PAI (Western Asset Investment Gradeome Fund) Beneish M-Score: 0.00 (As of Jul. 24, 2026)

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PAI Western Asset Investment Grade Income Fund Inc PAI
57 GF Score
Price $11.89
GF Value $16.49
Valuation Modestly Undervalued
! 1 Warning Sign
View Full Analysis

What is Western Asset Investment Gradeome Fund Beneish M-Score?

Western Asset Investment Gradeome Fund PAI -0.17% 57 Beneish M-Score is 0.00 as of Jul. 24, 2026. GuruFocus rates PAI with a GF Score™ of 57/100 and a GF Value™ of $16.49 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 952 Asset Management companies, Western Asset Investment Gradeome Fund ranks worse than 105041.91% 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.

The historical rank and industry rank for Western Asset Investment Gradeome Fund's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Western Asset Investment Gradeome Fund was 0.00. The lowest was 0.00. And the median was 0.00.

PAI
57GF Score
Western Asset Investment Grade Income Fund Inc PAI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Western Asset Investment Gradeome Fund 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 Western Asset Investment Gradeome Fund 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 $1.80 Mil.
Revenue was $9.93 Mil.
Gross Profit was $9.93 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $127.43 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.20 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $9.65 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $0.00 Mil.
 Total Receivables was $1.73 Mil.
Revenue was $4.03 Mil.
Gross Profit was $4.03 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $122.89 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.18 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(1.798 / 9.929) / (1.726 / 4.03)
=0.181086 / 0.428288
=

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)
=(4.03 / 4.03) / (9.929 / 9.929)
=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 + 0) / 127.431) / (1 - (0 + 0) / 122.89)
=1 / 1
=

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
=9.929 / 4.03
=

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=

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)
=(0.197 / 9.929) / (0.181 / 4.03)
=0.019841 / 0.044913
=

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)
=((0 + 0) / 127.431) / ((0 + 0) / 122.89)
=0 / 0
=

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
=(9.647 - 0 - 0) / 127.431
=0.075704

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Western Asset Investment Gradeome Fund (PAI) has a Beneish M-Score of 0.00 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Western Asset Investment Gradeome Fund and its competitors. According to the industry distribution chart, Western Asset Investment Gradeome Fund ranks #999999 out of 952 companies in the Asset Management industry.
Is Western Asset Investment Gradeome Fund's Beneish M-Score too high?
Western Asset Investment Gradeome Fund's current Beneish M-Score is 0.00. Based on the distribution chart, Western Asset Investment Gradeome Fund ranks #999999 out of 952 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Western Asset Investment Gradeome Fund has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Western Asset Investment Gradeome Fund's Beneish M-Score compare to MCN and JHI?
According to the Asset Management industry distribution chart, Western Asset Investment Gradeome Fund ranks #999999 out of 952 companies for Beneish M-Score. This places Western Asset Investment Gradeome Fund in the lower 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Western Asset Investment Gradeome Fund and its competitors. Western Asset Investment Gradeome Fund's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Western Asset Investment Gradeome Fund stock overvalued right now?
Based on GuruFocus' analysis, Western Asset Investment Gradeome Fund (PAI) is currently considered Modestly Undervalued. The stock's GF Value™ is $16.49, compared to a current price of $11.89 — trading 27.9% below its estimated fair value. The current Beneish M-Score is 0.00. Western Asset Investment Gradeome Fund's overall GF Score™ is 57/100 with 1 warning sign 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 Western Asset Investment Gradeome Fund (PAI), the current Beneish M-Score is 0.00 as of Jul. 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 Western Asset Investment Gradeome Fund (PAI) Overvalued in 2026?

Based on GuruFocus' analysis, Western Asset Investment Gradeome Fund stock appears to be undervalued. The current stock price of $11.89 is trading 27.9% below its estimated GF Value™ of $16.49. GuruFocus considers Western Asset Investment Gradeome Fund to be Modestly Undervalued.

Key valuation signals for PAI:

  • Beneish M-Score: 0.00
  • GF Value™: $16.49 vs. price of $11.89 (27.9% below fair value)
  • GF Score™: 57/100 with 1 warning sign

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

Western Asset Investment Gradeome Fund Business Description

Address One Madison Avenue, 17th Floor, New York, NY, USA, 10010
Western Asset Investment Grade Income Fund Inc is a closed-end diversified investment company. Its primary investment objective is to seek a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. To a lesser extent, the fund also invests in privately placed debt securities and in certain equity securities. Capital appreciation is its secondary investment objective. The fund invests a majority of its net assets in fixed income securities that are rated in the Baa or BBB categories or above at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations (NRSROs) or unrated securities of comparable quality at the time of purchase (as determined by the investment adviser).
57GF Score

Get the complete analysis for PAI

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

$11.89
Price
$16.49
GF Value