MBIA (STU:MBJ) Beneish M-Score: -2.88 (As of Jun. 24, 2026)


STU:MBJ MBIA Inc STU:MBJ
30 GF Score
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What is MBIA Beneish M-Score?

MBIA STU:MBJ +3.81% 30 Beneish M-Score is -2.88 as of Jun. 24, 2026. GuruFocus rates STU:MBJ with a GF Score™ of 30/100. The stock has 4 warning signs investors should review. Among 399 Insurance companies, MBIA ranks better than 81.7% 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:MBJ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51   Med: -2.56   Max: 17.53
Current: -2.88

During the past 13 years, the highest Beneish M-Score of MBIA was 17.53. The lowest was -3.51. And the median was -2.56.

STU:MBJ
30GF Score
MBIA Inc STU:MBJ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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MBIA 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 MBIA 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 * 0.2708+0.528 * 1+0.404 * 1+0.892 * 1.7033+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.106806-0.327 * 1.1181
=-3.06

* 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 €140.06 Mil.
Revenue was €68.32 Mil.
Gross Profit was €68.32 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €1,719.10 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 €0.00 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €2,858.34 Mil.
Net Income was €-151.16 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €32.45 Mil.
 Total Receivables was €303.69 Mil.
Revenue was €40.11 Mil.
Gross Profit was €40.11 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €2,070.44 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 €0.00 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €3,078.92 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)
=(140.056 / 68.32) / (303.69 / 40.11)
=2.05 / 7.571429
=0.2708

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)
=(40.11 / 40.11) / (68.32 / 68.32)
=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) / 1719.102) / (1 - (0 + 0) / 2070.44)
=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
=68.32 / 40.11
=1.7033

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)
=(0 / 68.32) / (0 / 40.11)
=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)
=((2858.338 + 0) / 1719.102) / ((3078.92 + 0) / 2070.44)
=1.662692 / 1.487085
=1.1181

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
=(-151.158 - 0 - 32.452) / 1719.102
=-0.106806

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.

MBIA has a M-score of -3.06 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 -2.88 mean?
MBIA (STU:MBJ) has a Beneish M-Score of -2.88 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MBIA and its competitors. According to the industry distribution chart, MBIA ranks #73 out of 399 companies in the Insurance industry, placing it in the top 18.3%.
Is MBIA's Beneish M-Score too high?
MBIA's current Beneish M-Score is -2.88. Based on the distribution chart, MBIA ranks #73 out of 399 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, MBIA has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does MBIA's Beneish M-Score compare to OSG and FACO?
According to the Insurance industry distribution chart, MBIA ranks #73 out of 399 companies for Beneish M-Score. This places MBIA in the top 18% of its industry — outperforming the majority of peers. 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 MBIA and its competitors. MBIA's current Beneish M-Score is -2.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MBIA stock overvalued right now?
MBIA (STU:MBJ) has a current Beneish M-Score of -2.88. The current Beneish M-Score is -2.88. MBIA's overall GF Score™ is 30/100 with 4 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 MBIA (STU:MBJ), the current Beneish M-Score is -2.88 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.

MBIA Business Description

Other Exchanges MBI:USA
Address 1 Manhattanville Road, Suite 202, Purchase, NY, USA, 10577
MBIA Inc provides financial guaranty insurance for municipal bonds and asset-backed securities in the United States and internationally. It offers an unconditional guarantee to repay the principal and interest on these securities if the issuer defaults. MBIA insures bonds sold in the primary and secondary markets, as well as those held in unit investment trusts and mutual funds. It operates in three segments: the United States Public Finance Insurance, which derives maximum revenue, Corporate, and International & Structured Finance Insurance. The U.S. public finance insurance portfolio is managed through the National Public Finance Guarantee Corporation. International & structured finance insurance business is managed through MBIA Insurance Corporation and its subsidiaries.
30GF Score

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

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