Croatia Osiguranje DD (ZAG:CROS) Beneish M-Score: -2.74 (As of Jun. 29, 2026)


ZAG:CROS Croatia Osiguranje DD ZAG:CROS
32 GF Score
Price €3,400.00
GF Value €1,925.71
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Croatia Osiguranje DD Beneish M-Score?

Croatia Osiguranje DD ZAG:CROS -1.73% 32 Beneish M-Score is -2.74 as of Jun. 29, 2026. GuruFocus rates ZAG:CROS with a GF Score™ of 32/100 and a GF Value™ of €1,925.71 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 402 Insurance companies, Croatia Osiguranje DD ranks better than 74.63% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ZAG:CROS' s Beneish M-Score Range Over the Past 10 Years
Min: -52.23   Med: -2.68   Max: -1.34
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Croatia Osiguranje DD was -1.34. The lowest was -52.23. And the median was -2.68.

ZAG:CROS
32GF Score
Croatia Osiguranje DD ZAG:CROS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Croatia Osiguranje DD 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 Croatia Osiguranje DD 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 * 0.4571+0.528 * 1+0.404 * 1.0021+0.892 * 1.1175+0.115 * 1.0402
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.040299-0.327 * 0.0282
=-2.74

* 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 €2.9 Mil.
Revenue was 149.842 + 155.007 + 149.914 + 172.046 = €626.8 Mil.
Gross Profit was 149.842 + 155.007 + 149.914 + 172.046 = €626.8 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €2,050.9 Mil.
Property, Plant and Equipment(Net PPE) was €134.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €16.7 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €1.5 Mil.
Net Income was 18.158 + 7.572 + 15.874 + 24.923 = €66.5 Mil.
Non Operating Income was 5.241 + 3.978 + 4.287 + 1.925 = €15.4 Mil.
Cash Flow from Operations was 1.854 + 69.71 + 57.805 + 4.374 = €133.7 Mil.
 Total Receivables was €5.7 Mil.
Revenue was 136.416 + 141.235 + 135.032 + 148.203 = €560.9 Mil.
Gross Profit was 136.416 + 141.235 + 135.032 + 148.203 = €560.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €1,848.5 Mil.
Property, Plant and Equipment(Net PPE) was €124.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €16.2 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €46.6 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)
=(2.922 / 626.809) / (5.721 / 560.886)
=0.004662 / 0.0102
=0.4571

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)
=(560.886 / 560.886) / (626.809 / 626.809)
=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 + 134.057) / 2050.863) / (1 - (0 + 124.494) / 1848.458)
=0.934634 / 0.93265
=1.0021

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
=626.809 / 560.886
=1.1175

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))
=(16.198 / (16.198 + 124.494)) / (16.685 / (16.685 + 134.057))
=0.115131 / 0.110686
=1.0402

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 / 626.809) / (0 / 560.886)
=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)
=((1.46 + 0) / 2050.863) / ((46.631 + 0) / 1848.458)
=0.000712 / 0.025227
=0.0282

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
=(66.527 - 15.431 - 133.743) / 2050.863
=-0.040299

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.

Croatia Osiguranje DD has a M-score of -2.74 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 -2.74 mean?
Croatia Osiguranje DD (ZAG:CROS) has a Beneish M-Score of -2.74 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Croatia Osiguranje DD and its competitors. According to the industry distribution chart, Croatia Osiguranje DD ranks #102 out of 402 companies in the Insurance industry, placing it in the top 25.4%.
Is Croatia Osiguranje DD's Beneish M-Score too high?
Croatia Osiguranje DD's current Beneish M-Score is -2.74. Based on the distribution chart, Croatia Osiguranje DD ranks #102 out of 402 companies in the Insurance industry, which is above the industry midpoint. Overall, Croatia Osiguranje DD has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Croatia Osiguranje DD's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Croatia Osiguranje DD ranks #102 out of 402 companies for Beneish M-Score. This puts Croatia Osiguranje DD in the upper 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 Croatia Osiguranje DD and its competitors. Croatia Osiguranje DD's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Croatia Osiguranje DD stock overvalued right now?
Based on GuruFocus' analysis, Croatia Osiguranje DD (ZAG:CROS) is currently considered Significantly Overvalued. The stock's GF Value™ is €1,925.71, compared to a current price of €3,400.00 — trading 76.6% above its estimated fair value. The current Beneish M-Score is -2.74. Croatia Osiguranje DD's overall GF Score™ is 32/100 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 Croatia Osiguranje DD (ZAG:CROS), the current Beneish M-Score is -2.74 as of Jun. 29, 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 Croatia Osiguranje DD (ZAG:CROS) Overvalued in 2026?

Based on GuruFocus' analysis, Croatia Osiguranje DD stock appears to be overvalued. The current stock price of €3,400.00 is trading 76.6% above its estimated GF Value™ of €1,925.71. GuruFocus considers Croatia Osiguranje DD to be Significantly Overvalued.

Key valuation signals for ZAG:CROS:

  • Beneish M-Score: -2.74
  • GF Value™: €1,925.71 vs. price of €3,400.00 (76.6% above fair value)
  • GF Score™: 32/100 with 7 warning signs

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

Croatia Osiguranje DD Business Description

Address Vatroslava Jagica 33, Zagreb, HRV, 10000
Croatia Osiguranje DD is engaged in non-life and life insurance business and reinsurance business in the non-life insurance group in the territory of the Republic of Croatia. At the same time, the Group operates in the territories of Northern Macedonia, Bosnia and Herzegovina, and Serbia. Insurance and reinsurance activities are the Company's core business segments. In addition to insurance and reinsurance activities, CO Group companies also perform the following activities: pension fund management, performance of vehicle testing, provision of healthcare services, and real estate management. The segments include: Non-life and Life Insurance segments.
32GF Score

Get the complete analysis for ZAG:CROS

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

€3,400.00
Price
€1,925.71
GF Value