Vienna Insurance Group AG (STU:WSV2) Beneish M-Score: -2.41 (As of Jun. 25, 2026)


STU:WSV2 Vienna Insurance Group AG STU:WSV2
73 GF Score
Price €64.30
GF Value €38.28
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Vienna Insurance Group AG Beneish M-Score?

Vienna Insurance Group AG STU:WSV2 -3.89% 73 Beneish M-Score is -2.41 as of Jun. 25, 2026. GuruFocus rates STU:WSV2 with a GF Score™ of 73/100 and a GF Value™ of €38.28 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, Vienna Insurance Group AG ranks worse than 61.71% 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:WSV2' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.42   Max: -1.98
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Vienna Insurance Group AG was -1.98. The lowest was -2.89. And the median was -2.42.

STU:WSV2
73GF Score
Vienna Insurance Group AG STU:WSV2
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vienna Insurance Group 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 Vienna Insurance Group 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 * 0.9555+0.528 * 1+0.404 * 1.0003+0.892 * 1.1433+0.115 * 0.9768
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0048+4.679 * -0.001837-0.327 * 1
=-2.41

* 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 €874 Mil.
Revenue was €14,781 Mil.
Gross Profit was €14,781 Mil.
Total Current Assets was €0 Mil.
Total Assets was €54,316 Mil.
Property, Plant and Equipment(Net PPE) was €877 Mil.
Depreciation, Depletion and Amortization(DDA) was €209 Mil.
Selling, General, & Admin. Expense(SGA) was €622 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,838 Mil.
Net Income was €835 Mil.
Gross Profit was €92 Mil.
Cash Flow from Operations was €842 Mil.
 Total Receivables was €800 Mil.
Revenue was €12,928 Mil.
Gross Profit was €12,928 Mil.
Total Current Assets was €0 Mil.
Total Assets was €51,242 Mil.
Property, Plant and Equipment(Net PPE) was €842 Mil.
Depreciation, Depletion and Amortization(DDA) was €195 Mil.
Selling, General, & Admin. Expense(SGA) was €542 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,734 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)
=(874.245 / 14781.083) / (800.25 / 12928.438)
=0.059146 / 0.061898
=0.9555

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)
=(12928.438 / 12928.438) / (14781.083 / 14781.083)
=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 + 876.743) / 54315.636) / (1 - (0 + 841.547) / 51242.06)
=0.983858 / 0.983577
=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
=14781.083 / 12928.438
=1.1433

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))
=(194.521 / (194.521 + 841.547)) / (208.604 / (208.604 + 876.743))
=0.187749 / 0.1922
=0.9768

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)
=(622.434 / 14781.083) / (541.786 / 12928.438)
=0.04211 / 0.041907
=1.0048

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)
=((1837.761 + 0) / 54315.636) / ((1733.814 + 0) / 51242.06)
=0.033835 / 0.033836
=1

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
=(834.866 - 92.365 - 842.256) / 54315.636
=-0.001837

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.

Vienna Insurance Group AG has a M-score of -2.41 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 -2.41 mean?
Vienna Insurance Group AG (STU:WSV2) has a Beneish M-Score of -2.41 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vienna Insurance Group AG and its competitors. According to the industry distribution chart, Vienna Insurance Group AG ranks #245 out of 397 companies in the Insurance industry, placing it in the top 61.7%.
Is Vienna Insurance Group AG's Beneish M-Score too high?
Vienna Insurance Group AG's current Beneish M-Score is -2.41. Based on the distribution chart, Vienna Insurance Group AG ranks #245 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, Vienna Insurance Group AG has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Vienna Insurance Group AG's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Vienna Insurance Group AG ranks #245 out of 397 companies for Beneish M-Score. This places Vienna Insurance Group 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 Vienna Insurance Group AG and its competitors. Vienna Insurance Group AG's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vienna Insurance Group AG stock overvalued right now?
Based on GuruFocus' analysis, Vienna Insurance Group AG (STU:WSV2) is currently considered Significantly Overvalued. The stock's GF Value™ is €38.28, compared to a current price of €64.30 — trading 68% above its estimated fair value. The current Beneish M-Score is -2.41. Vienna Insurance Group AG's overall GF Score™ is 73/100 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 Vienna Insurance Group AG (STU:WSV2), the current Beneish M-Score is -2.41 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 Vienna Insurance Group AG (STU:WSV2) Overvalued in 2026?

Based on GuruFocus' analysis, Vienna Insurance Group AG stock appears to be overvalued. The current stock price of €64.30 is trading 68% above its estimated GF Value™ of €38.28. GuruFocus considers Vienna Insurance Group AG to be Significantly Overvalued.

Key valuation signals for STU:WSV2:

  • Beneish M-Score: -2.41
  • GF Value™: €38.28 vs. price of €64.30 (68% above fair value)
  • GF Score™: 73/100 with 2 warning signs

No single metric tells the full story. See the STU:WSV2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Vienna Insurance Group AG Business Description

Address Schottenring 30, Vienna, AUT, 1010
Vienna Insurance Group AG is a diversified insurance company that offers property and casualty, life, and health insurance products. The company maintains its goal of consolidating market leadership in Austria while taking advantage of the growth potential in Central and Eastern Europe. The company generates the majority of its revenue in Austria, followed by the Czech Republic and Poland.
73GF Score

Get the complete analysis for STU:WSV2

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

€64.30
Price
€38.28
GF Value