Ping An Insurance (Group) Co. of China (STU:PZX) Beneish M-Score: -2.40 (As of Jun. 25, 2026)


STU:PZX Ping An Insurance (Group) Co. of China Ltd STU:PZX
61 GF Score
Price €5.95
GF Value €5.62
Valuation Fairly Valued
! 3 Warning Signs
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What is Ping An Insurance (Group) Co. of China Beneish M-Score?

Ping An Insurance (Group) Co. of China STU:PZX -0.42% 61 Beneish M-Score is -2.40 as of Jun. 25, 2026. GuruFocus rates STU:PZX with a GF Score™ of 61/100 and a GF Value™ of €5.62 (Fairly Valued). The stock has 3 warning signs investors should review. Among 399 Insurance companies, Ping An Insurance (Group) Co. of China ranks worse than 62.66% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ping An Insurance (Group) Co. of China's Beneish M-Score or its related term are showing as below:

STU:PZX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92   Med: -2.51   Max: -2.18
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Ping An Insurance (Group) Co. of China was -2.18. The lowest was -2.92. And the median was -2.51.

STU:PZX
61GF Score
Ping An Insurance (Group) Co. of China Ltd STU:PZX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ping An Insurance (Group) Co. of China 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 Ping An Insurance (Group) Co. of China 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 * 1.289+0.528 * 1+0.404 * 1.0003+0.892 * 0.9577+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9886+4.679 * -0.034017-0.327 * 0.9648
=-2.40

* 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 €41,624 Mil.
Revenue was 23388.171 + 22730.451 + 36182.76 + 28475.862 = €110,777 Mil.
Gross Profit was 23388.171 + 22730.451 + 36182.76 + 28475.862 = €110,777 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,778,414 Mil.
Property, Plant and Equipment(Net PPE) was €6,632 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €10,043 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €156,936 Mil.
Net Income was 3140.411 + 233.046 + 7751.424 + 4954.303 = €16,079 Mil.
Non Operating Income was 2520.537 + 2441.524 + 2289.462 + 2556.783 = €9,808 Mil.
Cash Flow from Operations was 16449.32 + 38616.849 + 234.663 + 11466.463 = €66,767 Mil.
 Total Receivables was €33,719 Mil.
Revenue was 25783.834 + 29638.094 + 31739.495 + 28511.939 = €115,673 Mil.
Gross Profit was 25783.834 + 29638.094 + 31739.495 + 28511.939 = €115,673 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,682,148 Mil.
Property, Plant and Equipment(Net PPE) was €6,784 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €10,608 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €153,858 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)
=(41624.07 / 110777.244) / (33718.676 / 115673.362)
=0.375746 / 0.291499
=1.289

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)
=(115673.362 / 115673.362) / (110777.244 / 110777.244)
=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 + 6631.989) / 1778413.568) / (1 - (0 + 6784.031) / 1682148.476)
=0.996271 / 0.995967
=1.0003

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
=110777.244 / 115673.362
=0.9577

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 + 6784.031)) / (0 / (0 + 6631.989))
=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)
=(10043.476 / 110777.244) / (10608.3 / 115673.362)
=0.090664 / 0.091709
=0.9886

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)
=((156935.858 + 0) / 1778413.568) / ((153858.048 + 0) / 1682148.476)
=0.088245 / 0.091465
=0.9648

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
=(16079.184 - 9808.306 - 66767.295) / 1778413.568
=-0.034017

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.

Ping An Insurance (Group) Co. of China has a M-score of -2.40 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 -2.40 mean?
Ping An Insurance (Group) Co. of China (STU:PZX) has a Beneish M-Score of -2.40 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ping An Insurance (Group) Co. of China and its competitors. According to the industry distribution chart, Ping An Insurance (Group) Co. of China ranks #250 out of 399 companies in the Insurance industry, placing it in the top 62.7%.
Is Ping An Insurance (Group) Co. of China's Beneish M-Score too high?
Ping An Insurance (Group) Co. of China's current Beneish M-Score is -2.40. Based on the distribution chart, Ping An Insurance (Group) Co. of China ranks #250 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Ping An Insurance (Group) Co. of China has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ping An Insurance (Group) Co. of China's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Ping An Insurance (Group) Co. of China ranks #250 out of 399 companies for Beneish M-Score. This places Ping An Insurance (Group) Co. of China 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 Ping An Insurance (Group) Co. of China and its competitors. Ping An Insurance (Group) Co. of China's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ping An Insurance (Group) Co. of China stock overvalued right now?
Based on GuruFocus' analysis, Ping An Insurance (Group) Co. of China (STU:PZX) is currently considered Fairly Valued. The stock's GF Value™ is €5.62, compared to a current price of €5.95 — trading 5.9% above its estimated fair value. The current Beneish M-Score is -2.40. Ping An Insurance (Group) Co. of China's overall GF Score™ is 61/100 with 3 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 Ping An Insurance (Group) Co. of China (STU:PZX), the current Beneish M-Score is -2.40 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 Ping An Insurance (Group) Co. of China (STU:PZX) Overvalued in 2026?

Based on GuruFocus' analysis, Ping An Insurance (Group) Co. of China stock appears to be overvalued. The current stock price of €5.95 is trading 5.9% above its estimated GF Value™ of €5.62. GuruFocus considers Ping An Insurance (Group) Co. of China to be Fairly Valued.

Key valuation signals for STU:PZX:

  • Beneish M-Score: -2.40
  • GF Value™: €5.62 vs. price of €5.95 (5.9% above fair value)
  • GF Score™: 61/100 with 3 warning signs

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

Ping An Insurance (Group) Co. of China Business Description

Address No. 5033 Yitian Road, Ping An Finance Center, 47th, 48th, 109th, 110th, 111th and 112th Floors, Futian District, Guangdong Province, Shenzhen, CHN, 518033
Ping An Insurance was founded in 1988 and headquartered in Shenzhen. As an integrated financial service provider, the company offers healthcare services and integrated financial products. Ping An is China's second-largest life and P&C insurer. The company strives for an integrated financial services platform comprising life insurance, P&C insurance, banking, and other financial services. These business segments contributed 66%, 10%, 28%, and 1% of the company's pretax profits, respectively, in 2025.
61GF Score

Get the complete analysis for STU:PZX

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

€5.95
Price
€5.62
GF Value