SSREY (Swiss Re AG) Beneish M-Score: -2.31 (As of Jun. 25, 2026)


SSREY Swiss Re AG SSREY
63 GF Score
Price $38.99
GF Value $33.30
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Swiss Re AG Beneish M-Score?

Swiss Re AG SSREY +1.14% 63 Beneish M-Score is -2.31 as of Jun. 25, 2026. GuruFocus rates SSREY with a GF Score™ of 63/100 and a GF Value™ of $33.30 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 399 Insurance companies, Swiss Re AG ranks worse than 71.68% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SSREY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49   Med: -2.45   Max: -2.06
Current: -2.31

During the past 13 years, the highest Beneish M-Score of Swiss Re AG was -2.06. The lowest was -3.49. And the median was -2.45.

SSREY
63GF Score
Swiss Re AG SSREY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Swiss Re AG 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 Swiss Re AG 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 * 1.2781+0.528 * 1+0.404 * 1+0.892 * 0.9943+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.010776-0.327 * 1.1163
=-2.22

* 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 $793 Mil.
Revenue was $46,491 Mil.
Gross Profit was $46,491 Mil.
Total Current Assets was $0 Mil.
Total Assets was $134,007 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $-461 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $8,537 Mil.
Net Income was $4,740 Mil.
Gross Profit was $227 Mil.
Cash Flow from Operations was $3,069 Mil.
 Total Receivables was $624 Mil.
Revenue was $46,756 Mil.
Gross Profit was $46,756 Mil.
Total Current Assets was $0 Mil.
Total Assets was $127,229 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $-325 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $7,261 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)
=(793 / 46491) / (624 / 46756)
=0.017057 / 0.013346
=1.2781

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)
=(46756 / 46756) / (46491 / 46491)
=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) / 134007) / (1 - (0 + 0) / 127229)
=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
=46491 / 46756
=0.9943

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))
=(-325 / (-325 + 0)) / (-461 / (-461 + 0))
=1 / 1
=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)
=(0 / 46491) / (0 / 46756)
=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)
=((8537 + 0) / 134007) / ((7261 + 0) / 127229)
=0.063706 / 0.05707
=1.1163

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
=(4740 - 227 - 3069) / 134007
=0.010776

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.

Swiss Re AG has a M-score of -2.22 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 -2.31 mean?
Swiss Re AG (SSREY) has a Beneish M-Score of -2.31 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Swiss Re AG and its competitors. According to the industry distribution chart, Swiss Re AG ranks #286 out of 399 companies in the Insurance industry, placing it in the top 71.7%.
Is Swiss Re AG's Beneish M-Score too high?
Swiss Re AG's current Beneish M-Score is -2.31. Based on the distribution chart, Swiss Re AG ranks #286 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Swiss Re AG has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Swiss Re AG's Beneish M-Score compare to RGA and EG?
According to the Insurance industry distribution chart, Swiss Re AG ranks #286 out of 399 companies for Beneish M-Score. This places Swiss Re AG 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 Swiss Re AG and its competitors. Swiss Re AG's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Swiss Re AG stock overvalued right now?
Based on GuruFocus' analysis, Swiss Re AG (SSREY) is currently considered Modestly Overvalued. The stock's GF Value™ is $33.30, compared to a current price of $38.99 — trading 17.1% above its estimated fair value. The current Beneish M-Score is -2.31. Swiss Re AG's overall GF Score™ is 63/100 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 Swiss Re AG (SSREY), the current Beneish M-Score is -2.31 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 Swiss Re AG (SSREY) Overvalued in 2026?

Based on GuruFocus' analysis, Swiss Re AG stock appears to be overvalued. The current stock price of $38.99 is trading 17.1% above its estimated GF Value™ of $33.30. GuruFocus considers Swiss Re AG to be Modestly Overvalued.

Key valuation signals for SSREY:

  • Beneish M-Score: -2.31
  • GF Value™: $33.30 vs. price of $38.99 (17.1% above fair value)
  • GF Score™: 63/100 with 2 warning signs

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

Swiss Re AG Business Description

Address Mythenquai 50/60, Zurich, CHE, 8022
Swiss Re is a reinsurer that has three core divisions: P&C reinsurance, life and health reinsurance, and corporate solutions. Swiss Re was founded in 1863 when the general manager of Helvetia sought to stem the flow of reinsurance premiums outside Switzerland. Moritz Grossmann argued he could cut the premiums paid to foreign firms, still make a profit, and pay mid-single-digit dividends. Swiss Re is now the second-largest reinsurer in the world by market capitalization, with 80 offices around the world and approximately 15,000 employees. While the business did lose its way in the early part of the millennium, led by an investment banker who heavily invested in securitizations, Swiss Re has recently focused on establishing quality within its three core divisions.
63GF Score

Get the complete analysis for SSREY

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

$38.99
Price
$33.30
GF Value