Emirates Insurance Co PSC (ADX:EIC) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


ADX:EIC Emirates Insurance Co PSC ADX:EIC
58 GF Score
Price د.إ8.10
GF Value د.إ8.36
Valuation Fairly Valued
View Full Analysis

What is Emirates Insurance Co PSC Beneish M-Score?

Emirates Insurance Co PSC ADX:EIC 58 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates ADX:EIC with a GF Score™ of 58/100 and a GF Value™ of د.إ8.36 (Fairly Valued). Among 397 Insurance companies, Emirates Insurance Co PSC 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 Emirates Insurance Co PSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Emirates Insurance Co PSC was 0.00. The lowest was 0.00. And the median was 0.00.

ADX:EIC
58GF Score
Emirates Insurance Co PSC ADX:EIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Emirates Insurance Co PSC 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 Emirates Insurance Co PSC 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was د.إ18.4 Mil.
Revenue was 193.845 + 160.146 + 171.984 + 175.835 = د.إ701.8 Mil.
Gross Profit was 193.845 + 160.146 + 171.984 + 175.835 = د.إ701.8 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ2,861.2 Mil.
Property, Plant and Equipment(Net PPE) was د.إ15.2 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ4.2 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0.0 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0.0 Mil.
Net Income was 30.034 + 39.296 + 35.311 + 33.801 = د.إ138.4 Mil.
Non Operating Income was 3.034 + 0 + 0 + 0 = د.إ3.0 Mil.
Cash Flow from Operations was 60.263 + 109.131 + 92.423 + -32.913 = د.إ228.9 Mil.
 Total Receivables was د.إ39.1 Mil.
Revenue was 131.456 + 171.465 + 135.678 + 295.198 = د.إ733.8 Mil.
Gross Profit was 131.456 + 171.465 + 135.678 + 295.198 = د.إ733.8 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ2,935.8 Mil.
Property, Plant and Equipment(Net PPE) was د.إ10.4 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ3.6 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0.0 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0.0 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)
=(18.418 / 701.81) / (39.146 / 733.797)
=0.026244 / 0.053347
=

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)
=(733.797 / 733.797) / (701.81 / 701.81)
=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 + 15.166) / 2861.223) / (1 - (0 + 10.379) / 2935.847)
=0.994699 / 0.996465
=

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
=701.81 / 733.797
=

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))
=(3.581 / (3.581 + 10.379)) / (4.219 / (4.219 + 15.166))
=0.256519 / 0.217643
=

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 / 701.81) / (0 / 733.797)
=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) / 2861.223) / ((0 + 0) / 2935.847)
=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
=(138.442 - 3.034 - 228.904) / 2861.223
=-0.032677

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?
Emirates Insurance Co PSC (ADX:EIC) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Emirates Insurance Co PSC and its competitors. According to the industry distribution chart, Emirates Insurance Co PSC ranks #999999 out of 397 companies in the Insurance industry.
Is Emirates Insurance Co PSC's Beneish M-Score too high?
Emirates Insurance Co PSC's current Beneish M-Score is 0.00. Based on the distribution chart, Emirates Insurance Co PSC ranks #999999 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Emirates Insurance Co PSC has a GF Score™ of 58/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Emirates Insurance Co PSC's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Emirates Insurance Co PSC ranks #999999 out of 397 companies for Beneish M-Score. This places Emirates Insurance Co PSC 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 Emirates Insurance Co PSC and its competitors. Emirates Insurance Co PSC'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 Emirates Insurance Co PSC stock overvalued right now?
Based on GuruFocus' analysis, Emirates Insurance Co PSC (ADX:EIC) is currently considered Fairly Valued. The stock's GF Value™ is د.إ8.36, compared to a current price of د.إ8.10 — trading 3.1% below its estimated fair value. The current Beneish M-Score is 0.00. Emirates Insurance Co PSC's overall GF Score™ is 58/100. 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 Emirates Insurance Co PSC (ADX:EIC), the current Beneish M-Score is 0.00 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 Emirates Insurance Co PSC (ADX:EIC) Overvalued in 2026?

Based on GuruFocus' analysis, Emirates Insurance Co PSC stock appears to be undervalued. The current stock price of د.إ8.10 is trading 3.1% below its estimated GF Value™ of د.إ8.36. GuruFocus considers Emirates Insurance Co PSC to be Fairly Valued.

Key valuation signals for ADX:EIC:

  • Beneish M-Score: 0.00
  • GF Value™: د.إ8.36 vs. price of د.إ8.10 (3.1% below fair value)
  • GF Score™: 58/100

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

Emirates Insurance Co PSC Business Description

Address EIC Building, Al Zahiya (Tourist Club), P.O.Box 3856, Abu Dhabi, ARE
Emirates Insurance Co PSC is mainly engaged in issuing short-term and long-term insurance contracts and trading in securities. It operates through two segments: Underwriting of general insurance business (Underwriting) and Investments. The Underwriting of general insurance business incorporates all classes of general insurance products offered by the company, such as fire, marine, motor, general accident, and miscellaneous. The Investments segment includes activities of investments in marketable equity securities and investment funds, bonds, term deposits with banks, investment properties, and other securities. The majority of the company's revenue is generated from the Underwriting segment. Geographically, it generates maximum revenue from the UAE, followed by Europe and the USA.
58GF Score

Get the complete analysis for ADX:EIC

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

د.إ8.10
Price
د.إ8.36
GF Value