Sharjah Islamic Bank (ADX:SIB) Beneish M-Score: -2.12 (As of Jun. 26, 2026)


ADX:SIB Sharjah Islamic Bank ADX:SIB
71 GF Score
Price د.إ2.96
GF Value د.إ3.18
Valuation Fairly Valued
! 1 Warning Sign
View Full Analysis

What is Sharjah Islamic Bank Beneish M-Score?

Sharjah Islamic Bank ADX:SIB -1.99% 71 Beneish M-Score is -2.12 as of Jun. 26, 2026. GuruFocus rates ADX:SIB with a GF Score™ of 71/100 and a GF Value™ of د.إ3.18 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,397 Banks companies, Sharjah Islamic Bank ranks worse than 85.83% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ADX:SIB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17   Med: -2.57   Max: -1.97
Current: -2.12

During the past 13 years, the highest Beneish M-Score of Sharjah Islamic Bank was -1.97. The lowest was -3.17. And the median was -2.57.

ADX:SIB
71GF Score
Sharjah Islamic Bank ADX:SIB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sharjah Islamic Bank 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 Sharjah Islamic Bank 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 * 1.0013+0.892 * 1.2166+0.115 * 0.8939
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0509+4.679 * 0.033366-0.327 * 0.9076
=-2.12

* 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.إ0 Mil.
Revenue was 644.084 + 692.084 + 683.273 + 630.798 = د.إ2,650 Mil.
Gross Profit was 644.084 + 692.084 + 683.273 + 630.798 = د.إ2,650 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ90,867 Mil.
Property, Plant and Equipment(Net PPE) was د.إ879 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ65 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ300 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ5,500 Mil.
Net Income was 380.667 + 212.223 + 408.04 + 378.268 = د.إ1,379 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was -5403.809 + 3357.187 + -4018.115 + 4412.054 = د.إ-1,653 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 531.713 + 537.552 + 585.208 + 523.939 = د.إ2,178 Mil.
Gross Profit was 531.713 + 537.552 + 585.208 + 523.939 = د.إ2,178 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ82,770 Mil.
Property, Plant and Equipment(Net PPE) was د.إ909 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ60 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ235 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ5,520 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 / 2650.239) / (0 / 2178.412)
=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)
=(2178.412 / 2178.412) / (2650.239 / 2650.239)
=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 + 879.466) / 90867.023) / (1 - (0 + 909.177) / 82770.479)
=0.990321 / 0.989016
=1.0013

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
=2650.239 / 2178.412
=1.2166

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))
=(59.933 / (59.933 + 909.177)) / (65.363 / (65.363 + 879.466))
=0.061843 / 0.06918
=0.8939

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)
=(300.087 / 2650.239) / (234.724 / 2178.412)
=0.11323 / 0.10775
=1.0509

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)
=((5499.91 + 0) / 90867.023) / ((5520.057 + 0) / 82770.479)
=0.060527 / 0.066691
=0.9076

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
=(1379.198 - 0 - -1652.683) / 90867.023
=0.033366

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.

Sharjah Islamic Bank has a M-score of -2.12 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 -2.12 mean?
Sharjah Islamic Bank (ADX:SIB) has a Beneish M-Score of -2.12 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sharjah Islamic Bank and its competitors. According to the industry distribution chart, Sharjah Islamic Bank ranks #1199 out of 1397 companies in the Banks industry, placing it in the top 85.8%.
Is Sharjah Islamic Bank's Beneish M-Score too high?
Sharjah Islamic Bank's current Beneish M-Score is -2.12. Based on the distribution chart, Sharjah Islamic Bank ranks #1199 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Sharjah Islamic Bank has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Sharjah Islamic Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Sharjah Islamic Bank ranks #1199 out of 1397 companies for Beneish M-Score. This places Sharjah Islamic Bank 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 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 Sharjah Islamic Bank and its competitors. Sharjah Islamic Bank's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sharjah Islamic Bank stock overvalued right now?
Based on GuruFocus' analysis, Sharjah Islamic Bank (ADX:SIB) is currently considered Fairly Valued. The stock's GF Value™ is د.إ3.18, compared to a current price of د.إ2.96 — trading 6.9% below its estimated fair value. The current Beneish M-Score is -2.12. Sharjah Islamic Bank's overall GF Score™ is 71/100 with 1 warning sign 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 Sharjah Islamic Bank (ADX:SIB), the current Beneish M-Score is -2.12 as of Jun. 26, 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 Sharjah Islamic Bank (ADX:SIB) Overvalued in 2026?

Based on GuruFocus' analysis, Sharjah Islamic Bank stock appears to be undervalued. The current stock price of د.إ2.96 is trading 6.9% below its estimated GF Value™ of د.إ3.18. GuruFocus considers Sharjah Islamic Bank to be Fairly Valued.

Key valuation signals for ADX:SIB:

  • Beneish M-Score: -2.12
  • GF Value™: د.إ3.18 vs. price of د.إ2.96 (6.9% below fair value)
  • GF Score™: 71/100 with 1 warning sign

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

Sharjah Islamic Bank Business Description

Address Sharjah Islamic Bank Tower, P.O. Box 4, Al Khan, Sharjah, ARE
Sharjah Islamic Bank is engaged in providing banking activities, financing, and investing activities to corporates and individuals. The bank's activities comprise four main business segments: Government and corporate, Retail, Investment and treasury, and Hospitality, brokerage and real estate. The majority of its revenue is derived from the Government and corporate segment, in which the bank provides companies, institutions and government departments with a range of Islamic financial products and services.
71GF Score

Get the complete analysis for ADX:SIB

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

د.إ2.96
Price
د.إ3.18
GF Value