Emirates NBD PJSC (DFM:EMIRATESNBD) Beneish M-Score: -2.16 (As of Jun. 25, 2026)


DFM:EMIRATESNBD Emirates NBD PJSC DFM:EMIRATESNBD
69 GF Score
Price د.إ30.80
GF Value د.إ24.30
Valuation Modestly Overvalued
! 3 Warning Signs
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What is Emirates NBD PJSC Beneish M-Score?

Emirates NBD PJSC DFM:EMIRATESNBD -0.06% 69 Beneish M-Score is -2.16 as of Jun. 25, 2026. GuruFocus rates DFM:EMIRATESNBD with a GF Score™ of 69/100 and a GF Value™ of د.إ24.30 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, Emirates NBD PJSC ranks worse than 83.38% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DFM:EMIRATESNBD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -2.3   Max: -2.02
Current: -2.16

During the past 13 years, the highest Beneish M-Score of Emirates NBD PJSC was -2.02. The lowest was -2.93. And the median was -2.30.

DFM:EMIRATESNBD
69GF Score
Emirates NBD PJSC DFM:EMIRATESNBD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Emirates NBD 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 NBD 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 * 1.0004+0.892 * 1.1416+0.115 * 1.1037
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9798+4.679 * 0.035891-0.327 * 0.9752
=-2.16

* 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 14388 + 12529 + 12729 + 12063 = د.إ51,709 Mil.
Gross Profit was 14388 + 12529 + 12729 + 12063 = د.إ51,709 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ1,216,751 Mil.
Property, Plant and Equipment(Net PPE) was د.إ8,969 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ1,356 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ9,770 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ94,228 Mil.
Net Income was 6402 + 5045 + 6421 + 6301 = د.إ24,169 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was -4658 + 10166 + -22148 + -2862 = د.إ-19,502 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 11828 + 11254 + 11500 + 10714 = د.إ45,296 Mil.
Gross Profit was 11828 + 11254 + 11500 + 10714 = د.إ45,296 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ1,030,570 Mil.
Property, Plant and Equipment(Net PPE) was د.إ8,028 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ1,361 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ8,735 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ81,835 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 / 51709) / (0 / 45296)
=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)
=(45296 / 45296) / (51709 / 51709)
=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 + 8969) / 1216751) / (1 - (0 + 8028) / 1030570)
=0.992629 / 0.99221
=1.0004

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
=51709 / 45296
=1.1416

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))
=(1361 / (1361 + 8028)) / (1356 / (1356 + 8969))
=0.144957 / 0.131332
=1.1037

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)
=(9770 / 51709) / (8735 / 45296)
=0.188942 / 0.192843
=0.9798

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)
=((94228 + 0) / 1216751) / ((81835 + 0) / 1030570)
=0.077442 / 0.079408
=0.9752

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
=(24169 - 0 - -19502) / 1216751
=0.035891

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 NBD PJSC has a M-score of -2.16 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 -2.16 mean?
Emirates NBD PJSC (DFM:EMIRATESNBD) has a Beneish M-Score of -2.16 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Emirates NBD PJSC and its competitors. According to the industry distribution chart, Emirates NBD PJSC ranks #1164 out of 1396 companies in the Banks industry, placing it in the top 83.4%.
Is Emirates NBD PJSC's Beneish M-Score too high?
Emirates NBD PJSC's current Beneish M-Score is -2.16. Based on the distribution chart, Emirates NBD PJSC ranks #1164 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Emirates NBD PJSC has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Emirates NBD PJSC's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Emirates NBD PJSC ranks #1164 out of 1396 companies for Beneish M-Score. This places Emirates NBD 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 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 NBD PJSC and its competitors. Emirates NBD PJSC's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emirates NBD PJSC stock overvalued right now?
Based on GuruFocus' analysis, Emirates NBD PJSC (DFM:EMIRATESNBD) is currently considered Modestly Overvalued. The stock's GF Value™ is د.إ24.30, compared to a current price of د.إ30.80 — trading 26.7% above its estimated fair value. The current Beneish M-Score is -2.16. Emirates NBD PJSC's overall GF Score™ is 69/100 with 3 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 Emirates NBD PJSC (DFM:EMIRATESNBD), the current Beneish M-Score is -2.16 as of Jun. 25, 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 NBD PJSC (DFM:EMIRATESNBD) Overvalued in 2026?

Based on GuruFocus' analysis, Emirates NBD PJSC stock appears to be overvalued. The current stock price of د.إ30.80 is trading 26.7% above its estimated GF Value™ of د.إ24.30. GuruFocus considers Emirates NBD PJSC to be Modestly Overvalued.

Key valuation signals for DFM:EMIRATESNBD:

  • Beneish M-Score: -2.16
  • GF Value™: د.إ24.30 vs. price of د.إ30.80 (26.7% above fair value)
  • GF Score™: 69/100 with 3 warning signs

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

Emirates NBD PJSC Business Description

Address Baniyas Road, P.O. Box 777, Deira, Dubai, ARE
Emirates NBD PJSC provides banking services. The company's operating segment includes Corporate and Institutional Banking; Retail Banking and Wealth Management; Global Markets and Treasury activities; DenizBank and others. It generates maximum revenue from the Retail Banking and Wealth Management segment. The Retail Banking and Wealth Management segment represents retail loans and deposits, private banking and wealth management, equity broking services, asset management, and consumer financing in the UAE and Egypt.
69GF Score

Get the complete analysis for DFM:EMIRATESNBD

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

د.إ30.80
Price
د.إ24.30
GF Value