Clal Insurance Enterprises Holdings (XTAE:CLIS) Beneish M-Score: -9.03 (As of Jul. 23, 2026)

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XTAE:CLIS Clal Insurance Enterprises Holdings Ltd XTAE:CLIS
69 GF Score
Price ₪242.80
GF Value ₪104.18
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is Clal Insurance Enterprises Holdings Beneish M-Score?

Clal Insurance Enterprises Holdings XTAE:CLIS +1.89% 69 Beneish M-Score is -9.03 as of Jul. 23, 2026. GuruFocus rates XTAE:CLIS with a GF Score™ of 69/100 and a GF Value™ of ₪104.18 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, Clal Insurance Enterprises Holdings ranks better than 99.24% 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 -9.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:CLIS' s Beneish M-Score Range Over the Past 10 Years
Min: -9.03   Med: -2.27   Max: 23.08
Current: -9.03

During the past 13 years, the highest Beneish M-Score of Clal Insurance Enterprises Holdings was 23.08. The lowest was -9.03. And the median was -2.27.

XTAE:CLIS
69GF Score
Clal Insurance Enterprises Holdings Ltd XTAE:CLIS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Clal Insurance Enterprises Holdings 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 Clal Insurance Enterprises Holdings 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 * 0.6354+0.528 * 1+0.404 * 1.0007+0.892 * 1.6502+0.115 * 0.9277
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.006567-0.327 * 21.8364
=-9.03

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₪20,365 Mil.
Revenue was 4197 + 10933 + 3988 + 9662 = ₪28,780 Mil.
Gross Profit was 4197 + 10933 + 3988 + 9662 = ₪28,780 Mil.
Total Current Assets was ₪0 Mil.
Total Assets was ₪186,997 Mil.
Property, Plant and Equipment(Net PPE) was ₪923 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪526 Mil.
Selling, General, & Admin. Expense(SGA) was ₪0 Mil.
Total Current Liabilities was ₪0 Mil.
Long-Term Debt & Capital Lease Obligation was ₪18,322 Mil.
Net Income was 437 + 739 + 592 + 539 = ₪2,307 Mil.
Non Operating Income was 414 + -1299 + 467 + 423 = ₪5 Mil.
Cash Flow from Operations was -752 + 1507 + 183 + 136 = ₪1,074 Mil.
 Total Receivables was ₪19,423 Mil.
Revenue was 3357 + 8284 + 4384 + 1415 = ₪17,440 Mil.
Gross Profit was 3357 + 8284 + 4384 + 1415 = ₪17,440 Mil.
Total Current Assets was ₪0 Mil.
Total Assets was ₪171,611 Mil.
Property, Plant and Equipment(Net PPE) was ₪967 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪491 Mil.
Selling, General, & Admin. Expense(SGA) was ₪0 Mil.
Total Current Liabilities was ₪0 Mil.
Long-Term Debt & Capital Lease Obligation was ₪770 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)
=(20365 / 28780) / (19423 / 17440)
=0.707609 / 1.113704
=0.6354

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)
=(17440 / 17440) / (28780 / 28780)
=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 + 923) / 186997) / (1 - (0 + 967) / 171611)
=0.995064 / 0.994365
=1.0007

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
=28780 / 17440
=1.6502

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))
=(491 / (491 + 967)) / (526 / (526 + 923))
=0.336763 / 0.363009
=0.9277

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 / 28780) / (0 / 17440)
=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)
=((18322 + 0) / 186997) / ((770 + 0) / 171611)
=0.09798 / 0.004487
=21.8364

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
=(2307 - 5 - 1074) / 186997
=0.006567

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.

Clal Insurance Enterprises Holdings has a M-score of -9.03 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 -9.03 mean?
Clal Insurance Enterprises Holdings (XTAE:CLIS) has a Beneish M-Score of -9.03 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Clal Insurance Enterprises Holdings and its competitors. According to the industry distribution chart, Clal Insurance Enterprises Holdings ranks #3 out of 397 companies in the Insurance industry, placing it in the top 0.8%.
Is Clal Insurance Enterprises Holdings' Beneish M-Score too high?
Clal Insurance Enterprises Holdings' current Beneish M-Score is -9.03. Based on the distribution chart, Clal Insurance Enterprises Holdings ranks #3 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Clal Insurance Enterprises Holdings has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Clal Insurance Enterprises Holdings' Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Clal Insurance Enterprises Holdings ranks #3 out of 397 companies for Beneish M-Score. This places Clal Insurance Enterprises Holdings in the top 1% of its industry — outperforming the majority of peers. 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 Clal Insurance Enterprises Holdings and its competitors. Clal Insurance Enterprises Holdings's current Beneish M-Score is -9.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Clal Insurance Enterprises Holdings stock overvalued right now?
Based on GuruFocus' analysis, Clal Insurance Enterprises Holdings (XTAE:CLIS) is currently considered Significantly Overvalued. The stock's GF Value™ is ₪104.18, compared to a current price of ₪242.80 — trading 133.1% above its estimated fair value. The current Beneish M-Score is -9.03. Clal Insurance Enterprises Holdings' overall GF Score™ is 69/100 with 2 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 Clal Insurance Enterprises Holdings (XTAE:CLIS), the current Beneish M-Score is -9.03 as of Jul. 23, 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 Clal Insurance Enterprises Holdings (XTAE:CLIS) Overvalued in 2026?

Based on GuruFocus' analysis, Clal Insurance Enterprises Holdings stock appears to be overvalued. The current stock price of ₪242.80 is trading 133.1% above its estimated GF Value™ of ₪104.18. GuruFocus considers Clal Insurance Enterprises Holdings to be Significantly Overvalued.

Key valuation signals for XTAE:CLIS:

  • Beneish M-Score: -9.03
  • GF Value™: ₪104.18 vs. price of ₪242.80 (133.1% above fair value)
  • GF Score™: 69/100 with 2 warning signs

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

Clal Insurance Enterprises Holdings Business Description

Address 36 Raul Wallenberg Road, Kiryat Atidim, Tower 8, Tel Aviv, ISR, 6136902
Clal Insurance Enterprises Holdings Ltd is an insurance company, part of IDB Group, a conglomerate from Israel. Its lines of business are Nonlife insurance, Health insurance, Pensions, and provident funds for private and corporate clients. Clal insurance divisions are nonlife insurance, long-term savings, and health. The nonlife insurance division offers automotive, property, personal accidents, guarantees, liability, and marine insurance, among others. The life insurance and long-term savings division manages long-term assets, such as life insurance, pensions, and funds. The health insurance division consists of health insurance products, such as local and overseas surgeries, transplants, medications, critical illness, long-term care, and accidents. The company's main market is Israel.
69GF Score

Get the complete analysis for XTAE:CLIS

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

₪242.80
Price
₪104.18
GF Value