Dubai National Insurance & Reinsurance PSC (DFM:DNIR) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


DFM:DNIR Dubai National Insurance & Reinsurance PSC DFM:DNIR
77 GF Score
Price د.إ3.05
GF Value د.إ5.88
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Dubai National Insurance & Reinsurance PSC Beneish M-Score?

Dubai National Insurance & Reinsurance PSC DFM:DNIR 77 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates DFM:DNIR with a GF Score™ of 77/100 and a GF Value™ of د.إ5.88 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 397 Insurance companies, Dubai National Insurance & Reinsurance PSC ranks worse than 251888.92% 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.

The historical rank and industry rank for Dubai National Insurance & Reinsurance PSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Dubai National Insurance & Reinsurance PSC was 0.00. The lowest was 0.00. And the median was 0.00.

DFM:DNIR
77GF Score
Dubai National Insurance & Reinsurance PSC DFM:DNIR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Dubai National Insurance & Reinsurance 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 Dubai National Insurance & Reinsurance 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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.إ37.3 Mil.
Revenue was 121.541 + 93.158 + 84.955 + 85.567 = د.إ385.2 Mil.
Gross Profit was 121.541 + 93.158 + 84.955 + 85.567 = د.إ385.2 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ1,591.2 Mil.
Property, Plant and Equipment(Net PPE) was د.إ39.1 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ1.7 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.إ0.0 Mil.
Net Income was 30.161 + 13.519 + 3.702 + 11.342 = د.إ58.7 Mil.
Non Operating Income was 0 + 9.784 + 0 + 0 = د.إ9.8 Mil.
Cash Flow from Operations was -49.054 + 60.532 + 33.621 + 2.582 = د.إ47.7 Mil.
 Total Receivables was د.إ55.3 Mil.
Revenue was 101.542 + 95.081 + 76.307 + 70.542 = د.إ343.5 Mil.
Gross Profit was 101.542 + 95.081 + 76.307 + 70.542 = د.إ343.5 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ1,664.5 Mil.
Property, Plant and Equipment(Net PPE) was د.إ5.5 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ1.3 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.إ0.0 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)
=(37.259 / 385.221) / (55.344 / 343.472)
=0.096721 / 0.161131
=

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)
=(343.472 / 343.472) / (385.221 / 385.221)
=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 + 39.083) / 1591.166) / (1 - (0 + 5.452) / 1664.477)
=0.975438 / 0.996724
=

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
=385.221 / 343.472
=

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))
=(1.258 / (1.258 + 5.452)) / (1.698 / (1.698 + 39.083))
=0.187481 / 0.041637
=

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 / 385.221) / (0 / 343.472)
=0 / 0
=

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)
=((0 + 0) / 1591.166) / ((0 + 0) / 1664.477)
=0 / 0
=

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
=(58.724 - 9.784 - 47.681) / 1591.166
=0.000791

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Dubai National Insurance & Reinsurance PSC (DFM:DNIR) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dubai National Insurance & Reinsurance PSC and its competitors. According to the industry distribution chart, Dubai National Insurance & Reinsurance PSC ranks #999999 out of 397 companies in the Insurance industry.
Is Dubai National Insurance & Reinsurance PSC's Beneish M-Score too high?
Dubai National Insurance & Reinsurance PSC's current Beneish M-Score is 0.00. Based on the distribution chart, Dubai National Insurance & Reinsurance PSC ranks #999999 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Dubai National Insurance & Reinsurance PSC has a GF Score™ of 77/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Dubai National Insurance & Reinsurance PSC's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Dubai National Insurance & Reinsurance PSC ranks #999999 out of 397 companies for Beneish M-Score. This places Dubai National Insurance & Reinsurance PSC 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 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 Dubai National Insurance & Reinsurance PSC and its competitors. Dubai National Insurance & Reinsurance PSC's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dubai National Insurance & Reinsurance PSC stock overvalued right now?
Based on GuruFocus' analysis, Dubai National Insurance & Reinsurance PSC (DFM:DNIR) is currently considered Significantly Undervalued. The stock's GF Value™ is د.إ5.88, compared to a current price of د.إ3.05 — trading 48.1% below its estimated fair value. The current Beneish M-Score is 0.00. Dubai National Insurance & Reinsurance PSC's overall GF Score™ is 77/100 with 1 warning sign 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 National Insurance & Reinsurance PSC (DFM:DNIR), the current Beneish M-Score is 0.00 as of Jun. 27, 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 National Insurance & Reinsurance PSC (DFM:DNIR) Overvalued in 2026?

Based on GuruFocus' analysis, Dubai National Insurance & Reinsurance PSC stock appears to be undervalued. The current stock price of د.إ3.05 is trading 48.1% below its estimated GF Value™ of د.إ5.88. GuruFocus considers Dubai National Insurance & Reinsurance PSC to be Significantly Undervalued.

Key valuation signals for DFM:DNIR:

  • Beneish M-Score: 0.00
  • GF Value™: د.إ5.88 vs. price of د.إ3.05 (48.1% below fair value)
  • GF Score™: 77/100 with 1 warning sign

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

Dubai National Insurance & Reinsurance PSC Business Description

Address Sheikh Zayed road, P.O. Box: 1806, 3rd Floor, Dubai National Insurance Building, Next to Mazaya Center, Behind Coca Cola Arena, Dubai, ARE
Dubai National Insurance & Reinsurance PSC is engaged in providing insurance and reinsurance services. The company's insurance services consist of commercial insurance that includes motor fleet insurance, group medical insurance, engineering, general accidents, liability, marine, property, group life, and personal accident insurance, among others. It operates in two main business segments: Underwriting and Investments. Maximum revenue is generated from the Underwriting segment, which is further classified into General Insurance, Group Life, and Health Insurance.
77GF Score

Get the complete analysis for DFM:DNIR

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

د.إ3.05
Price
د.إ5.88
GF Value