iA Financial (MEX:IAG1N) Beneish M-Score: -2.46 (As of Aug. 13, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MEX:IAG1N iA Financial Corp Inc MEX:IAG1N
58 GF Score
Price MXN982.61
GF Value MXN660.44
! 6 Warning Signs
View Full Analysis

What is iA Financial Beneish M-Score?

iA Financial MEX:IAG1N 58 Beneish M-Score is -2.46 as of Aug. 13, 2026. GuruFocus rates MEX:IAG1N with a GF Score™ of 58/100 and a GF Value™ of MXN660.44. The stock has 6 warning signs investors should review. Among 402 Insurance companies, iA Financial ranks worse than 53.48% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:IAG1N' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69   Med: -2.46   Max: 0.23
Current: -2.46

During the past 13 years, the highest Beneish M-Score of iA Financial was 0.23. The lowest was -3.69. And the median was -2.46.

MEX:IAG1N
58GF Score
iA Financial Corp Inc MEX:IAG1N
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

iA Financial 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 iA Financial 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+0.528 * 1+0.404 * 1+0.892 * 1.0518+0.115 * 1.0116
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.019887-0.327 * 1.1367
=-2.57

* 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 MXN0 Mil.
Revenue was 48975.068 + 32648.124 + 4529.161 + 44938.914 = MXN131,091 Mil.
Gross Profit was 48975.068 + 32648.124 + 4529.161 + 44938.914 = MXN131,091 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,670,200 Mil.
Property, Plant and Equipment(Net PPE) was MXN4,227 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,093 Mil.
Selling, General, & Admin. Expense(SGA) was MXN0 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN24,792 Mil.
Net Income was 5010.651 + 1918.932 + 2623.52 + 4946.065 = MXN14,499 Mil.
Non Operating Income was 236.234 + 8464.329 + 8314.339 + 6895.319 = MXN23,910 Mil.
Cash Flow from Operations was 2847.243 + 5270.49 + 10846.493 + 4839.983 = MXN23,804 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 23708.701 + 38761.705 + -2078.69 + 64248.58 = MXN124,640 Mil.
Gross Profit was 23708.701 + 38761.705 + -2078.69 + 64248.58 = MXN124,640 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,577,076 Mil.
Property, Plant and Equipment(Net PPE) was MXN3,968 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,903 Mil.
Selling, General, & Admin. Expense(SGA) was MXN0 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN20,595 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)
=(0 / 131091.267) / (0 / 124640.296)
=0 / 0
=1

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)
=(124640.296 / 124640.296) / (131091.267 / 131091.267)
=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 + 4227.348) / 1670200.276) / (1 - (0 + 3967.522) / 1577076.373)
=0.997469 / 0.997484
=1

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
=131091.267 / 124640.296
=1.0518

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))
=(4903.153 / (4903.153 + 3967.522)) / (5092.546 / (5092.546 + 4227.348))
=0.552737 / 0.546417
=1.0116

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)
=(0 / 131091.267) / (0 / 124640.296)
=0 / 0
=1

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)
=((24792.152 + 0) / 1670200.276) / ((20595.299 + 0) / 1577076.373)
=0.014844 / 0.013059
=1.1367

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
=(14499.168 - 23910.221 - 23804.209) / 1670200.276
=-0.019887

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.

iA Financial has a M-score of -2.57 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 -2.46 mean?
iA Financial (MEX:IAG1N) has a Beneish M-Score of -2.46 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on iA Financial and its competitors. According to the industry distribution chart, iA Financial ranks #215 out of 402 companies in the Insurance industry, placing it in the top 53.5%.
Is iA Financial's Beneish M-Score too high?
iA Financial's current Beneish M-Score is -2.46. Based on the distribution chart, iA Financial ranks #215 out of 402 companies in the Insurance industry, which is below the industry midpoint. Overall, iA Financial has a GF Score™ of 58/100, reflecting its overall financial health beyond just this single metric.
How does iA Financial's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, iA Financial ranks #215 out of 402 companies for Beneish M-Score. This places iA Financial 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 iA Financial and its competitors. iA Financial's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is iA Financial stock overvalued right now?
iA Financial (MEX:IAG1N) has a current Beneish M-Score of -2.46. The stock's GF Value™ is MXN660.44, compared to a current price of MXN982.61 — trading 48.8% above its estimated fair value. The current Beneish M-Score is -2.46. iA Financial's overall GF Score™ is 58/100 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 iA Financial (MEX:IAG1N), the current Beneish M-Score is -2.46 as of Aug. 13, 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 iA Financial (MEX:IAG1N) Overvalued in 2026?

Based on GuruFocus' analysis, iA Financial stock appears to be overvalued. The current stock price of MXN982.61 is trading 48.8% above its estimated GF Value™ of MXN660.44.

Key valuation signals for MEX:IAG1N:

  • Beneish M-Score: -2.46
  • GF Value™: MXN660.44 vs. price of MXN982.61 (48.8% above fair value)
  • GF Score™: 58/100 with 6 warning signs

No single metric tells the full story. See the MEX:IAG1N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

iA Financial Business Description

Address 1080 Grande Allee West, Quebec, QC, CAN, G1S 1C7
iA Financial Corp Inc is an insurance and wealth management group based in Canada. It offers various life and health insurance products, savings and retirement plans, mutual funds, securities, loans, auto and home insurance, creditor insurance, replacement insurance, replacement warranties, extended warranties, and other ancillary products for dealer services and other financial products and services. The company's products and services are offered on both an individual and group basis and extend throughout Canada and the United States. Its operating segments are: Insurance, Canada; Wealth Management; U.S. Operations; Investment; and Corporate. Maximum revenue is generated from the Insurance, Canada segment.
58GF Score

Get the complete analysis for MEX:IAG1N

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

MXN982.61
Price
MXN660.44
GF Value