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 Investments PJSC's Beneish M-Score or its related term are showing as below:
DFM:DIC'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.58 Med: -2.31 Max: -2.14
Current: -2.48
During the past 13 years, the highest Beneish M-Score of Dubai Investments PJSC was -2.14. The lowest was -2.58. And the median was -2.31.
Dubai Investments PJSC Beneish M-Score Related Terms
Dubai Investments PJSC Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Dubai Investments PJSC's Beneish M-Score can be seen below:
* 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.
For the Real Estate - Development subindustry, Dubai Investments 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 Investments PJSC Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Dubai Investments PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dubai Investments 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 Investments 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 * 1.0671
+
0.528 * 0.8685
+
0.404 * 0.9692
+
0.892 * 0.9859
+
0.115 * 1.0514
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1106
+
4.679 * 0.007739
-
0.327 * 0.9814
=
-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.
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))
=
(172.457 / (172.457 + 1741.181))
/
(167.805 / (167.805 + 1789.865))
=
0.09012
/
0.085717
=
1.0514
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
=
(1550.521 - 0
-
1369.178)
/
23431.04
=
0.007739
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 Investments PJSC has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
Dubai Investments PJSC (DFM:DIC) 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 Investments PJSC and its competitors. According to the industry distribution chart, Dubai Investments PJSC ranks #699 out of 1682 companies in the Real Estate industry, placing it in the top 41.6%.
Is Dubai Investments PJSC's Beneish M-Score too high?
Dubai Investments PJSC's current Beneish M-Score is -2.48. Based on the distribution chart, Dubai Investments PJSC ranks #699 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, Dubai Investments PJSC has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Dubai Investments PJSC's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Dubai Investments PJSC ranks #699 out of 1682 companies for Beneish M-Score. This puts Dubai Investments 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Investments PJSC and its competitors. Dubai Investments 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 Investments PJSC stock overvalued right now?
Based on GuruFocus' analysis, Dubai Investments PJSC (DFM:DIC) is currently considered Significantly Overvalued. The stock's GF Value™ is د.إ2.70, compared to a current price of د.إ3.78 — trading 40% above its estimated fair value. The current Beneish M-Score is -2.48. Dubai Investments PJSC's overall GF Score™ is 60/100 with 6 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 Investments PJSC (DFM:DIC), 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 Investments PJSC (DFM:DIC) Overvalued in 2026?
Based on GuruFocus' analysis, Dubai Investments PJSC stock appears to be overvalued.
The current stock price of د.إ3.78 is trading 40% above its estimated GF Value™ of د.إ2.70.
GuruFocus considers Dubai Investments PJSC to be Significantly Overvalued.
Key valuation signals for DFM:DIC:
Beneish M-Score: -2.48
GF Value™: د.إ2.70 vs. price of د.إ3.78 (40% above fair value)
No single metric tells the full story. See the DFM:DIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dubai Investments PJSC is an investment company with a focus on real estate, manufacturing, industrial, and financial investments across the Middle East. The operations are divided into three segments: The Property segment develops real estate for sale and leasing. The Manufacturing, Contracting, and Services segment manufactures and sells materials used in construction projects, executes construction contracts, produces raw and architectural glass, pharmaceutical products, cooling services, produces aluminum extruded products, laboratory furniture, healthcare, and education. The Investments segment includes strategic minority investments in associates, investment banking, asset management, and financial investments. It generates the majority of its revenue from the Property segment.
60GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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