Raya Holding for Financial Investments (CAI:RAYA) Beneish M-Score: -2.07 (As of Jun. 27, 2026)


CAI:RAYA Raya Holding for Financial Investments CAI:RAYA
81 GF Score
Price E£7.40
GF Value E£4.50
Valuation Significantly Overvalued
! 10 Warning Signs
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What is Raya Holding for Financial Investments Beneish M-Score?

Raya Holding for Financial Investments CAI:RAYA 81 Beneish M-Score is -2.07 as of Jun. 27, 2026. GuruFocus rates CAI:RAYA with a GF Score™ of 81/100 and a GF Value™ of E£4.50 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 537 Conglomerates companies, Raya Holding for Financial Investments ranks worse than 79.52% 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 -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Raya Holding for Financial Investments's Beneish M-Score or its related term are showing as below:

CAI:RAYA' s Beneish M-Score Range Over the Past 10 Years
Min: -27.82   Med: -2.48   Max: -0.5
Current: -2.07

During the past 13 years, the highest Beneish M-Score of Raya Holding for Financial Investments was -0.50. The lowest was -27.82. And the median was -2.48.

Raya Holding for Financial Investments Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Raya Holding for Financial Investments'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.

Raya Holding for Financial Investments Beneish M-Score Chart

Raya Holding for Financial Investments Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.69 0.00 -4.61 -3.41 -1.76

Raya Holding for Financial Investments 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.13 -2.62 -2.50 -1.76 -2.07

CAI:RAYA vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Raya Holding for Financial Investments'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.

Raya Holding for Financial Investments Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Raya Holding for Financial Investments's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Raya Holding for Financial Investments's Beneish M-Score falls into.


CAI:RAYA
81GF Score
Raya Holding for Financial Investments CAI:RAYA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Raya Holding for Financial Investments 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 Raya Holding for Financial Investments 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 * 1.0161+0.528 * 0.965+0.404 * 0.9612+0.892 * 1.403+0.115 * 1.1058
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9003+4.679 * 0.005894-0.327 * 0.9516
=-2.07

* 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 E£31,098 Mil.
Revenue was 15815.58 + 18327.279 + 17724.463 + 14896.021 = E£66,763 Mil.
Gross Profit was 3455.974 + 4059.669 + 3626.786 + 3316.358 = E£14,459 Mil.
Total Current Assets was E£49,165 Mil.
Total Assets was E£55,561 Mil.
Property, Plant and Equipment(Net PPE) was E£4,687 Mil.
Depreciation, Depletion and Amortization(DDA) was E£586 Mil.
Selling, General, & Admin. Expense(SGA) was E£7,301 Mil.
Total Current Liabilities was E£41,262 Mil.
Long-Term Debt & Capital Lease Obligation was E£5,000 Mil.
Net Income was 384.009 + 956.238 + 740.075 + 521.822 = E£2,602 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = E£0 Mil.
Cash Flow from Operations was 199.386 + 2128.828 + 665.721 + -719.264 = E£2,275 Mil.
 Total Receivables was E£21,815 Mil.
Revenue was 12881.657 + 12847.136 + 12183.662 + 9674.662 = E£47,587 Mil.
Gross Profit was 2687.86 + 2610.477 + 2470.058 + 2176.847 = E£9,945 Mil.
Total Current Assets was E£37,239 Mil.
Total Assets was E£42,632 Mil.
Property, Plant and Equipment(Net PPE) was E£4,029 Mil.
Depreciation, Depletion and Amortization(DDA) was E£565 Mil.
Selling, General, & Admin. Expense(SGA) was E£5,781 Mil.
Total Current Liabilities was E£32,595 Mil.
Long-Term Debt & Capital Lease Obligation was E£4,710 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)
=(31098.084 / 66763.343) / (21814.628 / 47587.117)
=0.465796 / 0.458415
=1.0161

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)
=(9945.242 / 47587.117) / (14458.787 / 66763.343)
=0.20899 / 0.216568
=0.965

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 - (49164.906 + 4686.51) / 55560.717) / (1 - (37238.782 + 4029.05) / 42632.404)
=0.030765 / 0.032008
=0.9612

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
=66763.343 / 47587.117
=1.403

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))
=(564.794 / (564.794 + 4029.05)) / (586.247 / (586.247 + 4686.51))
=0.122946 / 0.111184
=1.1058

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)
=(7301.473 / 66763.343) / (5780.721 / 47587.117)
=0.109364 / 0.121477
=0.9003

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)
=((5000.368 + 41262.025) / 55560.717) / ((4709.518 + 32594.957) / 42632.404)
=0.832646 / 0.875026
=0.9516

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
=(2602.144 - 0 - 2274.671) / 55560.717
=0.005894

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.

Raya Holding for Financial Investments has a M-score of -2.07 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 -2.07 mean?
Raya Holding for Financial Investments (CAI:RAYA) has a Beneish M-Score of -2.07 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Raya Holding for Financial Investments and its competitors. According to the industry distribution chart, Raya Holding for Financial Investments ranks #427 out of 537 companies in the Conglomerates industry, placing it in the top 79.5%.
Is Raya Holding for Financial Investments' Beneish M-Score too high?
Raya Holding for Financial Investments' current Beneish M-Score is -2.07. Based on the distribution chart, Raya Holding for Financial Investments ranks #427 out of 537 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, Raya Holding for Financial Investments has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Raya Holding for Financial Investments' Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Raya Holding for Financial Investments ranks #427 out of 537 companies for Beneish M-Score. This places Raya Holding for Financial Investments 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Raya Holding for Financial Investments and its competitors. Raya Holding for Financial Investments's current Beneish M-Score is -2.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Raya Holding for Financial Investments stock overvalued right now?
Based on GuruFocus' analysis, Raya Holding for Financial Investments (CAI:RAYA) is currently considered Significantly Overvalued. The stock's GF Value™ is E£4.50, compared to a current price of E£7.40 — trading 64.4% above its estimated fair value. The current Beneish M-Score is -2.07. Raya Holding for Financial Investments' overall GF Score™ is 81/100 with 10 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 Raya Holding for Financial Investments (CAI:RAYA), the current Beneish M-Score is -2.07 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 Raya Holding for Financial Investments (CAI:RAYA) Overvalued in 2026?

Based on GuruFocus' analysis, Raya Holding for Financial Investments stock appears to be overvalued. The current stock price of E£7.40 is trading 64.4% above its estimated GF Value™ of E£4.50. GuruFocus considers Raya Holding for Financial Investments to be Significantly Overvalued.

Key valuation signals for CAI:RAYA:

  • Beneish M-Score: -2.07
  • GF Value™: E£4.50 vs. price of E£7.40 (64.4% above fair value)
  • GF Score™: 81/100 with 10 warning signs

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

Raya Holding for Financial Investments Business Description

Address 26th of July Road, Touristic Zone, Raya Corporation Building, Giza, EGY, 12568
Raya Holding for Financial Investments operates in Trade and distribution, Information technology, Call centers, Finance lease, International services, Land transportation, Manufacturing, Restaurants, Non-bank financial services, Manufacturing and export, Canned foods, vehicle manufacturing, and Other activities. The firm generates a majority of its revenue from the Trade Distribution sector. The company operates in Land, Buildings, Electrical equipment, leasehold Improvements, Furniture and office equipment, Computers, and Fixtures. Geographically, it operates in Egypt, Algeria, the Gulf, and Saudi.
81GF Score

Get the complete analysis for CAI:RAYA

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

E£7.40
Price
E£4.50
GF Value