United Finance (DHA:UNITEDFIN) Beneish M-Score: -2.53 (As of Jul. 14, 2026)

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DHA:UNITEDFIN United Finance PLC DHA:UNITEDFIN
64 GF Score
Price BDT16.30
GF Value BDT12.93
Valuation Modestly Overvalued
! 8 Warning Signs
View Full Analysis

What is United Finance Beneish M-Score?

United Finance DHA:UNITEDFIN -1.81% 64 Beneish M-Score is -2.53 as of Jul. 14, 2026. GuruFocus rates DHA:UNITEDFIN with a GF Score™ of 64/100 and a GF Value™ of BDT12.93 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 485 Credit Services companies, United Finance ranks better than 70.1% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:UNITEDFIN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.97   Med: -2.42   Max: -1.71
Current: -2.53

During the past 13 years, the highest Beneish M-Score of United Finance was -1.71. The lowest was -2.97. And the median was -2.42.

DHA:UNITEDFIN
64GF Score
United Finance PLC DHA:UNITEDFIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

United Finance 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 United Finance 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 * 1.0001+0.892 * 0.9461+0.115 * 1.0948
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0603+4.679 * 0.002005-0.327 * 1.0312
=-2.53

* 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 BDT0 Mil.
Revenue was 304.781 + 397.088 + 282.695 + 245.782 = BDT1,230 Mil.
Gross Profit was 304.781 + 397.088 + 282.695 + 245.782 = BDT1,230 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT29,076 Mil.
Property, Plant and Equipment(Net PPE) was BDT348 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT79 Mil.
Selling, General, & Admin. Expense(SGA) was BDT37 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT2,076 Mil.
Net Income was 7.573 + 155.468 + 10.212 + 26.582 = BDT200 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was -904.259 + 372.129 + 248.077 + 425.577 = BDT142 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 284.633 + 390.308 + 320.606 + 304.858 = BDT1,300 Mil.
Gross Profit was 284.633 + 390.308 + 320.606 + 304.858 = BDT1,300 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT26,240 Mil.
Property, Plant and Equipment(Net PPE) was BDT316 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT81 Mil.
Selling, General, & Admin. Expense(SGA) was BDT37 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT1,817 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 / 1230.346) / (0 / 1300.405)
=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)
=(1300.405 / 1300.405) / (1230.346 / 1230.346)
=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 + 348.329) / 29075.8) / (1 - (0 + 315.677) / 26239.753)
=0.98802 / 0.98797
=1.0001

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
=1230.346 / 1300.405
=0.9461

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))
=(80.574 / (80.574 + 315.677)) / (79.457 / (79.457 + 348.329))
=0.203341 / 0.18574
=1.0948

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)
=(37.386 / 1230.346) / (37.27 / 1300.405)
=0.030387 / 0.02866
=1.0603

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)
=((2076.05 + 0) / 29075.8) / ((1816.95 + 0) / 26239.753)
=0.071401 / 0.069244
=1.0312

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
=(199.835 - 0 - 141.524) / 29075.8
=0.002005

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.

United Finance has a M-score of -2.53 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 -2.53 mean?
United Finance (DHA:UNITEDFIN) has a Beneish M-Score of -2.53 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on United Finance and its competitors. According to the industry distribution chart, United Finance ranks #145 out of 485 companies in the Credit Services industry, placing it in the top 29.9%.
Is United Finance's Beneish M-Score too high?
United Finance's current Beneish M-Score is -2.53. Based on the distribution chart, United Finance ranks #145 out of 485 companies in the Credit Services industry, which is above the industry midpoint. Overall, United Finance has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does United Finance's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, United Finance ranks #145 out of 485 companies for Beneish M-Score. This puts United Finance in the upper 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 United Finance and its competitors. United Finance's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Finance stock overvalued right now?
Based on GuruFocus' analysis, United Finance (DHA:UNITEDFIN) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT12.93, compared to a current price of BDT16.30 — trading 26.1% above its estimated fair value. The current Beneish M-Score is -2.53. United Finance's overall GF Score™ is 64/100 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 United Finance (DHA:UNITEDFIN), the current Beneish M-Score is -2.53 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 United Finance (DHA:UNITEDFIN) Overvalued in 2026?

Based on GuruFocus' analysis, United Finance stock appears to be overvalued. The current stock price of BDT16.30 is trading 26.1% above its estimated GF Value™ of BDT12.93. GuruFocus considers United Finance to be Modestly Overvalued.

Key valuation signals for DHA:UNITEDFIN:

  • Beneish M-Score: -2.53
  • GF Value™: BDT12.93 vs. price of BDT16.30 (26.1% above fair value)
  • GF Score™: 64/100 with 8 warning signs

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

United Finance Business Description

Address 22 Kazi Nazrul Islam Avenue, Camellia House, Dhaka, BGD, 1000
United Finance PLC is a financial services company. The company provides financial services which includes lease finance for acquiring assets for industrial and commercial use; term loans for meeting long-term funding requirements; short-term working capital solutions and home loans. The company provides services like Deposits, Working Capital and Term Financing. It is engaged in five segments: Corporates, SMEs, Retail Borrowers, Depositors, and Investors.
64GF Score

Get the complete analysis for DHA:UNITEDFIN

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

BDT16.30
Price
BDT12.93
GF Value