Intact Financial (MEX:IFCN) Beneish M-Score: -2.55 (As of Jun. 28, 2026)


MEX:IFCN Intact Financial Corp MEX:IFCN
83 GF Score
Price MXN2,862.01
GF Value MXN2,530.23
! 3 Warning Signs
View Full Analysis

What is Intact Financial Beneish M-Score?

Intact Financial MEX:IFCN 83 Beneish M-Score is -2.55 as of Jun. 28, 2026. GuruFocus rates MEX:IFCN with a GF Score™ of 83/100 and a GF Value™ of MXN2,530.23. The stock has 3 warning signs investors should review. Among 402 Insurance companies, Intact Financial ranks better than 56.97% 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:IFCN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.75   Med: -2.55   Max: 0.47
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Intact Financial was 0.47. The lowest was -3.75. And the median was -2.55.

MEX:IFCN
83GF Score
Intact Financial Corp MEX:IFCN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Intact 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 Intact 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 * 0.9502+0.528 * 1+0.404 * 1+0.892 * 0.9305+0.115 * 0.9793
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0685+4.679 * -0.016797-0.327 * 0.9135
=-2.65

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was MXN9,215 Mil.
Revenue was MXN340,314 Mil.
Gross Profit was MXN340,314 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN820,574 Mil.
Property, Plant and Equipment(Net PPE) was MXN11,290 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN10,403 Mil.
Selling, General, & Admin. Expense(SGA) was MXN11,003 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN63,304 Mil.
Net Income was MXN43,921 Mil.
Gross Profit was MXN431 Mil.
Cash Flow from Operations was MXN57,274 Mil.
 Total Receivables was MXN10,423 Mil.
Revenue was MXN365,732 Mil.
Gross Profit was MXN365,732 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN871,381 Mil.
Property, Plant and Equipment(Net PPE) was MXN12,004 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN10,628 Mil.
Selling, General, & Admin. Expense(SGA) was MXN11,067 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN73,589 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)
=(9214.95 / 340313.604) / (10422.726 / 365732.301)
=0.027078 / 0.028498
=0.9502

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)
=(365732.301 / 365732.301) / (340313.604 / 340313.604)
=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 + 11290.272) / 820574.373) / (1 - (0 + 12003.702) / 871380.921)
=0.986241 / 0.986225
=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
=340313.604 / 365732.301
=0.9305

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))
=(10627.668 / (10627.668 + 12003.702)) / (10402.713 / (10402.713 + 11290.272))
=0.469599 / 0.479543
=0.9793

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)
=(11003.121 / 340313.604) / (11066.828 / 365732.301)
=0.032332 / 0.030259
=1.0685

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)
=((63303.838 + 0) / 820574.373) / ((73588.548 + 0) / 871380.921)
=0.077146 / 0.08445
=0.9135

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
=(43921.117 - 430.727 - 57273.658) / 820574.373
=-0.016797

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.

Intact Financial has a M-score of -2.65 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 -2.55 mean?
Intact Financial (MEX:IFCN) has a Beneish M-Score of -2.55 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Intact Financial and its competitors. According to the industry distribution chart, Intact Financial ranks #173 out of 402 companies in the Insurance industry, placing it in the top 43%.
Is Intact Financial's Beneish M-Score too high?
Intact Financial's current Beneish M-Score is -2.55. Based on the distribution chart, Intact Financial ranks #173 out of 402 companies in the Insurance industry, which is above the industry midpoint. Overall, Intact Financial has a GF Score™ of 83/100, reflecting its overall financial health beyond just this single metric.
How does Intact Financial's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Intact Financial ranks #173 out of 402 companies for Beneish M-Score. This puts Intact Financial 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 Intact Financial and its competitors. Intact Financial's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Intact Financial stock overvalued right now?
Intact Financial (MEX:IFCN) has a current Beneish M-Score of -2.55. The stock's GF Value™ is MXN2,530.23, compared to a current price of MXN2,862.01 — trading 13.1% above its estimated fair value. The current Beneish M-Score is -2.55. Intact Financial's overall GF Score™ is 83/100 with 3 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 Intact Financial (MEX:IFCN), the current Beneish M-Score is -2.55 as of Jun. 28, 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 Intact Financial (MEX:IFCN) Overvalued in 2026?

Based on GuruFocus' analysis, Intact Financial stock appears to be overvalued. The current stock price of MXN2,862.01 is trading 13.1% above its estimated GF Value™ of MXN2,530.23.

Key valuation signals for MEX:IFCN:

  • Beneish M-Score: -2.55
  • GF Value™: MXN2,530.23 vs. price of MXN2,862.01 (13.1% above fair value)
  • GF Score™: 83/100 with 3 warning signs

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

Intact Financial Business Description

Address 700 University Avenue, Suite 1500-A, Toronto, ON, CAN, M5G 0A1
Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. The company distributes insurance under the Intact Insurance brand through a network of brokers and a wholly-owned subsidiary, BrokerLink, and directly to consumers through Belairdirect. The majority of the company's direct premiums are written in the personal automotive space. Intact directly manages its investments through its subsidiary Intact Investment Management. The vast majority of these invested assets are fixed-income securities. Its asset mix is designed to generate interest and dividend income. The company has three reportable segments Canada, UK & International, and U.S.
83GF Score

Get the complete analysis for MEX:IFCN

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

MXN2,862.01
Price
MXN2,530.23
GF Value