UNM (Unum Group) Beneish M-Score: -2.23 (As of Jun. 25, 2026)


UNM Unum Group UNM
66 GF Score
Price $88.92
GF Value $73.97
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Unum Group Beneish M-Score?

Unum Group UNM +0.30% 66 Beneish M-Score is -2.23 as of Jun. 25, 2026. GuruFocus rates UNM with a GF Score™ of 66/100 and a GF Value™ of $73.97 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 397 Insurance companies, Unum Group ranks worse than 76.07% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

UNM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.56   Max: -1.51
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Unum Group was -1.51. The lowest was -2.69. And the median was -2.56.

UNM
66GF Score
Unum Group UNM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Unum Group 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 Unum Group 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 * 1.2796+0.528 * 1+0.404 * 0.9998+0.892 * 1.0436+0.115 * 0.9626
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.981+4.679 * -0.003387-0.327 * 1.0807
=-2.23

* 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 $12,925 Mil.
Revenue was 3331.4 + 3206.1 + 3357.5 + 3345.8 = $13,241 Mil.
Gross Profit was 3331.4 + 3206.1 + 3357.5 + 3345.8 = $13,241 Mil.
Total Current Assets was $0 Mil.
Total Assets was $62,714 Mil.
Property, Plant and Equipment(Net PPE) was $509 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $1,199 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,762 Mil.
Net Income was 232 + 174.1 + 39.7 + 335.6 = $781 Mil.
Non Operating Income was 82.8 + 80.1 + 85.6 + 70.4 = $319 Mil.
Cash Flow from Operations was 340.8 + 357.9 + -371.8 + 348 = $675 Mil.
 Total Receivables was $9,679 Mil.
Revenue was 3077.5 + 3202.5 + 3202.1 + 3205 = $12,687 Mil.
Gross Profit was 3077.5 + 3202.5 + 3202.1 + 3205 = $12,687 Mil.
Total Current Assets was $0 Mil.
Total Assets was $62,460 Mil.
Property, Plant and Equipment(Net PPE) was $496 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $1,171 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,467 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)
=(12925.3 / 13240.8) / (9679 / 12687.1)
=0.976172 / 0.762901
=1.2796

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)
=(12687.1 / 12687.1) / (13240.8 / 13240.8)
=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 + 509.3) / 62714.3) / (1 - (0 + 496.3) / 62459.8)
=0.991879 / 0.992054
=0.9998

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
=13240.8 / 12687.1
=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))
=(116 / (116 + 496.3)) / (124.8 / (124.8 + 509.3))
=0.18945 / 0.196814
=0.9626

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)
=(1198.7 / 13240.8) / (1170.8 / 12687.1)
=0.090531 / 0.092283
=0.981

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)
=((3762 + 0) / 62714.3) / ((3467 + 0) / 62459.8)
=0.059986 / 0.055508
=1.0807

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
=(781.4 - 318.9 - 674.9) / 62714.3
=-0.003387

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.

Unum Group has a M-score of -2.23 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 -2.23 mean?
Unum Group (UNM) has a Beneish M-Score of -2.23 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Unum Group and its competitors. According to the industry distribution chart, Unum Group ranks #302 out of 397 companies in the Insurance industry, placing it in the top 76.1%.
Is Unum Group's Beneish M-Score too high?
Unum Group's current Beneish M-Score is -2.23. Based on the distribution chart, Unum Group ranks #302 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Unum Group has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Unum Group's Beneish M-Score compare to GL and PRI?
According to the Insurance industry distribution chart, Unum Group ranks #302 out of 397 companies for Beneish M-Score. This places Unum Group 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 Unum Group and its competitors. Unum Group's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Unum Group stock overvalued right now?
Based on GuruFocus' analysis, Unum Group (UNM) is currently considered Modestly Overvalued. The stock's GF Value™ is $73.97, compared to a current price of $88.92 — trading 20.2% above its estimated fair value. The current Beneish M-Score is -2.23. Unum Group's overall GF Score™ is 66/100 with 7 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 Unum Group (UNM), the current Beneish M-Score is -2.23 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 Unum Group (UNM) Overvalued in 2026?

Based on GuruFocus' analysis, Unum Group stock appears to be overvalued. The current stock price of $88.92 is trading 20.2% above its estimated GF Value™ of $73.97. GuruFocus considers Unum Group to be Modestly Overvalued.

Key valuation signals for UNM:

  • Beneish M-Score: -2.23
  • GF Value™: $73.97 vs. price of $88.92 (20.2% above fair value)
  • GF Score™: 66/100 with 7 warning signs

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

Unum Group Business Description

Address 1 Fountain Square, Chattanooga, TN, USA, 37402
Unum Group is a provider of group and individual income protection insurance products in the United States, the United Kingdom, Poland, and other countries. It is the domestic disability insurer, with the majority of premiums generated from employer plans. The company also offers a complementary portfolio of other insurance products, including long-term care insurance, life insurance, and employer- and employee-paid group benefits. It has the following operating business segments: Unum USA, Unum International, Closed Block, Colonial Life, and Corporate. The Unum USA segment generates the majority of revenue. The firm markets its products through brokers.
66GF Score

Get the complete analysis for UNM

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

$88.92
Price
$73.97
GF Value