Ithmaar Holding BSC (DFM:ITHMR) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


DFM:ITHMR Ithmaar Holding BSC DFM:ITHMR
38 GF Score
Price د.إ0.20
GF Value د.إ0.19
Valuation Fairly Valued
! 2 Warning Signs
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What is Ithmaar Holding BSC Beneish M-Score?

Ithmaar Holding BSC DFM:ITHMR -1.00% 38 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates DFM:ITHMR with a GF Score™ of 38/100 and a GF Value™ of د.إ0.19 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Ithmaar Holding BSC ranks worse than 71581.89% 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 Ithmaar Holding BSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Ithmaar Holding BSC was -2.18. The lowest was -2.64. And the median was -2.27.

DFM:ITHMR
38GF Score
Ithmaar Holding BSC DFM:ITHMR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ithmaar Holding BSC 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 Ithmaar Holding BSC 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.إ0 Mil.
Revenue was 331.461 + 404.131 + 356.626 + 301.279 = د.إ1,393 Mil.
Gross Profit was 331.461 + 404.131 + 356.626 + 301.279 = د.إ1,393 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ27,251 Mil.
Property, Plant and Equipment(Net PPE) was د.إ970 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ105 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0 Mil.
Net Income was 4.411 + -4.558 + 2.883 + 2.105 = د.إ5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 306.554 + -1019.791 + -356.498 + -255.864 = د.إ-1,326 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 317.904 + 442.688 + 316.82 + 320.64 = د.إ1,398 Mil.
Gross Profit was 317.904 + 442.688 + 316.82 + 320.64 = د.إ1,398 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ25,612 Mil.
Property, Plant and Equipment(Net PPE) was د.إ882 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ88 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ0 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0 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 / 1393.497) / (0 / 1398.052)
=0 / 0
=

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)
=(1398.052 / 1398.052) / (1393.497 / 1393.497)
=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 + 970.16) / 27250.935) / (1 - (0 + 882.034) / 25611.648)
=0.964399 / 0.965561
=

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
=1393.497 / 1398.052
=

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))
=(87.957 / (87.957 + 882.034)) / (104.718 / (104.718 + 970.16))
=0.090678 / 0.097423
=

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 / 1393.497) / (0 / 1398.052)
=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) / 27250.935) / ((0 + 0) / 25611.648)
=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
=(4.841 - 0 - -1325.599) / 27250.935
=0.048822

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?
Ithmaar Holding BSC (DFM:ITHMR) 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 Ithmaar Holding BSC and its competitors. According to the industry distribution chart, Ithmaar Holding BSC ranks #999999 out of 1397 companies in the Banks industry.
Is Ithmaar Holding BSC's Beneish M-Score too high?
Ithmaar Holding BSC's current Beneish M-Score is 0.00. Based on the distribution chart, Ithmaar Holding BSC ranks #999999 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Ithmaar Holding BSC has a GF Score™ of 38/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ithmaar Holding BSC's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Ithmaar Holding BSC ranks #999999 out of 1397 companies for Beneish M-Score. This places Ithmaar Holding BSC 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 Ithmaar Holding BSC and its competitors. Ithmaar Holding BSC'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 Ithmaar Holding BSC stock overvalued right now?
Based on GuruFocus' analysis, Ithmaar Holding BSC (DFM:ITHMR) is currently considered Fairly Valued. The stock's GF Value™ is د.إ0.19, compared to a current price of د.إ0.20 — trading 4.2% above its estimated fair value. The current Beneish M-Score is 0.00. Ithmaar Holding BSC's overall GF Score™ is 38/100 with 2 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 Ithmaar Holding BSC (DFM:ITHMR), 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 Ithmaar Holding BSC (DFM:ITHMR) Overvalued in 2026?

Based on GuruFocus' analysis, Ithmaar Holding BSC stock appears to be overvalued. The current stock price of د.إ0.20 is trading 4.2% above its estimated GF Value™ of د.إ0.19. GuruFocus considers Ithmaar Holding BSC to be Fairly Valued.

Key valuation signals for DFM:ITHMR:

  • Beneish M-Score: 0.00
  • GF Value™: د.إ0.19 vs. price of د.إ0.20 (4.2% above fair value)
  • GF Score™: 38/100 with 2 warning signs

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

Ithmaar Holding BSC Business Description

Other Exchanges ITHMR:Bahrain
Address Seef Tower, P.O. Box 2820, Seef District, Manama, BHR
Ithmaar Holding BSC is engaged in providing financial services, including retail, commercial, asset management, private banking, takaful, equipment leasing, and real estate development. It also acts as a manager, on a trustee basis of funds deposited for investment in accordance with Islamic laws and principles, particularly regarding the prohibition of receiving or paying interest. The group's business segment includes Retail and Corporate banking, where it receives customer funds, and deposits and extends financing to its retail and corporate clients; Asset Management/ Investment Banking, where it directly participates in investment opportunities and Others. Majority of the company's revenue is generated from Retail & Corporate Banking segment.
38GF Score

Get the complete analysis for DFM:ITHMR

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

د.إ0.20
Price
د.إ0.19
GF Value