The Commercial Bank (Q.S.C.) (DSMD:CBQK) Beneish M-Score: -2.63 (As of Jul. 21, 2026)

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DSMD:CBQK The Commercial Bank (Q.S.C.) DSMD:CBQK
61 GF Score
Price ر.ق4.09
GF Value ر.ق4.69
Valuation Modestly Undervalued
! 4 Warning Signs
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What is The Commercial Bank (Q.S.C.) Beneish M-Score?

The Commercial Bank (Q.S.C.) DSMD:CBQK +1.04% 61 Beneish M-Score is -2.63 as of Jul. 21, 2026. GuruFocus rates DSMD:CBQK with a GF Score™ of 61/100 and a GF Value™ of ر.ق4.69 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,394 Banks companies, The Commercial Bank (Q.S.C.) ranks better than 83.5% 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for The Commercial Bank (Q.S.C.)'s Beneish M-Score or its related term are showing as below:

DSMD:CBQK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.63   Med: -2.41   Max: -2.32
Current: -2.63

During the past 13 years, the highest Beneish M-Score of The Commercial Bank (Q.S.C.) was -2.32. The lowest was -2.63. And the median was -2.41.

DSMD:CBQK
61GF Score
The Commercial Bank (Q.S.C.) DSMD:CBQK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

The Commercial Bank (Q.S.C.) 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 The Commercial Bank (Q.S.C.) 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 * 1.0013+0.892 * 1.0148+0.115 * 1.1269
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1349+4.679 * -0.033608-0.327 * 0.9938
=-2.63

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ر.ق0 Mil.
Revenue was ر.ق4,744 Mil.
Gross Profit was ر.ق4,744 Mil.
Total Current Assets was ر.ق0 Mil.
Total Assets was ر.ق192,913 Mil.
Property, Plant and Equipment(Net PPE) was ر.ق3,162 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ق304 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ق58 Mil.
Total Current Liabilities was ر.ق0 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ق41,210 Mil.
Net Income was ر.ق2,205 Mil.
Gross Profit was ر.ق0 Mil.
Cash Flow from Operations was ر.ق8,688 Mil.
 Total Receivables was ر.ق0 Mil.
Revenue was ر.ق4,675 Mil.
Gross Profit was ر.ق4,675 Mil.
Total Current Assets was ر.ق0 Mil.
Total Assets was ر.ق165,678 Mil.
Property, Plant and Equipment(Net PPE) was ر.ق2,925 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ق321 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ق51 Mil.
Total Current Liabilities was ر.ق0 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ق35,612 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 / 4744.379) / (0 / 4675.358)
=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)
=(4675.358 / 4675.358) / (4744.379 / 4744.379)
=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 + 3161.657) / 192912.719) / (1 - (0 + 2925.46) / 165677.846)
=0.983611 / 0.982342
=1.0013

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
=4744.379 / 4675.358
=1.0148

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))
=(320.94 / (320.94 + 2925.46)) / (304.038 / (304.038 + 3161.657))
=0.09886 / 0.087728
=1.1269

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)
=(58.284 / 4744.379) / (50.612 / 4675.358)
=0.012285 / 0.010825
=1.1349

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)
=((41210.432 + 0) / 192912.719) / ((35611.588 + 0) / 165677.846)
=0.213622 / 0.214945
=0.9938

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
=(2204.944 - 0 - 8688.424) / 192912.719
=-0.033608

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 Commercial Bank (Q.S.C.) has a M-score of -2.63 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 -2.63 mean?
The Commercial Bank (Q.S.C.) (DSMD:CBQK) has a Beneish M-Score of -2.63 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Commercial Bank (Q.S.C.) and its competitors. According to the industry distribution chart, The Commercial Bank (Q.S.C.) ranks #230 out of 1394 companies in the Banks industry, placing it in the top 16.5%.
Is The Commercial Bank (Q.S.C.)'s Beneish M-Score too high?
The Commercial Bank (Q.S.C.)'s current Beneish M-Score is -2.63. Based on the distribution chart, The Commercial Bank (Q.S.C.) ranks #230 out of 1394 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, The Commercial Bank (Q.S.C.) has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does The Commercial Bank (Q.S.C.)'s Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, The Commercial Bank (Q.S.C.) ranks #230 out of 1394 companies for Beneish M-Score. This places The Commercial Bank (Q.S.C.) in the top 17% 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 The Commercial Bank (Q.S.C.) and its competitors. The Commercial Bank (Q.S.C.)'s current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Commercial Bank (Q.S.C.) stock overvalued right now?
Based on GuruFocus' analysis, The Commercial Bank (Q.S.C.) (DSMD:CBQK) is currently considered Modestly Undervalued. The stock's GF Value™ is ر.ق4.69, compared to a current price of ر.ق4.09 — trading 12.8% below its estimated fair value. The current Beneish M-Score is -2.63. The Commercial Bank (Q.S.C.)'s overall GF Score™ is 61/100 with 4 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 The Commercial Bank (Q.S.C.) (DSMD:CBQK), the current Beneish M-Score is -2.63 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 The Commercial Bank (Q.S.C.) (DSMD:CBQK) Overvalued in 2026?

Based on GuruFocus' analysis, The Commercial Bank (Q.S.C.) stock appears to be undervalued. The current stock price of ر.ق4.09 is trading 12.8% below its estimated GF Value™ of ر.ق4.69. GuruFocus considers The Commercial Bank (Q.S.C.) to be Modestly Undervalued.

Key valuation signals for DSMD:CBQK:

  • Beneish M-Score: -2.63
  • GF Value™: ر.ق4.69 vs. price of ر.ق4.09 (12.8% below fair value)
  • GF Score™: 61/100 with 4 warning signs

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

The Commercial Bank (Q.S.C.) Business Description

Address East Industrial Street, P.O. Box 3232, Doha, QAT
The Commercial Bank (Q.S.C.) is engaged in conventional banking, brokerage services and the credit card business and operates through its head office, branches and subsidiaries. It provides wholesale and retail banking services across the Middle East. The company operates across four main business segments: 1. Wholesale Banking, 2. Retail Banking, 3. International, 4. Unallocated, Intra - group transactions and others. The company derives the majority of its revenue from the Wholesale Banking, which provides funded and non-funded credit facilities, deposit services, currency exchange, derivative trading, loan syndication, and structured financing to corporate and multinational clients. It also manages money market funds and a proprietary investment portfolio.
61GF Score

Get the complete analysis for DSMD:CBQK

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

ر.ق4.09
Price
ر.ق4.69
GF Value