AGNC Investment (MEX:AGNC) Beneish M-Score: 1.46 (As of Sep. 17, 2026)

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MEX:AGNC AGNC Investment Corp MEX:AGNC
48 GF Score
Price MXN172.00
GF Value MXN336.15
Valuation Possible Value Trap
! 4 Warning Signs
View Full Analysis

What is AGNC Investment Beneish M-Score?

AGNC Investment MEX:AGNC -1.15% 48 Beneish M-Score is 1.46 as of Sep. 17, 2026. GuruFocus rates MEX:AGNC with a GF Score™ of 48/100 and a GF Value™ of MXN336.15 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 741 REITs companies, AGNC Investment ranks worse than 96.22% 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.

Warning Sign:

Beneish M-Score 1.46 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MEX:AGNC' s Beneish M-Score Range Over the Past 10 Years
Min: -6.11   Med: -1.93   Max: 11.54
Current: 1.46

During the past 13 years, the highest Beneish M-Score of AGNC Investment was 11.54. The lowest was -6.11. And the median was -1.93.

MEX:AGNC
48GF Score
AGNC Investment Corp MEX:AGNC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

AGNC Investment 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 AGNC Investment 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 * 0.3961+0.528 * 1+0.404 * 1.0756+0.892 * 2.0587+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4999+4.679 * 0.012241-0.327 * 0.9981
=-1.92

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was MXN329,101 Mil.
Revenue was 25744.889 + 26339.97 + 22859.928 + 14514.593 = MXN89,459 Mil.
Gross Profit was 25744.889 + 26339.97 + 22859.928 + 14514.593 = MXN89,459 Mil.
Total Current Assets was MXN360,309 Mil.
Total Assets was MXN2,127,604 Mil.
Property, Plant and Equipment(Net PPE) was MXN0 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN772 Mil.
Total Current Liabilities was MXN1,906,037 Mil.
Long-Term Debt & Capital Lease Obligation was MXN0 Mil.
Net Income was 11376.458 + -2598.877 + 17460.666 + 15017.666 = MXN41,256 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 3728.381 + 6795.712 + 2169.609 + 2518.319 = MXN15,212 Mil.
 Total Receivables was MXN403,571 Mil.
Revenue was 5643.004 + -8306.834 + 56227.672 + -10108.513 = MXN43,455 Mil.
Gross Profit was 5643.004 + -8306.834 + 56227.672 + -10108.513 = MXN43,455 Mil.
Total Current Assets was MXN438,937 Mil.
Total Assets was MXN1,927,381 Mil.
Property, Plant and Equipment(Net PPE) was MXN0 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN750 Mil.
Total Current Liabilities was MXN1,728,769 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,134 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)
=(329100.608 / 89459.38) / (403570.904 / 43455.328)
=3.678771 / 9.287029
=0.3961

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)
=(43455.328 / 43455.328) / (89459.38 / 89459.38)
=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 - (360308.725 + 0) / 2127603.8) / (1 - (438936.728 + 0) / 1927380.732)
=0.83065 / 0.772263
=1.0756

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
=89459.38 / 43455.328
=2.0587

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(772.159 / 89459.38) / (750.274 / 43455.328)
=0.008631 / 0.017265
=0.4999

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)
=((0 + 1906036.65) / 2127603.8) / ((1133.52 + 1728769.136) / 1927380.732)
=0.895861 / 0.897541
=0.9981

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
=(41255.912 - 0 - 15212.022) / 2127603.8
=0.012241

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.

AGNC Investment has a M-score of -1.92 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 1.46 mean?
AGNC Investment (MEX:AGNC) has a Beneish M-Score of 1.46 as of Sep. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AGNC Investment and its competitors. According to the industry distribution chart, AGNC Investment ranks #713 out of 741 companies in the REITs industry, placing it in the top 96.2%.
Is AGNC Investment's Beneish M-Score too high?
AGNC Investment's current Beneish M-Score is 1.46. Based on the distribution chart, AGNC Investment ranks #713 out of 741 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, AGNC Investment has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does AGNC Investment's Beneish M-Score compare to NLY and STWD?
According to the REITs industry distribution chart, AGNC Investment ranks #713 out of 741 companies for Beneish M-Score. This places AGNC Investment 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 a REITs company?
A good Beneish M-Score depends on the REITs 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 AGNC Investment and its competitors. AGNC Investment's current Beneish M-Score is 1.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AGNC Investment stock overvalued right now?
Based on GuruFocus' analysis, AGNC Investment (MEX:AGNC) is currently considered Possible Value Trap. The stock's GF Value™ is MXN336.15, compared to a current price of MXN172.00 — trading 48.8% below its estimated fair value. The current Beneish M-Score is 1.46. AGNC Investment's overall GF Score™ is 48/100 with 4 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 AGNC Investment (MEX:AGNC), the current Beneish M-Score is 1.46 as of Sep. 17, 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 AGNC Investment (MEX:AGNC) Overvalued in 2026?

Based on GuruFocus' analysis, AGNC Investment stock appears to be undervalued. The current stock price of MXN172.00 is trading 48.8% below its estimated GF Value™ of MXN336.15. GuruFocus considers AGNC Investment to be Possible Value Trap.

Key valuation signals for MEX:AGNC:

  • Beneish M-Score: 1.46
  • GF Value™: MXN336.15 vs. price of MXN172.00 (48.8% below fair value)
  • GF Score™: 48/100 with 4 warning signs

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

AGNC Investment Business Description

Industry Real EstateREITs
Address 7373 Wisconsin Avenue, 22nd Floor, Bethesda, MD, USA, 20814
AGNC Investment Corp is a real estate investment trust that invests in agency residential mortgage-backed securities. The firm's asset portfolio is comprised of residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise, such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, or by a U.S. Government agency, such as the Government National Mortgage Association. It also invests in other types of mortgage and mortgage-related residential and commercial mortgage-backed securities or other investments in or related to, the housing, mortgage, or real estate markets.
48GF Score

Get the complete analysis for MEX:AGNC

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

MXN172.00
Price
MXN336.15
GF Value