M&G (MGPUF) Beneish M-Score: -2.11 (As of Jun. 24, 2026)


MGPUF M&G PLC MGPUF
63 GF Score
Price $4.19
GF Value $4.61
Valuation Fairly Valued
! 5 Warning Signs
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What is M&G Beneish M-Score?

M&G MGPUF 63 Beneish M-Score is -2.11 as of Jun. 24, 2026. GuruFocus rates MGPUF with a GF Score™ of 63/100 and a GF Value™ of $4.61 (Fairly Valued). The stock has 5 warning signs investors should review. Among 955 Asset Management companies, M&G ranks worse than 55.29% 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MGPUF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.43   Max: -2.11
Current: -2.11

During the past 10 years, the highest Beneish M-Score of M&G was -2.11. The lowest was -2.61. And the median was -2.43.

MGPUF
63GF Score
M&G PLC MGPUF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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M&G 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 M&G 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 * 0.8854+0.528 * 1+0.404 * 1.0009+0.892 * 1.5741+0.115 * 1.0401
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7454+4.679 * -0.003416-0.327 * 0.9681
=-2.03

* 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 $4,530 Mil.
Revenue was $29,067 Mil.
Gross Profit was $29,067 Mil.
Total Current Assets was $0 Mil.
Total Assets was $255,155 Mil.
Property, Plant and Equipment(Net PPE) was $2,058 Mil.
Depreciation, Depletion and Amortization(DDA) was $226 Mil.
Selling, General, & Admin. Expense(SGA) was $329 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $9,199 Mil.
Net Income was $404 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,276 Mil.
 Total Receivables was $3,250 Mil.
Revenue was $18,465 Mil.
Gross Profit was $18,465 Mil.
Total Current Assets was $0 Mil.
Total Assets was $232,900 Mil.
Property, Plant and Equipment(Net PPE) was $2,091 Mil.
Depreciation, Depletion and Amortization(DDA) was $240 Mil.
Selling, General, & Admin. Expense(SGA) was $281 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $8,674 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)
=(4530.12 / 29066.934) / (3250.316 / 18465.234)
=0.155851 / 0.176024
=0.8854

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)
=(18465.234 / 18465.234) / (29066.934 / 29066.934)
=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 + 2057.564) / 255155.288) / (1 - (0 + 2091.024) / 232900.126)
=0.991936 / 0.991022
=1.0009

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
=29066.934 / 18465.234
=1.5741

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))
=(240.202 / (240.202 + 2091.024)) / (226.238 / (226.238 + 2057.564))
=0.103037 / 0.099062
=1.0401

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)
=(329.317 / 29066.934) / (280.657 / 18465.234)
=0.01133 / 0.015199
=0.7454

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)
=((9199.465 + 0) / 255155.288) / ((8673.831 + 0) / 232900.126)
=0.036054 / 0.037243
=0.9681

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
=(404.284 - 0 - 1275.77) / 255155.288
=-0.003416

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.

M&G has a M-score of -2.03 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 -2.11 mean?
M&G (MGPUF) has a Beneish M-Score of -2.11 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on M&G and its competitors. According to the industry distribution chart, M&G ranks #528 out of 955 companies in the Asset Management industry, placing it in the top 55.3%.
Is M&G's Beneish M-Score too high?
M&G's current Beneish M-Score is -2.11. Based on the distribution chart, M&G ranks #528 out of 955 companies in the Asset Management industry, which is below the industry midpoint. Overall, M&G has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does M&G's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, M&G ranks #528 out of 955 companies for Beneish M-Score. This places M&G 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 M&G and its competitors. M&G's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is M&G stock overvalued right now?
Based on GuruFocus' analysis, M&G (MGPUF) is currently considered Fairly Valued. The stock's GF Value™ is $4.61, compared to a current price of $4.19 — trading 9.1% below its estimated fair value. The current Beneish M-Score is -2.11. M&G's overall GF Score™ is 63/100 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 M&G (MGPUF), the current Beneish M-Score is -2.11 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 M&G (MGPUF) Overvalued in 2026?

Based on GuruFocus' analysis, M&G stock appears to be undervalued. The current stock price of $4.19 is trading 9.1% below its estimated GF Value™ of $4.61. GuruFocus considers M&G to be Fairly Valued.

Key valuation signals for MGPUF:

  • Beneish M-Score: -2.11
  • GF Value™: $4.61 vs. price of $4.19 (9.1% below fair value)
  • GF Score™: 63/100 with 5 warning signs

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

M&G Business Description

Other Exchanges MNGl:UKMNG:UK7MP:Germany
Address 10 Fenchurch Avenue, London, GBR, EC3M 5AG
M&G PLC is a United Kingdom-based company engaged in the savings and investments business. It serves retail customers, who want to build and protect their life savings, and provides investment solutions. The company's reportable segment are Asset Management segment offers investment management to both wholesale and institutional clients. The Life segment operates in the savings and pensions market and includes corporate risk and individual and international solutions. and The Corporate Centre segment includes central corporate costs and debt costs. Geographically segmentation includes United Kingdom and rest of the world.
63GF Score

Get the complete analysis for MGPUF

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

$4.19
Price
$4.61
GF Value