Intact Financial (TSX:IFC) Beneish M-Score: -2.55 (As of Jul. 12, 2026)


TSX:IFC Intact Financial Corp TSX:IFC
87 GF Score
Price C$294.61
GF Value C$257.15
Valuation Modestly Overvalued
! 3 Warning Signs
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What is Intact Financial Beneish M-Score?

Intact Financial TSX:IFC -0.83% 87 Beneish M-Score is -2.55 as of Jul. 12, 2026. GuruFocus rates TSX:IFC with a GF Score™ of 87/100 and a GF Value™ of C$257.15 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 399 Insurance companies, Intact Financial ranks better than 56.14% 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:IFC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.75   Med: -2.55   Max: 0.47
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Intact Financial was 0.47. The lowest was -3.75. And the median was -2.55.

TSX:IFC
87GF Score
Intact Financial Corp TSX:IFC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Intact Financial 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 Intact Financial 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 * 0.9502+0.528 * 1+0.404 * 1+0.892 * 1.0436+0.115 * 0.9793
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0685+4.679 * -0.016797-0.327 * 0.9135
=-2.55

* 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 C$706 Mil.
Revenue was C$26,073 Mil.
Gross Profit was C$26,073 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$62,868 Mil.
Property, Plant and Equipment(Net PPE) was C$865 Mil.
Depreciation, Depletion and Amortization(DDA) was C$797 Mil.
Selling, General, & Admin. Expense(SGA) was C$843 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$4,850 Mil.
Net Income was C$3,365 Mil.
Gross Profit was C$33 Mil.
Cash Flow from Operations was C$4,388 Mil.
 Total Receivables was C$712 Mil.
Revenue was C$24,984 Mil.
Gross Profit was C$24,984 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$59,526 Mil.
Property, Plant and Equipment(Net PPE) was C$820 Mil.
Depreciation, Depletion and Amortization(DDA) was C$726 Mil.
Selling, General, & Admin. Expense(SGA) was C$756 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$5,027 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)
=(706 / 26073) / (712 / 24984)
=0.027078 / 0.028498
=0.9502

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)
=(24984 / 24984) / (26073 / 26073)
=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 + 865) / 62868) / (1 - (0 + 820) / 59526)
=0.986241 / 0.986225
=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
=26073 / 24984
=1.0436

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))
=(726 / (726 + 820)) / (797 / (797 + 865))
=0.469599 / 0.479543
=0.9793

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)
=(843 / 26073) / (756 / 24984)
=0.032332 / 0.030259
=1.0685

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)
=((4850 + 0) / 62868) / ((5027 + 0) / 59526)
=0.077146 / 0.08445
=0.9135

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
=(3365 - 33 - 4388) / 62868
=-0.016797

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.

Intact Financial has a M-score of -2.55 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 -2.55 mean?
Intact Financial (TSX:IFC) has a Beneish M-Score of -2.55 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Intact Financial and its competitors. According to the industry distribution chart, Intact Financial ranks #175 out of 399 companies in the Insurance industry, placing it in the top 43.9%.
Is Intact Financial's Beneish M-Score too high?
Intact Financial's current Beneish M-Score is -2.55. Based on the distribution chart, Intact Financial ranks #175 out of 399 companies in the Insurance industry, which is above the industry midpoint. Overall, Intact Financial has a GF Score™ of 87/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Intact Financial's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Intact Financial ranks #175 out of 399 companies for Beneish M-Score. This puts Intact Financial 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 Intact Financial and its competitors. Intact Financial's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Intact Financial stock overvalued right now?
Based on GuruFocus' analysis, Intact Financial (TSX:IFC) is currently considered Modestly Overvalued. The stock's GF Value™ is C$257.15, compared to a current price of C$294.61 — trading 14.6% above its estimated fair value. The current Beneish M-Score is -2.55. Intact Financial's overall GF Score™ is 87/100 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 Intact Financial (TSX:IFC), the current Beneish M-Score is -2.55 as of Jul. 12, 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 Intact Financial (TSX:IFC) Overvalued in 2026?

Based on GuruFocus' analysis, Intact Financial stock appears to be overvalued. The current stock price of C$294.61 is trading 14.6% above its estimated GF Value™ of C$257.15. GuruFocus considers Intact Financial to be Modestly Overvalued.

Key valuation signals for TSX:IFC:

  • Beneish M-Score: -2.55
  • GF Value™: C$257.15 vs. price of C$294.61 (14.6% above fair value)
  • GF Score™: 87/100 with 3 warning signs

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

Intact Financial Business Description

Address 700 University Avenue, Suite 1500-A, Toronto, ON, CAN, M5G 0A1
Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. The company distributes insurance under the Intact Insurance brand through a network of brokers and a wholly-owned subsidiary, BrokerLink, and directly to consumers through Belairdirect. The majority of the company's direct premiums are written in the personal automotive space. Intact directly manages its investments through its subsidiary Intact Investment Management. The vast majority of these invested assets are fixed-income securities. Its asset mix is designed to generate interest and dividend income. The company has three reportable segments Canada, UK & International, and U.S.
87GF Score

Get the complete analysis for TSX:IFC

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

C$294.61
Price
C$257.15
GF Value