Sagicor Financial Co (TSX:SFC) Beneish M-Score: -2.47 (As of Jun. 24, 2026)


TSX:SFC Sagicor Financial Co Ltd TSX:SFC
76 GF Score
Price C$8.36
GF Value C$8.48
Valuation Fairly Valued
! 6 Warning Signs
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What is Sagicor Financial Co Beneish M-Score?

Sagicor Financial Co TSX:SFC -0.95% 76 Beneish M-Score is -2.47 as of Jun. 24, 2026. GuruFocus rates TSX:SFC with a GF Score™ of 76/100 and a GF Value™ of C$8.48 (Fairly Valued). The stock has 6 warning signs investors should review. Among 399 Insurance companies, Sagicor Financial Co ranks worse than 53.38% 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSX:SFC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51   Med: -1.88   Max: 3.03
Current: -2.47

During the past 9 years, the highest Beneish M-Score of Sagicor Financial Co was 3.03. The lowest was -2.51. And the median was -1.88.

TSX:SFC
76GF Score
Sagicor Financial Co Ltd TSX:SFC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sagicor Financial Co 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 Sagicor Financial Co 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 * 1.1108+0.528 * 1+0.404 * 0.9999+0.892 * 0.9063+0.115 * 1.1467
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2401+4.679 * 0.001282-0.327 * 0.96
=-2.47

* 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 C$460 Mil.
Revenue was 438.81 + 640.876 + 1104.769 + 770.58 = C$2,955 Mil.
Gross Profit was 438.81 + 640.876 + 1104.769 + 770.58 = C$2,955 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$34,521 Mil.
Property, Plant and Equipment(Net PPE) was C$312 Mil.
Depreciation, Depletion and Amortization(DDA) was C$38 Mil.
Selling, General, & Admin. Expense(SGA) was C$482 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,384 Mil.
Net Income was -47.246 + -19.852 + 112.161 + -8.813 = C$36 Mil.
Non Operating Income was 1.251 + 0.593 + 1.148 + 0.368 = C$3 Mil.
Cash Flow from Operations was -22.132 + -146.674 + -34.657 + 192.098 = C$-11 Mil.
 Total Receivables was C$457 Mil.
Revenue was 686.184 + 742.77 + 1259.005 + 572.711 = C$3,261 Mil.
Gross Profit was 686.184 + 742.77 + 1259.005 + 572.711 = C$3,261 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$33,320 Mil.
Property, Plant and Equipment(Net PPE) was C$298 Mil.
Depreciation, Depletion and Amortization(DDA) was C$42 Mil.
Selling, General, & Admin. Expense(SGA) was C$429 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,392 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)
=(459.684 / 2955.035) / (456.616 / 3260.67)
=0.15556 / 0.140037
=1.1108

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)
=(3260.67 / 3260.67) / (2955.035 / 2955.035)
=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 + 312.05) / 34520.796) / (1 - (0 + 298.293) / 33320.412)
=0.990961 / 0.991048
=0.9999

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
=2955.035 / 3260.67
=0.9063

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))
=(42.074 / (42.074 + 298.293)) / (37.704 / (37.704 + 312.05))
=0.123614 / 0.107801
=1.1467

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)
=(482.248 / 2955.035) / (429.102 / 3260.67)
=0.163195 / 0.131599
=1.2401

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)
=((1384.444 + 0) / 34520.796) / ((1391.975 + 0) / 33320.412)
=0.040105 / 0.041775
=0.96

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
=(36.25 - 3.36 - -11.365) / 34520.796
=0.001282

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.

Sagicor Financial Co has a M-score of -2.47 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 -2.47 mean?
Sagicor Financial Co (TSX:SFC) has a Beneish M-Score of -2.47 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sagicor Financial Co and its competitors. According to the industry distribution chart, Sagicor Financial Co ranks #213 out of 399 companies in the Insurance industry, placing it in the top 53.4%.
Is Sagicor Financial Co's Beneish M-Score too high?
Sagicor Financial Co's current Beneish M-Score is -2.47. Based on the distribution chart, Sagicor Financial Co ranks #213 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Sagicor Financial Co has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Sagicor Financial Co's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Sagicor Financial Co ranks #213 out of 399 companies for Beneish M-Score. This places Sagicor Financial Co 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 Sagicor Financial Co and its competitors. Sagicor Financial Co's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sagicor Financial Co stock overvalued right now?
Based on GuruFocus' analysis, Sagicor Financial Co (TSX:SFC) is currently considered Fairly Valued. The stock's GF Value™ is C$8.48, compared to a current price of C$8.36 — trading 1.4% below its estimated fair value. The current Beneish M-Score is -2.47. Sagicor Financial Co's overall GF Score™ is 76/100 with 6 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 Sagicor Financial Co (TSX:SFC), the current Beneish M-Score is -2.47 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.

Is Sagicor Financial Co (TSX:SFC) Overvalued in 2026?

Based on GuruFocus' analysis, Sagicor Financial Co stock appears to be undervalued. The current stock price of C$8.36 is trading 1.4% below its estimated GF Value™ of C$8.48. GuruFocus considers Sagicor Financial Co to be Fairly Valued.

Key valuation signals for TSX:SFC:

  • Beneish M-Score: -2.47
  • GF Value™: C$8.48 vs. price of C$8.36 (1.4% below fair value)
  • GF Score™: 76/100 with 6 warning signs

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

Sagicor Financial Co Business Description

Other Exchanges SGCFF:USA
Address Wildey, Cecil F De Caires Building, Saint Michael, BRB, BB15096
Sagicor Financial Co Ltd is a financial services provider based in the Caribbean. Along with its subsidiaries, the company offers life and health insurance products, annuities and pension administration services, banking and investment management services, and also underwrites property and casualty insurance. The group's reportable operating segments are: Sagicor Canada, Sagicor Life USA, Sagicor Jamaica, and Sagicor Life. Maximum revenue is generated from the Sagicor Canada segment, which engages in individual life insurance, annuities, segregated funds, and accident and sickness insurance business throughout Canada. Geographically, the group generates maximum revenue from its business in Canada, followed by the USA, Jamaica, and Other Caribbean markets.
76GF Score

Get the complete analysis for TSX:SFC

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

C$8.36
Price
C$8.48
GF Value