Qatar General Insurance & Reinsurance Co (DSMD:QGRI) Beneish M-Score: -2.78 (As of Jul. 16, 2026)

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DSMD:QGRI Qatar General Insurance & Reinsurance Co DSMD:QGRI
35 GF Score
Price ر.ق1.99
GF Value ر.ق1.23
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Qatar General Insurance & Reinsurance Co Beneish M-Score?

Qatar General Insurance & Reinsurance Co DSMD:QGRI 35 Beneish M-Score is -2.78 as of Jul. 16, 2026. GuruFocus rates DSMD:QGRI with a GF Score™ of 35/100 and a GF Value™ of ر.ق1.23 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 398 Insurance companies, Qatar General Insurance & Reinsurance Co ranks better than 77.64% 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Qatar General Insurance & Reinsurance Co's Beneish M-Score or its related term are showing as below:

DSMD:QGRI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55   Med: -2.72   Max: 6.11
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Qatar General Insurance & Reinsurance Co was 6.11. The lowest was -3.55. And the median was -2.72.

DSMD:QGRI
35GF Score
Qatar General Insurance & Reinsurance Co DSMD:QGRI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Qatar General Insurance & Reinsurance 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 Qatar General Insurance & Reinsurance 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 * 0.7019+0.528 * 1+0.404 * 1.0004+0.892 * 0.9135+0.115 * 1.5523
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.884+4.679 * 0.017753-0.327 * 0.8262
=-2.78

* 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.ق67.4 Mil.
Revenue was ر.ق419.8 Mil.
Gross Profit was ر.ق419.8 Mil.
Total Current Assets was ر.ق0.0 Mil.
Total Assets was ر.ق5,639.5 Mil.
Property, Plant and Equipment(Net PPE) was ر.ق25.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ق2.7 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ق12.0 Mil.
Total Current Liabilities was ر.ق0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ق772.9 Mil.
Net Income was ر.ق124.4 Mil.
Gross Profit was ر.ق73.7 Mil.
Cash Flow from Operations was ر.ق-49.4 Mil.
 Total Receivables was ر.ق105.1 Mil.
Revenue was ر.ق459.5 Mil.
Gross Profit was ر.ق459.5 Mil.
Total Current Assets was ر.ق0.0 Mil.
Total Assets was ر.ق5,711.7 Mil.
Property, Plant and Equipment(Net PPE) was ر.ق27.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ق4.9 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ق7.0 Mil.
Total Current Liabilities was ر.ق0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ق947.5 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)
=(67.406 / 419.812) / (105.123 / 459.546)
=0.160562 / 0.228754
=0.7019

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)
=(459.546 / 459.546) / (419.812 / 419.812)
=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 + 25.353) / 5639.464) / (1 - (0 + 27.866) / 5711.713)
=0.995504 / 0.995121
=1.0004

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
=419.812 / 459.546
=0.9135

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))
=(4.887 / (4.887 + 27.866)) / (2.696 / (2.696 + 25.353))
=0.149208 / 0.096118
=1.5523

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)
=(11.989 / 419.812) / (6.966 / 459.546)
=0.028558 / 0.015158
=1.884

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)
=((772.929 + 0) / 5639.464) / ((947.502 + 0) / 5711.713)
=0.137057 / 0.165888
=0.8262

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
=(124.386 - 73.688 - -49.42) / 5639.464
=0.017753

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.

Qatar General Insurance & Reinsurance Co has a M-score of -2.78 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 -2.78 mean?
Qatar General Insurance & Reinsurance Co (DSMD:QGRI) has a Beneish M-Score of -2.78 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Qatar General Insurance & Reinsurance Co and its competitors. According to the industry distribution chart, Qatar General Insurance & Reinsurance Co ranks #89 out of 398 companies in the Insurance industry, placing it in the top 22.4%.
Is Qatar General Insurance & Reinsurance Co's Beneish M-Score too high?
Qatar General Insurance & Reinsurance Co's current Beneish M-Score is -2.78. Based on the distribution chart, Qatar General Insurance & Reinsurance Co ranks #89 out of 398 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Qatar General Insurance & Reinsurance Co has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Qatar General Insurance & Reinsurance Co's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Qatar General Insurance & Reinsurance Co ranks #89 out of 398 companies for Beneish M-Score. This places Qatar General Insurance & Reinsurance Co in the top 22% 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 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 Qatar General Insurance & Reinsurance Co and its competitors. Qatar General Insurance & Reinsurance Co's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Qatar General Insurance & Reinsurance Co stock overvalued right now?
Based on GuruFocus' analysis, Qatar General Insurance & Reinsurance Co (DSMD:QGRI) is currently considered Significantly Overvalued. The stock's GF Value™ is ر.ق1.23, compared to a current price of ر.ق1.99 — trading 61.8% above its estimated fair value. The current Beneish M-Score is -2.78. Qatar General Insurance & Reinsurance Co's overall GF Score™ is 35/100 with 6 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 Qatar General Insurance & Reinsurance Co (DSMD:QGRI), the current Beneish M-Score is -2.78 as of Jul. 16, 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 Qatar General Insurance & Reinsurance Co (DSMD:QGRI) Overvalued in 2026?

Based on GuruFocus' analysis, Qatar General Insurance & Reinsurance Co stock appears to be overvalued. The current stock price of ر.ق1.99 is trading 61.8% above its estimated GF Value™ of ر.ق1.23. GuruFocus considers Qatar General Insurance & Reinsurance Co to be Significantly Overvalued.

Key valuation signals for DSMD:QGRI:

  • Beneish M-Score: -2.78
  • GF Value™: ر.ق1.23 vs. price of ر.ق1.99 (61.8% above fair value)
  • GF Score™: 35/100 with 6 warning signs

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

Qatar General Insurance & Reinsurance Co Business Description

Address Al Asmakh Street, P.O. Box 4500, Doha, QAT
Qatar General Insurance & Reinsurance Co is an insurance company engaged in providing general insurance and reinsurance services. The company also provides Islamic Takaful insurance, real estate, investment, manufacturing, trading and contracting services. The company has various product lines, which are Property and casualty, Life and medical, Motor and Marine and aviation. The company generates the majority of its revenue from Property and casualty.
35GF Score

Get the complete analysis for DSMD:QGRI

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

ر.ق1.99
Price
ر.ق1.23
GF Value