Jubilee Holdings (NAI:JUB) Beneish M-Score: -2.53 (As of Jul. 08, 2026)


NAI:JUB Jubilee Holdings Ltd NAI:JUB
76 GF Score
Price KES382.75
GF Value KES309.34
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Jubilee Holdings Beneish M-Score?

Jubilee Holdings NAI:JUB +0.20% 76 Beneish M-Score is -2.53 as of Jul. 08, 2026. GuruFocus rates NAI:JUB with a GF Score™ of 76/100 and a GF Value™ of KES309.34 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 400 Insurance companies, Jubilee Holdings ranks better than 55% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NAI:JUB' s Beneish M-Score Range Over the Past 10 Years
Min: -4.67   Med: -2.34   Max: -1.47
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Jubilee Holdings was -1.47. The lowest was -4.67. And the median was -2.34.

NAI:JUB
76GF Score
Jubilee Holdings Ltd NAI:JUB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Jubilee 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 Jubilee 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 * 0.8608+0.528 * 1+0.404 * 1.0022+0.892 * 1.1664+0.115 * 0.8492
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.234+4.679 * -0.008778-0.327 * 0.9238
=-2.53

* 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 KES6,029 Mil.
Revenue was KES34,950 Mil.
Gross Profit was KES34,950 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES251,083 Mil.
Property, Plant and Equipment(Net PPE) was KES3,056 Mil.
Depreciation, Depletion and Amortization(DDA) was KES367 Mil.
Selling, General, & Admin. Expense(SGA) was KES1,457 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES298 Mil.
Net Income was KES5,782 Mil.
Gross Profit was KES482 Mil.
Cash Flow from Operations was KES7,504 Mil.
 Total Receivables was KES6,005 Mil.
Revenue was KES29,964 Mil.
Gross Profit was KES29,964 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES215,133 Mil.
Property, Plant and Equipment(Net PPE) was KES3,081 Mil.
Depreciation, Depletion and Amortization(DDA) was KES309 Mil.
Selling, General, & Admin. Expense(SGA) was KES1,012 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES277 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)
=(6029.127 / 34949.552) / (6004.829 / 29963.671)
=0.172509 / 0.200404
=0.8608

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)
=(29963.671 / 29963.671) / (34949.552 / 34949.552)
=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 + 3056.173) / 251082.948) / (1 - (0 + 3080.917) / 215132.808)
=0.987828 / 0.985679
=1.0022

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
=34949.552 / 29963.671
=1.1664

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))
=(308.569 / (308.569 + 3080.917)) / (366.962 / (366.962 + 3056.173))
=0.091037 / 0.107201
=0.8492

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)
=(1457.162 / 34949.552) / (1012.401 / 29963.671)
=0.041693 / 0.033788
=1.234

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)
=((298.201 + 0) / 251082.948) / ((276.735 + 0) / 215132.808)
=0.001188 / 0.001286
=0.9238

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
=(5781.962 - 482.355 - 7503.664) / 251082.948
=-0.008778

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.

Jubilee Holdings has a M-score of -2.53 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 -2.53 mean?
Jubilee Holdings (NAI:JUB) has a Beneish M-Score of -2.53 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jubilee Holdings and its competitors. According to the industry distribution chart, Jubilee Holdings ranks #180 out of 400 companies in the Insurance industry, placing it in the top 45%.
Is Jubilee Holdings' Beneish M-Score too high?
Jubilee Holdings' current Beneish M-Score is -2.53. Based on the distribution chart, Jubilee Holdings ranks #180 out of 400 companies in the Insurance industry, which is above the industry midpoint. Overall, Jubilee Holdings has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Jubilee Holdings' Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Jubilee Holdings ranks #180 out of 400 companies for Beneish M-Score. This puts Jubilee Holdings 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 Jubilee Holdings and its competitors. Jubilee Holdings's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jubilee Holdings stock overvalued right now?
Based on GuruFocus' analysis, Jubilee Holdings (NAI:JUB) is currently considered Modestly Overvalued. The stock's GF Value™ is KES309.34, compared to a current price of KES382.75 — trading 23.7% above its estimated fair value. The current Beneish M-Score is -2.53. Jubilee Holdings' overall GF Score™ is 76/100 with 6 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 Jubilee Holdings (NAI:JUB), the current Beneish M-Score is -2.53 as of Jul. 08, 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 Jubilee Holdings (NAI:JUB) Overvalued in 2026?

Based on GuruFocus' analysis, Jubilee Holdings stock appears to be overvalued. The current stock price of KES382.75 is trading 23.7% above its estimated GF Value™ of KES309.34. GuruFocus considers Jubilee Holdings to be Modestly Overvalued.

Key valuation signals for NAI:JUB:

  • Beneish M-Score: -2.53
  • GF Value™: KES309.34 vs. price of KES382.75 (23.7% above fair value)
  • GF Score™: 76/100 with 6 warning signs

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

Jubilee Holdings Business Description

Address Upper hill, Kilimanjaro avenue, P.O. Box 30376, Nairobi, KEN, 00100
Jubilee Holdings Ltd is an insurance company. The Company, through its subsidiaries and associates, provides Life insurance, Health insurance, and property and casualty insurance, retirement products, and broader financial-related services to customers in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It also owns investment companies and financial advisory companies in Kenya, Uganda, Mauritius, Tanzania and Burundi. The company's segment includes General; Health; Ordinary, Group Life and Pensions and Investments. It generates maximum revenue from the Health segment.
76GF Score

Get the complete analysis for NAI:JUB

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

KES382.75
Price
KES309.34
GF Value