Mashreqbank PSC (DFM:MASQ) Beneish M-Score: -3.31 (As of Jul. 14, 2026)

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DFM:MASQ Mashreqbank PSC DFM:MASQ
68 GF Score
Price د.إ259.00
GF Value د.إ230.50
Valuation Modestly Overvalued
! 8 Warning Signs
View Full Analysis

What is Mashreqbank PSC Beneish M-Score?

Mashreqbank PSC DFM:MASQ 68 Beneish M-Score is -3.31 as of Jul. 14, 2026. GuruFocus rates DFM:MASQ with a GF Score™ of 68/100 and a GF Value™ of د.إ230.50 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,399 Banks companies, Mashreqbank PSC ranks better than 96.71% 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 -3.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DFM:MASQ' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52   Med: -2.39   Max: -1.95
Current: -3.31

During the past 13 years, the highest Beneish M-Score of Mashreqbank PSC was -1.95. The lowest was -3.52. And the median was -2.39.

DFM:MASQ
68GF Score
Mashreqbank PSC DFM:MASQ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Mashreqbank 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 Mashreqbank 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 * 1+0.528 * 1+0.404 * 1.0009+0.892 * 0.9623+0.115 * 0.9459
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2321+4.679 * 0.026228-0.327 * 3.6725
=-3.31

* 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 3388.71 + 3204.275 + 3201.886 + 3067.057 = د.إ12,862 Mil.
Gross Profit was 3388.71 + 3204.275 + 3201.886 + 3067.057 = د.إ12,862 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ344,305 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1,356 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ306 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ1,654 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ16,753 Mil.
Net Income was 1883.285 + 1750.708 + 1684.918 + 1648.022 = د.إ6,967 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 4901.267 + -895.473 + -6318.913 + 249.612 = د.إ-2,064 Mil.
 Total Receivables was د.إ0 Mil.
Revenue was 3091.321 + 4316.977 + 2971.102 + 2986.07 = د.إ13,365 Mil.
Gross Profit was 3091.321 + 4316.977 + 2971.102 + 2986.07 = د.إ13,365 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ272,703 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1,323 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ279 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ1,395 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ3,613 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 / 12861.928) / (0 / 13365.47)
=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)
=(13365.47 / 13365.47) / (12861.928 / 12861.928)
=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 + 1355.689) / 344304.598) / (1 - (0 + 1322.606) / 272702.931)
=0.996063 / 0.99515
=1.0009

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
=12861.928 / 13365.47
=0.9623

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))
=(278.998 / (278.998 + 1322.606)) / (306.019 / (306.019 + 1355.689))
=0.174199 / 0.184159
=0.9459

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)
=(1653.671 / 12861.928) / (1394.654 / 13365.47)
=0.128571 / 0.104348
=1.2321

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)
=((16752.824 + 0) / 344304.598) / ((3612.994 + 0) / 272702.931)
=0.048657 / 0.013249
=3.6725

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
=(6966.933 - 0 - -2063.507) / 344304.598
=0.026228

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.

Mashreqbank PSC has a M-score of -3.31 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 -3.31 mean?
Mashreqbank PSC (DFM:MASQ) has a Beneish M-Score of -3.31 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mashreqbank PSC and its competitors. According to the industry distribution chart, Mashreqbank PSC ranks #46 out of 1399 companies in the Banks industry, placing it in the top 3.3%.
Is Mashreqbank PSC's Beneish M-Score too high?
Mashreqbank PSC's current Beneish M-Score is -3.31. Based on the distribution chart, Mashreqbank PSC ranks #46 out of 1399 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Mashreqbank PSC has a GF Score™ of 68/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Mashreqbank PSC's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Mashreqbank PSC ranks #46 out of 1399 companies for Beneish M-Score. This places Mashreqbank PSC in the top 3% of its industry — outperforming the majority of peers. 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 Mashreqbank PSC and its competitors. Mashreqbank PSC's current Beneish M-Score is -3.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mashreqbank PSC stock overvalued right now?
Based on GuruFocus' analysis, Mashreqbank PSC (DFM:MASQ) is currently considered Modestly Overvalued. The stock's GF Value™ is د.إ230.50, compared to a current price of د.إ259.00 — trading 12.4% above its estimated fair value. The current Beneish M-Score is -3.31. Mashreqbank PSC's overall GF Score™ is 68/100 with 8 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 Mashreqbank PSC (DFM:MASQ), the current Beneish M-Score is -3.31 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 Mashreqbank PSC (DFM:MASQ) Overvalued in 2026?

Based on GuruFocus' analysis, Mashreqbank PSC stock appears to be overvalued. The current stock price of د.إ259.00 is trading 12.4% above its estimated GF Value™ of د.إ230.50. GuruFocus considers Mashreqbank PSC to be Modestly Overvalued.

Key valuation signals for DFM:MASQ:

  • Beneish M-Score: -3.31
  • GF Value™: د.إ230.50 vs. price of د.إ259.00 (12.4% above fair value)
  • GF Score™: 68/100 with 8 warning signs

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

Mashreqbank PSC Business Description

Address P.O. Box 1250, Dubai, ARE
Mashreqbank PSC is a banking corporation that provides banking and financial services to customers and businesses. The banking firm serves in domestic markets as well as abroad, mainly with its commercial and retail banking services such as trade finance, project finance, savings and current accounts, fixed deposits, and Mashreq millionaire deposits. The business segments are Wholesale, Retail, Treasury and capital markets, Insurance, and other. The bank's entities include Mashreq Capital, Sukoon Insurance, and Mashreq's fintech and digital innovation platform focused on developing next-generation financial solutions. The group's activities are carried out through its branches in the UAE, Bahrain, Kuwait, Egypt, Hong Kong, India, Pakistan, Qatar, the UK, and the USA.
68GF Score

Get the complete analysis for DFM:MASQ

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

د.إ259.00
Price
د.إ230.50
GF Value