Generali (XBUL:ASG) Beneish M-Score: -2.57 (As of Jun. 26, 2026)


XBUL:ASG Generali XBUL:ASG
56 GF Score
Price лв34.04
GF Value лв30.66
! 1 Warning Sign
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What is Generali Beneish M-Score?

Generali XBUL:ASG 56 Beneish M-Score is -2.57 as of Jun. 26, 2026. GuruFocus rates XBUL:ASG with a GF Score™ of 56/100 and a GF Value™ of лв30.66. The stock has 1 warning sign investors should review. Among 397 Insurance companies, Generali ranks better than 58.94% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBUL:ASG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22   Med: -2.59   Max: -1.95
Current: -2.57

During the past 13 years, the highest Beneish M-Score of Generali was -1.95. The lowest was -3.22. And the median was -2.59.

XBUL:ASG
56GF Score
Generali XBUL:ASG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Generali 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 Generali 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 * 1.1151+0.528 * 1+0.404 * 0.9996+0.892 * 1.1137+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3757+4.679 * -0.026224-0.327 * 1.0165
=-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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was лв22,438 Mil.
Revenue was лв144,960 Mil.
Gross Profit was лв144,960 Mil.
Total Current Assets was лв0 Mil.
Total Assets was лв1,092,153 Mil.
Property, Plant and Equipment(Net PPE) was лв8,015 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0 Mil.
Selling, General, & Admin. Expense(SGA) was лв3,649 Mil.
Total Current Liabilities was лв0 Mil.
Long-Term Debt & Capital Lease Obligation was лв77,378 Mil.
Net Income was лв8,158 Mil.
Gross Profit was лв-1,662 Mil.
Cash Flow from Operations was лв38,461 Mil.
 Total Receivables was лв18,068 Mil.
Revenue was лв130,161 Mil.
Gross Profit was лв130,161 Mil.
Total Current Assets was лв0 Mil.
Total Assets was лв941,882 Mil.
Property, Plant and Equipment(Net PPE) was лв6,550 Mil.
Depreciation, Depletion and Amortization(DDA) was лв0 Mil.
Selling, General, & Admin. Expense(SGA) was лв2,382 Mil.
Total Current Liabilities was лв0 Mil.
Long-Term Debt & Capital Lease Obligation was лв65,648 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)
=(22438.328 / 144960.397) / (18068.36 / 130161.084)
=0.154789 / 0.138815
=1.1151

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)
=(130161.084 / 130161.084) / (144960.397 / 144960.397)
=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 + 8015.225) / 1092153.1) / (1 - (0 + 6550.283) / 941882.092)
=0.992661 / 0.993046
=0.9996

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
=144960.397 / 130161.084
=1.1137

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))
=(0 / (0 + 6550.283)) / (0 / (0 + 8015.225))
=0 / 0
=1

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)
=(3648.795 / 144960.397) / (2381.603 / 130161.084)
=0.025171 / 0.018297
=1.3757

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)
=((77377.523 + 0) / 1092153.1) / ((65647.965 + 0) / 941882.092)
=0.070849 / 0.069699
=1.0165

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
=(8157.97 - -1662.098 - 38460.956) / 1092153.1
=-0.026224

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.

Generali 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 -2.57 mean?
Generali (XBUL:ASG) has a Beneish M-Score of -2.57 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Generali and its competitors. According to the industry distribution chart, Generali ranks #163 out of 397 companies in the Insurance industry, placing it in the top 41.1%.
Is Generali's Beneish M-Score too high?
Generali's current Beneish M-Score is -2.57. Based on the distribution chart, Generali ranks #163 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Generali has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Generali's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Generali ranks #163 out of 397 companies for Beneish M-Score. This puts Generali 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 Generali and its competitors. Generali's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Generali stock overvalued right now?
Generali (XBUL:ASG) has a current Beneish M-Score of -2.57. The stock's GF Value™ is лв30.66, compared to a current price of лв34.04 — trading 11% above its estimated fair value. The current Beneish M-Score is -2.57. Generali's overall GF Score™ is 56/100 with 1 warning sign 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 Generali (XBUL:ASG), the current Beneish M-Score is -2.57 as of Jun. 26, 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 Generali (XBUL:ASG) Overvalued in 2026?

Based on GuruFocus' analysis, Generali stock appears to be overvalued. The current stock price of лв34.04 is trading 11% above its estimated GF Value™ of лв30.66.

Key valuation signals for XBUL:ASG:

  • Beneish M-Score: -2.57
  • GF Value™: лв30.66 vs. price of лв34.04 (11% above fair value)
  • GF Score™: 56/100 with 1 warning sign

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

Generali Business Description

Address Piazza Duca degli Abruzzi, 2, Trieste, ITA, 34132
The roots of Generali date back to the 1830s and the Bora wind and rough seas that hit the Trieste region. Over that decade, Generali sought to expand throughout Italy, but growth was held back by the fragmented nature of Italy. The Italian Revolution in the 1840s paved the way for easier expansion in the country. After World War I, Trieste was handed back to Italy. The dissolution of the Austro-Hungarian Empire created a fragmented Europe and a fragmented Generali. To this day, Generali remains quite a diversified company, with its core operations remaining in the historical Austro-Hungarian countries of Austria, Central and Eastern Europe, Germany, and Italy. France is also an important contributor to life and savings.
56GF Score

Get the complete analysis for XBUL:ASG

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

лв34.04
Price
лв30.66
GF Value