National Reinsurance of the Philippines (PHS:NRCP) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


PHS:NRCP National Reinsurance Corp of the Philippines PHS:NRCP
50 GF Score
Price ₱0.86
GF Value ₱0.60
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is National Reinsurance of the Philippines Beneish M-Score?

National Reinsurance of the Philippines PHS:NRCP -6.52% 50 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates PHS:NRCP with a GF Score™ of 50/100 and a GF Value™ of ₱0.60 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 399 Insurance companies, National Reinsurance of the Philippines ranks worse than 250626.32% 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 National Reinsurance of the Philippines's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of National Reinsurance of the Philippines was 0.00. The lowest was 0.00. And the median was 0.00.

PHS:NRCP
50GF Score
National Reinsurance Corp of the Philippines PHS:NRCP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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National Reinsurance of the Philippines 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 National Reinsurance of the Philippines 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₱8,758 Mil.
Revenue was 1025.555 + 1580.447 + 975.875 + 1307.368 = ₱4,889 Mil.
Gross Profit was 1025.555 + 1580.447 + 975.875 + 1307.368 = ₱4,889 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱22,883 Mil.
Property, Plant and Equipment(Net PPE) was ₱29 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱10 Mil.
Selling, General, & Admin. Expense(SGA) was ₱255 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 Mil.
Net Income was 173.6 + 198.471 + 278.355 + 158.117 = ₱809 Mil.
Non Operating Income was 30.854 + 14.013 + 0 + 0 = ₱45 Mil.
Cash Flow from Operations was 275.469 + 9.287 + 248.045 + -508.757 = ₱24 Mil.
 Total Receivables was ₱8,051 Mil.
Revenue was 1203.298 + 2032.291 + 834.051 + 1408.791 = ₱5,478 Mil.
Gross Profit was 1203.298 + 2032.291 + 834.051 + 1408.791 = ₱5,478 Mil.
Total Current Assets was ₱0 Mil.
Total Assets was ₱21,278 Mil.
Property, Plant and Equipment(Net PPE) was ₱36 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱11 Mil.
Selling, General, & Admin. Expense(SGA) was ₱231 Mil.
Total Current Liabilities was ₱0 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0 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)
=(8758.042 / 4889.245) / (8051.185 / 5478.431)
=1.791287 / 1.469615
=

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)
=(5478.431 / 5478.431) / (4889.245 / 4889.245)
=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 + 28.831) / 22883.255) / (1 - (0 + 35.731) / 21277.92)
=0.99874 / 0.998321
=

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
=4889.245 / 5478.431
=

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))
=(10.685 / (10.685 + 35.731)) / (10.46 / (10.46 + 28.831))
=0.230201 / 0.266219
=

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)
=(254.873 / 4889.245) / (230.643 / 5478.431)
=0.052129 / 0.0421
=

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) / 22883.255) / ((0 + 0) / 21277.92)
=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
=(808.543 - 44.867 - 24.044) / 22883.255
=0.032322

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?
National Reinsurance of the Philippines (PHS:NRCP) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Reinsurance of the Philippines and its competitors. According to the industry distribution chart, National Reinsurance of the Philippines ranks #999999 out of 399 companies in the Insurance industry.
Is National Reinsurance of the Philippines' Beneish M-Score too high?
National Reinsurance of the Philippines' current Beneish M-Score is 0.00. Based on the distribution chart, National Reinsurance of the Philippines ranks #999999 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, National Reinsurance of the Philippines has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Reinsurance of the Philippines' Beneish M-Score compare to RGA and EG?
According to the Insurance industry distribution chart, National Reinsurance of the Philippines ranks #999999 out of 399 companies for Beneish M-Score. This places National Reinsurance of the Philippines 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 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 National Reinsurance of the Philippines and its competitors. National Reinsurance of the Philippines'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 National Reinsurance of the Philippines stock overvalued right now?
Based on GuruFocus' analysis, National Reinsurance of the Philippines (PHS:NRCP) is currently considered Significantly Overvalued. The stock's GF Value™ is ₱0.60, compared to a current price of ₱0.86 — trading 43.3% above its estimated fair value. The current Beneish M-Score is 0.00. National Reinsurance of the Philippines' overall GF Score™ is 50/100 with 2 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 National Reinsurance of the Philippines (PHS:NRCP), the current Beneish M-Score is 0.00 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 National Reinsurance of the Philippines (PHS:NRCP) Overvalued in 2026?

Based on GuruFocus' analysis, National Reinsurance of the Philippines stock appears to be overvalued. The current stock price of ₱0.86 is trading 43.3% above its estimated GF Value™ of ₱0.60. GuruFocus considers National Reinsurance of the Philippines to be Significantly Overvalued.

Key valuation signals for PHS:NRCP:

  • Beneish M-Score: 0.00
  • GF Value™: ₱0.60 vs. price of ₱0.86 (43.3% above fair value)
  • GF Score™: 50/100 with 2 warning signs

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

National Reinsurance of the Philippines Business Description

Address 6811 Ayala Avenue, 31st Floor, BPI AIA, Makati, PHL, 1227
National Reinsurance Corp of the Philippines engages in the provision of reinsurance products and services. It operates through the following businesses: life and non-life. The Life Business includes proportional insurance for individual, ordinary, and group businesses, as well as non-proportional insurance for catastrophe, an excess of loss, and stop loss. Non-Life Business provides insurance on fire, aviation, marine and aviation, casualty, motor, and others.
50GF Score

Get the complete analysis for PHS:NRCP

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

₱0.86
Price
₱0.60
GF Value