Taqa Morocco (CAS:TQM) Beneish M-Score: -2.66 (As of Jun. 26, 2026)

What is Taqa Morocco Beneish M-Score?

Taqa Morocco CAS:TQM +1.30% 74 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates CAS:TQM with a GF Score™ of 74/100 and a GF Value™ of MAD1,227.80 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 390 Utilities - Independent Power Producers companies, Taqa Morocco ranks better than 57.18% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:TQM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.69 Max: -1.84
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Taqa Morocco was -1.84. The lowest was -3.03. And the median was -2.69.

Taqa Morocco Beneish M-Score Related Terms

Taqa Morocco Beneish M-Score Historical Data

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The historical data trend for Taqa Morocco'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.

Taqa Morocco Beneish M-Score Chart

Taqa Morocco Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.53

-1.84

-3.03

-2.50

-2.66

Taqa Morocco Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-3.03	0.00	-2.50	0.00	-2.66

CAS:TQM vs CEG, VST, NRG: Beneish M-Score Comparison

For the Utilities - Independent Power Producers subindustry, Taqa Morocco'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.

Taqa Morocco Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Taqa Morocco's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Taqa Morocco's Beneish M-Score falls into.

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74GF Score

Taqa Morocco SA CAS:TQM

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

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Taqa Morocco 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 Taqa Morocco 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 * 1.0111

0.528 * 1.0467

0.404 * 0.9892

0.892 * 0.9779

0.115 * 0.9768

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.040989

0.327 * 0.9754

-2.66

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was MAD3,363 Mil.
Revenue was MAD10,638 Mil.
Gross Profit was MAD3,512 Mil.
Total Current Assets was MAD8,666 Mil.
Total Assets was MAD20,300 Mil.
Property, Plant and Equipment(Net PPE) was MAD7,307 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD813 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0 Mil.
Total Current Liabilities was MAD3,119 Mil.
Long-Term Debt & Capital Lease Obligation was MAD9,679 Mil.
Net Income was MAD981 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD1,813 Mil.

Total Receivables was MAD3,401 Mil.
Revenue was MAD10,878 Mil.
Gross Profit was MAD3,759 Mil.
Total Current Assets was MAD8,798 Mil.
Total Assets was MAD20,920 Mil.
Property, Plant and Equipment(Net PPE) was MAD7,615 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD825 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0 Mil.
Total Current Liabilities was MAD3,180 Mil.
Long-Term Debt & Capital Lease Obligation was MAD10,343 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)
	=	(3362.947 / 10637.641)	/	(3401.283 / 10878.078)
	=	0.316137	/	0.312673
	=	1.0111

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)
	=	(3759.462 / 10878.078)	/	(3512.261 / 10637.641)
	=	0.3456	/	0.330173
	=	1.0467

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 - (8666.326 + 7307.276) / 20299.976)	/	(1 - (8798.2 + 7614.811) / 20920.079)
	=	0.213122	/	0.215442
	=	0.9892

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
	=	10637.641	/	10878.078
	=	0.9779

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))
	=	(825.15 / (825.15 + 7614.811))	/	(812.77 / (812.77 + 7307.276))
	=	0.097767	/	0.100094
	=	0.9768

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 / 10637.641)	/	(0 / 10878.078)
	=	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)
	=	((9679.219 + 3119.307) / 20299.976)	/	((10342.643 + 3179.724) / 20920.079)
	=	0.63047	/	0.646382
	=	0.9754

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
	=	(980.722 - 0	-	1812.793)	/	20299.976
	=	-0.040989

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.

Taqa Morocco 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?

Taqa Morocco (CAS:TQM) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Taqa Morocco and its competitors. According to the industry distribution chart, Taqa Morocco ranks #167 out of 390 companies in the Utilities - Independent Power Producers industry, placing it in the top 42.8%.

Is Taqa Morocco's Beneish M-Score too high?

Taqa Morocco's current Beneish M-Score is -2.66. Based on the distribution chart, Taqa Morocco ranks #167 out of 390 companies in the Utilities - Independent Power Producers industry, which is above the industry midpoint. Overall, Taqa Morocco has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Taqa Morocco's Beneish M-Score compare to CEG and VST?

According to the Utilities - Independent Power Producers industry distribution chart, Taqa Morocco ranks #167 out of 390 companies for Beneish M-Score. This puts Taqa Morocco in the upper 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 Utilities - Independent Power Producers company?

A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Taqa Morocco and its competitors. Taqa Morocco'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 Taqa Morocco stock overvalued right now?

Based on GuruFocus' analysis, Taqa Morocco (CAS:TQM) is currently considered Significantly Overvalued. The stock's GF Value™ is MAD1,227.80, compared to a current price of MAD1,788.00 — trading 45.6% above its estimated fair value. The current Beneish M-Score is -2.66. Taqa Morocco's overall GF Score™ is 74/100 with 5 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 Taqa Morocco (CAS:TQM), the current Beneish M-Score is -2.66 as of Jun. 26, 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 Taqa Morocco (CAS:TQM) Overvalued in 2026?

Based on GuruFocus' analysis, Taqa Morocco stock appears to be overvalued. The current stock price of MAD1,788.00 is trading 45.6% above its estimated GF Value™ of MAD1,227.80. GuruFocus considers Taqa Morocco to be Significantly Overvalued.

Key valuation signals for CAS:TQM:

Beneish M-Score: -2.66
GF Value™: MAD1,227.80 vs. price of MAD1,788.00 (45.6% above fair value)
GF Score™: 74/100 with 5 warning signs

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

Taqa Morocco Business Description

Industry Utilities Utilities - Independent Power Producers

Comparable Companies CEG VST BOM:533096 HKSE:01816 BKK:GULF NRG BOM:539254 SHSE:600011 SHSE:601991 TLN HKSE:00006 BOM:500400 HKSE:00836 XTAE:OPCE SHSE:600023 OKLO NSE:JSWENERGY LSE:CNA SHSE:600726 SHSE:600674

Address B.P. 99 - Sidi Bouzid, PK23, Route regionale 301, Centrale Thermique de Jorf Lasfar, Commune Moulay Abdellah, El Jadida, MAR

Website https://www.taqamorocco.ma

Taqa Morocco SA is a producer of electricity in Morocco. The company provides associated activities in the oil and gas sectors, the storage of the oil and gas products, electricity and water as well as transport infrastructure across Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States.

74GF Score

Get the complete analysis for CAS:TQM

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

MAD1,788.00

Price

MAD1,227.80

GF Value

View CAS:TQM Analysis

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