Turkiye Sigorta AS (IST:TURSG) Beneish M-Score: -2.81 (As of Aug. 23, 2026)

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IST:TURSG Turkiye Sigorta AS IST:TURSG
41 GF Score
Price ₺6.33
! 1 Warning Sign
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What is Turkiye Sigorta AS Beneish M-Score?

Turkiye Sigorta AS IST:TURSG +0.16% 41 Beneish M-Score is -2.81 as of Aug. 23, 2026. GuruFocus rates IST:TURSG with a GF Score™ of 41/100. The stock has 1 warning sign investors should review. Among 403 Insurance companies, Turkiye Sigorta AS ranks better than 78.66% 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:TURSG' s Beneish M-Score Range Over the Past 10 Years
Min: -8.66   Med: -1.86   Max: 0.95
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Turkiye Sigorta AS was 0.95. The lowest was -8.66. And the median was -1.86.

IST:TURSG
41GF Score
Turkiye Sigorta AS IST:TURSG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Turkiye 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 Turkiye 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 * 1.0589+0.528 * 1+0.404 * 1.0006+0.892 * 1.4198+0.115 * 0.738
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6588+4.679 * 0.081651-0.327 * 4.0568
=-2.81

* 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 ₺49,251 Mil.
Revenue was 27092.453 + 26107.339 + 25748.669 + 24155.529 = ₺103,104 Mil.
Gross Profit was 27092.453 + 26107.339 + 25748.669 + 24155.529 = ₺103,104 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺181,851 Mil.
Property, Plant and Equipment(Net PPE) was ₺2,065 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺260 Mil.
Selling, General, & Admin. Expense(SGA) was ₺455 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺65 Mil.
Net Income was 6451.802 + 5114.157 + 5020.257 + 4857.516 = ₺21,444 Mil.
Non Operating Income was 463.15 + 1007.03 + 380.814 + 555.151 = ₺2,406 Mil.
Cash Flow from Operations was -5667.248 + 4599.025 + 1958.439 + 3299.157 = ₺4,189 Mil.
 Total Receivables was ₺32,759 Mil.
Revenue was 21190.968 + 18373.526 + 17194.423 + 15858.372 = ₺72,617 Mil.
Gross Profit was 21190.968 + 18373.526 + 17194.423 + 15858.372 = ₺72,617 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺122,893 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,466 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺132 Mil.
Selling, General, & Admin. Expense(SGA) was ₺193 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺11 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)
=(49250.705 / 103103.99) / (32758.73 / 72617.289)
=0.47768 / 0.451115
=1.0589

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)
=(72617.289 / 72617.289) / (103103.99 / 103103.99)
=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 + 2064.881) / 181850.807) / (1 - (0 + 1465.994) / 122893.211)
=0.988645 / 0.988071
=1.0006

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
=103103.99 / 72617.289
=1.4198

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))
=(131.985 / (131.985 + 1465.994)) / (260.215 / (260.215 + 2064.881))
=0.082595 / 0.111916
=0.738

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)
=(454.622 / 103103.99) / (192.993 / 72617.289)
=0.004409 / 0.002658
=1.6588

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)
=((64.853 + 0) / 181850.807) / ((10.759 + 0) / 122893.211)
=0.000357 / 8.8E-5
=4.0568

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
=(21443.732 - 2406.145 - 4189.373) / 181850.807
=0.081651

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.

Turkiye Sigorta AS has a M-score of -2.81 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 -2.81 mean?
Turkiye Sigorta AS (IST:TURSG) has a Beneish M-Score of -2.81 as of Aug. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Turkiye Sigorta AS and its competitors. According to the industry distribution chart, Turkiye Sigorta AS ranks #86 out of 403 companies in the Insurance industry, placing it in the top 21.3%.
Is Turkiye Sigorta AS's Beneish M-Score too high?
Turkiye Sigorta AS's current Beneish M-Score is -2.81. Based on the distribution chart, Turkiye Sigorta AS ranks #86 out of 403 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Turkiye Sigorta AS has a GF Score™ of 41/100, reflecting its overall financial health beyond just this single metric.
How does Turkiye Sigorta AS's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Turkiye Sigorta AS ranks #86 out of 403 companies for Beneish M-Score. This places Turkiye Sigorta AS in the top 21% 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 Turkiye Sigorta AS and its competitors. Turkiye Sigorta AS's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Turkiye Sigorta AS stock overvalued right now?
Turkiye Sigorta AS (IST:TURSG) has a current Beneish M-Score of -2.81. The current Beneish M-Score is -2.81. Turkiye Sigorta AS's overall GF Score™ is 41/100 with 1 warning sign 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 Turkiye Sigorta AS (IST:TURSG), the current Beneish M-Score is -2.81 as of Aug. 23, 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.

Turkiye Sigorta AS Business Description

Address Buyukdere Cad. No 110, No. 110, Gunes Plaza, Esentepe Sisli, Istanbul, TUR, 34394
Turkiye Sigorta AS is an insurance provider in Turkey. The company operates in non-life insurance branches consisting of automotive and non-automotive accident, fire, marine, engineering, health, agriculture, liability, financial losses, loan, and legal protection. Its operating business segments are: Fire Insurance, Motor Vehicles Insurance, Motor Vehicles (Land) Liability Insurance, Health Insurance, and Others.
41GF Score

Get the complete analysis for IST:TURSG

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

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