Algr National Insurance Co (DFM:ASNIC) Beneish M-Score: -4.00 (As of Jul. 15, 2026)

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DFM:ASNIC Al Sagr National Insurance Co DFM:ASNIC
56 GF Score
Price د.إ0.66
GF Value د.إ1.54
! 4 Warning Signs
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What is Algr National Insurance Co Beneish M-Score?

Algr National Insurance Co DFM:ASNIC 56 Beneish M-Score is -4.00 as of Jul. 15, 2026. GuruFocus rates DFM:ASNIC with a GF Score™ of 56/100 and a GF Value™ of د.إ1.54. The stock has 4 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 -4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Algr National Insurance Co's Beneish M-Score or its related term are showing as below:

DFM:ASNIC' s Beneish M-Score Range Over the Past 10 Years
Min: -22.89   Med: -2.47   Max: -0.97
Current: -4

During the past 13 years, the highest Beneish M-Score of Algr National Insurance Co was -0.97. The lowest was -22.89. And the median was -2.47.

DFM:ASNIC
56GF Score
Al Sagr National Insurance Co DFM:ASNIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Algr National Insurance Co 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 Algr National Insurance Co 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 * 0.3982+0.528 * 1+0.404 * 1.0018+0.892 * 0.7462+0.115 * 0.545
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.149256-0.327 * 0.9592
=-4.00

* 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.إ5.4 Mil.
Revenue was 90.752 + 121.011 + 143.35 + 161.069 = د.إ516.2 Mil.
Gross Profit was 90.752 + 121.011 + 143.35 + 161.069 = د.إ516.2 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ652.0 Mil.
Property, Plant and Equipment(Net PPE) was د.إ5.4 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ2.8 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0.0 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ4.4 Mil.
Net Income was 2.295 + -75.347 + -47.422 + -11.689 = د.إ-132.2 Mil.
Non Operating Income was 2.282 + 1.146 + 1.436 + 2.316 = د.إ7.2 Mil.
Cash Flow from Operations was 3.181 + -34.026 + 34.751 + -45.928 = د.إ-42.0 Mil.
 Total Receivables was د.إ18.3 Mil.
Revenue was 173.175 + 167.536 + 170.459 + 180.6 = د.إ691.8 Mil.
Gross Profit was 173.175 + 167.536 + 170.459 + 180.6 = د.إ691.8 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ887.3 Mil.
Property, Plant and Equipment(Net PPE) was د.إ8.9 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ2.0 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0.0 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ6.3 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)
=(5.446 / 516.182) / (18.33 / 691.77)
=0.010551 / 0.026497
=0.3982

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)
=(691.77 / 691.77) / (516.182 / 516.182)
=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 + 5.367) / 652.041) / (1 - (0 + 8.904) / 887.257)
=0.991769 / 0.989965
=1.0018

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
=516.182 / 691.77
=0.7462

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))
=(2.031 / (2.031 + 8.904)) / (2.775 / (2.775 + 5.367))
=0.185734 / 0.340825
=0.545

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 / 516.182) / (0 / 691.77)
=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)
=((4.417 + 0) / 652.041) / ((6.266 + 0) / 887.257)
=0.006774 / 0.007062
=0.9592

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
=(-132.163 - 7.18 - -42.022) / 652.041
=-0.149256

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.

Algr National Insurance Co has a M-score of -4.00 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 -4.00 mean?
Algr National Insurance Co (DFM:ASNIC) has a Beneish M-Score of -4.00 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Algr National Insurance Co and its competitors.
Is Algr National Insurance Co's Beneish M-Score too high?
Algr National Insurance Co's current Beneish M-Score is -4.00. Overall, Algr National Insurance Co has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Algr National Insurance Co's Beneish M-Score compare to BRK.A and AIG?
Algr National Insurance Co's Beneish M-Score of -4.00 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 Algr National Insurance Co and its competitors. Algr National Insurance Co's current Beneish M-Score is -4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Algr National Insurance Co stock overvalued right now?
Algr National Insurance Co (DFM:ASNIC) has a current Beneish M-Score of -4.00. The stock's GF Value™ is د.إ1.54, compared to a current price of د.إ0.66 — trading 57.3% below its estimated fair value. The current Beneish M-Score is -4.00. Algr National Insurance Co's overall GF Score™ is 56/100 with 4 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 Algr National Insurance Co (DFM:ASNIC), the current Beneish M-Score is -4.00 as of Jul. 15, 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 Algr National Insurance Co (DFM:ASNIC) Overvalued in 2026?

Based on GuruFocus' analysis, Algr National Insurance Co stock appears to be undervalued. The current stock price of د.إ0.66 is trading 57.3% below its estimated GF Value™ of د.إ1.54.

Key valuation signals for DFM:ASNIC:

  • Beneish M-Score: -4.00
  • GF Value™: د.إ1.54 vs. price of د.إ0.66 (57.3% below fair value)
  • GF Score™: 56/100 with 4 warning signs

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

Algr National Insurance Co Business Description

Address Al Seef Road, Diplomatic Area, Al Sagr National Insurance Building, P.O. Box 14614, Bur Dubai, Dubai, ARE
Al Sagr National Insurance Co is an insurance company. The company supports its clients with comprehensive insurance solutions to manage health, life, and general risks for individuals, SMEs, large companies, and multinational corporations. It is engaged in the writing of insurance, including property, engineering, liability, marine cargo, marine hull, motor, medical, life, travel, and miscellaneous insurance. The company's operating segments are: Life insurance and medical, General and motor, which derive maximum revenue, and Investments.
56GF Score

Get the complete analysis for DFM:ASNIC

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

د.إ0.66
Price
د.إ1.54
GF Value