DB Insurance Co (XKRX:005830) Beneish M-Score: -2.24 (As of Sep. 09, 2026)

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XKRX:005830 DB Insurance Co Ltd XKRX:005830
66 GF Score
Price ₩186,100.00
GF Value ₩125,817.76
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is DB Insurance Co Beneish M-Score?

DB Insurance Co XKRX:005830 -0.64% 66 Beneish M-Score is -2.24 as of Sep. 09, 2026. GuruFocus rates XKRX:005830 with a GF Score™ of 66/100 and a GF Value™ of ₩125,817.76 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 403 Insurance companies, DB Insurance Co ranks worse than 72.21% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:005830' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27   Med: -2.56   Max: -2.17
Current: -2.24

During the past 13 years, the highest Beneish M-Score of DB Insurance Co was -2.17. The lowest was -3.27. And the median was -2.56.

XKRX:005830
66GF Score
DB Insurance Co Ltd XKRX:005830
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DB Insurance 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 DB Insurance 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 * 1.6158+0.528 * 1+0.404 * 0.9991+0.892 * 1.0954+0.115 * 1.239
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2853+4.679 * -0.075244-0.327 * 1.1189
=-2.24

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ₩3,600,634 Mil.
Revenue was 5446871 + 4736924 + 4761804 + 4676460 = ₩19,622,059 Mil.
Gross Profit was 5446871 + 4736924 + 4761804 + 4676460 = ₩19,622,059 Mil.
Total Current Assets was ₩0 Mil.
Total Assets was ₩81,608,305 Mil.
Property, Plant and Equipment(Net PPE) was ₩836,095 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩139,450 Mil.
Selling, General, & Admin. Expense(SGA) was ₩318,375 Mil.
Total Current Liabilities was ₩0 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,485,891 Mil.
Net Income was 875906 + 238406 + 378640 + 328186 = ₩1,821,138 Mil.
Non Operating Income was 420213 + 1140794 + 478939 + 639048 = ₩2,678,994 Mil.
Cash Flow from Operations was 3890654 + 2403312 + 980894 + -1992204 = ₩5,282,656 Mil.
 Total Receivables was ₩2,034,231 Mil.
Revenue was 4747601 + 4482260 + 4305449 + 4377532 = ₩17,912,842 Mil.
Gross Profit was 4747601 + 4482260 + 4305449 + 4377532 = ₩17,912,842 Mil.
Total Current Assets was ₩0 Mil.
Total Assets was ₩69,866,870 Mil.
Property, Plant and Equipment(Net PPE) was ₩655,236 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩141,032 Mil.
Selling, General, & Admin. Expense(SGA) was ₩226,127 Mil.
Total Current Liabilities was ₩0 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,667,280 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)
=(3600634 / 19622059) / (2034231 / 17912842)
=0.183499 / 0.113563
=1.6158

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)
=(17912842 / 17912842) / (19622059 / 19622059)
=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 + 836095) / 81608305) / (1 - (0 + 655236) / 69866870)
=0.989755 / 0.990622
=0.9991

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
=19622059 / 17912842
=1.0954

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))
=(141032 / (141032 + 655236)) / (139450 / (139450 + 836095))
=0.177116 / 0.142946
=1.239

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)
=(318375 / 19622059) / (226127 / 17912842)
=0.016225 / 0.012624
=1.2853

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)
=((3485891 + 0) / 81608305) / ((2667280 + 0) / 69866870)
=0.042715 / 0.038177
=1.1189

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
=(1821138 - 2678994 - 5282656) / 81608305
=-0.075244

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.

DB Insurance Co has a M-score of -2.24 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 -2.24 mean?
DB Insurance Co (XKRX:005830) has a Beneish M-Score of -2.24 as of Sep. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DB Insurance Co and its competitors. According to the industry distribution chart, DB Insurance Co ranks #291 out of 403 companies in the Insurance industry, placing it in the top 72.2%.
Is DB Insurance Co's Beneish M-Score too high?
DB Insurance Co's current Beneish M-Score is -2.24. Based on the distribution chart, DB Insurance Co ranks #291 out of 403 companies in the Insurance industry, which is below the industry midpoint. Overall, DB Insurance Co has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does DB Insurance Co's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, DB Insurance Co ranks #291 out of 403 companies for Beneish M-Score. This places DB Insurance 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 DB Insurance Co and its competitors. DB Insurance Co's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DB Insurance Co stock overvalued right now?
Based on GuruFocus' analysis, DB Insurance Co (XKRX:005830) is currently considered Significantly Overvalued. The stock's GF Value™ is ₩125,817.76, compared to a current price of ₩186,100.00 — trading 47.9% above its estimated fair value. The current Beneish M-Score is -2.24. DB Insurance Co's overall GF Score™ is 66/100 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 DB Insurance Co (XKRX:005830), the current Beneish M-Score is -2.24 as of Sep. 09, 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 DB Insurance Co (XKRX:005830) Overvalued in 2026?

Based on GuruFocus' analysis, DB Insurance Co stock appears to be overvalued. The current stock price of ₩186,100.00 is trading 47.9% above its estimated GF Value™ of ₩125,817.76. GuruFocus considers DB Insurance Co to be Significantly Overvalued.

Key valuation signals for XKRX:005830:

  • Beneish M-Score: -2.24
  • GF Value™: ₩125,817.76 vs. price of ₩186,100.00 (47.9% above fair value)
  • GF Score™: 66/100 with 6 warning signs

No single metric tells the full story. See the XKRX:005830 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

DB Insurance Co Business Description

Address 432 Teheran-ro, DB Financial Center, Gangnam-gu, Seoul, KOR, 06194
DB Insurance Co Ltd is an insurance and financial company. It provides a wide range of insurance and financial products, including health, cancer, child, dental, auto, travel, pet, property, and golf insurance, along with pension, savings, and loan services. The company serves individuals, corporates, and institutional clients through prime agents, cross agents, and various other distribution channels. Its operating segments include the Installment finance sector, Life insurance sector, and Non-life insurance sector. It generates the majority of its revenue from the Non-life insurance sector.
66GF Score

Get the complete analysis for XKRX:005830

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

₩186,100.00
Price
₩125,817.76
GF Value