Manulife Financial (MEX:MFCN) Beneish M-Score: -2.42 (As of Jun. 24, 2026)


MEX:MFCN Manulife Financial Corp MEX:MFCN
70 GF Score
Price MXN574.00
GF Value MXN441.09
! 8 Warning Signs
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What is Manulife Financial Beneish M-Score?

Manulife Financial MEX:MFCN 70 Beneish M-Score is -2.42 as of Jun. 24, 2026. GuruFocus rates MEX:MFCN with a GF Score™ of 70/100 and a GF Value™ of MXN441.09. The stock has 8 warning signs investors should review. Among 399 Insurance companies, Manulife Financial ranks worse than 59.9% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:MFCN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.29   Med: -2.47   Max: -1.82
Current: -2.42

During the past 13 years, the highest Beneish M-Score of Manulife Financial was -1.82. The lowest was -4.29. And the median was -2.47.

MEX:MFCN
70GF Score
Manulife Financial Corp MEX:MFCN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Manulife 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 Manulife 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 * 1.0001+0.892 * 1.1071+0.115 * 0.4821
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8438+4.679 * -0.022142-0.327 * 0.8814
=-2.48

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was MXN0 Mil.
Revenue was 155893.48 + 112302.314 + 229521.294 + 212400.209 = MXN710,117 Mil.
Gross Profit was 155893.48 + 112302.314 + 229521.294 + 212400.209 = MXN710,117 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN13,491,837 Mil.
Property, Plant and Equipment(Net PPE) was MXN34,896 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN-25,072 Mil.
Selling, General, & Admin. Expense(SGA) was MXN65,804 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN171,784 Mil.
Net Income was 15680.037 + 20387.752 + 23722.549 + 25816.448 = MXN85,607 Mil.
Non Operating Income was -552.021 + 717.879 + 1286.242 + -82.657 = MXN1,369 Mil.
Cash Flow from Operations was 46474.947 + 112328.419 + 126449.538 + 97714.015 = MXN382,967 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 166490.074 + 93775.261 + 211816.811 + 169365.71 = MXN641,448 Mil.
Gross Profit was 166490.074 + 93775.261 + 211816.811 + 169365.71 = MXN641,448 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN13,985,822 Mil.
Property, Plant and Equipment(Net PPE) was MXN38,163 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN-21,052 Mil.
Selling, General, & Admin. Expense(SGA) was MXN70,446 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN202,031 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 / 710117.297) / (0 / 641447.856)
=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)
=(641447.856 / 641447.856) / (710117.297 / 710117.297)
=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 + 34895.64) / 13491837.445) / (1 - (0 + 38163.179) / 13985821.766)
=0.997414 / 0.997271
=1.0001

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
=710117.297 / 641447.856
=1.1071

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))
=(-21052.309 / (-21052.309 + 38163.179)) / (-25072.096 / (-25072.096 + 34895.64))
=-1.230347 / -2.552246
=0.4821

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)
=(65804.182 / 710117.297) / (70445.731 / 641447.856)
=0.092667 / 0.109823
=0.8438

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)
=((171783.811 + 0) / 13491837.445) / ((202031.138 + 0) / 13985821.766)
=0.012732 / 0.014445
=0.8814

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
=(85606.786 - 1369.443 - 382966.919) / 13491837.445
=-0.022142

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.

Manulife Financial has a M-score of -2.48 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 -2.42 mean?
Manulife Financial (MEX:MFCN) has a Beneish M-Score of -2.42 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Manulife Financial and its competitors. According to the industry distribution chart, Manulife Financial ranks #239 out of 399 companies in the Insurance industry, placing it in the top 59.9%.
Is Manulife Financial's Beneish M-Score too high?
Manulife Financial's current Beneish M-Score is -2.42. Based on the distribution chart, Manulife Financial ranks #239 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Manulife Financial has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does Manulife Financial's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Manulife Financial ranks #239 out of 399 companies for Beneish M-Score. This places Manulife 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 Manulife Financial and its competitors. Manulife Financial's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manulife Financial stock overvalued right now?
Manulife Financial (MEX:MFCN) has a current Beneish M-Score of -2.42. The stock's GF Value™ is MXN441.09, compared to a current price of MXN574.00 — trading 30.1% above its estimated fair value. The current Beneish M-Score is -2.42. Manulife Financial's overall GF Score™ is 70/100 with 8 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 Manulife Financial (MEX:MFCN), the current Beneish M-Score is -2.42 as of Jun. 24, 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 Manulife Financial (MEX:MFCN) Overvalued in 2026?

Based on GuruFocus' analysis, Manulife Financial stock appears to be overvalued. The current stock price of MXN574.00 is trading 30.1% above its estimated GF Value™ of MXN441.09.

Key valuation signals for MEX:MFCN:

  • Beneish M-Score: -2.42
  • GF Value™: MXN441.09 vs. price of MXN574.00 (30.1% above fair value)
  • GF Score™: 70/100 with 8 warning signs

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

Manulife Financial Business Description

Address 200 Bloor Street East, Toronto, ON, CAN, M4W 1E5
Manulife Financial is one of the Big Three Canadian life insurers. The firm provides life insurance, annuities, asset management, and wealth management products to individuals and group customers in Canada, the United States, and Asia. The Canadian business segment contributes approximately 21% of 2025 adjusted earnings. The Asia segment operates across 12 countries and contributes around 38% of earnings, with a significant presence in Hong Kong and Singapore. The US business, which primarily operates under the John Hancock brand, contributes about 16% of earnings. Manulife's global asset and wealth management business contributes approximately 25% of its earnings and had around CAD 1.1 trillion in assets under management and administration as of the end of 2025.
70GF Score

Get the complete analysis for MEX:MFCN

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

MXN574.00
Price
MXN441.09
GF Value