APM Terminals Bahrain BSC (c) (BAH:APMTB) Beneish M-Score: -3.07 (As of Jul. 12, 2026)

What is APM Terminals Bahrain BSC (c) Beneish M-Score?

APM Terminals Bahrain BSC (c) BAH:APMTB +0.74% 82 Beneish M-Score is -3.07 as of Jul. 12, 2026. GuruFocus rates BAH:APMTB with a GF Score™ of 82/100 and a GF Value™ of BHD1.10 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,698 Construction companies, APM Terminals Bahrain BSC (c) ranks better than 84.45% on this metric.

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 -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for APM Terminals Bahrain BSC (c)'s Beneish M-Score or its related term are showing as below:

BAH:APMTB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59 Med: -2.61 Max: 4.53
Current: -3.07

During the past 9 years, the highest Beneish M-Score of APM Terminals Bahrain BSC (c) was 4.53. The lowest was -3.59. And the median was -2.61.

APM Terminals Bahrain BSC (c) Beneish M-Score Related Terms

APM Terminals Bahrain BSC (c) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for APM Terminals Bahrain BSC (c)'s Beneish M-Score can be seen below:

* 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.

APM Terminals Bahrain BSC (c) Beneish M-Score Chart

APM Terminals Bahrain BSC (c) Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.61

-2.79

-2.78

-2.86

-2.96

APM Terminals Bahrain BSC (c) Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.87	-3.01	-3.04	-2.96	-3.07

APM Terminals Bahrain BSC (c) Beneish M-Score Competitor Comparison

For the Infrastructure Operations subindustry, APM Terminals Bahrain BSC (c)'s Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

APM Terminals Bahrain BSC (c) Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, APM Terminals Bahrain BSC (c)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where APM Terminals Bahrain BSC (c)'s Beneish M-Score falls into.

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82GF Score

APM Terminals Bahrain BSC (c) BAH:APMTB

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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APM Terminals Bahrain BSC (c) 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 APM Terminals Bahrain BSC (c) for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.858

0.528 * 1.0307

0.404 * 0.817

0.892 * 0.9444

0.115 * 1.0071

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1173

4.679 * -0.081403

0.327 * 0.8435

-3.07

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was BHD24.45 Mil.
Revenue was 8.141 + 10.085 + 10.57 + 9.084 = BHD37.88 Mil.
Gross Profit was 2.369 + 3.941 + 4.178 + 3.255 = BHD13.74 Mil.
Total Current Assets was BHD29.34 Mil.
Total Assets was BHD60.92 Mil.
Property, Plant and Equipment(Net PPE) was BHD28.47 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD3.69 Mil.
Selling, General, & Admin. Expense(SGA) was BHD3.20 Mil.
Total Current Liabilities was BHD11.77 Mil.
Long-Term Debt & Capital Lease Obligation was BHD24.54 Mil.
Net Income was 1.065 + 2.273 + 2.615 + 1.812 = BHD7.77 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BHD0.00 Mil.
Cash Flow from Operations was 2.356 + 3.07 + 5.102 + 2.196 = BHD12.72 Mil.

Total Receivables was BHD30.18 Mil.
Revenue was 10.124 + 10.156 + 10.017 + 9.815 = BHD40.11 Mil.
Gross Profit was 3.87 + 3.756 + 3.68 + 3.694 = BHD15.00 Mil.
Total Current Assets was BHD31.80 Mil.
Total Assets was BHD57.57 Mil.
Property, Plant and Equipment(Net PPE) was BHD22.16 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD2.89 Mil.
Selling, General, & Admin. Expense(SGA) was BHD3.03 Mil.
Total Current Liabilities was BHD21.06 Mil.
Long-Term Debt & Capital Lease Obligation was BHD19.62 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)
	=	(24.454 / 37.88)	/	(30.18 / 40.112)
	=	0.645565	/	0.752393
	=	0.858

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)
	=	(15 / 40.112)	/	(13.743 / 37.88)
	=	0.373953	/	0.362804
	=	1.0307

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 - (29.335 + 28.468) / 60.919)	/	(1 - (31.797 + 22.164) / 57.565)
	=	0.05115	/	0.062607
	=	0.817

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
	=	37.88	/	40.112
	=	0.9444

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))
	=	(2.892 / (2.892 + 22.164))	/	(3.685 / (3.685 + 28.468))
	=	0.115421	/	0.114608
	=	1.0071

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)
	=	(3.199 / 37.88)	/	(3.032 / 40.112)
	=	0.084451	/	0.075588
	=	1.1173

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)
	=	((24.542 + 11.769) / 60.919)	/	((19.616 + 21.062) / 57.565)
	=	0.596054	/	0.706645
	=	0.8435

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
	=	(7.765 - 0	-	12.724)	/	60.919
	=	-0.081403

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.

APM Terminals Bahrain BSC (c) has a M-score of -3.07 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 -3.07 mean?

APM Terminals Bahrain BSC (c) (BAH:APMTB) has a Beneish M-Score of -3.07 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on APM Terminals Bahrain BSC (c) and its competitors. According to the industry distribution chart, APM Terminals Bahrain BSC (c) ranks #264 out of 1698 companies in the Construction industry, placing it in the top 15.5%.

Is APM Terminals Bahrain BSC (c)'s Beneish M-Score too high?

APM Terminals Bahrain BSC (c)'s current Beneish M-Score is -3.07. Based on the distribution chart, APM Terminals Bahrain BSC (c) ranks #264 out of 1698 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, APM Terminals Bahrain BSC (c) has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does APM Terminals Bahrain BSC (c)'s Beneish M-Score compare to competitors?

According to the Construction industry distribution chart, APM Terminals Bahrain BSC (c) ranks #264 out of 1698 companies for Beneish M-Score. This places APM Terminals Bahrain BSC (c) in the top 16% of its industry — outperforming the majority of peers. 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 Construction company?

A good Beneish M-Score depends on the Construction 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 APM Terminals Bahrain BSC (c) and its competitors. APM Terminals Bahrain BSC (c)'s current Beneish M-Score is -3.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is APM Terminals Bahrain BSC (c) stock overvalued right now?

Based on GuruFocus' analysis, APM Terminals Bahrain BSC (c) (BAH:APMTB) is currently considered Modestly Undervalued. The stock's GF Value™ is BHD1.10, compared to a current price of BHD0.95 — trading 13.5% below its estimated fair value. The current Beneish M-Score is -3.07. APM Terminals Bahrain BSC (c)'s overall GF Score™ is 82/100 with 3 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 APM Terminals Bahrain BSC (c) (BAH:APMTB), the current Beneish M-Score is -3.07 as of Jul. 12, 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 APM Terminals Bahrain BSC (c) (BAH:APMTB) Overvalued in 2026?

Based on GuruFocus' analysis, APM Terminals Bahrain BSC (c) stock appears to be undervalued. The current stock price of BHD0.95 is trading 13.5% below its estimated GF Value™ of BHD1.10. GuruFocus considers APM Terminals Bahrain BSC (c) to be Modestly Undervalued.

Key valuation signals for BAH:APMTB:

Beneish M-Score: -3.07
GF Value™: BHD1.10 vs. price of BHD0.95 (13.5% below fair value)
GF Score™: 82/100 with 3 warning signs

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

APM Terminals Bahrain BSC (c) Business Description

Industry Industrials Construction

Comparable Companies ASX:TCL DFM:SALIK SZSE:001965 SHSE:600377 SHSE:600350 MEX:PINFRA BSP:MOTV3 ASX:ALX DFM:PARKIN HKSE:00576 SZSE:000429 SHSE:600012 ASX:VNT SHSE:600548 BOM:532947 TSE:4666 SHSE:601107 BOM:543899 HKSE:00152 TSE:1950

Address P.O. Box 50490, Hidd, BHR

Website https://www.apmterminals.com

APM Terminals Bahrain BSC (c) operates Khalifa Bin Salman Port and is a multi-purpose facility for domestic cargo, cruise traffic, and a trans-shipment hub for the growing Gulf shipping market. Services offered by the company include the provision of container operations, general cargo, marine, logistical services, online services, container terminal, general cargo, and cruise terminal. In addition, it also offers marine services including Full Container Loads, Less-than Container Loads, livestock, domestic export/import, transhipment, pilotage, towage, and mooring. The Company operates only in one Business Segment, i.e., Port Services, which includes services such as Container services, General Cargo services, and Marine services, and the activities incidental thereto within Bahrain.

82GF Score

Get the complete analysis for BAH:APMTB

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

BHD0.95

Price

BHD1.10

GF Value

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