Migdal Insurance & Financial Holdings (XTAE:MGDL) Beneish M-Score: -2.05 (As of Aug. 22, 2026)

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XTAE:MGDL Migdal Insurance & Financial Holdings Ltd XTAE:MGDL
67 GF Score
Price ₪18.38
GF Value ₪7.69
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Migdal Insurance & Financial Holdings Beneish M-Score?

Migdal Insurance & Financial Holdings XTAE:MGDL -0.33% 67 Beneish M-Score is -2.05 as of Aug. 22, 2026. GuruFocus rates XTAE:MGDL with a GF Score™ of 67/100 and a GF Value™ of ₪7.69 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 403 Insurance companies, Migdal Insurance & Financial Holdings ranks worse than 81.89% 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 -2.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:MGDL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74   Med: -2.05   Max: 8.67
Current: -2.05

During the past 13 years, the highest Beneish M-Score of Migdal Insurance & Financial Holdings was 8.67. The lowest was -2.74. And the median was -2.05.

XTAE:MGDL
67GF Score
Migdal Insurance & Financial Holdings Ltd XTAE:MGDL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Migdal Insurance & Financial 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 Migdal Insurance & Financial 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 * 0.9799+0.528 * 1+0.404 * 1.0004+0.892 * 1.5226+0.115 * 0.837
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.010794-0.327 * 0.8433
=-2.05

* 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 ₪4,688 Mil.
Revenue was 2706 + 8898 + 8808 + 14185 = ₪34,597 Mil.
Gross Profit was 2706 + 8898 + 8808 + 14185 = ₪34,597 Mil.
Total Current Assets was ₪0 Mil.
Total Assets was ₪245,703 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,043 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪302 Mil.
Selling, General, & Admin. Expense(SGA) was ₪0 Mil.
Total Current Liabilities was ₪0 Mil.
Long-Term Debt & Capital Lease Obligation was ₪135 Mil.
Net Income was 321 + 473 + 535 + 571 = ₪1,900 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was -3861 + -166 + 2592 + 5987 = ₪4,552 Mil.
 Total Receivables was ₪3,142 Mil.
Revenue was 2255 + 9390 + 9177 + 1900 = ₪22,722 Mil.
Gross Profit was 2255 + 9390 + 9177 + 1900 = ₪22,722 Mil.
Total Current Assets was ₪0 Mil.
Total Assets was ₪224,235 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,037 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪240 Mil.
Selling, General, & Admin. Expense(SGA) was ₪0 Mil.
Total Current Liabilities was ₪0 Mil.
Long-Term Debt & Capital Lease Obligation was ₪146 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)
=(4688 / 34597) / (3142 / 22722)
=0.135503 / 0.13828
=0.9799

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)
=(22722 / 22722) / (34597 / 34597)
=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 + 1043) / 245703) / (1 - (0 + 1037) / 224235)
=0.995755 / 0.995375
=1.0004

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
=34597 / 22722
=1.5226

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))
=(240 / (240 + 1037)) / (302 / (302 + 1043))
=0.18794 / 0.224535
=0.837

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 / 34597) / (0 / 22722)
=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)
=((135 + 0) / 245703) / ((146 + 0) / 224235)
=0.000549 / 0.000651
=0.8433

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
=(1900 - 0 - 4552) / 245703
=-0.010794

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.

Migdal Insurance & Financial Holdings has a M-score of -2.05 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 -2.05 mean?
Migdal Insurance & Financial Holdings (XTAE:MGDL) has a Beneish M-Score of -2.05 as of Aug. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Migdal Insurance & Financial Holdings and its competitors. According to the industry distribution chart, Migdal Insurance & Financial Holdings ranks #330 out of 403 companies in the Insurance industry, placing it in the top 81.9%.
Is Migdal Insurance & Financial Holdings' Beneish M-Score too high?
Migdal Insurance & Financial Holdings' current Beneish M-Score is -2.05. Based on the distribution chart, Migdal Insurance & Financial Holdings ranks #330 out of 403 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Migdal Insurance & Financial Holdings has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Migdal Insurance & Financial Holdings' Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Migdal Insurance & Financial Holdings ranks #330 out of 403 companies for Beneish M-Score. This places Migdal Insurance & Financial Holdings 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 Migdal Insurance & Financial Holdings and its competitors. Migdal Insurance & Financial Holdings's current Beneish M-Score is -2.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Migdal Insurance & Financial Holdings stock overvalued right now?
Based on GuruFocus' analysis, Migdal Insurance & Financial Holdings (XTAE:MGDL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₪7.69, compared to a current price of ₪18.38 — trading 139% above its estimated fair value. The current Beneish M-Score is -2.05. Migdal Insurance & Financial Holdings' overall GF Score™ is 67/100 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 Migdal Insurance & Financial Holdings (XTAE:MGDL), the current Beneish M-Score is -2.05 as of Aug. 22, 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 Migdal Insurance & Financial Holdings (XTAE:MGDL) Overvalued in 2026?

Based on GuruFocus' analysis, Migdal Insurance & Financial Holdings stock appears to be overvalued. The current stock price of ₪18.38 is trading 139% above its estimated GF Value™ of ₪7.69. GuruFocus considers Migdal Insurance & Financial Holdings to be Significantly Overvalued.

Key valuation signals for XTAE:MGDL:

  • Beneish M-Score: -2.05
  • GF Value™: ₪7.69 vs. price of ₪18.38 (139% above fair value)
  • GF Score™: 67/100 with 2 warning signs

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

Migdal Insurance & Financial Holdings Business Description

Address 4 Efal Street, Kiryat-Aryeh, Petach Tikva, ISR, 49511
Migdal Insurance & Financial Holdings Ltd is a diversified insurance and finance company in Israel. The company provides a wide variety of insurance, pension, and financial asset management services. The group's key areas of activity include life insurance, health insurance, general insurance, and financial services. Migdal's asset management department includes divisions in credit, real estate, and private equity.
67GF Score

Get the complete analysis for XTAE:MGDL

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

₪18.38
Price
₪7.69
GF Value