Emirates Islamic Bank PJSC (DFM:EIB) Beneish M-Score: -2.60 (As of Jul. 14, 2026)

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DFM:EIB Emirates Islamic Bank PJSC DFM:EIB
14 GF Score
Price د.إ10.85
GF Value د.إ10.81
! 1 Warning Sign
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What is Emirates Islamic Bank PJSC Beneish M-Score?

Emirates Islamic Bank PJSC DFM:EIB 14 Beneish M-Score is -2.60 as of Jul. 14, 2026. GuruFocus rates DFM:EIB with a GF Score™ of 14/100 and a GF Value™ of د.إ10.81. The stock has 1 warning sign investors should review.

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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DFM:EIB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33   Med: -2.49   Max: -0.76
Current: -2.6

During the past 13 years, the highest Beneish M-Score of Emirates Islamic Bank PJSC was -0.76. The lowest was -3.33. And the median was -2.49.

DFM:EIB
14GF Score
Emirates Islamic Bank PJSC DFM:EIB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Emirates 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 Emirates 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 * 1.0002+0.892 * 1.0787+0.115 * 0.4793
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0905+4.679 * -0.034596-0.327 * 0.8573
=-2.60

* 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 1547.068 + 1363.21 + 1519.224 + 1486.969 = د.إ5,916 Mil.
Gross Profit was 1547.068 + 1363.21 + 1519.224 + 1486.969 = د.إ5,916 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ149,443 Mil.
Property, Plant and Equipment(Net PPE) was د.إ358 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ82 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ933 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ13,626 Mil.
Net Income was 849.853 + 627.888 + 853 + 853.804 = د.إ3,185 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 1760.238 + 5402.092 + -9871.036 + 11063.336 = د.إ8,355 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 1445.472 + 1302.24 + 1385.445 + 1351.88 = د.إ5,485 Mil.
Gross Profit was 1445.472 + 1302.24 + 1385.445 + 1351.88 = د.إ5,485 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ123,354 Mil.
Property, Plant and Equipment(Net PPE) was د.إ323 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ32 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ793 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ13,119 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 / 5916.471) / (0 / 5485.037)
=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)
=(5485.037 / 5485.037) / (5916.471 / 5916.471)
=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 + 357.634) / 149442.589) / (1 - (0 + 322.574) / 123354.046)
=0.997607 / 0.997385
=1.0002

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
=5916.471 / 5485.037
=1.0787

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))
=(31.517 / (31.517 + 322.574)) / (81.552 / (81.552 + 357.634))
=0.089008 / 0.185689
=0.4793

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)
=(933.029 / 5916.471) / (793.18 / 5485.037)
=0.1577 / 0.144608
=1.0905

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)
=((13626.383 + 0) / 149442.589) / ((13119.25 + 0) / 123354.046)
=0.091181 / 0.106354
=0.8573

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
=(3184.545 - 0 - 8354.63) / 149442.589
=-0.034596

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.

Emirates Islamic Bank PJSC has a M-score of -2.60 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 -2.60 mean?
Emirates Islamic Bank PJSC (DFM:EIB) has a Beneish M-Score of -2.60 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Emirates Islamic Bank PJSC and its competitors.
Is Emirates Islamic Bank PJSC's Beneish M-Score too high?
Emirates Islamic Bank PJSC's current Beneish M-Score is -2.60. Overall, Emirates Islamic Bank PJSC has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Emirates Islamic Bank PJSC's Beneish M-Score compare to competitors?
Emirates Islamic Bank PJSC's Beneish M-Score of -2.60 can be compared against companies in the Banks 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 Emirates Islamic Bank PJSC and its competitors. Emirates Islamic Bank PJSC's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emirates Islamic Bank PJSC stock overvalued right now?
Emirates Islamic Bank PJSC (DFM:EIB) has a current Beneish M-Score of -2.60. The stock's GF Value™ is د.إ10.81, compared to a current price of د.إ10.85 — trading 0.4% above its estimated fair value. The current Beneish M-Score is -2.60. Emirates Islamic Bank PJSC's overall GF Score™ is 14/100 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 Emirates Islamic Bank PJSC (DFM:EIB), the current Beneish M-Score is -2.60 as of Jul. 14, 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 Emirates Islamic Bank PJSC (DFM:EIB) Overvalued in 2026?

Based on GuruFocus' analysis, Emirates Islamic Bank PJSC stock appears to be overvalued. The current stock price of د.إ10.85 is trading 0.4% above its estimated GF Value™ of د.إ10.81.

Key valuation signals for DFM:EIB:

  • Beneish M-Score: -2.60
  • GF Value™: د.إ10.81 vs. price of د.إ10.85 (0.4% above fair value)
  • GF Score™: 14/100 with 1 warning sign

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

Emirates Islamic Bank PJSC Business Description

Address Dubai Health Care City, P.O. Box 6564, 3rd Floor, Building 16, Dubai, ARE
Emirates Islamic Bank PJSC provides full commercial and banking services and offers various products through Islamic financing and investing instruments following Islamic Sharia. The group's activities comprise three business segments: Corporate and institutional banking, Retail banking and wealth management, Treasury, and Others. Substantial revenue is generated from Retail banking and wealth management segment.
14GF Score

Get the complete analysis for DFM:EIB

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

د.إ10.85
Price
د.إ10.81
GF Value