NIBHF (NIB Holdings) Beneish M-Score: -2.67 (As of Jun. 26, 2026)


What is NIB Holdings Beneish M-Score?

NIB Holdings NIBHF 94 Beneish M-Score is -2.67 as of Jun. 26, 2026. GuruFocus rates NIBHF with a GF Score™ of 94/100. The stock has 4 warning signs investors should review. Among 397 Insurance companies, NIB Holdings ranks better than 69.77% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NIBHF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.66   Max: -2.17
Current: -2.67

During the past 13 years, the highest Beneish M-Score of NIB Holdings was -2.17. The lowest was -3.18. And the median was -2.66.

NIB 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 NIB 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 * 0.6894+0.528 * 1+0.404 * 1.0034+0.892 * 1.0344+0.115 * 0.9019
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.010607-0.327 * 0.9752
=-2.69

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was $23.96 Mil.
Revenue was $2,336.72 Mil.
Gross Profit was $2,336.72 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,423.96 Mil.
Property, Plant and Equipment(Net PPE) was $15.50 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.47 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $196.03 Mil.
Net Income was $130.08 Mil.
Gross Profit was $7.10 Mil.
Cash Flow from Operations was $107.88 Mil.
 Total Receivables was $33.60 Mil.
Revenue was $2,259.10 Mil.
Gross Profit was $2,259.10 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,404.12 Mil.
Property, Plant and Equipment(Net PPE) was $20.05 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.81 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $198.21 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)
=(23.958 / 2336.719) / (33.599 / 2259.097)
=0.010253 / 0.014873
=0.6894

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)
=(2259.097 / 2259.097) / (2336.719 / 2336.719)
=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 + 15.495) / 1423.958) / (1 - (0 + 20.053) / 1404.117)
=0.989118 / 0.985718
=1.0034

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
=2336.719 / 2259.097
=1.0344

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))
=(29.814 / (29.814 + 20.053)) / (30.469 / (30.469 + 15.495))
=0.59787 / 0.662888
=0.9019

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 / 2336.719) / (0 / 2259.097)
=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)
=((196.029 + 0) / 1423.958) / ((198.207 + 0) / 1404.117)
=0.137665 / 0.141161
=0.9752

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
=(130.078 - 7.096 - 107.878) / 1423.958
=0.010607

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.

NIB Holdings has a M-score of -2.69 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 -2.67 mean?
NIB Holdings (NIBHF) has a Beneish M-Score of -2.67 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NIB Holdings and its competitors. According to the industry distribution chart, NIB Holdings ranks #120 out of 397 companies in the Insurance industry, placing it in the top 30.2%.
Is NIB Holdings' Beneish M-Score too high?
NIB Holdings' current Beneish M-Score is -2.67. Based on the distribution chart, NIB Holdings ranks #120 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, NIB Holdings has a GF Score™ of 94/100, reflecting its overall financial health beyond just this single metric.
How does NIB Holdings' Beneish M-Score compare to FNF and AXS?
According to the Insurance industry distribution chart, NIB Holdings ranks #120 out of 397 companies for Beneish M-Score. This puts NIB 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 NIB Holdings and its competitors. NIB Holdings's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NIB Holdings stock overvalued right now?
NIB Holdings (NIBHF) has a current Beneish M-Score of -2.67. The current Beneish M-Score is -2.67. NIB Holdings' overall GF Score™ is 94/100 with 4 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 NIB Holdings (NIBHF), the current Beneish M-Score is -2.67 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.

NIB Holdings Business Description

Other Exchanges NHF:Australia
Address 22 Honeysuckle Drive, Newcastle, NSW, AUS, 2300
NIB Holdings is Australia's fourth-largest health fund. It is a national provider of private health insurance, life insurance, travel insurance, and related healthcare services, with a growing presence in New Zealand. Approximately 55% of the population is covered by private health insurance because of taxation benefits, shorter wait times, a choice of doctor and hospital, and cover of ancillary health services.