Solidarity Bahrain BSC (BAH:SOLID) Beneish M-Score: 0.94 (As of Jun. 24, 2026)


BAH:SOLID Solidarity Bahrain BSC BAH:SOLID
34 GF Score
Price BHD0.42
GF Value BHD0.67
Valuation Possible Value Trap
! 6 Warning Signs
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What is Solidarity Bahrain BSC Beneish M-Score?

Solidarity Bahrain BSC BAH:SOLID 34 Beneish M-Score is 0.94 as of Jun. 24, 2026. GuruFocus rates BAH:SOLID with a GF Score™ of 34/100 and a GF Value™ of BHD0.67 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 399 Insurance companies, Solidarity Bahrain BSC ranks worse than 96.99% 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.

Warning Sign:

Beneish M-Score 0.94 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Solidarity Bahrain BSC's Beneish M-Score or its related term are showing as below:

BAH:SOLID' s Beneish M-Score Range Over the Past 10 Years
Min: -79.83   Med: -1.85   Max: 0.94
Current: 0.94

During the past 13 years, the highest Beneish M-Score of Solidarity Bahrain BSC was 0.94. The lowest was -79.83. And the median was -1.85.

BAH:SOLID
34GF Score
Solidarity Bahrain BSC BAH:SOLID
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Solidarity Bahrain BSC 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 Solidarity Bahrain BSC 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 * 3.5307+0.528 * 1+0.404 * 1.0028+0.892 * 1.5664+0.115 * 0.9206
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.059781-0.327 * 0.0469
=0.94

* 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 BHD20.46 Mil.
Revenue was BHD65.73 Mil.
Gross Profit was BHD65.73 Mil.
Total Current Assets was BHD0.00 Mil.
Total Assets was BHD208.26 Mil.
Property, Plant and Equipment(Net PPE) was BHD1.79 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD1.45 Mil.
Selling, General, & Admin. Expense(SGA) was BHD0.00 Mil.
Total Current Liabilities was BHD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BHD0.68 Mil.
Net Income was BHD9.42 Mil.
Gross Profit was BHD0.00 Mil.
Cash Flow from Operations was BHD-3.03 Mil.
 Total Receivables was BHD3.70 Mil.
Revenue was BHD41.96 Mil.
Gross Profit was BHD41.96 Mil.
Total Current Assets was BHD0.00 Mil.
Total Assets was BHD108.18 Mil.
Property, Plant and Equipment(Net PPE) was BHD1.23 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.86 Mil.
Selling, General, & Admin. Expense(SGA) was BHD0.00 Mil.
Total Current Liabilities was BHD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BHD7.51 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)
=(20.463 / 65.726) / (3.7 / 41.96)
=0.311338 / 0.088179
=3.5307

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)
=(41.96 / 41.96) / (65.726 / 65.726)
=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 + 1.791) / 208.261) / (1 - (0 + 1.23) / 108.177)
=0.9914 / 0.98863
=1.0028

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
=65.726 / 41.96
=1.5664

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))
=(0.863 / (0.863 + 1.23)) / (1.453 / (1.453 + 1.791))
=0.412327 / 0.447904
=0.9206

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 / 65.726) / (0 / 41.96)
=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)
=((0.678 + 0) / 208.261) / ((7.506 + 0) / 108.177)
=0.003256 / 0.069386
=0.0469

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
=(9.421 - 0 - -3.029) / 208.261
=0.059781

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.

Solidarity Bahrain BSC has a M-score of 0.94 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 0.94 mean?
Solidarity Bahrain BSC (BAH:SOLID) has a Beneish M-Score of 0.94 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Solidarity Bahrain BSC and its competitors. According to the industry distribution chart, Solidarity Bahrain BSC ranks #387 out of 399 companies in the Insurance industry, placing it in the top 97%.
Is Solidarity Bahrain BSC's Beneish M-Score too high?
Solidarity Bahrain BSC's current Beneish M-Score is 0.94. Based on the distribution chart, Solidarity Bahrain BSC ranks #387 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Solidarity Bahrain BSC has a GF Score™ of 34/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Solidarity Bahrain BSC's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Solidarity Bahrain BSC ranks #387 out of 399 companies for Beneish M-Score. This places Solidarity Bahrain BSC 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 Solidarity Bahrain BSC and its competitors. Solidarity Bahrain BSC's current Beneish M-Score is 0.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Solidarity Bahrain BSC stock overvalued right now?
Based on GuruFocus' analysis, Solidarity Bahrain BSC (BAH:SOLID) is currently considered Possible Value Trap. The stock's GF Value™ is BHD0.67, compared to a current price of BHD0.42 — trading 38.1% below its estimated fair value. The current Beneish M-Score is 0.94. Solidarity Bahrain BSC's overall GF Score™ is 34/100 with 6 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 Solidarity Bahrain BSC (BAH:SOLID), the current Beneish M-Score is 0.94 as of Jun. 24, 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 Solidarity Bahrain BSC (BAH:SOLID) Overvalued in 2026?

Based on GuruFocus' analysis, Solidarity Bahrain BSC stock appears to be undervalued. The current stock price of BHD0.42 is trading 38.1% below its estimated GF Value™ of BHD0.67. GuruFocus considers Solidarity Bahrain BSC to be Possible Value Trap.

Key valuation signals for BAH:SOLID:

  • Beneish M-Score: 0.94
  • GF Value™: BHD0.67 vs. price of BHD0.42 (38.1% below fair value)
  • GF Score™: 34/100 with 6 warning signs

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

Solidarity Bahrain BSC Business Description

Address Road 2825, PO Box 5282, Flat 71, 7th Floor - Seef Tower, Building 2080, Block 428, Seef Area, Manama, BHR
Solidarity Bahrain BSC is engaged in providing insurance services in Bahrain. The company provides motor insurance, home insurance, car insurance, personal accident insurance, medical insurance, travel insurance, and other products. The company operates in the business segments, namely, Non-motor, which includes fire, marine, general accident, liability, Aviation, and engineering lines of business; Motor; Medical; Group Life, which includes group life and credit life business; and Family Takaful, which includes long-term decreasing term and level term business. The maximum of the company's revenue is from the Motor segment. Geographically operates in Bahrain, the UAE, Saudi Arabia, Oman, Kuwait, and other countries.
34GF Score

Get the complete analysis for BAH:SOLID

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

BHD0.42
Price
BHD0.67
GF Value