National Life Insurance Co. (XNEP:NLICL) Beneish M-Score: 0.00 (As of Jul. 07, 2026)


XNEP:NLICL National Life Insurance Co. Ltd XNEP:NLICL
96 GF Score
Price NPR572.00
GF Value NPR626.72
Valuation Fairly Valued
! 5 Warning Signs
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What is National Life Insurance Co. Beneish M-Score?

National Life Insurance Co. XNEP:NLICL -0.17% 96 Beneish M-Score is 0.00 as of Jul. 07, 2026. GuruFocus rates XNEP:NLICL with a GF Score™ of 96/100 and a GF Value™ of NPR626.72 (Fairly Valued). The stock has 5 warning signs investors should review. Among 400 Insurance companies, National Life Insurance Co. ranks worse than 249999.75% 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.

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

During the past 13 years, the highest Beneish M-Score of National Life Insurance Co. was 1.34. The lowest was -2.43. And the median was -2.17.

XNEP:NLICL
96GF Score
National Life Insurance Co. Ltd XNEP:NLICL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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National Life 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 National Life 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was NPR1,313 Mil.
Revenue was 7336.598 + 7447.21 + 7311.422 + 9728.872 = NPR31,824 Mil.
Gross Profit was 7336.598 + 7447.21 + 7311.422 + 9728.872 = NPR31,824 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR122,140 Mil.
Property, Plant and Equipment(Net PPE) was NPR1,154 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR114 Mil.
Selling, General, & Admin. Expense(SGA) was NPR0 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR100 Mil.
Net Income was 174.765 + 272.157 + 140.886 + 54.148 = NPR642 Mil.
Non Operating Income was 29.681 + 13.598 + 23.067 + 57.753 = NPR124 Mil.
Cash Flow from Operations was 1366.641 + 604.474 + 1814.591 + 0 = NPR3,786 Mil.
 Total Receivables was NPR0 Mil.
Revenue was 6306.582 + 6394.893 + 6693.69 + 9503.702 = NPR28,899 Mil.
Gross Profit was 6306.582 + 6394.893 + 6693.69 + 9503.702 = NPR28,899 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR0 Mil.
Property, Plant and Equipment(Net PPE) was NPR0 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR73 Mil.
Selling, General, & Admin. Expense(SGA) was NPR0 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR0 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)
=(1312.779 / 31824.102) / (0 / 28898.867)
=0.041251 / 0
=

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)
=(28898.867 / 28898.867) / (31824.102 / 31824.102)
=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 + 1154.047) / 122140.189) / (1 - (0 + 0) / 0)
=0.990551 /
=

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
=31824.102 / 28898.867
=

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))
=(73.403 / (73.403 + 0)) / (114.38 / (114.38 + 1154.047))
=1 / 0.090175
=

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 / 31824.102) / (0 / 28898.867)
=0 / 0
=

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)
=((100 + 0) / 122140.189) / ((0 + 0) / 0)
=0.000819 /
=

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
=(641.956 - 124.099 - 3785.706) / 122140.189
=-0.026755

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
National Life Insurance Co. (XNEP:NLICL) has a Beneish M-Score of 0.00 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Life Insurance Co. and its competitors. According to the industry distribution chart, National Life Insurance Co. ranks #999999 out of 400 companies in the Insurance industry.
Is National Life Insurance Co.'s Beneish M-Score too high?
National Life Insurance Co.'s current Beneish M-Score is 0.00. Based on the distribution chart, National Life Insurance Co. ranks #999999 out of 400 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, National Life Insurance Co. has a GF Score™ of 96/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Life Insurance Co.'s Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, National Life Insurance Co. ranks #999999 out of 400 companies for Beneish M-Score. This places National Life 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 National Life Insurance Co. and its competitors. National Life Insurance Co.'s current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Life Insurance Co. stock overvalued right now?
Based on GuruFocus' analysis, National Life Insurance Co. (XNEP:NLICL) is currently considered Fairly Valued. The stock's GF Value™ is NPR626.72, compared to a current price of NPR572.00 — trading 8.7% below its estimated fair value. The current Beneish M-Score is 0.00. National Life Insurance Co.'s overall GF Score™ is 96/100 with 5 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 National Life Insurance Co. (XNEP:NLICL), the current Beneish M-Score is 0.00 as of Jul. 07, 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 National Life Insurance Co. (XNEP:NLICL) Overvalued in 2026?

Based on GuruFocus' analysis, National Life Insurance Co. stock appears to be undervalued. The current stock price of NPR572.00 is trading 8.7% below its estimated GF Value™ of NPR626.72. GuruFocus considers National Life Insurance Co. to be Fairly Valued.

Key valuation signals for XNEP:NLICL:

  • Beneish M-Score: 0.00
  • GF Value™: NPR626.72 vs. price of NPR572.00 (8.7% below fair value)
  • GF Score™: 96/100 with 5 warning signs

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

National Life Insurance Co. Business Description

Address Ward No.2, Lazimpat, P.O. Box: 4332, Kathmandu Mahanagarpalika, Kathmandu, NPL, 1215
National Life Insurance Co. Ltd is engaged in the life insurance business, providing various life insurance products including participating and non-participating products through its province offices, branches, sub-branches, and network of agents. The company's offerings include individual plans, which consist of Endowment Assurance Plan, Childrens Plans, Money Back Plans, Whole Life Plans, Terms Assurance Plans, Retirement Plan and Single Premium Plan. The operating segments of the company include Endowment, Anticipated Endowment, Endowment Cum Whole Life, Foreign Employment Term, and Special Term. The company's main source of revenue is Premium Income, with the majority generated from endowment plans.
96GF Score

Get the complete analysis for XNEP:NLICL

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

NPR572.00
Price
NPR626.72
GF Value