Skagi hf (OISE:VIS) Beneish M-Score: -2.50 (As of Jun. 25, 2026)


OISE:VIS Skagi hf OISE:VIS
70 GF Score
Price kr18.10
GF Value kr21.93
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is Skagi hf Beneish M-Score?

Skagi hf OISE:VIS 70 Beneish M-Score is -2.50 as of Jun. 25, 2026. GuruFocus rates OISE:VIS with a GF Score™ of 70/100 and a GF Value™ of kr21.93 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 397 Insurance companies, Skagi hf ranks better than 51.89% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OISE:VIS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.01   Med: -2.47   Max: 0.62
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Skagi hf was 0.62. The lowest was -4.01. And the median was -2.47.

OISE:VIS
70GF Score
Skagi hf OISE:VIS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Skagi hf 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 Skagi hf 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 * 0.795+0.528 * 1+0.404 * 0.9936+0.892 * 1.0872+0.115 * 1.3653
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.037044-0.327 * 1.3872
=-2.50

* 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 kr3,429 Mil.
Revenue was 8917.503 + 10927.906 + 8859.046 + 8706.08 = kr37,411 Mil.
Gross Profit was 8917.503 + 10927.906 + 8859.046 + 8706.08 = kr37,411 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr87,231 Mil.
Property, Plant and Equipment(Net PPE) was kr1,281 Mil.
Depreciation, Depletion and Amortization(DDA) was kr597 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr20,474 Mil.
Net Income was -335.693 + 1563.07 + 715.751 + 972.39 = kr2,916 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 2047.772 + 469.894 + -2960.546 + 127.058 = kr-316 Mil.
 Total Receivables was kr3,968 Mil.
Revenue was 8480.083 + 10126.87 + 8171.702 + 7630.207 = kr34,409 Mil.
Gross Profit was 8480.083 + 10126.87 + 8171.702 + 7630.207 = kr34,409 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr82,493 Mil.
Property, Plant and Equipment(Net PPE) was kr691 Mil.
Depreciation, Depletion and Amortization(DDA) was kr531 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr13,958 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)
=(3429.486 / 37410.535) / (3967.701 / 34408.862)
=0.091672 / 0.11531
=0.795

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)
=(34408.862 / 34408.862) / (37410.535 / 37410.535)
=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 + 1280.626) / 87230.88) / (1 - (0 + 691.472) / 82493.375)
=0.985319 / 0.991618
=0.9936

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
=37410.535 / 34408.862
=1.0872

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))
=(530.92 / (530.92 + 691.472)) / (597.481 / (597.481 + 1280.626))
=0.434329 / 0.318129
=1.3653

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 / 37410.535) / (0 / 34408.862)
=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)
=((20474.19 + 0) / 87230.88) / ((13958.237 + 0) / 82493.375)
=0.234713 / 0.169204
=1.3872

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
=(2915.518 - 0 - -315.822) / 87230.88
=0.037044

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.

Skagi hf has a M-score of -2.50 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 -2.50 mean?
Skagi hf (OISE:VIS) has a Beneish M-Score of -2.50 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Skagi hf and its competitors. According to the industry distribution chart, Skagi hf ranks #191 out of 397 companies in the Insurance industry, placing it in the top 48.1%.
Is Skagi hf's Beneish M-Score too high?
Skagi hf's current Beneish M-Score is -2.50. Based on the distribution chart, Skagi hf ranks #191 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Skagi hf has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Skagi hf's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Skagi hf ranks #191 out of 397 companies for Beneish M-Score. This puts Skagi hf 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 Skagi hf and its competitors. Skagi hf's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Skagi hf stock overvalued right now?
Based on GuruFocus' analysis, Skagi hf (OISE:VIS) is currently considered Modestly Undervalued. The stock's GF Value™ is kr21.93, compared to a current price of kr18.10 — trading 17.5% below its estimated fair value. The current Beneish M-Score is -2.50. Skagi hf's overall GF Score™ is 70/100 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 Skagi hf (OISE:VIS), the current Beneish M-Score is -2.50 as of Jun. 25, 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 Skagi hf (OISE:VIS) Overvalued in 2026?

Based on GuruFocus' analysis, Skagi hf stock appears to be undervalued. The current stock price of kr18.10 is trading 17.5% below its estimated GF Value™ of kr21.93. GuruFocus considers Skagi hf to be Modestly Undervalued.

Key valuation signals for OISE:VIS:

  • Beneish M-Score: -2.50
  • GF Value™: kr21.93 vs. price of kr18.10 (17.5% below fair value)
  • GF Score™: 70/100 with 3 warning signs

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

Skagi hf Business Description

Address Armuli 3, Reykjavik, ISL, 108
Skagi hf is engaged in financial services sector. The Group operates through three operating segments: Insurance Operations, Insurance Investments, and Financial Services. Insurance Operations comprises the core insurance activities, including the underwriting of life, health, and general insurance products. Insurance Investments includes the management of assets backing insurance liabilities as well as proprietary investment activities. The Financial Services segment comprises activities such as asset management, loans to customers, and other noninsurance financial products. Key revenue is generated from Insurance operations.
70GF Score

Get the complete analysis for OISE:VIS

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

kr18.10
Price
kr21.93
GF Value