Dubai Islamic Bank PJSC (DFM:DIB) Beneish M-Score: -2.48 (As of Jun. 26, 2026)


DFM:DIB Dubai Islamic Bank PJSC DFM:DIB
67 GF Score
Price د.إ7.48
GF Value د.إ7.43
Valuation Fairly Valued
! 4 Warning Signs
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What is Dubai Islamic Bank PJSC Beneish M-Score?

Dubai Islamic Bank PJSC DFM:DIB -1.97% 67 Beneish M-Score is -2.48 as of Jun. 26, 2026. GuruFocus rates DFM:DIB with a GF Score™ of 67/100 and a GF Value™ of د.إ7.43 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Dubai Islamic Bank PJSC ranks better than 66.21% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DFM:DIB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73   Med: -2.46   Max: -2.16
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Dubai Islamic Bank PJSC was -2.16. The lowest was -2.73. And the median was -2.46.

DFM:DIB
67GF Score
Dubai Islamic Bank PJSC DFM:DIB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Dubai Islamic Bank 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 Dubai Islamic Bank 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 * 1.0011+0.892 * 1.0341+0.115 * 0.9468
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1202+4.679 * -0.014436-0.327 * 0.8024
=-2.48

* 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 3456.213 + 3164.227 + 3204.816 + 3051.78 = د.إ12,877 Mil.
Gross Profit was 3456.213 + 3164.227 + 3204.816 + 3051.78 = د.إ12,877 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ419,916 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1,766 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ268 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ910 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ20,298 Mil.
Net Income was 1716.091 + 2039.572 + 1863.006 + 1858.025 = د.إ7,477 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 9627.037 + -5606.559 + 8360.221 + 1157.942 = د.إ13,539 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 3070.452 + 3464.337 + 2891.158 + 3026.29 = د.إ12,452 Mil.
Gross Profit was 3070.452 + 3464.337 + 2891.158 + 3026.29 = د.إ12,452 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ355,269 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1,895 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ270 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ786 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ21,400 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 / 12877.036) / (0 / 12452.237)
=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)
=(12452.237 / 12452.237) / (12877.036 / 12877.036)
=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 + 1765.688) / 419916.368) / (1 - (0 + 1894.666) / 355268.562)
=0.995795 / 0.994667
=1.0011

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
=12877.036 / 12452.237
=1.0341

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))
=(269.898 / (269.898 + 1894.666)) / (267.792 / (267.792 + 1765.688))
=0.124689 / 0.131691
=0.9468

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)
=(910.289 / 12877.036) / (785.824 / 12452.237)
=0.070691 / 0.063107
=1.1202

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)
=((20297.62 + 0) / 419916.368) / ((21400.497 + 0) / 355268.562)
=0.048337 / 0.060238
=0.8024

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
=(7476.694 - 0 - 13538.641) / 419916.368
=-0.014436

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 Islamic Bank PJSC has a M-score of -2.48 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 -2.48 mean?
Dubai Islamic Bank PJSC (DFM:DIB) has a Beneish M-Score of -2.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dubai Islamic Bank PJSC and its competitors. According to the industry distribution chart, Dubai Islamic Bank PJSC ranks #472 out of 1397 companies in the Banks industry, placing it in the top 33.8%.
Is Dubai Islamic Bank PJSC's Beneish M-Score too high?
Dubai Islamic Bank PJSC's current Beneish M-Score is -2.48. Based on the distribution chart, Dubai Islamic Bank PJSC ranks #472 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Dubai Islamic Bank PJSC has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Dubai Islamic Bank PJSC's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Dubai Islamic Bank PJSC ranks #472 out of 1397 companies for Beneish M-Score. This puts Dubai Islamic Bank PJSC 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 Dubai Islamic Bank PJSC and its competitors. Dubai Islamic Bank PJSC's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dubai Islamic Bank PJSC stock overvalued right now?
Based on GuruFocus' analysis, Dubai Islamic Bank PJSC (DFM:DIB) is currently considered Fairly Valued. The stock's GF Value™ is د.إ7.43, compared to a current price of د.إ7.48 — trading 0.7% above its estimated fair value. The current Beneish M-Score is -2.48. Dubai Islamic Bank PJSC's overall GF Score™ is 67/100 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 Dubai Islamic Bank PJSC (DFM:DIB), the current Beneish M-Score is -2.48 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 Dubai Islamic Bank PJSC (DFM:DIB) Overvalued in 2026?

Based on GuruFocus' analysis, Dubai Islamic Bank PJSC stock appears to be overvalued. The current stock price of د.إ7.48 is trading 0.7% above its estimated GF Value™ of د.إ7.43. GuruFocus considers Dubai Islamic Bank PJSC to be Fairly Valued.

Key valuation signals for DFM:DIB:

  • Beneish M-Score: -2.48
  • GF Value™: د.إ7.43 vs. price of د.إ7.48 (0.7% above fair value)
  • GF Score™: 67/100 with 4 warning signs

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

Dubai Islamic Bank PJSC Business Description

Address Building 2, Al Maktoum Road, P.O. Box 1080, Opposite DNATA, Deira, Dubai, ARE
Dubai Islamic Bank PJSC is a full-service Islamic bank engaged in corporate, retail, and investment banking activities. The majority of its financing and investment arrangements are made within the United Arab Emirates, a large portion of which are in consumer financing, real estate and contracting, consumer home finance, and services and manufacturing. The company's reportable segments include; Consumer banking, Corporate banking, Treasury, Real estate development, and Others. It generates a majority of its revenue from the Consumer Banking segment which includes handling individual customer's deposits, providing consumer Murabaha, Salam, home finance, Ijarah, Credit Cards and funds transfer facilities, priority banking, and wealth management.
67GF Score

Get the complete analysis for DFM:DIB

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

د.إ7.48
Price
د.إ7.43
GF Value