Sagicor Group Jamaica (XJAM:SJ) Beneish M-Score: -2.08 (As of Jun. 26, 2026)


XJAM:SJ Sagicor Group Jamaica Ltd XJAM:SJ
62 GF Score
Price JMD38.95
GF Value JMD48.32
Valuation Modestly Undervalued
View Full Analysis

What is Sagicor Group Jamaica Beneish M-Score?

Sagicor Group Jamaica XJAM:SJ -1.22% 62 Beneish M-Score is -2.08 as of Jun. 26, 2026. GuruFocus rates XJAM:SJ with a GF Score™ of 62/100 and a GF Value™ of JMD48.32 (Modestly Undervalued). Among 397 Insurance companies, Sagicor Group Jamaica ranks worse than 81.86% 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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XJAM:SJ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -1.86   Max: 2.68
Current: -2.08

During the past 13 years, the highest Beneish M-Score of Sagicor Group Jamaica was 2.68. The lowest was -2.76. And the median was -1.86.

XJAM:SJ
62GF Score
Sagicor Group Jamaica Ltd XJAM:SJ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sagicor Group Jamaica 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 Group Jamaica 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 * 0.9508+0.528 * 1+0.404 * 0.995+0.892 * 1.1443+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.067948-0.327 * 1.0083
=-2.08

* 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 JMD18,970 Mil.
Revenue was 1505.1 + 29063.977 + 28476.136 + 28878.078 = JMD87,923 Mil.
Gross Profit was 1505.1 + 29063.977 + 28476.136 + 28878.078 = JMD87,923 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD703,597 Mil.
Property, Plant and Equipment(Net PPE) was JMD13,931 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD0 Mil.
Selling, General, & Admin. Expense(SGA) was JMD0 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD24,330 Mil.
Net Income was 2997.364 + 4494.218 + 4758.879 + 3971.866 = JMD16,222 Mil.
Non Operating Income was 241.621 + 0 + 0 + 0 = JMD242 Mil.
Cash Flow from Operations was -7868.452 + 2224.464 + -12447.089 + -13735.935 = JMD-31,827 Mil.
 Total Receivables was JMD17,435 Mil.
Revenue was 4428.978 + 28030.543 + 23058.638 + 21317.456 = JMD76,836 Mil.
Gross Profit was 4428.978 + 28030.543 + 23058.638 + 21317.456 = JMD76,836 Mil.
Total Current Assets was JMD0 Mil.
Total Assets was JMD597,795 Mil.
Property, Plant and Equipment(Net PPE) was JMD8,871 Mil.
Depreciation, Depletion and Amortization(DDA) was JMD0 Mil.
Selling, General, & Admin. Expense(SGA) was JMD0 Mil.
Total Current Liabilities was JMD0 Mil.
Long-Term Debt & Capital Lease Obligation was JMD20,502 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)
=(18969.656 / 87923.291) / (17435.36 / 76835.615)
=0.215752 / 0.226918
=0.9508

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)
=(76835.615 / 76835.615) / (87923.291 / 87923.291)
=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 + 13930.969) / 703596.778) / (1 - (0 + 8871.352) / 597794.69)
=0.9802 / 0.98516
=0.995

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
=87923.291 / 76835.615
=1.1443

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 + 8871.352)) / (0 / (0 + 13930.969))
=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)
=(0 / 87923.291) / (0 / 76835.615)
=0 / 0
=1

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)
=((24330.057 + 0) / 703596.778) / ((20502.204 + 0) / 597794.69)
=0.03458 / 0.034296
=1.0083

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
=(16222.327 - 241.621 - -31827.012) / 703596.778
=0.067948

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 Group Jamaica has a M-score of -2.08 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 -2.08 mean?
Sagicor Group Jamaica (XJAM:SJ) has a Beneish M-Score of -2.08 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sagicor Group Jamaica and its competitors. According to the industry distribution chart, Sagicor Group Jamaica ranks #325 out of 397 companies in the Insurance industry, placing it in the top 81.9%.
Is Sagicor Group Jamaica's Beneish M-Score too high?
Sagicor Group Jamaica's current Beneish M-Score is -2.08. Based on the distribution chart, Sagicor Group Jamaica ranks #325 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Sagicor Group Jamaica has a GF Score™ of 62/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Sagicor Group Jamaica's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Sagicor Group Jamaica ranks #325 out of 397 companies for Beneish M-Score. This places Sagicor Group Jamaica 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 Group Jamaica and its competitors. Sagicor Group Jamaica's current Beneish M-Score is -2.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sagicor Group Jamaica stock overvalued right now?
Based on GuruFocus' analysis, Sagicor Group Jamaica (XJAM:SJ) is currently considered Modestly Undervalued. The stock's GF Value™ is JMD48.32, compared to a current price of JMD38.95 — trading 19.4% below its estimated fair value. The current Beneish M-Score is -2.08. Sagicor Group Jamaica's overall GF Score™ is 62/100. 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 Group Jamaica (XJAM:SJ), the current Beneish M-Score is -2.08 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 Sagicor Group Jamaica (XJAM:SJ) Overvalued in 2026?

Based on GuruFocus' analysis, Sagicor Group Jamaica stock appears to be undervalued. The current stock price of JMD38.95 is trading 19.4% below its estimated GF Value™ of JMD48.32. GuruFocus considers Sagicor Group Jamaica to be Modestly Undervalued.

Key valuation signals for XJAM:SJ:

  • Beneish M-Score: -2.08
  • GF Value™: JMD48.32 vs. price of JMD38.95 (19.4% below fair value)
  • GF Score™: 62/100

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

Sagicor Group Jamaica Business Description

Address 28 - 48 Barbados Avenue, R. Danny Williams Building, Kingston, JAM, 5
Sagicor Group Jamaica Ltd is a financial services company. The company's business segment includes Sagicor Life, Sagicor Jamaica, Sagicor Life USA, and Sagicor Canada. It generates revenue largely from the Sagicor Jamaica segment. Individual Insurance provides individual clients with life and health insurance policies, individual annuities, investment products, living benefits, and other insurance-related solutions through various products. Geographically, it derives a majority of its revenue from Jamaica.
62GF Score

Get the complete analysis for XJAM:SJ

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

JMD38.95
Price
JMD48.32
GF Value