Phoenix Financial (XTAE:PHOE) Beneish M-Score: -2.35 (As of Sep. 20, 2026)

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XTAE:PHOE Phoenix Financial Ltd XTAE:PHOE
77 GF Score
Price ₪186.40
GF Value ₪78.01
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Phoenix Financial Beneish M-Score?

Phoenix Financial XTAE:PHOE 77 Beneish M-Score is -2.35 as of Sep. 20, 2026. GuruFocus rates XTAE:PHOE with a GF Score™ of 77/100 and a GF Value™ of ₪78.01 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 402 Insurance companies, Phoenix Financial ranks worse than 66.17% 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:PHOE' s Beneish M-Score Range Over the Past 10 Years
Min: -13.44   Med: -2.27   Max: -1
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Phoenix Financial was -1.00. The lowest was -13.44. And the median was -2.27.

XTAE:PHOE
77GF Score
Phoenix Financial Ltd XTAE:PHOE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Phoenix Financial 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 Phoenix Financial 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ₪6,478 Mil.
Revenue was 11216.727 + 3936.365 + 8876.4 + 9208.897 = ₪33,238 Mil.
Gross Profit was 0 + 0 + 0 + 0 = ₪0 Mil.
Total Current Assets was ₪ Mil.
Total Assets was ₪210,099 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,560 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪662 Mil.
Selling, General, & Admin. Expense(SGA) was ₪14,069 Mil.
Total Current Liabilities was ₪ Mil.
Long-Term Debt & Capital Lease Obligation was ₪16,532 Mil.
Net Income was 824.438 + 657.685 + 883.499 + 782.459 = ₪3,148 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 3876.799 + -893.284 + 1150.982 + 238.882 = ₪4,373 Mil.
 Total Receivables was ₪5,663 Mil.
Revenue was 10047.558 + 4242.006 + 8096.079 + 7778.52 = ₪30,164 Mil.
Gross Profit was 0 + 0 + 0 + 0 = ₪0 Mil.
Total Current Assets was ₪ Mil.
Total Assets was ₪184,945 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,931 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪590 Mil.
Selling, General, & Admin. Expense(SGA) was ₪14,234 Mil.
Total Current Liabilities was ₪ Mil.
Long-Term Debt & Capital Lease Obligation was ₪13,237 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)
=(6478.182 / 33238.389) / (5662.664 / 30164.163)
=0.194901 / 0.187728
=

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)
=(0 / 30164.163) / (0 / 33238.389)
=0 / 0
=

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 + 1559.578) / 210098.654) / (1 - (0 + 1930.588) / 184945.183)
=0.992577 / 0.989561
=

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
=33238.389 / 30164.163
=

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))
=(589.73 / (589.73 + 1930.588)) / (662.095 / (662.095 + 1559.578))
=0.23399 / 0.298016
=

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)
=(14069.366 / 33238.389) / (14233.729 / 30164.163)
=0.423287 / 0.471875
=

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)
=((16532.124 + 0) / 210098.654) / ((13236.549 + 0) / 184945.183)
=0.078687 / 0.07157
=

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
=(3148.081 - 0 - 4373.379) / 210098.654
=-0.005832

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 -2.35 mean?
Phoenix Financial (XTAE:PHOE) has a Beneish M-Score of -2.35 as of Sep. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Phoenix Financial and its competitors. According to the industry distribution chart, Phoenix Financial ranks #266 out of 402 companies in the Insurance industry, placing it in the top 66.2%.
Is Phoenix Financial's Beneish M-Score too high?
Phoenix Financial's current Beneish M-Score is -2.35. Based on the distribution chart, Phoenix Financial ranks #266 out of 402 companies in the Insurance industry, which is below the industry midpoint. Overall, Phoenix Financial has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Phoenix Financial's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Phoenix Financial ranks #266 out of 402 companies for Beneish M-Score. This places Phoenix Financial 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 Phoenix Financial and its competitors. Phoenix Financial's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Phoenix Financial stock overvalued right now?
Based on GuruFocus' analysis, Phoenix Financial (XTAE:PHOE) is currently considered Significantly Overvalued. The stock's GF Value™ is ₪78.01, compared to a current price of ₪186.40 — trading 138.9% above its estimated fair value. The current Beneish M-Score is -2.35. Phoenix Financial's overall GF Score™ is 77/100 with 7 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 Phoenix Financial (XTAE:PHOE), the current Beneish M-Score is -2.35 as of Sep. 20, 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 Phoenix Financial (XTAE:PHOE) Overvalued in 2026?

Based on GuruFocus' analysis, Phoenix Financial stock appears to be overvalued. The current stock price of ₪186.40 is trading 138.9% above its estimated GF Value™ of ₪78.01. GuruFocus considers Phoenix Financial to be Significantly Overvalued.

Key valuation signals for XTAE:PHOE:

  • Beneish M-Score: -2.35
  • GF Value™: ₪78.01 vs. price of ₪186.40 (138.9% above fair value)
  • GF Score™: 77/100 with 7 warning signs

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

Phoenix Financial Business Description

Address 2 Phoenix Drive, P.O BoX 18, Rishon Lezion, ISR, 7510001
Phoenix Financial Ltd is an Israel-based investment and financial services company with over $200 billion in assets under management. The company operates across multi-line insurance and asset management activities, including fund management, wealth solutions, retirement, advisory, brokerage, employee stock option administration, and credit origination. Phoenix Financial is listed on the Tel Aviv Stock Exchange and is a constituent of the TA-35, MSCI World, MSCI Israel, FTSE Developed, and Bloomberg Developed Markets indices.
77GF Score

Get the complete analysis for XTAE:PHOE

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

₪186.40
Price
₪78.01
GF Value