Equitable Holdings (XTER:AXJ) Beneish M-Score: -1.00 (As of Jun. 25, 2026)


XTER:AXJ Equitable Holdings Inc XTER:AXJ
77 GF Score
Price €32.60
GF Value €39.15
! 5 Warning Signs
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What is Equitable Holdings Beneish M-Score?

Equitable Holdings XTER:AXJ 77 Beneish M-Score is -1.00 as of Jun. 25, 2026. GuruFocus rates XTER:AXJ with a GF Score™ of 77/100 and a GF Value™ of €39.15. The stock has 5 warning signs investors should review. Among 955 Asset Management companies, Equitable Holdings ranks worse than 78.53% 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 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XTER:AXJ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.45   Max: 12.7
Current: -1

During the past 12 years, the highest Beneish M-Score of Equitable Holdings was 12.70. The lowest was -2.82. And the median was -2.45.

XTER:AXJ
77GF Score
Equitable Holdings Inc XTER:AXJ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Equitable 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 Equitable 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 * 2.9736+0.528 * 1+0.404 * 1+0.892 * 0.7104+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3166+4.679 * -0.01056-0.327 * 0.9959
=-1.03

* 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 €21,769 Mil.
Revenue was 3658.95 + 2798.558 + 1235.4 + 2047.854 = €9,741 Mil.
Gross Profit was 3658.95 + 2798.558 + 1235.4 + 2047.854 = €9,741 Mil.
Total Current Assets was €0 Mil.
Total Assets was €268,480 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €759 Mil.
Selling, General, & Admin. Expense(SGA) was €2,113 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €5,992 Mil.
Net Income was 537.165 + 183.61 + -1115.268 + -302.583 = €-697 Mil.
Non Operating Income was 345.135 + 330.498 + 297.348 + 254.898 = €1,228 Mil.
Cash Flow from Operations was 431.635 + -131.516 + 314.388 + 295.647 = €910 Mil.
 Total Receivables was €10,305 Mil.
Revenue was 4232.8 + 3452.325 + 2768.773 + 3258.003 = €13,712 Mil.
Gross Profit was 4232.8 + 3452.325 + 2768.773 + 3258.003 = €13,712 Mil.
Total Current Assets was €0 Mil.
Total Assets was €265,814 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €779 Mil.
Selling, General, & Admin. Expense(SGA) was €2,259 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €5,957 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)
=(21769.455 / 9740.762) / (10305.425 / 13711.901)
=2.234882 / 0.751568
=2.9736

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)
=(13711.901 / 13711.901) / (9740.762 / 9740.762)
=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) / 268480.43) / (1 - (0 + 0) / 265813.55)
=1 / 1
=1

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
=9740.762 / 13711.901
=0.7104

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))
=(779.344 / (779.344 + 0)) / (758.968 / (758.968 + 0))
=1 / 1
=1

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)
=(2112.501 / 9740.762) / (2258.694 / 13711.901)
=0.216872 / 0.164725
=1.3166

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)
=((5991.855 + 0) / 268480.43) / ((5957 + 0) / 265813.55)
=0.022318 / 0.02241
=0.9959

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
=(-697.076 - 1227.879 - 910.154) / 268480.43
=-0.01056

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.

Equitable Holdings has a M-score of -1.03 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 -1.00 mean?
Equitable Holdings (XTER:AXJ) has a Beneish M-Score of -1.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Equitable Holdings and its competitors. According to the industry distribution chart, Equitable Holdings ranks #750 out of 955 companies in the Asset Management industry, placing it in the top 78.5%.
Is Equitable Holdings' Beneish M-Score too high?
Equitable Holdings' current Beneish M-Score is -1.00. Based on the distribution chart, Equitable Holdings ranks #750 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Equitable Holdings has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.
How does Equitable Holdings' Beneish M-Score compare to CRBG and IVZ?
According to the Asset Management industry distribution chart, Equitable Holdings ranks #750 out of 955 companies for Beneish M-Score. This places Equitable 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Equitable Holdings and its competitors. Equitable Holdings's current Beneish M-Score is -1.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Equitable Holdings stock overvalued right now?
Equitable Holdings (XTER:AXJ) has a current Beneish M-Score of -1.00. The stock's GF Value™ is €39.15, compared to a current price of €32.60 — trading 16.7% below its estimated fair value. The current Beneish M-Score is -1.00. Equitable Holdings' overall GF Score™ is 77/100 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 Equitable Holdings (XTER:AXJ), the current Beneish M-Score is -1.00 as of Jun. 25, 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 Equitable Holdings (XTER:AXJ) Overvalued in 2026?

Based on GuruFocus' analysis, Equitable Holdings stock appears to be undervalued. The current stock price of €32.60 is trading 16.7% below its estimated GF Value™ of €39.15.

Key valuation signals for XTER:AXJ:

  • Beneish M-Score: -1.00
  • GF Value™: €39.15 vs. price of €32.60 (16.7% below fair value)
  • GF Score™: 77/100 with 5 warning signs

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

Equitable Holdings Business Description

Address 1345 Avenue of the Americas, New York, NY, USA, 10105
Equitable Holdings Inc is a financial services company providing retirement, asset management, and wealth management solutions for individual and institutional clients, operating through three segments. The Retirement segment generates the majority of revenue and offers annuities, retirement savings plans, institutional savings products, and includes the spread lending business. The Asset Management segment provides diversified investment management and related services globally through Institutional, Retail, and Private Wealth channels and reflects the business of AB. The Wealth Management segment offers advisory accounts, financial planning and advice, life insurance, and annuity products. Revenues are earned predominantly from fee income, income from investments, and insurance premiums.
77GF Score

Get the complete analysis for XTER:AXJ

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

€32.60
Price
€39.15
GF Value