PLGO (Pelagos Insurance Capital) Beneish M-Score: -2.53 (As of Jun. 26, 2026)


PLGO Pelagos Insurance Capital Ltd PLGO
82 GF Score
Price $24.74
GF Value $21.01
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Pelagos Insurance Capital Beneish M-Score?

Pelagos Insurance Capital PLGO +4.08% 82 Beneish M-Score is -2.53 as of Jun. 26, 2026. GuruFocus rates PLGO with a GF Score™ of 82/100 and a GF Value™ of $21.01 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 397 Insurance companies, Pelagos Insurance Capital ranks better than 54.91% 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.

Good Sign:

Beneish M-Score -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PLGO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56   Med: -2.08   Max: -1.45
Current: -2.53

During the past 7 years, the highest Beneish M-Score of Pelagos Insurance Capital was -1.45. The lowest was -2.56. And the median was -2.08.

PLGO
82GF Score
Pelagos Insurance Capital Ltd PLGO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pelagos Insurance Capital 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 Pelagos Insurance Capital 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 * 1.156+0.528 * 1+0.404 * 1+0.892 * 0.9478+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1814+4.679 * 0.027423-0.327 * 1.7495
=-2.53

* 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 $5,890 Mil.
Revenue was 610.5 + 274.8 + 650.2 + 591.3 = $2,127 Mil.
Gross Profit was 610.5 + 274.8 + 650.2 + 591.3 = $2,127 Mil.
Total Current Assets was $0 Mil.
Total Assets was $13,711 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $104 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $844 Mil.
Net Income was 108 + 117.8 + 130.5 + 19.7 = $376 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
 Total Receivables was $5,376 Mil.
Revenue was 655.9 + 369.2 + 681.3 + 537.5 = $2,244 Mil.
Gross Profit was 655.9 + 369.2 + 681.3 + 537.5 = $2,244 Mil.
Total Current Assets was $0 Mil.
Total Assets was $12,772 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $93 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $449 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)
=(5890.1 / 2126.8) / (5375.6 / 2243.9)
=2.769466 / 2.39565
=1.156

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)
=(2243.9 / 2243.9) / (2126.8 / 2126.8)
=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 + 0) / 13711.1) / (1 - (0 + 0) / 12771.6)
=1 / 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
=2126.8 / 2243.9
=0.9478

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))
= /
=1

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)
=(103.8 / 2126.8) / (92.7 / 2243.9)
=0.048806 / 0.041312
=1.1814

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)
=((843.5 + 0) / 13711.1) / ((449.1 + 0) / 12771.6)
=0.061519 / 0.035164
=1.7495

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
=(376 - 0 - 0) / 13711.1
=0.027423

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.

Pelagos Insurance Capital has a M-score of -2.53 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 -2.53 mean?
Pelagos Insurance Capital (PLGO) has a Beneish M-Score of -2.53 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pelagos Insurance Capital and its competitors. According to the industry distribution chart, Pelagos Insurance Capital ranks #179 out of 397 companies in the Insurance industry, placing it in the top 45.1%.
Is Pelagos Insurance Capital's Beneish M-Score too high?
Pelagos Insurance Capital's current Beneish M-Score is -2.53. Based on the distribution chart, Pelagos Insurance Capital ranks #179 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Pelagos Insurance Capital has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pelagos Insurance Capital's Beneish M-Score compare to XZO and IGIC?
According to the Insurance industry distribution chart, Pelagos Insurance Capital ranks #179 out of 397 companies for Beneish M-Score. This puts Pelagos Insurance Capital 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 Pelagos Insurance Capital and its competitors. Pelagos Insurance Capital's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pelagos Insurance Capital stock overvalued right now?
Based on GuruFocus' analysis, Pelagos Insurance Capital (PLGO) is currently considered Modestly Overvalued. The stock's GF Value™ is $21.01, compared to a current price of $24.74 — trading 17.8% above its estimated fair value. The current Beneish M-Score is -2.53. Pelagos Insurance Capital's overall GF Score™ is 82/100 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 Pelagos Insurance Capital (PLGO), the current Beneish M-Score is -2.53 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.

Is Pelagos Insurance Capital (PLGO) Overvalued in 2026?

Based on GuruFocus' analysis, Pelagos Insurance Capital stock appears to be overvalued. The current stock price of $24.74 is trading 17.8% above its estimated GF Value™ of $21.01. GuruFocus considers Pelagos Insurance Capital to be Modestly Overvalued.

Key valuation signals for PLGO:

  • Beneish M-Score: -2.53
  • GF Value™: $21.01 vs. price of $24.74 (17.8% above fair value)
  • GF Score™: 82/100 with 5 warning signs

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

Pelagos Insurance Capital Business Description

Other Exchanges U0K:Germany
Address 90 Pitts Bay Road, 4th Floor, Wellesley House South, Pembroke, BMU, HM08
Pelagos Insurance Capital Ltd operates in the specialty insurance and reinsurance sector. Its activities include capital allocation, risk selection, and the deployment of capital through underwriting partnerships across insurance and reinsurance markets. The company manages a diversified portfolio and works with underwriting partners to provide insurance and reinsurance solutions to clients and brokers.
82GF Score

Get the complete analysis for PLGO

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

$24.74
Price
$21.01
GF Value