Commercial Bank of Dubai PSC (DFM:CBD) Beneish M-Score: -2.47 (As of Jun. 25, 2026)


DFM:CBD Commercial Bank of Dubai PSC DFM:CBD
77 GF Score
Price د.إ9.24
GF Value د.إ8.07
Valuation Modestly Overvalued
! 2 Warning Signs
View Full Analysis

What is Commercial Bank of Dubai PSC Beneish M-Score?

Commercial Bank of Dubai PSC DFM:CBD -0.32% 77 Beneish M-Score is -2.47 as of Jun. 25, 2026. GuruFocus rates DFM:CBD with a GF Score™ of 77/100 and a GF Value™ of د.إ8.07 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, Commercial Bank of Dubai PSC ranks better than 64.18% 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.

Good Sign:

Beneish M-Score -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Commercial Bank of Dubai PSC's Beneish M-Score or its related term are showing as below:

DFM:CBD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26   Med: -2.45   Max: -2.07
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Commercial Bank of Dubai PSC was -2.07. The lowest was -3.26. And the median was -2.45.

DFM:CBD
77GF Score
Commercial Bank of Dubai PSC DFM:CBD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Commercial Bank of Dubai PSC 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 Commercial Bank of Dubai PSC 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 * 0.9982+0.892 * 1.0939+0.115 * 0.9972
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8756+4.679 * -0.027068-0.327 * 0.8937
=-2.47

* 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 1456.148 + 1519.506 + 1576.881 + 1452.595 = د.إ6,005 Mil.
Gross Profit was 1456.148 + 1519.506 + 1576.881 + 1452.595 = د.إ6,005 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ157,922 Mil.
Property, Plant and Equipment(Net PPE) was د.إ971 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ107 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ585 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ3,948 Mil.
Net Income was 830.03 + 921.108 + 883.644 + 867.24 = د.إ3,502 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was -2952.522 + 3112.339 + 3265.792 + 4351.115 = د.إ7,777 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 1371.043 + 1326.48 + 1454.419 + 1337.693 = د.إ5,490 Mil.
Gross Profit was 1371.043 + 1326.48 + 1454.419 + 1337.693 = د.إ5,490 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ141,129 Mil.
Property, Plant and Equipment(Net PPE) was د.إ619 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ68 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ611 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ3,948 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 / 6005.13) / (0 / 5489.635)
=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)
=(5489.635 / 5489.635) / (6005.13 / 6005.13)
=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 + 970.992) / 157921.992) / (1 - (0 + 619.457) / 141128.717)
=0.993851 / 0.995611
=0.9982

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
=6005.13 / 5489.635
=1.0939

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))
=(68.271 / (68.271 + 619.457)) / (107.342 / (107.342 + 970.992))
=0.09927 / 0.099544
=0.9972

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)
=(585.097 / 6005.13) / (610.878 / 5489.635)
=0.097433 / 0.111278
=0.8756

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)
=((3948.475 + 0) / 157921.992) / ((3948.475 + 0) / 141128.717)
=0.025003 / 0.027978
=0.8937

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
=(3502.022 - 0 - 7776.724) / 157921.992
=-0.027068

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.

Commercial Bank of Dubai PSC has a M-score of -2.47 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 -2.47 mean?
Commercial Bank of Dubai PSC (DFM:CBD) has a Beneish M-Score of -2.47 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Commercial Bank of Dubai PSC and its competitors. According to the industry distribution chart, Commercial Bank of Dubai PSC ranks #500 out of 1396 companies in the Banks industry, placing it in the top 35.8%.
Is Commercial Bank of Dubai PSC's Beneish M-Score too high?
Commercial Bank of Dubai PSC's current Beneish M-Score is -2.47. Based on the distribution chart, Commercial Bank of Dubai PSC ranks #500 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Commercial Bank of Dubai PSC has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Commercial Bank of Dubai PSC's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Commercial Bank of Dubai PSC ranks #500 out of 1396 companies for Beneish M-Score. This puts Commercial Bank of Dubai PSC 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 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 Commercial Bank of Dubai PSC and its competitors. Commercial Bank of Dubai PSC's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Commercial Bank of Dubai PSC stock overvalued right now?
Based on GuruFocus' analysis, Commercial Bank of Dubai PSC (DFM:CBD) is currently considered Modestly Overvalued. The stock's GF Value™ is د.إ8.07, compared to a current price of د.إ9.24 — trading 14.5% above its estimated fair value. The current Beneish M-Score is -2.47. Commercial Bank of Dubai PSC's overall GF Score™ is 77/100 with 2 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 Commercial Bank of Dubai PSC (DFM:CBD), the current Beneish M-Score is -2.47 as of Jun. 25, 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 Commercial Bank of Dubai PSC (DFM:CBD) Overvalued in 2026?

Based on GuruFocus' analysis, Commercial Bank of Dubai PSC stock appears to be overvalued. The current stock price of د.إ9.24 is trading 14.5% above its estimated GF Value™ of د.إ8.07. GuruFocus considers Commercial Bank of Dubai PSC to be Modestly Overvalued.

Key valuation signals for DFM:CBD:

  • Beneish M-Score: -2.47
  • GF Value™: د.إ8.07 vs. price of د.إ9.24 (14.5% above fair value)
  • GF Score™: 77/100 with 2 warning signs

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

Commercial Bank of Dubai PSC Business Description

Address Al Ittihad Street, P.O. Box 2668, Dubai, ARE
Commercial Bank of Dubai PSC is a banking firm operating in the United Arab Emirates with four segments: Institutional Banking, Corporate Banking, Personal Banking, and Trading and Other. Institutional Banking provides loans, deposits, trade finance, and e-commerce solutions to institutional clients, including government entities. Corporate Banking serves mid-sized and emerging corporates with loans, working capital, trade finance, and deposits. Personal Banking, which generates maximum revenue, offers accounts, loans, mortgages, and other credit facilities to small businesses and retail clients. Trading and Other manages the Group's balance sheet, investment portfolio, and derivatives for trading and risk management purposes. The Group operates exclusively in the United Arab Emirates.
77GF Score

Get the complete analysis for DFM:CBD

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

د.إ9.24
Price
د.إ8.07
GF Value