysis, Ray Sigorta AS (IST:RAYSG) is currently considered Significantly Undervalued. The stock's GF Value™ is ₺617.41, compared to a current price of ₺188.00 — trading 69.6% below its estimated fair value. The current Beneish M-Score is -2.16. Ray Sigorta AS's overall GF Score™ is 54/100. 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 Ray Sigorta AS (IST:RAYSG), the current Beneish M-Score is -2.16 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 Ray Sigorta AS (IST:RAYSG) Overvalued in 2026?

Based on GuruFocus' analysis, Ray Sigorta AS stock appears to be undervalued. The current stock price of ₺188.00 is trading 69.6% below its estimated GF Value™ of ₺617.41. GuruFocus considers Ray Sigorta AS to be Significantly Undervalued.

Key valuation signals for IST:RAYSG:

  • Beneish M-Score: -2.16
  • GF Value™: ₺617.41 vs. price of ₺188.00 (69.6% below fair value)
  • GF Score™: 54/100

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

Ray Sigorta AS Business Description

Address Haydar Aliyev Caddesi No.28, Cumhuriyet Mahallesi, Tarabya, Istanbul, TUR, 34457
Ray Sigorta AS is a Turkey-based insurance company. It offers motor, household and health insurances. The motor insurance covers accidents such as the collision of the car with other motor or no-motor vehicles used on the road or railroad. Its household insurance secures house and goods against many risks such as fire, robbery, earthquake, and floods. The health insurance product consists of emergency health insurance, complementary health insurance, health insurance for foreigners and travel health insurance. Additionally, it also provides contracted health institutions and contracted auto services.
54GF Score

Get the complete analysis for IST:RAYSG

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

₺188.00
Price
₺617.41
GF Value