Mazaya Real Estate Development Co (DSMD:MRDS) Beneish M-Score: -1.73 (As of Jul. 12, 2026)


DSMD:MRDS Mazaya Real Estate Development Co DSMD:MRDS
55 GF Score
Price ر.ق0.56
GF Value ر.ق0.71
Valuation Modestly Undervalued
! 8 Warning Signs
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What is Mazaya Real Estate Development Co Beneish M-Score?

Mazaya Real Estate Development Co DSMD:MRDS -0.18% 55 Beneish M-Score is -1.73 as of Jul. 12, 2026. GuruFocus rates DSMD:MRDS with a GF Score™ of 55/100 and a GF Value™ of ر.ق0.71 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 1,685 Real Estate companies, Mazaya Real Estate Development Co ranks worse than 75.07% on this metric.

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.

Warning Sign:

Beneish M-Score -1.73 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Mazaya Real Estate Development Co's Beneish M-Score or its related term are showing as below:

DSMD:MRDS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.84   Med: -2.26   Max: 96.13
Current: -1.73

During the past 13 years, the highest Beneish M-Score of Mazaya Real Estate Development Co was 96.13. The lowest was -4.84. And the median was -2.26.

Mazaya Real Estate Development Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mazaya Real Estate Development Co's Beneish M-Score can be seen below:

* 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.

Mazaya Real Estate Development Co Beneish M-Score Chart

Mazaya Real Estate Development Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.37 37.96 10.71 21.62 -3.16

Mazaya Real Estate Development Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.16 -2.91 -3.16 -3.16 -1.73

DSMD:MRDS vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Mazaya Real Estate Development Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Mazaya Real Estate Development Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Mazaya Real Estate Development Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mazaya Real Estate Development Co's Beneish M-Score falls into.


DSMD:MRDS
55GF Score
Mazaya Real Estate Development Co DSMD:MRDS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Mazaya Real Estate Development Co 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 Mazaya Real Estate Development Co 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 * 1.9668+0.528 * 0.9858+0.404 * 0.9504+0.892 * 1.0674+0.115 * 0.5338
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8119+4.679 * -0.030599-0.327 * 1.011
=-1.73

* 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 ر.ق36.1 Mil.
Revenue was 35.895 + 45.12 + 31.23 + 37.655 = ر.ق149.9 Mil.
Gross Profit was 33.055 + 36.032 + 28.369 + 34.833 = ر.ق132.3 Mil.
Total Current Assets was ر.ق331.9 Mil.
Total Assets was ر.ق2,578.1 Mil.
Property, Plant and Equipment(Net PPE) was ر.ق2.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ق0.4 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ق8.2 Mil.
Total Current Liabilities was ر.ق223.6 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ق1,334.3 Mil.
Net Income was 8.185 + 5.661 + 11.334 + 10.264 = ر.ق35.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ر.ق0.0 Mil.
Cash Flow from Operations was 48.399 + 0 + 0 + 65.933 = ر.ق114.3 Mil.
 Total Receivables was ر.ق17.2 Mil.
Revenue was 35.329 + 35.841 + 35.073 + 34.196 = ر.ق140.4 Mil.
Gross Profit was 32.264 + 28.993 + 31.132 + 29.796 = ر.ق122.2 Mil.
Total Current Assets was ر.ق208.2 Mil.
Total Assets was ر.ق2,496.5 Mil.
Property, Plant and Equipment(Net PPE) was ر.ق2.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ق0.2 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ق9.5 Mil.
Total Current Liabilities was ر.ق135.4 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ق1,356.9 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)
=(36.125 / 149.9) / (17.208 / 140.439)
=0.240994 / 0.12253
=1.9668

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)
=(122.185 / 140.439) / (132.289 / 149.9)
=0.870022 / 0.882515
=0.9858

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 - (331.871 + 2.374) / 2578.083) / (1 - (208.155 + 2.102) / 2496.495)
=0.870351 / 0.915779
=0.9504

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
=149.9 / 140.439
=1.0674

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))
=(0.17 / (0.17 + 2.102)) / (0.387 / (0.387 + 2.374))
=0.074824 / 0.140167
=0.5338

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)
=(8.219 / 149.9) / (9.484 / 140.439)
=0.05483 / 0.067531
=0.8119

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)
=((1334.307 + 223.644) / 2578.083) / ((1356.907 + 135.391) / 2496.495)
=0.604306 / 0.597757
=1.011

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
=(35.444 - 0 - 114.332) / 2578.083
=-0.030599

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.

Mazaya Real Estate Development Co has a M-score of -1.73 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 -1.73 mean?
Mazaya Real Estate Development Co (DSMD:MRDS) has a Beneish M-Score of -1.73 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mazaya Real Estate Development Co and its competitors. According to the industry distribution chart, Mazaya Real Estate Development Co ranks #1265 out of 1685 companies in the Real Estate industry, placing it in the top 75.1%.
Is Mazaya Real Estate Development Co's Beneish M-Score too high?
Mazaya Real Estate Development Co's current Beneish M-Score is -1.73. Based on the distribution chart, Mazaya Real Estate Development Co ranks #1265 out of 1685 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Mazaya Real Estate Development Co has a GF Score™ of 55/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Mazaya Real Estate Development Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Mazaya Real Estate Development Co ranks #1265 out of 1685 companies for Beneish M-Score. This places Mazaya Real Estate Development Co 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Mazaya Real Estate Development Co and its competitors. Mazaya Real Estate Development Co's current Beneish M-Score is -1.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mazaya Real Estate Development Co stock overvalued right now?
Based on GuruFocus' analysis, Mazaya Real Estate Development Co (DSMD:MRDS) is currently considered Modestly Undervalued. The stock's GF Value™ is ر.ق0.71, compared to a current price of ر.ق0.56 — trading 21.8% below its estimated fair value. The current Beneish M-Score is -1.73. Mazaya Real Estate Development Co's overall GF Score™ is 55/100 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 Mazaya Real Estate Development Co (DSMD:MRDS), the current Beneish M-Score is -1.73 as of Jul. 12, 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 Mazaya Real Estate Development Co (DSMD:MRDS) Overvalued in 2026?

Based on GuruFocus' analysis, Mazaya Real Estate Development Co stock appears to be undervalued. The current stock price of ر.ق0.56 is trading 21.8% below its estimated GF Value™ of ر.ق0.71. GuruFocus considers Mazaya Real Estate Development Co to be Modestly Undervalued.

Key valuation signals for DSMD:MRDS:

  • Beneish M-Score: -1.73
  • GF Value™: ر.ق0.71 vs. price of ر.ق0.56 (21.8% below fair value)
  • GF Score™: 55/100 with 8 warning signs

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

Mazaya Real Estate Development Co Business Description

Address Zone 60 - Street 810, Building 17, P.O. Box 18132, Tornado Tower, West Bay, Dafna, Doha, QAT
Mazaya Real Estate Development Co operates is engaged in developing and managing residential compounds, real estate investment, land development for resale, construction, project management, real estate marketing, property management, maintenance, and brokerage services. In addition, The company is also involved in the management of residential compounds.
55GF Score

Get the complete analysis for DSMD:MRDS

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

ر.ق0.56
Price
ر.ق0.71
GF Value