VDASF (Vaudoise Assurances Holding) Beneish M-Score: -2.49 (As of Jul. 03, 2026)


VDASF Vaudoise Assurances Holding SA VDASF
54 GF Score
Price $477.00
GF Value $318.25
! 4 Warning Signs
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What is Vaudoise Assurances Holding Beneish M-Score?

Vaudoise Assurances Holding VDASF 54 Beneish M-Score is -2.49 as of Jul. 03, 2026. GuruFocus rates VDASF with a GF Score™ of 54/100 and a GF Value™ of $318.25. The stock has 4 warning signs investors should review. Among 400 Insurance companies, Vaudoise Assurances Holding ranks better than 50.75% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

VDASF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.5   Max: -2.42
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Vaudoise Assurances Holding was -2.42. The lowest was -3.35. And the median was -2.50.

VDASF
54GF Score
Vaudoise Assurances Holding SA VDASF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vaudoise Assurances Holding 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 Vaudoise Assurances Holding 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 * 0.9674+0.528 * 1+0.404 * 0.9972+0.892 * 1.1838+0.115 * 1.1705
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0593+4.679 * -0.012789-0.327 * 0.9313
=-2.38

* 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 $163 Mil.
Revenue was $2,128 Mil.
Gross Profit was $2,128 Mil.
Total Current Assets was $0 Mil.
Total Assets was $11,375 Mil.
Property, Plant and Equipment(Net PPE) was $159 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $52 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $187 Mil.
Net Income was $196 Mil.
Gross Profit was $-1 Mil.
Cash Flow from Operations was $343 Mil.
 Total Receivables was $143 Mil.
Revenue was $1,797 Mil.
Gross Profit was $1,797 Mil.
Total Current Assets was $0 Mil.
Total Assets was $9,977 Mil.
Property, Plant and Equipment(Net PPE) was $112 Mil.
Depreciation, Depletion and Amortization(DDA) was $14 Mil.
Selling, General, & Admin. Expense(SGA) was $42 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $176 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)
=(163.318 / 2127.562) / (142.602 / 1797.216)
=0.076763 / 0.079346
=0.9674

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)
=(1797.216 / 1797.216) / (2127.562 / 2127.562)
=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 + 158.938) / 11375.233) / (1 - (0 + 111.563) / 9976.559)
=0.986028 / 0.988817
=0.9972

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
=2127.562 / 1797.216
=1.1838

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))
=(13.912 / (13.912 + 111.563)) / (16.631 / (16.631 + 158.938))
=0.110875 / 0.094726
=1.1705

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)
=(52.068 / 2127.562) / (41.519 / 1797.216)
=0.024473 / 0.023102
=1.0593

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)
=((187.22 + 0) / 11375.233) / ((176.323 + 0) / 9976.559)
=0.016459 / 0.017674
=0.9313

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
=(196.08 - -1.035 - 342.59) / 11375.233
=-0.012789

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.

Vaudoise Assurances Holding has a M-score of -2.38 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 -2.49 mean?
Vaudoise Assurances Holding (VDASF) has a Beneish M-Score of -2.49 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vaudoise Assurances Holding and its competitors. According to the industry distribution chart, Vaudoise Assurances Holding ranks #197 out of 400 companies in the Insurance industry, placing it in the top 49.2%.
Is Vaudoise Assurances Holding's Beneish M-Score too high?
Vaudoise Assurances Holding's current Beneish M-Score is -2.49. Based on the distribution chart, Vaudoise Assurances Holding ranks #197 out of 400 companies in the Insurance industry, which is above the industry midpoint. Overall, Vaudoise Assurances Holding has a GF Score™ of 54/100, reflecting its overall financial health beyond just this single metric.
How does Vaudoise Assurances Holding's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Vaudoise Assurances Holding ranks #197 out of 400 companies for Beneish M-Score. This puts Vaudoise Assurances Holding 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 Vaudoise Assurances Holding and its competitors. Vaudoise Assurances Holding's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vaudoise Assurances Holding stock overvalued right now?
Vaudoise Assurances Holding (VDASF) has a current Beneish M-Score of -2.49. The stock's GF Value™ is $318.25, compared to a current price of $477.00 — trading 49.9% above its estimated fair value. The current Beneish M-Score is -2.49. Vaudoise Assurances Holding's overall GF Score™ is 54/100 with 4 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 Vaudoise Assurances Holding (VDASF), the current Beneish M-Score is -2.49 as of Jul. 03, 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 Vaudoise Assurances Holding (VDASF) Overvalued in 2026?

Based on GuruFocus' analysis, Vaudoise Assurances Holding stock appears to be overvalued. The current stock price of $477.00 is trading 49.9% above its estimated GF Value™ of $318.25.

Key valuation signals for VDASF:

  • Beneish M-Score: -2.49
  • GF Value™: $318.25 vs. price of $477.00 (49.9% above fair value)
  • GF Score™: 54/100 with 4 warning signs

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

Vaudoise Assurances Holding Business Description

Address Place de Milan, Case Postale 120, Lausanne, CHE, 1001
Vaudoise Assurances Holding SA is a Swiss-based company engaged in the provision of life and non-life insurance services. The company, together with its subsidiaries, offers health, accident, fire, and third-party, as well as motor and transport insurance products, among others. It mainly serves individuals, small and medium-scale businesses, and the public sector. The group's operating segments are: Non-life domain, Life domain, and Other activities. Maximum revenue is generated from its Non-life insurance products. Geographically, the majority of the group's revenue is generated from Switzerland, and the rest from Liechtenstein.
54GF Score

Get the complete analysis for VDASF

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

$477.00
Price
$318.25
GF Value