Safwa Islamic Bank (AMM:SIBK) Beneish M-Score: -1.89 (As of Jul. 01, 2026)


AMM:SIBK Safwa Islamic Bank AMM:SIBK
14 GF Score
Price JOD3.05
! 1 Warning Sign
View Full Analysis

What is Safwa Islamic Bank Beneish M-Score?

Safwa Islamic Bank AMM:SIBK +1.33% 14 Beneish M-Score is -1.89 as of Jul. 01, 2026. GuruFocus rates AMM:SIBK with a GF Score™ of 14/100. The stock has 1 warning sign investors should review. Among 1,397 Banks companies, Safwa Islamic Bank ranks worse than 92.56% 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 -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AMM:SIBK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.07   Med: -1.89   Max: -1.79
Current: -1.89

During the past 13 years, the highest Beneish M-Score of Safwa Islamic Bank was -1.79. The lowest was -2.07. And the median was -1.89.

AMM:SIBK
14GF Score
Safwa Islamic Bank AMM:SIBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Safwa 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 Safwa 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 * 1.0009+0.892 * 1.1318+0.115 * 0.9385
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7801+4.679 * 0.090368-0.327 * 0.9523
=-1.89

* 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 JOD0.0 Mil.
Revenue was JOD244.6 Mil.
Gross Profit was JOD244.6 Mil.
Total Current Assets was JOD0.0 Mil.
Total Assets was JOD4,288.5 Mil.
Property, Plant and Equipment(Net PPE) was JOD34.8 Mil.
Depreciation, Depletion and Amortization(DDA) was JOD109.7 Mil.
Selling, General, & Admin. Expense(SGA) was JOD2.3 Mil.
Total Current Liabilities was JOD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was JOD11.4 Mil.
Net Income was JOD26.7 Mil.
Gross Profit was JOD0.0 Mil.
Cash Flow from Operations was JOD-360.8 Mil.
 Total Receivables was JOD0.0 Mil.
Revenue was JOD216.1 Mil.
Gross Profit was JOD216.1 Mil.
Total Current Assets was JOD0.0 Mil.
Total Assets was JOD3,534.5 Mil.
Property, Plant and Equipment(Net PPE) was JOD32.0 Mil.
Depreciation, Depletion and Amortization(DDA) was JOD79.3 Mil.
Selling, General, & Admin. Expense(SGA) was JOD2.6 Mil.
Total Current Liabilities was JOD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was JOD9.9 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 / 244.634) / (0 / 216.142)
=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)
=(216.142 / 216.142) / (244.634 / 244.634)
=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 + 34.83) / 4288.466) / (1 - (0 + 32.022) / 3534.537)
=0.991878 / 0.99094
=1.0009

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
=244.634 / 216.142
=1.1318

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))
=(79.283 / (79.283 + 32.022)) / (109.684 / (109.684 + 34.83))
=0.712304 / 0.758985
=0.9385

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)
=(2.278 / 244.634) / (2.58 / 216.142)
=0.009312 / 0.011937
=0.7801

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)
=((11.382 + 0) / 4288.466) / ((9.851 + 0) / 3534.537)
=0.002654 / 0.002787
=0.9523

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
=(26.714 - 0 - -360.828) / 4288.466
=0.090368

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.

Safwa Islamic Bank has a M-score of -1.89 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 -1.89 mean?
Safwa Islamic Bank (AMM:SIBK) has a Beneish M-Score of -1.89 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Safwa Islamic Bank and its competitors. According to the industry distribution chart, Safwa Islamic Bank ranks #1293 out of 1397 companies in the Banks industry, placing it in the top 92.6%.
Is Safwa Islamic Bank's Beneish M-Score too high?
Safwa Islamic Bank's current Beneish M-Score is -1.89. Based on the distribution chart, Safwa Islamic Bank ranks #1293 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Safwa Islamic Bank has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Safwa Islamic Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Safwa Islamic Bank ranks #1293 out of 1397 companies for Beneish M-Score. This places Safwa 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 Safwa Islamic Bank and its competitors. Safwa Islamic Bank's current Beneish M-Score is -1.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Safwa Islamic Bank stock overvalued right now?
Safwa Islamic Bank (AMM:SIBK) has a current Beneish M-Score of -1.89. The current Beneish M-Score is -1.89. Safwa Islamic Bank's overall GF Score™ is 14/100 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 Safwa Islamic Bank (AMM:SIBK), the current Beneish M-Score is -1.89 as of Jul. 01, 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.

Safwa Islamic Bank Business Description

Address Suleiman Al Nabulsi street, Building No 38, Alabdali boulevard, Amman, JOR, 11118
Safwa Islamic Bank provides Islamic banking and financial services in accordance with Shari'a principles on a non-interest basis. The Bank offers financial banking and structured investment services and operates through three business sectors: Retail Accounts, which manages unrestricted investment accounts, deferred sales receivables, financings, and related retail services; Corporate Accounts, which handles similar services for corporate customers; and Treasury, which is responsible for brokerage services, treasury activities, and the management of the Bank's funds. The Bank operates within the Kingdom and across other Middle Eastern countries, as well as in Europe, Asia, Africa, America, and other international markets.
14GF Score

Get the complete analysis for AMM:SIBK

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

JOD3.05
Price