MNRHF (Menora Mivtachim Holdings) Beneish M-Score: -2.76 (As of Jun. 26, 2026)


MNRHF Menora Mivtachim Holdings Ltd MNRHF
61 GF Score
Price $25.05
GF Value $9.87
! 3 Warning Signs
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What is Menora Mivtachim Holdings Beneish M-Score?

Menora Mivtachim Holdings MNRHF 61 Beneish M-Score is -2.76 as of Jun. 26, 2026. GuruFocus rates MNRHF with a GF Score™ of 61/100 and a GF Value™ of $9.87. The stock has 3 warning signs investors should review. Among 397 Insurance companies, Menora Mivtachim Holdings ranks better than 76.07% 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MNRHF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.37   Max: -1.27
Current: -2.76

During the past 13 years, the highest Beneish M-Score of Menora Mivtachim Holdings was -1.27. The lowest was -3.16. And the median was -2.37.

MNRHF
61GF Score
Menora Mivtachim Holdings Ltd MNRHF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Menora Mivtachim Holdings 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 Menora Mivtachim Holdings 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 * 0.5195+0.528 * 1+0.404 * 1.0015+0.892 * 1.1497+0.115 * 0.988
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.012814-0.327 * 1.1002
=-2.76

* 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 $99 Mil.
Revenue was 582.907 + 1151.975 + 937.962 + 1021.668 = $3,695 Mil.
Gross Profit was 582.907 + 1151.975 + 937.962 + 1021.668 = $3,695 Mil.
Total Current Assets was $0 Mil.
Total Assets was $27,229 Mil.
Property, Plant and Equipment(Net PPE) was $348 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,039 Mil.
Net Income was 156.517 + 216.835 + 198.723 + 248.224 = $820 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -270.266 + 285.011 + 33.801 + 422.855 = $471 Mil.
 Total Receivables was $166 Mil.
Revenue was 543.806 + 1165.949 + 877.757 + 626.041 = $3,214 Mil.
Gross Profit was 543.806 + 1165.949 + 877.757 + 626.041 = $3,214 Mil.
Total Current Assets was $0 Mil.
Total Assets was $24,565 Mil.
Property, Plant and Equipment(Net PPE) was $351 Mil.
Depreciation, Depletion and Amortization(DDA) was $96 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,672 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)
=(99.112 / 3694.512) / (165.936 / 3213.553)
=0.026827 / 0.051636
=0.5195

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)
=(3213.553 / 3213.553) / (3694.512 / 3694.512)
=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 + 348.377) / 27228.698) / (1 - (0 + 350.677) / 24565.076)
=0.987206 / 0.985725
=1.0015

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
=3694.512 / 3213.553
=1.1497

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))
=(95.671 / (95.671 + 350.677)) / (96.517 / (96.517 + 348.377))
=0.214342 / 0.216944
=0.988

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 / 3694.512) / (0 / 3213.553)
=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)
=((2039.049 + 0) / 27228.698) / ((1671.973 + 0) / 24565.076)
=0.074886 / 0.068063
=1.1002

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
=(820.299 - 0 - 471.401) / 27228.698
=0.012814

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.

Menora Mivtachim Holdings has a M-score of -2.76 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 -2.76 mean?
Menora Mivtachim Holdings (MNRHF) has a Beneish M-Score of -2.76 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Menora Mivtachim Holdings and its competitors. According to the industry distribution chart, Menora Mivtachim Holdings ranks #95 out of 397 companies in the Insurance industry, placing it in the top 23.9%.
Is Menora Mivtachim Holdings' Beneish M-Score too high?
Menora Mivtachim Holdings' current Beneish M-Score is -2.76. Based on the distribution chart, Menora Mivtachim Holdings ranks #95 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Menora Mivtachim Holdings has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does Menora Mivtachim Holdings' Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Menora Mivtachim Holdings ranks #95 out of 397 companies for Beneish M-Score. This places Menora Mivtachim Holdings in the top 24% of its industry — outperforming the majority of peers. 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 Menora Mivtachim Holdings and its competitors. Menora Mivtachim Holdings's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Menora Mivtachim Holdings stock overvalued right now?
Menora Mivtachim Holdings (MNRHF) has a current Beneish M-Score of -2.76. The stock's GF Value™ is $9.87, compared to a current price of $25.05 — trading 153.8% above its estimated fair value. The current Beneish M-Score is -2.76. Menora Mivtachim Holdings' overall GF Score™ is 61/100 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 Menora Mivtachim Holdings (MNRHF), the current Beneish M-Score is -2.76 as of Jun. 26, 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 Menora Mivtachim Holdings (MNRHF) Overvalued in 2026?

Based on GuruFocus' analysis, Menora Mivtachim Holdings stock appears to be overvalued. The current stock price of $25.05 is trading 153.8% above its estimated GF Value™ of $9.87.

Key valuation signals for MNRHF:

  • Beneish M-Score: -2.76
  • GF Value™: $9.87 vs. price of $25.05 (153.8% above fair value)
  • GF Score™: 61/100 with 3 warning signs

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

Menora Mivtachim Holdings Business Description

Other Exchanges MMHD:Israel
Address 23 Jabotinsky Street, Menora Mivtachim House, Ramat Gan, ISR, 5251102
Menora Mivtachim Holdings Ltd is a diversified insurance and finance group that operates in Israel. The company specializes in asset management and diversified insurance services, including general, life, and health insurance. Menora is also active within the capital market in a variety of fields, including corporate finance, investment banking, structured finance, and more. The company offers a broad variety of mutual funds that invest in various avenues in Israel and around the world, while also managing pension products and provident funds. The company's operating segments include Life insurance and long-term savings, focusing on policies, pension, and provident funds for death and disability risks, the Health insurance segment, and the Property and casualty insurance segment.
61GF Score

Get the complete analysis for MNRHF

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

$25.05
Price
$9.87
GF Value