Takaful Al Emarat (DFM:TAKAFUL-EM) Beneish M-Score: 0.00 (As of Jul. 21, 2026)

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DFM:TAKAFUL-EM Takaful Al Emarat DFM:TAKAFUL-EM
63 GF Score
Price د.إ1.50
GF Value د.إ1.82
Valuation Modestly Undervalued
! 1 Warning Sign
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What is Takaful Al Emarat Beneish M-Score?

Takaful Al Emarat DFM:TAKAFUL-EM 63 Beneish M-Score is 0.00 as of Jul. 21, 2026. GuruFocus rates DFM:TAKAFUL-EM with a GF Score™ of 63/100 and a GF Value™ of د.إ1.82 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 398 Insurance companies, Takaful Al Emarat ranks worse than 251256.03% 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 Takaful Al Emarat's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Takaful Al Emarat was -0.91. The lowest was -5.50. And the median was -2.45.

DFM:TAKAFUL-EM
63GF Score
Takaful Al Emarat DFM:TAKAFUL-EM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Takaful Al Emarat 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 Takaful Al Emarat 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.إ120.6 Mil.
Revenue was 140.294 + 214.346 + 169.73 + 154.861 = د.إ679.2 Mil.
Gross Profit was 140.294 + 214.346 + 169.73 + 154.861 = د.إ679.2 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ1,044.4 Mil.
Property, Plant and Equipment(Net PPE) was د.إ5.0 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ1.5 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ42.1 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ3.3 Mil.
Net Income was -13.712 + -7.326 + 12.751 + 13.911 = د.إ5.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0.0 Mil.
Cash Flow from Operations was -7.523 + -15.56 + 41.528 + 20.374 = د.إ38.8 Mil.
 Total Receivables was د.إ28.7 Mil.
Revenue was 150.263 + 159.302 + 103.506 + 103.48 = د.إ516.6 Mil.
Gross Profit was 150.263 + 159.302 + 103.506 + 103.48 = د.إ516.6 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ911.5 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1.2 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ0.6 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ33.6 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)
=(120.598 / 679.231) / (28.714 / 516.551)
=0.177551 / 0.055588
=

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)
=(516.551 / 516.551) / (679.231 / 679.231)
=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 + 4.964) / 1044.396) / (1 - (0 + 1.18) / 911.455)
=0.995247 / 0.998705
=

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
=679.231 / 516.551
=

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))
=(0.568 / (0.568 + 1.18)) / (1.457 / (1.457 + 4.964))
=0.324943 / 0.226912
=

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)
=(42.128 / 679.231) / (33.625 / 516.551)
=0.062023 / 0.065095
=

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)
=((3.302 + 0) / 1044.396) / ((0 + 0) / 911.455)
=0.003162 / 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
=(5.624 - 0 - 38.819) / 1044.396
=-0.031784

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?
Takaful Al Emarat (DFM:TAKAFUL-EM) has a Beneish M-Score of 0.00 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Takaful Al Emarat and its competitors. According to the industry distribution chart, Takaful Al Emarat ranks #999999 out of 398 companies in the Insurance industry.
Is Takaful Al Emarat's Beneish M-Score too high?
Takaful Al Emarat's current Beneish M-Score is 0.00. Based on the distribution chart, Takaful Al Emarat ranks #999999 out of 398 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Takaful Al Emarat has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Takaful Al Emarat's Beneish M-Score compare to FNF and AXS?
According to the Insurance industry distribution chart, Takaful Al Emarat ranks #999999 out of 398 companies for Beneish M-Score. This places Takaful Al Emarat 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 Takaful Al Emarat and its competitors. Takaful Al Emarat'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 Takaful Al Emarat stock overvalued right now?
Based on GuruFocus' analysis, Takaful Al Emarat (DFM:TAKAFUL-EM) is currently considered Modestly Undervalued. The stock's GF Value™ is د.إ1.82, compared to a current price of د.إ1.50 — trading 17.6% below its estimated fair value. The current Beneish M-Score is 0.00. Takaful Al Emarat's overall GF Score™ is 63/100 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 Takaful Al Emarat (DFM:TAKAFUL-EM), the current Beneish M-Score is 0.00 as of Jul. 21, 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 Takaful Al Emarat (DFM:TAKAFUL-EM) Overvalued in 2026?

Based on GuruFocus' analysis, Takaful Al Emarat stock appears to be undervalued. The current stock price of د.إ1.50 is trading 17.6% below its estimated GF Value™ of د.إ1.82. GuruFocus considers Takaful Al Emarat to be Modestly Undervalued.

Key valuation signals for DFM:TAKAFUL-EM:

  • Beneish M-Score: 0.00
  • GF Value™: د.إ1.82 vs. price of د.إ1.50 (17.6% below fair value)
  • GF Score™: 63/100 with 1 warning sign

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

Takaful Al Emarat Business Description

Address Sheikh Zayed Road, P.O. Box 57589, Office 102, 1st Floor, Hassanacore Building, Al Barsha 1, Dubai, ARE
Takaful Al Emarat is engaged in the insurance business in the United Arab Emirates. The company provides health insurance, life insurance, and credit and savings insurance. Under personal insurance, it provides level term plans, a decreasing term plan, takaful growth plan, whole life plan, educational plan, wealth plan, and Travel protection plan. The company is organized into two business segments: Takaful and Investment operations. The Takaful operations comprise the takaful business undertaken by the group on behalf of policyholders, and Investment operations comprise investments and cash management of its accounts.
63GF Score

Get the complete analysis for DFM:TAKAFUL-EM

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

د.إ1.50
Price
د.إ1.82
GF Value