National Bank of Fujairah PSC (ADX:NBF) Beneish M-Score: -2.40 (As of Jun. 27, 2026)


ADX:NBF National Bank of Fujairah PSC ADX:NBF
56 GF Score
Price د.إ5.00
GF Value د.إ5.12
Valuation Fairly Valued
! 5 Warning Signs
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What is National Bank of Fujairah PSC Beneish M-Score?

National Bank of Fujairah PSC ADX:NBF 56 Beneish M-Score is -2.40 as of Jun. 27, 2026. GuruFocus rates ADX:NBF with a GF Score™ of 56/100 and a GF Value™ of د.إ5.12 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, National Bank of Fujairah PSC ranks better than 50.68% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for National Bank of Fujairah PSC's Beneish M-Score or its related term are showing as below:

ADX:NBF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.4   Max: -1.98
Current: -2.4

During the past 13 years, the highest Beneish M-Score of National Bank of Fujairah PSC was -1.98. The lowest was -3.38. And the median was -2.40.

ADX:NBF
56GF Score
National Bank of Fujairah PSC ADX:NBF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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National Bank of Fujairah 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 National Bank of Fujairah 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 * 1+0.528 * 1+0.404 * 1.0024+0.892 * 1.1014+0.115 * 0.6137
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.0056-0.327 * 0.9773
=-2.40

* 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.إ0 Mil.
Revenue was د.إ2,680 Mil.
Gross Profit was د.إ2,680 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ69,374 Mil.
Property, Plant and Equipment(Net PPE) was د.إ264 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ68 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.إ900 Mil.
Net Income was د.إ1,205 Mil.
Gross Profit was د.إ0 Mil.
Cash Flow from Operations was د.إ817 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was د.إ2,433 Mil.
Gross Profit was د.إ2,433 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ60,879 Mil.
Property, Plant and Equipment(Net PPE) was د.إ378 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ55 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.إ808 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)
=(0 / 2679.905) / (0 / 2433.151)
=0 / 0
=1

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)
=(2433.151 / 2433.151) / (2679.905 / 2679.905)
=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 + 263.808) / 69373.888) / (1 - (0 + 378.389) / 60879.068)
=0.996197 / 0.993785
=1.0024

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
=2679.905 / 2433.151
=1.1014

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))
=(54.552 / (54.552 + 378.389)) / (68.154 / (68.154 + 263.808))
=0.126003 / 0.205307
=0.6137

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 / 2679.905) / (0 / 2433.151)
=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)
=((899.885 + 0) / 69373.888) / ((808.06 + 0) / 60879.068)
=0.012972 / 0.013273
=0.9773

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
=(1205.165 - 0 - 816.671) / 69373.888
=0.0056

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.

National Bank of Fujairah PSC has a M-score of -2.40 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 -2.40 mean?
National Bank of Fujairah PSC (ADX:NBF) has a Beneish M-Score of -2.40 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Bank of Fujairah PSC and its competitors. According to the industry distribution chart, National Bank of Fujairah PSC ranks #689 out of 1397 companies in the Banks industry, placing it in the top 49.3%.
Is National Bank of Fujairah PSC's Beneish M-Score too high?
National Bank of Fujairah PSC's current Beneish M-Score is -2.40. Based on the distribution chart, National Bank of Fujairah PSC ranks #689 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, National Bank of Fujairah PSC has a GF Score™ of 56/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Bank of Fujairah PSC's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, National Bank of Fujairah PSC ranks #689 out of 1397 companies for Beneish M-Score. This puts National Bank of Fujairah PSC 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 a Banks company?
A good Beneish M-Score depends on the Banks 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 National Bank of Fujairah PSC and its competitors. National Bank of Fujairah PSC's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Bank of Fujairah PSC stock overvalued right now?
Based on GuruFocus' analysis, National Bank of Fujairah PSC (ADX:NBF) is currently considered Fairly Valued. The stock's GF Value™ is د.إ5.12, compared to a current price of د.إ5.00 — trading 2.3% below its estimated fair value. The current Beneish M-Score is -2.40. National Bank of Fujairah PSC's overall GF Score™ is 56/100 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 National Bank of Fujairah PSC (ADX:NBF), the current Beneish M-Score is -2.40 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 National Bank of Fujairah PSC (ADX:NBF) Overvalued in 2026?

Based on GuruFocus' analysis, National Bank of Fujairah PSC stock appears to be undervalued. The current stock price of د.إ5.00 is trading 2.3% below its estimated GF Value™ of د.إ5.12. GuruFocus considers National Bank of Fujairah PSC to be Fairly Valued.

Key valuation signals for ADX:NBF:

  • Beneish M-Score: -2.40
  • GF Value™: د.إ5.12 vs. price of د.إ5.00 (2.3% below fair value)
  • GF Score™: 56/100 with 5 warning signs

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

National Bank of Fujairah PSC Business Description

Address Hamad Bin Abdullah Street, P.O. Box 887, Fujairah, ARE
National Bank of Fujairah PSC is a UAE-based commercial bank. It provides commercial banking products and services in the United Arab Emirates. The group conducts its activity through segments namely, Corporate and Institutional Banking; Business Banking, Retail Banking; and Treasury, Asset and Liability Management and others. Its products and services include current, savings and fixed deposit, and personal, auto, home, and construction loans, as well as guarantees, overdrafts, and term lending solutions. The company's majority of the revenue is generated from the Business Banking segment which offers a products and services including credit and trade finance products, and services to small and medium sized customers through separate units and accepts deposits.
56GF Score

Get the complete analysis for ADX:NBF

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

د.إ5.00
Price
د.إ5.12
GF Value