Firstcaution (XPAR:MLFIR) Beneish M-Score: -2.71 (As of Jun. 26, 2026)


XPAR:MLFIR Firstcaution SA XPAR:MLFIR
84 GF Score
Price €32.00
GF Value €51.58
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Firstcaution Beneish M-Score?

Firstcaution XPAR:MLFIR 84 Beneish M-Score is -2.71 as of Jun. 26, 2026. GuruFocus rates XPAR:MLFIR with a GF Score™ of 84/100 and a GF Value™ of €51.58 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 397 Insurance companies, Firstcaution ranks better than 72.29% 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPAR:MLFIR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34   Med: -3.08   Max: -2.71
Current: -2.71

During the past 10 years, the highest Beneish M-Score of Firstcaution was -2.71. The lowest was -3.34. And the median was -3.08.

XPAR:MLFIR
84GF Score
Firstcaution SA XPAR:MLFIR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Firstcaution 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 Firstcaution 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 * 1.1342+0.528 * 1+0.404 * 0.9995+0.892 * 1.1192+0.115 * 1.0143
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.10666-0.327 * 0.8996
=-2.71

* 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 €4.81 Mil.
Revenue was €32.00 Mil.
Gross Profit was €32.00 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €73.98 Mil.
Property, Plant and Equipment(Net PPE) was €0.30 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.93 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €1.61 Mil.
Net Income was €2.46 Mil.
Gross Profit was €0.42 Mil.
Cash Flow from Operations was €9.93 Mil.
 Total Receivables was €3.79 Mil.
Revenue was €28.59 Mil.
Gross Profit was €28.59 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €66.56 Mil.
Property, Plant and Equipment(Net PPE) was €0.23 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.76 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €1.61 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)
=(4.811 / 32.003) / (3.79 / 28.594)
=0.15033 / 0.132545
=1.1342

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)
=(28.594 / 28.594) / (32.003 / 32.003)
=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 + 0.296) / 73.983) / (1 - (0 + 0.23) / 66.56)
=0.995999 / 0.996544
=0.9995

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
=32.003 / 28.594
=1.1192

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))
=(0.763 / (0.763 + 0.23)) / (0.925 / (0.925 + 0.296))
=0.768379 / 0.757576
=1.0143

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 / 32.003) / (0 / 28.594)
=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)
=((1.607 + 0) / 73.983) / ((1.607 + 0) / 66.56)
=0.021721 / 0.024144
=0.8996

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
=(2.459 - 0.421 - 9.929) / 73.983
=-0.10666

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.

Firstcaution has a M-score of -2.71 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 -2.71 mean?
Firstcaution (XPAR:MLFIR) has a Beneish M-Score of -2.71 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Firstcaution and its competitors. According to the industry distribution chart, Firstcaution ranks #110 out of 397 companies in the Insurance industry, placing it in the top 27.7%.
Is Firstcaution's Beneish M-Score too high?
Firstcaution's current Beneish M-Score is -2.71. Based on the distribution chart, Firstcaution ranks #110 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Firstcaution has a GF Score™ of 84/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Firstcaution's Beneish M-Score compare to MRSH and AON?
According to the Insurance industry distribution chart, Firstcaution ranks #110 out of 397 companies for Beneish M-Score. This puts Firstcaution 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 Firstcaution and its competitors. Firstcaution's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Firstcaution stock overvalued right now?
Based on GuruFocus' analysis, Firstcaution (XPAR:MLFIR) is currently considered Significantly Undervalued. The stock's GF Value™ is €51.58, compared to a current price of €32.00 — trading 38% below its estimated fair value. The current Beneish M-Score is -2.71. Firstcaution's overall GF Score™ is 84/100 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 Firstcaution (XPAR:MLFIR), the current Beneish M-Score is -2.71 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 Firstcaution (XPAR:MLFIR) Overvalued in 2026?

Based on GuruFocus' analysis, Firstcaution stock appears to be undervalued. The current stock price of €32.00 is trading 38% below its estimated GF Value™ of €51.58. GuruFocus considers Firstcaution to be Significantly Undervalued.

Key valuation signals for XPAR:MLFIR:

  • Beneish M-Score: -2.71
  • GF Value™: €51.58 vs. price of €32.00 (38% below fair value)
  • GF Score™: 84/100 with 1 warning sign

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

Firstcaution Business Description

Address Avenue Edouard-Rod 4, CP 1155, Nyon, CHE, 1260
Firstcaution SA is an insurance company engaged in processing and providing rental deposit guarantees for private and commercial leases in Switzerland. It offers commercial lease deposit, combined cash deposit and guarantee, and individual risk assessment products to business customers; and guarantees for residential or commercial leases of private customers.
84GF Score

Get the complete analysis for XPAR:MLFIR

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

€32.00
Price
€51.58
GF Value