Markel Group (MEX:MKL) Beneish M-Score: -2.68 (As of Aug. 02, 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:MKL Markel Group Inc MEX:MKL
83 GF Score
Price MXN32,270.00
GF Value MXN36,708.30
! 5 Warning Signs
View Full Analysis

What is Markel Group Beneish M-Score?

Markel Group MEX:MKL 83 Beneish M-Score is -2.68 as of Aug. 02, 2026. GuruFocus rates MEX:MKL with a GF Score™ of 83/100 and a GF Value™ of MXN36,708.30. The stock has 5 warning signs investors should review. Among 397 Insurance companies, Markel Group ranks better than 70.53% 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:MKL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24   Med: -2.81   Max: -1.7
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Markel Group was -1.70. The lowest was -3.24. And the median was -2.81.

MEX:MKL
83GF Score
Markel Group Inc MEX:MKL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Markel Group 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 Markel Group 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 * 1.251+0.528 * 1+0.404 * 1+0.892 * 0.8418+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.094063-0.327 * 0.8928
=-2.80

* 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 MXN334,562 Mil.
Revenue was MXN294,089 Mil.
Gross Profit was MXN294,089 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,240,684 Mil.
Property, Plant and Equipment(Net PPE) was MXN0 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN6,265 Mil.
Selling, General, & Admin. Expense(SGA) was MXN0 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN77,493 Mil.
Net Income was MXN37,938 Mil.
Gross Profit was MXN104,922 Mil.
Cash Flow from Operations was MXN49,718 Mil.
 Total Receivables was MXN317,667 Mil.
Revenue was MXN349,337 Mil.
Gross Profit was MXN349,337 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,290,926 Mil.
Property, Plant and Equipment(Net PPE) was MXN0 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN7,140 Mil.
Selling, General, & Admin. Expense(SGA) was MXN0 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN90,312 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)
=(334561.697 / 294088.539) / (317666.577 / 349337.167)
=1.137622 / 0.909341
=1.251

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)
=(349337.167 / 349337.167) / (294088.539 / 294088.539)
=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 + 0) / 1240683.66) / (1 - (0 + 0) / 1290925.742)
=1 / 1
=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
=294088.539 / 349337.167
=0.8418

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))
=(7140.137 / (7140.137 + 0)) / (6264.507 / (6264.507 + 0))
=1 / 1
=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)
=(0 / 294088.539) / (0 / 349337.167)
=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)
=((77493.13 + 0) / 1240683.66) / ((90312.293 + 0) / 1290925.742)
=0.06246 / 0.069959
=0.8928

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
=(37938.19 - 104921.717 - 49718.347) / 1240683.66
=-0.094063

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.

Markel Group has a M-score of -2.80 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 -2.68 mean?
Markel Group (MEX:MKL) has a Beneish M-Score of -2.68 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Markel Group and its competitors. According to the industry distribution chart, Markel Group ranks #117 out of 397 companies in the Insurance industry, placing it in the top 29.5%.
Is Markel Group's Beneish M-Score too high?
Markel Group's current Beneish M-Score is -2.68. Based on the distribution chart, Markel Group ranks #117 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Markel Group has a GF Score™ of 83/100, reflecting its overall financial health beyond just this single metric.
How does Markel Group's Beneish M-Score compare to L and WRB?
According to the Insurance industry distribution chart, Markel Group ranks #117 out of 397 companies for Beneish M-Score. This puts Markel Group 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 Markel Group and its competitors. Markel Group's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Markel Group stock overvalued right now?
Markel Group (MEX:MKL) has a current Beneish M-Score of -2.68. The stock's GF Value™ is MXN36,708.30, compared to a current price of MXN32,270.00 — trading 12.1% below its estimated fair value. The current Beneish M-Score is -2.68. Markel Group's overall GF Score™ is 83/100 with 5 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 Markel Group (MEX:MKL), the current Beneish M-Score is -2.68 as of Aug. 02, 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 Markel Group (MEX:MKL) Overvalued in 2026?

Based on GuruFocus' analysis, Markel Group stock appears to be undervalued. The current stock price of MXN32,270.00 is trading 12.1% below its estimated GF Value™ of MXN36,708.30.

Key valuation signals for MEX:MKL:

  • Beneish M-Score: -2.68
  • GF Value™: MXN36,708.30 vs. price of MXN32,270.00 (12.1% below fair value)
  • GF Score™: 83/100 with 5 warning signs

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

Markel Group Business Description

Address 4521 Highwoods Parkway, Glen Allen, VA, USA, 23060-6148
Markel's primary business is property and casualty insurance. The company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance. The acquisition of Alterra in 2013 added substantial reinsurance operations, which now account for a little over 10% of premiums. The company uses capital generated by its insurance operations to buy noninsurance operations in diverse areas, such as bakery equipment manufacturing and residential homebuilding.
83GF Score

Get the complete analysis for MEX:MKL

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

MXN32,270.00
Price
MXN36,708.30
GF Value