Takaful International Co BSC (BAH:TAKAFUL) Beneish M-Score: -2.66 (As of Jun. 27, 2026)


BAH:TAKAFUL Takaful International Co BSC BAH:TAKAFUL
19 GF Score
Price BHD0.13
GF Value BHD0.16
! 3 Warning Signs
View Full Analysis

What is Takaful International Co BSC Beneish M-Score?

Takaful International Co BSC BAH:TAKAFUL 19 Beneish M-Score is -2.66 as of Jun. 27, 2026. GuruFocus rates BAH:TAKAFUL with a GF Score™ of 19/100 and a GF Value™ of BHD0.16. The stock has 3 warning signs investors should review.

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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BAH:TAKAFUL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75   Med: -2.38   Max: -1.92
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Takaful International Co BSC was -1.92. The lowest was -2.75. And the median was -2.38.

BAH:TAKAFUL
19GF Score
Takaful International Co BSC BAH:TAKAFUL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Takaful International Co 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 Takaful International Co 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 * 0.8747+0.528 * 1+0.404 * 1.0016+0.892 * 1.1012+0.115 * 0.8206
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.2209+4.679 * 0.010339-0.327 * 0.9151
=-2.66

* 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 BHD7.84 Mil.
Revenue was 8.709 + 8.516 + 7.965 + 7.977 = BHD33.17 Mil.
Gross Profit was 8.709 + 8.516 + 7.965 + 7.977 = BHD33.17 Mil.
Total Current Assets was BHD0.00 Mil.
Total Assets was BHD47.69 Mil.
Property, Plant and Equipment(Net PPE) was BHD0.45 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.26 Mil.
Selling, General, & Admin. Expense(SGA) was BHD1.81 Mil.
Total Current Liabilities was BHD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BHD0.38 Mil.
Net Income was 0.593 + 0.528 + 0.331 + 0.205 = BHD1.66 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BHD0.00 Mil.
Cash Flow from Operations was -0.067 + -0.646 + -0.61 + 2.487 = BHD1.16 Mil.
 Total Receivables was BHD8.14 Mil.
Revenue was 7.64 + 6.419 + 9.394 + 6.665 = BHD30.12 Mil.
Gross Profit was 7.64 + 6.419 + 9.394 + 6.665 = BHD30.12 Mil.
Total Current Assets was BHD0.00 Mil.
Total Assets was BHD46.62 Mil.
Property, Plant and Equipment(Net PPE) was BHD0.51 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.22 Mil.
Selling, General, & Admin. Expense(SGA) was BHD0.74 Mil.
Total Current Liabilities was BHD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BHD0.41 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)
=(7.838 / 33.167) / (8.137 / 30.118)
=0.236319 / 0.270171
=0.8747

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)
=(30.118 / 30.118) / (33.167 / 33.167)
=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 + 0.452) / 47.685) / (1 - (0 + 0.514) / 46.616)
=0.990521 / 0.988974
=1.0016

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
=33.167 / 30.118
=1.1012

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))
=(0.223 / (0.223 + 0.514)) / (0.264 / (0.264 + 0.452))
=0.302578 / 0.368715
=0.8206

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)
=(1.805 / 33.167) / (0.738 / 30.118)
=0.054422 / 0.024504
=2.2209

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)
=((0.381 + 0) / 47.685) / ((0.407 + 0) / 46.616)
=0.00799 / 0.008731
=0.9151

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
=(1.657 - 0 - 1.164) / 47.685
=0.010339

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.

Takaful International Co BSC has a M-score of -2.66 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 -2.66 mean?
Takaful International Co BSC (BAH:TAKAFUL) has a Beneish M-Score of -2.66 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Takaful International Co BSC and its competitors.
Is Takaful International Co BSC's Beneish M-Score too high?
Takaful International Co BSC's current Beneish M-Score is -2.66. Overall, Takaful International Co BSC has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Takaful International Co BSC's Beneish M-Score compare to BRK.A and AIG?
Takaful International Co BSC's Beneish M-Score of -2.66 can be compared against companies in the Insurance 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 Takaful International Co BSC and its competitors. Takaful International Co BSC's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Takaful International Co BSC stock overvalued right now?
Takaful International Co BSC (BAH:TAKAFUL) has a current Beneish M-Score of -2.66. The stock's GF Value™ is BHD0.16, compared to a current price of BHD0.13 — trading 16.3% below its estimated fair value. The current Beneish M-Score is -2.66. Takaful International Co BSC's overall GF Score™ is 19/100 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 Takaful International Co BSC (BAH:TAKAFUL), the current Beneish M-Score is -2.66 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 Takaful International Co BSC (BAH:TAKAFUL) Overvalued in 2026?

Based on GuruFocus' analysis, Takaful International Co BSC stock appears to be undervalued. The current stock price of BHD0.13 is trading 16.3% below its estimated GF Value™ of BHD0.16.

Key valuation signals for BAH:TAKAFUL:

  • Beneish M-Score: -2.66
  • GF Value™: BHD0.16 vs. price of BHD0.13 (16.3% below fair value)
  • GF Score™: 19/100 with 3 warning signs

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

Takaful International Co BSC Business Description

Address Building 680, Road 2811, P.O Box 3230, Seef District 428, Manama, BHR
Takaful International Co BSC is an Islamic insurance company. The business activity of the group is operated through four segments Marine and General, Family, Motor and Medical. The activities of the company include developing and providing protection covers for property, engineering, general accident, liability, marine cargo, marine hull, aviation, medical, group life, motor, level term assurance and decreasing term assurance. Geographically it operates through the region of the Kingdom of Bahrain and the State of Qatar.
19GF Score

Get the complete analysis for BAH:TAKAFUL

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

BHD0.13
Price
BHD0.16
GF Value