Munchener Ruckversicherungs-Gesellschaft AG (LTS:0KFE) Beneish M-Score: -2.51 (As of Jun. 25, 2026)


LTS:0KFE Munchener Ruckversicherungs-Gesellschaft AG LTS:0KFE
68 GF Score
Price €478.20
GF Value €561.42
Valuation Modestly Undervalued
! 1 Warning Sign
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What is Munchener Ruckversicherungs-Gesellschaft AG Beneish M-Score?

Munchener Ruckversicherungs-Gesellschaft AG LTS:0KFE +1.74% 68 Beneish M-Score is -2.51 as of Jun. 25, 2026. GuruFocus rates LTS:0KFE with a GF Score™ of 68/100 and a GF Value™ of €561.42 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 397 Insurance companies, Munchener Ruckversicherungs-Gesellschaft AG ranks better than 52.64% 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Munchener Ruckversicherungs-Gesellschaft AG's Beneish M-Score or its related term are showing as below:

LTS:0KFE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.91   Med: -2.42   Max: -1.91
Current: -2.51

During the past 13 years, the highest Beneish M-Score of Munchener Ruckversicherungs-Gesellschaft AG was -1.91. The lowest was -3.91. And the median was -2.42.

LTS:0KFE
68GF Score
Munchener Ruckversicherungs-Gesellschaft AG LTS:0KFE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Munchener Ruckversicherungs-Gesellschaft AG 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 Munchener Ruckversicherungs-Gesellschaft AG 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 * 1.0093+0.528 * 1+0.404 * 0.9985+0.892 * 0.9672+0.115 * 1.197
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0756+4.679 * 0.00942-0.327 * 1.2034
=-2.51

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €6,440 Mil.
Revenue was €62,312 Mil.
Gross Profit was €62,312 Mil.
Total Current Assets was €0 Mil.
Total Assets was €279,934 Mil.
Property, Plant and Equipment(Net PPE) was €2,405 Mil.
Depreciation, Depletion and Amortization(DDA) was €359 Mil.
Selling, General, & Admin. Expense(SGA) was €9,330 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €7,434 Mil.
Net Income was €6,118 Mil.
Gross Profit was €-1,425 Mil.
Cash Flow from Operations was €4,906 Mil.
 Total Receivables was €6,597 Mil.
Revenue was €64,424 Mil.
Gross Profit was €64,424 Mil.
Total Current Assets was €0 Mil.
Total Assets was €286,442 Mil.
Property, Plant and Equipment(Net PPE) was €2,037 Mil.
Depreciation, Depletion and Amortization(DDA) was €375 Mil.
Selling, General, & Admin. Expense(SGA) was €8,968 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €6,321 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)
=(6440 / 62312) / (6597 / 64424)
=0.103351 / 0.1024
=1.0093

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)
=(64424 / 64424) / (62312 / 62312)
=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 + 2405) / 279934) / (1 - (0 + 2037) / 286442)
=0.991409 / 0.992889
=0.9985

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
=62312 / 64424
=0.9672

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))
=(375 / (375 + 2037)) / (359 / (359 + 2405))
=0.155473 / 0.129884
=1.197

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)
=(9330 / 62312) / (8968 / 64424)
=0.14973 / 0.139203
=1.0756

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)
=((7434 + 0) / 279934) / ((6321 + 0) / 286442)
=0.026556 / 0.022067
=1.2034

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
=(6118 - -1425 - 4906) / 279934
=0.00942

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.

Munchener Ruckversicherungs-Gesellschaft AG has a M-score of -2.51 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 -2.51 mean?
Munchener Ruckversicherungs-Gesellschaft AG (LTS:0KFE) has a Beneish M-Score of -2.51 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Munchener Ruckversicherungs-Gesellschaft AG and its competitors. According to the industry distribution chart, Munchener Ruckversicherungs-Gesellschaft AG ranks #188 out of 397 companies in the Insurance industry, placing it in the top 47.4%.
Is Munchener Ruckversicherungs-Gesellschaft AG's Beneish M-Score too high?
Munchener Ruckversicherungs-Gesellschaft AG's current Beneish M-Score is -2.51. Based on the distribution chart, Munchener Ruckversicherungs-Gesellschaft AG ranks #188 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Munchener Ruckversicherungs-Gesellschaft AG has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Munchener Ruckversicherungs-Gesellschaft AG's Beneish M-Score compare to RGA and EG?
According to the Insurance industry distribution chart, Munchener Ruckversicherungs-Gesellschaft AG ranks #188 out of 397 companies for Beneish M-Score. This puts Munchener Ruckversicherungs-Gesellschaft AG in the upper 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 Munchener Ruckversicherungs-Gesellschaft AG and its competitors. Munchener Ruckversicherungs-Gesellschaft AG's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Munchener Ruckversicherungs-Gesellschaft AG stock overvalued right now?
Based on GuruFocus' analysis, Munchener Ruckversicherungs-Gesellschaft AG (LTS:0KFE) is currently considered Modestly Undervalued. The stock's GF Value™ is €561.42, compared to a current price of €478.20 — trading 14.8% below its estimated fair value. The current Beneish M-Score is -2.51. Munchener Ruckversicherungs-Gesellschaft AG's overall GF Score™ is 68/100 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 Munchener Ruckversicherungs-Gesellschaft AG (LTS:0KFE), the current Beneish M-Score is -2.51 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 Munchener Ruckversicherungs-Gesellschaft AG (LTS:0KFE) Overvalued in 2026?

Based on GuruFocus' analysis, Munchener Ruckversicherungs-Gesellschaft AG stock appears to be undervalued. The current stock price of €478.20 is trading 14.8% below its estimated GF Value™ of €561.42. GuruFocus considers Munchener Ruckversicherungs-Gesellschaft AG to be Modestly Undervalued.

Key valuation signals for LTS:0KFE:

  • Beneish M-Score: -2.51
  • GF Value™: €561.42 vs. price of €478.20 (14.8% below fair value)
  • GF Score™: 68/100 with 1 warning sign

No single metric tells the full story. See the LTS:0KFE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Munchener Ruckversicherungs-Gesellschaft AG Business Description

Address Koniginstrasse 107, Munich, BY, DEU, 80802
Munich Re was founded in 1880 by Carl Thieme amid a flurry of other reinsurance companies set up independent of primaries. In those early days, most reinsurers typically focused on a few strong customers. Thieme focused on a broader set of cedents to drive stronger growth in premiums. This coincided with a strategy of risk diversification and a preference to partner rather than take on a one-sided transfer of risk. In the 1890s, Munich Re introduced the first machinery insurance. After Thieme and Wilhelm von Fink founded Allianz, this was the main channel to sell machinery insurance. We believe the approach of partnering with insurers and preferring to avoid one-sided risk, in conjunction with combining inspection and insurance services, remains at the heart of the firm.
68GF Score

Get the complete analysis for LTS:0KFE

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

€478.20
Price
€561.42
GF Value