Abu Dhabi National Insurance Co PJSC (ADX:ADNIC) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


ADX:ADNIC Abu Dhabi National Insurance Co PJSC ADX:ADNIC
63 GF Score
Price د.إ7.20
GF Value د.إ8.76
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Abu Dhabi National Insurance Co PJSC Beneish M-Score?

Abu Dhabi National Insurance Co PJSC ADX:ADNIC 63 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates ADX:ADNIC with a GF Score™ of 63/100 and a GF Value™ of د.إ8.76 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, Abu Dhabi National Insurance Co PJSC ranks worse than 251888.92% 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.

The historical rank and industry rank for Abu Dhabi National Insurance Co PJSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Abu Dhabi National Insurance Co PJSC was -2.10. The lowest was -5.52. And the median was -2.22.

ADX:ADNIC
63GF Score
Abu Dhabi National Insurance Co PJSC ADX:ADNIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Abu Dhabi National Insurance Co PJSC 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 Abu Dhabi National Insurance Co PJSC 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was د.إ45 Mil.
Revenue was 943.18 + 1003.221 + 1098.896 + 974.686 = د.إ4,020 Mil.
Gross Profit was 943.18 + 1003.221 + 1098.896 + 974.686 = د.إ4,020 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ10,542 Mil.
Property, Plant and Equipment(Net PPE) was د.إ77 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ25 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0 Mil.
Net Income was 94.26 + 127.526 + 119.211 + 111.527 = د.إ453 Mil.
Non Operating Income was 5.674 + 6.004 + 5.224 + 5.218 = د.إ22 Mil.
Cash Flow from Operations was -266.922 + 364.374 + -56.902 + 186.087 = د.إ227 Mil.
 Total Receivables was د.إ37 Mil.
Revenue was 1012.387 + 909.555 + 969.459 + 931.246 = د.إ3,823 Mil.
Gross Profit was 1012.387 + 909.555 + 969.459 + 931.246 = د.إ3,823 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ11,348 Mil.
Property, Plant and Equipment(Net PPE) was د.إ75 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ28 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0 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)
=(44.894 / 4019.983) / (37.219 / 3822.647)
=0.011168 / 0.009736
=

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)
=(3822.647 / 3822.647) / (4019.983 / 4019.983)
=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 + 77.447) / 10542.106) / (1 - (0 + 74.787) / 11347.817)
=0.992654 / 0.99341
=

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
=4019.983 / 3822.647
=

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))
=(27.598 / (27.598 + 74.787)) / (24.676 / (24.676 + 77.447))
=0.269551 / 0.24163
=

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 / 4019.983) / (0 / 3822.647)
=0 / 0
=

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)
=((0 + 0) / 10542.106) / ((0 + 0) / 11347.817)
=0 / 0
=

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
=(452.524 - 22.12 - 226.637) / 10542.106
=0.019329

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 0.00 mean?
Abu Dhabi National Insurance Co PJSC (ADX:ADNIC) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Abu Dhabi National Insurance Co PJSC and its competitors. According to the industry distribution chart, Abu Dhabi National Insurance Co PJSC ranks #999999 out of 397 companies in the Insurance industry.
Is Abu Dhabi National Insurance Co PJSC's Beneish M-Score too high?
Abu Dhabi National Insurance Co PJSC's current Beneish M-Score is 0.00. Based on the distribution chart, Abu Dhabi National Insurance Co PJSC ranks #999999 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Abu Dhabi National Insurance Co PJSC has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Abu Dhabi National Insurance Co PJSC's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Abu Dhabi National Insurance Co PJSC ranks #999999 out of 397 companies for Beneish M-Score. This places Abu Dhabi National Insurance Co PJSC 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 Abu Dhabi National Insurance Co PJSC and its competitors. Abu Dhabi National Insurance Co PJSC's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Abu Dhabi National Insurance Co PJSC stock overvalued right now?
Based on GuruFocus' analysis, Abu Dhabi National Insurance Co PJSC (ADX:ADNIC) is currently considered Modestly Undervalued. The stock's GF Value™ is د.إ8.76, compared to a current price of د.إ7.20 — trading 17.8% below its estimated fair value. The current Beneish M-Score is 0.00. Abu Dhabi National Insurance Co PJSC's overall GF Score™ is 63/100 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 Abu Dhabi National Insurance Co PJSC (ADX:ADNIC), the current Beneish M-Score is 0.00 as of Jun. 27, 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 Abu Dhabi National Insurance Co PJSC (ADX:ADNIC) Overvalued in 2026?

Based on GuruFocus' analysis, Abu Dhabi National Insurance Co PJSC stock appears to be undervalued. The current stock price of د.إ7.20 is trading 17.8% below its estimated GF Value™ of د.إ8.76. GuruFocus considers Abu Dhabi National Insurance Co PJSC to be Modestly Undervalued.

Key valuation signals for ADX:ADNIC:

  • Beneish M-Score: 0.00
  • GF Value™: د.إ8.76 vs. price of د.إ7.20 (17.8% below fair value)
  • GF Score™: 63/100 with 2 warning signs

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

Abu Dhabi National Insurance Co PJSC Business Description

Address Mohamed Bin Khalifa Street, P.O. Box: 839, ADNIC Building No. 403, Al Danah, Zone 1, Abu Dhabi, ARE
Abu Dhabi National Insurance Co PJSC is engaged in the transaction of insurance and reinsurance business of all classes. The company is organized into two main business segments: Underwriting of commercial lines of business - incorporating all classes of general insurance including marine cargo, marine hull, aviation, energy, property and engineering; and Underwriting of consumer line of business - incorporating all classes of insurance including accident, life, motor and medical. The majority of revenue is derived from Underwriting of commercial lines of business segment.
63GF Score

Get the complete analysis for ADX:ADNIC

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

د.إ7.20
Price
د.إ8.76
GF Value