Amlak Finance PJSC (DFM:AMLAK) Beneish M-Score: 13.76 (As of Jun. 26, 2026)


DFM:AMLAK Amlak Finance PJSC DFM:AMLAK
42 GF Score
Price د.إ1.28
GF Value د.إ19.54
Valuation Possible Value Trap
! 1 Warning Sign
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What is Amlak Finance PJSC Beneish M-Score?

Amlak Finance PJSC DFM:AMLAK -1.54% 42 Beneish M-Score is 13.76 as of Jun. 26, 2026. GuruFocus rates DFM:AMLAK with a GF Score™ of 42/100 and a GF Value™ of د.إ19.54 (Possible Value Trap). The stock has 1 warning sign investors should review. Among 1,397 Banks companies, Amlak Finance PJSC ranks worse than 99.57% 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 13.76 higher than -1.78, which implies that the company might have manipulated its financial results.

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

DFM:AMLAK' s Beneish M-Score Range Over the Past 10 Years
Min: -4.49   Med: -2.74   Max: 13.76
Current: 13.76

During the past 13 years, the highest Beneish M-Score of Amlak Finance PJSC was 13.76. The lowest was -4.49. And the median was -2.74.

DFM:AMLAK
42GF Score
Amlak Finance PJSC DFM:AMLAK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Amlak Finance PJSC 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 Amlak Finance PJSC 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+0.528 * 1+0.404 * 1.003+0.892 * 20.8462+0.115 * 0.4106
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.0195+4.679 * -0.404498-0.327 * 0
=13.76

* 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 د.إ0 Mil.
Revenue was 53.957 + 808.787 + 2162.674 + 52.354 = د.إ3,078 Mil.
Gross Profit was 53.957 + 808.787 + 2162.674 + 52.354 = د.إ3,078 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ3,461 Mil.
Property, Plant and Equipment(Net PPE) was د.إ2 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ1 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ1 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0 Mil.
Net Income was 51.665 + -481.027 + 1932.847 + -0.924 = د.إ1,503 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 129.033 + -16.782 + 2929.299 + -138.842 = د.إ2,903 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 32.253 + 61.114 + 12.489 + 41.786 = د.إ148 Mil.
Gross Profit was 32.253 + 61.114 + 12.489 + 41.786 = د.إ148 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ2,416 Mil.
Property, Plant and Equipment(Net PPE) was د.إ9 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ1 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ2 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ159 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)
=(0 / 3077.772) / (0 / 147.642)
=0 / 0
=1

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)
=(147.642 / 147.642) / (3077.772 / 3077.772)
=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 + 2.422) / 3461.445) / (1 - (0 + 8.826) / 2416.494)
=0.9993 / 0.996348
=1.003

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
=3077.772 / 147.642
=20.8462

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))
=(1.066 / (1.066 + 8.826)) / (0.862 / (0.862 + 2.422))
=0.107764 / 0.262485
=0.4106

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)
=(0.848 / 3077.772) / (2.085 / 147.642)
=0.000276 / 0.014122
=0.0195

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 + 0) / 3461.445) / ((158.734 + 0) / 2416.494)
=0 / 0.065688
=0

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
=(1502.561 - 0 - 2902.708) / 3461.445
=-0.404498

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.

Amlak Finance PJSC has a M-score of 13.76 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 13.76 mean?
Amlak Finance PJSC (DFM:AMLAK) has a Beneish M-Score of 13.76 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Amlak Finance PJSC and its competitors. According to the industry distribution chart, Amlak Finance PJSC ranks #1391 out of 1397 companies in the Banks industry, placing it in the top 99.6%.
Is Amlak Finance PJSC's Beneish M-Score too high?
Amlak Finance PJSC's current Beneish M-Score is 13.76. Based on the distribution chart, Amlak Finance PJSC ranks #1391 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Amlak Finance PJSC has a GF Score™ of 42/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Amlak Finance PJSC's Beneish M-Score compare to RKT and FNMA?
According to the Banks industry distribution chart, Amlak Finance PJSC ranks #1391 out of 1397 companies for Beneish M-Score. This places Amlak Finance PJSC 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Amlak Finance PJSC and its competitors. Amlak Finance PJSC's current Beneish M-Score is 13.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Amlak Finance PJSC stock overvalued right now?
Based on GuruFocus' analysis, Amlak Finance PJSC (DFM:AMLAK) is currently considered Possible Value Trap. The stock's GF Value™ is د.إ19.54, compared to a current price of د.إ1.28 — trading 93.4% below its estimated fair value. The current Beneish M-Score is 13.76. Amlak Finance PJSC's overall GF Score™ is 42/100 with 1 warning sign 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 Amlak Finance PJSC (DFM:AMLAK), the current Beneish M-Score is 13.76 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 Amlak Finance PJSC (DFM:AMLAK) Overvalued in 2026?

Based on GuruFocus' analysis, Amlak Finance PJSC stock appears to be undervalued. The current stock price of د.إ1.28 is trading 93.4% below its estimated GF Value™ of د.إ19.54. GuruFocus considers Amlak Finance PJSC to be Possible Value Trap.

Key valuation signals for DFM:AMLAK:

  • Beneish M-Score: 13.76
  • GF Value™: د.إ19.54 vs. price of د.إ1.28 (93.4% below fair value)
  • GF Score™: 42/100 with 1 warning sign

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

Amlak Finance PJSC Business Description

Address Office No. 1803, 18th floor, Grosvenor Business Tower, Barsha Heights, Dubai, ARE
Amlak Finance PJSC is licensed as a finance company. It is mainly focused on financing and investing activities based on structures such as Ijara, Murabaha, Mudaraba, Wakala, and Musharaka. All activities of the Company are conducted in accordance with Islamic Sharia and within the provisions of its Articles and Memorandum of Association. The Group is organised into the following three business segments: Real Estate Financing, Real Estate Investments, and Corporate Finance Investments. The majority of revenue is from Real Estate Investments.
42GF Score

Get the complete analysis for DFM:AMLAK

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

د.إ1.28
Price
د.إ19.54
GF Value