Allstate (MEX:ALL) Beneish M-Score: -1.59 (As of Aug. 19, 2026)

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MEX:ALL Allstate Corp MEX:ALL
69 GF Score
Price MXN4,508.40
GF Value MXN3,620.36
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is Allstate Beneish M-Score?

Allstate MEX:ALL +1.40% 69 Beneish M-Score is -1.59 as of Aug. 19, 2026. GuruFocus rates MEX:ALL with a GF Score™ of 69/100 and a GF Value™ of MXN3,620.36 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 403 Insurance companies, Allstate ranks worse than 89.83% 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 -1.59 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MEX:ALL' s Beneish M-Score Range Over the Past 10 Years
Min: -16.36   Med: -2.58   Max: 1.99
Current: -1.59

During the past 13 years, the highest Beneish M-Score of Allstate was 1.99. The lowest was -16.36. And the median was -2.58.

MEX:ALL
69GF Score
Allstate Corp MEX:ALL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Allstate 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 Allstate 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 * 0.9205+0.528 * 1+0.404 * 1.0006+0.892 * 0.9503+0.115 * 1.1642
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * -4.3995+4.679 * -0.010796-0.327 * 0.8606
=-1.65

* 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 MXN344,513 Mil.
Revenue was 319944.864 + 302065.758 + 309680.034 + 312970.396 = MXN1,244,661 Mil.
Gross Profit was 319944.864 + 302065.758 + 309680.034 + 312970.396 = MXN1,244,661 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN2,176,867 Mil.
Property, Plant and Equipment(Net PPE) was MXN10,312 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN7,376 Mil.
Selling, General, & Admin. Expense(SGA) was MXN-4,276 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN130,728 Mil.
Net Income was 57075.679 + 44306.344 + 68997.842 + 68717.373 = MXN239,097 Mil.
Non Operating Income was 12702.872 + 12965.511 + 0 + 12675.842 = MXN38,344 Mil.
Cash Flow from Operations was 45960.666 + 64232.477 + 53819.037 + 60242.353 = MXN224,255 Mil.
 Total Receivables was MXN393,832 Mil.
Revenue was 311547.943 + 332711.707 + 340698.715 + 324830.879 = MXN1,309,789 Mil.
Gross Profit was 311547.943 + 332711.707 + 340698.715 + 324830.879 = MXN1,309,789 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN2,182,191 Mil.
Property, Plant and Equipment(Net PPE) was MXN11,655 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN10,998 Mil.
Selling, General, & Admin. Expense(SGA) was MXN1,023 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN152,272 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)
=(344513.056 / 1244661.052) / (393831.547 / 1309789.244)
=0.276793 / 0.300683
=0.9205

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)
=(1309789.244 / 1309789.244) / (1244661.052 / 1244661.052)
=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 + 10312.359) / 2176867.444) / (1 - (0 + 11655.275) / 2182191.305)
=0.995263 / 0.994659
=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
=1244661.052 / 1309789.244
=0.9503

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))
=(10997.643 / (10997.643 + 11655.275)) / (7376.116 / (7376.116 + 10312.359))
=0.485485 / 0.417001
=1.1642

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)
=(-4276.136 / 1244661.052) / (1023.192 / 1309789.244)
=-0.003436 / 0.000781
=-4.3995

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)
=((130727.908 + 0) / 2176867.444) / ((152271.74 + 0) / 2182191.305)
=0.060053 / 0.069779
=0.8606

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
=(239097.238 - 38344.225 - 224254.533) / 2176867.444
=-0.010796

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.

Allstate has a M-score of -1.65 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.59 mean?
Allstate (MEX:ALL) has a Beneish M-Score of -1.59 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Allstate and its competitors. According to the industry distribution chart, Allstate ranks #362 out of 403 companies in the Insurance industry, placing it in the top 89.8%.
Is Allstate's Beneish M-Score too high?
Allstate's current Beneish M-Score is -1.59. Based on the distribution chart, Allstate ranks #362 out of 403 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Allstate has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Allstate's Beneish M-Score compare to TRV and CINF?
According to the Insurance industry distribution chart, Allstate ranks #362 out of 403 companies for Beneish M-Score. This places Allstate 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 Allstate and its competitors. Allstate's current Beneish M-Score is -1.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Allstate stock overvalued right now?
Based on GuruFocus' analysis, Allstate (MEX:ALL) is currently considered Modestly Overvalued. The stock's GF Value™ is MXN3,620.36, compared to a current price of MXN4,508.40 — trading 24.5% above its estimated fair value. The current Beneish M-Score is -1.59. Allstate's overall GF Score™ is 69/100 with 6 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 Allstate (MEX:ALL), the current Beneish M-Score is -1.59 as of Aug. 19, 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 Allstate (MEX:ALL) Overvalued in 2026?

Based on GuruFocus' analysis, Allstate stock appears to be overvalued. The current stock price of MXN4,508.40 is trading 24.5% above its estimated GF Value™ of MXN3,620.36. GuruFocus considers Allstate to be Modestly Overvalued.

Key valuation signals for MEX:ALL:

  • Beneish M-Score: -1.59
  • GF Value™: MXN3,620.36 vs. price of MXN4,508.40 (24.5% above fair value)
  • GF Score™: 69/100 with 6 warning signs

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

Allstate Business Description

Address 3100 Sanders Road, Northbrook, IL, USA, 60062
Allstate is one of the largest US property-casualty insurers in the US. Personal auto represents the largest percentage of revenue, but the company offers homeowners insurance and other insurance products. Allstate products are sold in North America primarily by about 6,000 exclusive agents.
69GF Score

Get the complete analysis for MEX:ALL

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

MXN4,508.40
Price
MXN3,620.36
GF Value