Storebrand ASA (OSTO:STBO) Beneish M-Score: -2.74 (As of Jun. 24, 2026)


OSTO:STBO Storebrand ASA OSTO:STBO
52 GF Score
Price kr178.90
GF Value kr171.33
Valuation Fairly Valued
! 5 Warning Signs
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What is Storebrand ASA Beneish M-Score?

Storebrand ASA OSTO:STBO -0.61% 52 Beneish M-Score is -2.74 as of Jun. 24, 2026. GuruFocus rates OSTO:STBO with a GF Score™ of 52/100 and a GF Value™ of kr171.33 (Fairly Valued). The stock has 5 warning signs investors should review. Among 86 Diversified Financial Services companies, Storebrand ASA ranks better than 66.28% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:STBo' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -1.93   Max: 0.54
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Storebrand ASA was 0.54. The lowest was -2.90. And the median was -1.93.

OSTO:STBO
52GF Score
Storebrand ASA OSTO:STBO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Storebrand ASA 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 Storebrand ASA 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 * 0.9459+0.528 * 1+0.404 * 1.0002+0.892 * 0.8222+0.115 * 0.9862
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.003403-0.327 * 1.0979
=-2.74

* 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 kr9,915 Mil.
Revenue was kr78,316 Mil.
Gross Profit was kr78,316 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr988,183 Mil.
Property, Plant and Equipment(Net PPE) was kr2,668 Mil.
Depreciation, Depletion and Amortization(DDA) was kr433 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr60,482 Mil.
Net Income was kr5,046 Mil.
Gross Profit was kr3,695 Mil.
Cash Flow from Operations was kr4,714 Mil.
 Total Receivables was kr12,749 Mil.
Revenue was kr95,257 Mil.
Gross Profit was kr95,257 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr905,448 Mil.
Property, Plant and Equipment(Net PPE) was kr2,655 Mil.
Depreciation, Depletion and Amortization(DDA) was kr424 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr50,476 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)
=(9915 / 78316) / (12749 / 95257)
=0.126602 / 0.133838
=0.9459

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)
=(95257 / 95257) / (78316 / 78316)
=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 + 2668) / 988183) / (1 - (0 + 2655) / 905448)
=0.9973 / 0.997068
=1.0002

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
=78316 / 95257
=0.8222

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))
=(424 / (424 + 2655)) / (433 / (433 + 2668))
=0.137707 / 0.139632
=0.9862

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 / 78316) / (0 / 95257)
=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)
=((60482 + 0) / 988183) / ((50476 + 0) / 905448)
=0.061205 / 0.055747
=1.0979

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
=(5046 - 3695 - 4714) / 988183
=-0.003403

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.

Storebrand ASA has a M-score of -2.74 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 -2.74 mean?
Storebrand ASA (OSTO:STBO) has a Beneish M-Score of -2.74 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Storebrand ASA and its competitors. According to the industry distribution chart, Storebrand ASA ranks #29 out of 86 companies in the Diversified Financial Services industry, placing it in the top 33.7%.
Is Storebrand ASA's Beneish M-Score too high?
Storebrand ASA's current Beneish M-Score is -2.74. Based on the distribution chart, Storebrand ASA ranks #29 out of 86 companies in the Diversified Financial Services industry, which is above the industry midpoint. Overall, Storebrand ASA has a GF Score™ of 52/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Storebrand ASA's Beneish M-Score compare to FRHC and VOYA?
According to the Diversified Financial Services industry distribution chart, Storebrand ASA ranks #29 out of 86 companies for Beneish M-Score. This puts Storebrand ASA 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 a Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial Services 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 Storebrand ASA and its competitors. Storebrand ASA's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Storebrand ASA stock overvalued right now?
Based on GuruFocus' analysis, Storebrand ASA (OSTO:STBO) is currently considered Fairly Valued. The stock's GF Value™ is kr171.33, compared to a current price of kr178.90 — trading 4.4% above its estimated fair value. The current Beneish M-Score is -2.74. Storebrand ASA's overall GF Score™ is 52/100 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 Storebrand ASA (OSTO:STBO), the current Beneish M-Score is -2.74 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 Storebrand ASA (OSTO:STBO) Overvalued in 2026?

Based on GuruFocus' analysis, Storebrand ASA stock appears to be overvalued. The current stock price of kr178.90 is trading 4.4% above its estimated GF Value™ of kr171.33. GuruFocus considers Storebrand ASA to be Fairly Valued.

Key valuation signals for OSTO:STBO:

  • Beneish M-Score: -2.74
  • GF Value™: kr171.33 vs. price of kr178.90 (4.4% above fair value)
  • GF Score™: 52/100 with 5 warning signs

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

Storebrand ASA Business Description

Address Professor Kohts vei 9, P.O. Box 500, Lysaker, Oslo, NOR, 1327
Storebrand ASA is a Nordic long-term savings and insurance company. The business is divided into four segments Savings, Insurance, Guaranteed Pension, and Others. The Savings segment includes products for retirement savings with no interest rate guarantees which defined contribution pensions in Norway and Sweden, asset management, and retail banking products. The Insurance segment provides risk products in Norway and Sweden, it provides health, property and casualty, personal risk products, and others. The Guaranteed Pension business area encompasses long-term pension savings products that give customers a guaranteed rate of return. Other segment consists of other companies within the Storebrand Group, including smaller subsidiaries of Storebrand Livsforsikring and SPP.
52GF Score

Get the complete analysis for OSTO:STBO

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

kr178.90
Price
kr171.33
GF Value