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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 -1.51 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Dubai Financial Market PJSC's Beneish M-Score or its related term are showing as below:
DFM:DFM'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.26 Max: 1.68
Current: -1.51
During the past 13 years, the highest Beneish M-Score of Dubai Financial Market PJSC was 1.68. The lowest was -3.02. And the median was -2.26.
Dubai Financial Market PJSC Beneish M-Score Related Terms
Dubai Financial Market PJSC Beneish M-Score Historical Data
* 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.
DFM:DFM vs SPGI, CME, MCO: Beneish M-Score Comparison
For the Financial Data & Stock Exchanges subindustry, Dubai Financial Market PJSC'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.
Dubai Financial Market PJSC Beneish M-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Dubai Financial Market PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dubai Financial Market PJSC's Beneish M-Score falls into.
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 Dubai Financial Market 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 * 1.9643
+
0.528 * 1
+
0.404 * 0.8981
+
0.892 * 1.322
+
0.115 * 0.9112
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8887
+
4.679 * -0.006204
-
0.327 * 1.4242
=
-1.51
* 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.
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.
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))
=
(73.17 / (73.17 + 40.898))
/
(72.701 / (72.701 + 30.57))
=
0.641459
/
0.703983
=
0.9112
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
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
=
(1016.489 - 0
-
1095.979)
/
12813.053
=
-0.006204
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.
Dubai Financial Market PJSC has a M-score of -1.51 signals that the company is likely to be a manipulator.
Dubai Financial Market PJSC (DFM:DFM) has a Beneish M-Score of -1.51 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dubai Financial Market PJSC and its competitors. According to the industry distribution chart, Dubai Financial Market PJSC ranks #493 out of 704 companies in the Capital Markets industry, placing it in the top 70%.
Is Dubai Financial Market PJSC's Beneish M-Score too high?
Dubai Financial Market PJSC's current Beneish M-Score is -1.51. Based on the distribution chart, Dubai Financial Market PJSC ranks #493 out of 704 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Dubai Financial Market PJSC has a GF Score™ of 97/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Dubai Financial Market PJSC's Beneish M-Score compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Dubai Financial Market PJSC ranks #493 out of 704 companies for Beneish M-Score. This places Dubai Financial Market 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Dubai Financial Market PJSC and its competitors. Dubai Financial Market PJSC's current Beneish M-Score is -1.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dubai Financial Market PJSC stock overvalued right now?
Based on GuruFocus' analysis, Dubai Financial Market PJSC (DFM:DFM) is currently considered Modestly Undervalued. The stock's GF Value™ is د.إ1.89, compared to a current price of د.إ1.47 — trading 22.2% below its estimated fair value. The current Beneish M-Score is -1.51. Dubai Financial Market PJSC's overall GF Score™ is 97/100 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 Dubai Financial Market PJSC (DFM:DFM), the current Beneish M-Score is -1.51 as of Jul. 13, 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 Dubai Financial Market PJSC (DFM:DFM) Overvalued in 2026?
Based on GuruFocus' analysis, Dubai Financial Market PJSC stock appears to be undervalued.
The current stock price of د.إ1.47 is trading 22.2% below its estimated GF Value™ of د.إ1.89.
GuruFocus considers Dubai Financial Market PJSC to be Modestly Undervalued.
Key valuation signals for DFM:DFM:
Beneish M-Score: -1.51
GF Value™: د.إ1.89 vs. price of د.إ1.47 (22.2% below fair value)
No single metric tells the full story. See the DFM:DFM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dubai Financial Market PJSC operates as a regulated secondary market for the trading of securities issued by public shareholding companies, bonds issued by federal or local governments, local public institutions, and mutual funds as well as other local or foreign financial instruments. The company is focused on trading in financial instruments, acting as a commercial, industrial and agricultural holding and trust company, financial investment consultancy, and brokerage in local and foreign shares and bonds. It is engaged in a single segment of operating stock exchanges and related clearing house. The company derives the majority of revenue from Trading commission fees and rest from Brokerage fees, Clearing, settlement and depository fees, Listing and market data fees, and Other fees.
97GF Score
Get the complete analysis for DFM:DFM
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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