Helvetia Baloise Holding AG (XSWX:HBAN) Beneish M-Score: -1.36 (As of Jun. 27, 2026)


XSWX:HBAN Helvetia Baloise Holding AG XSWX:HBAN
81 GF Score
Price CHF209.00
GF Value CHF184.54
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Helvetia Baloise Holding AG Beneish M-Score?

Helvetia Baloise Holding AG XSWX:HBAN 81 Beneish M-Score is -1.36 as of Jun. 27, 2026. GuruFocus rates XSWX:HBAN with a GF Score™ of 81/100 and a GF Value™ of CHF184.54 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 397 Insurance companies, Helvetia Baloise Holding AG ranks worse than 92.19% 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.

Warning Sign:

Beneish M-Score -1.36 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XSWX:HBAN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.4   Max: -1.36
Current: -1.36

During the past 13 years, the highest Beneish M-Score of Helvetia Baloise Holding AG was -1.36. The lowest was -2.76. And the median was -2.40.

XSWX:HBAN
81GF Score
Helvetia Baloise Holding AG XSWX:HBAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Helvetia Baloise Holding AG 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 Helvetia Baloise Holding AG 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 * 2.2042+0.528 * 1+0.404 * 1.0068+0.892 * 0.9511+0.115 * 1.4575
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.003829-0.327 * 0.9378
=-1.36

* 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 CHF789 Mil.
Revenue was CHF10,676 Mil.
Gross Profit was CHF10,676 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF146,458 Mil.
Property, Plant and Equipment(Net PPE) was CHF1,586 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF159 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF4,506 Mil.
Net Income was CHF552 Mil.
Gross Profit was CHF322 Mil.
Cash Flow from Operations was CHF791 Mil.
 Total Receivables was CHF376 Mil.
Revenue was CHF11,224 Mil.
Gross Profit was CHF11,224 Mil.
Total Current Assets was CHF0 Mil.
Total Assets was CHF60,961 Mil.
Property, Plant and Equipment(Net PPE) was CHF1,069 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF164 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0 Mil.
Total Current Liabilities was CHF0 Mil.
Long-Term Debt & Capital Lease Obligation was CHF2,000 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)
=(788.9 / 10675.7) / (376.3 / 11224.4)
=0.073897 / 0.033525
=2.2042

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)
=(11224.4 / 11224.4) / (10675.7 / 10675.7)
=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 + 1585.6) / 146457.7) / (1 - (0 + 1069.3) / 60961.2)
=0.989174 / 0.982459
=1.0068

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
=10675.7 / 11224.4
=0.9511

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))
=(163.8 / (163.8 + 1069.3)) / (159 / (159 + 1585.6))
=0.132836 / 0.091138
=1.4575

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 / 10675.7) / (0 / 11224.4)
=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)
=((4505.6 + 0) / 146457.7) / ((1999.8 + 0) / 60961.2)
=0.030764 / 0.032804
=0.9378

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
=(552.3 - 322.3 - 790.8) / 146457.7
=-0.003829

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.

Helvetia Baloise Holding AG has a M-score of -1.36 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 -1.36 mean?
Helvetia Baloise Holding AG (XSWX:HBAN) has a Beneish M-Score of -1.36 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Helvetia Baloise Holding AG and its competitors. According to the industry distribution chart, Helvetia Baloise Holding AG ranks #366 out of 397 companies in the Insurance industry, placing it in the top 92.2%.
Is Helvetia Baloise Holding AG's Beneish M-Score too high?
Helvetia Baloise Holding AG's current Beneish M-Score is -1.36. Based on the distribution chart, Helvetia Baloise Holding AG ranks #366 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Helvetia Baloise Holding AG has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Helvetia Baloise Holding AG's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Helvetia Baloise Holding AG ranks #366 out of 397 companies for Beneish M-Score. This places Helvetia Baloise Holding AG 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 Helvetia Baloise Holding AG and its competitors. Helvetia Baloise Holding AG's current Beneish M-Score is -1.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Helvetia Baloise Holding AG stock overvalued right now?
Based on GuruFocus' analysis, Helvetia Baloise Holding AG (XSWX:HBAN) is currently considered Modestly Overvalued. The stock's GF Value™ is CHF184.54, compared to a current price of CHF209.00 — trading 13.3% above its estimated fair value. The current Beneish M-Score is -1.36. Helvetia Baloise Holding AG's overall GF Score™ is 81/100 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 Helvetia Baloise Holding AG (XSWX:HBAN), the current Beneish M-Score is -1.36 as of Jun. 27, 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 Helvetia Baloise Holding AG (XSWX:HBAN) Overvalued in 2026?

Based on GuruFocus' analysis, Helvetia Baloise Holding AG stock appears to be overvalued. The current stock price of CHF209.00 is trading 13.3% above its estimated GF Value™ of CHF184.54. GuruFocus considers Helvetia Baloise Holding AG to be Modestly Overvalued.

Key valuation signals for XSWX:HBAN:

  • Beneish M-Score: -1.36
  • GF Value™: CHF184.54 vs. price of CHF209.00 (13.3% above fair value)
  • GF Score™: 81/100 with 5 warning signs

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

Helvetia Baloise Holding AG Business Description

Address Aeschengraben 21, Basel, CHE, CH-4051
Helvetia Baloise Holding AG is a multi-line insurance company. The company provides pension, specialty insurance and reinsurance services, and other financial solutions. The company represents it's seven reportable segments namely Switzerland, Spain, Germany, Belgium, Luxembourg, Italian and Austrian Markets, Specialty Markets, and Corporate and other. Company generates majority revenue from Switzerland business segment.
81GF Score

Get the complete analysis for XSWX:HBAN

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

CHF209.00
Price
CHF184.54
GF Value