Cihan Bank for Islamic & Finance (IQS:BCIH) Beneish M-Score: -5.65 (As of Jul. 31, 2026)

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IQS:BCIH Cihan Bank for Islamic & Finance IQS:BCIH
67 GF Score
Price ع.د2.05
! 1 Warning Sign
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What is Cihan Bank for Islamic & Finance Beneish M-Score?

Cihan Bank for Islamic & Finance IQS:BCIH -6.82% 67 Beneish M-Score is -5.65 as of Jul. 31, 2026. GuruFocus rates IQS:BCIH with a GF Score™ of 67/100. The stock has 1 warning sign investors should review.

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 -5.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IQS:BCIH' s Beneish M-Score Range Over the Past 10 Years
Min: -5.65   Med: -2.58   Max: -1.51
Current: -5.65

During the past 4 years, the highest Beneish M-Score of Cihan Bank for Islamic & Finance was -1.51. The lowest was -5.65. And the median was -2.58.

IQS:BCIH
67GF Score
Cihan Bank for Islamic & Finance IQS:BCIH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Cihan Bank for Islamic & 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 Cihan Bank for Islamic & 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 * 0.9811+0.892 * 0.8596+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.922+4.679 * -0.542992-0.327 * 2.5679
=-5.65

* 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 ع.د0 Mil.
Revenue was 10523.183 + 18426.991 + 12676.334 + 12172.248 = ع.د53,799 Mil.
Gross Profit was 10523.183 + 18426.991 + 12676.334 + 12172.248 = ع.د53,799 Mil.
Total Current Assets was ع.د0 Mil.
Total Assets was ع.د928,274 Mil.
Property, Plant and Equipment(Net PPE) was ع.د39,826 Mil.
Depreciation, Depletion and Amortization(DDA) was ع.د0 Mil.
Selling, General, & Admin. Expense(SGA) was ع.د22,790 Mil.
Total Current Liabilities was ع.د0 Mil.
Long-Term Debt & Capital Lease Obligation was ع.د1,738 Mil.
Net Income was 1255.57 + 5166.939 + 5507.097 + 5461.836 = ع.د17,391 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ع.د0 Mil.
Cash Flow from Operations was -61076.464 + 575661.847 + 54465.114 + -47613.479 = ع.د521,437 Mil.
 Total Receivables was ع.د0 Mil.
Revenue was 12885.917 + 16745.454 + 14114.313 + 18837.004 = ع.د62,583 Mil.
Gross Profit was 12885.917 + 16745.454 + 14114.313 + 18837.004 = ع.د62,583 Mil.
Total Current Assets was ع.د0 Mil.
Total Assets was ع.د1,423,616 Mil.
Property, Plant and Equipment(Net PPE) was ع.د34,863 Mil.
Depreciation, Depletion and Amortization(DDA) was ع.د0 Mil.
Selling, General, & Admin. Expense(SGA) was ع.د28,754 Mil.
Total Current Liabilities was ع.د0 Mil.
Long-Term Debt & Capital Lease Obligation was ع.د1,038 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 / 53798.756) / (0 / 62582.688)
=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)
=(62582.688 / 62582.688) / (53798.756 / 53798.756)
=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 + 39825.863) / 928273.905) / (1 - (0 + 34863.282) / 1423615.98)
=0.957097 / 0.975511
=0.9811

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
=53798.756 / 62582.688
=0.8596

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 / (0 + 34863.282)) / (0 / (0 + 39825.863))
=0 / 0
=1

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)
=(22789.519 / 53798.756) / (28753.5 / 62582.688)
=0.423607 / 0.459448
=0.922

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)
=((1737.638 + 0) / 928273.905) / ((1037.731 + 0) / 1423615.98)
=0.001872 / 0.000729
=2.5679

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
=(17391.442 - 0 - 521437.018) / 928273.905
=-0.542992

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.

Cihan Bank for Islamic & Finance has a M-score of -5.65 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 -5.65 mean?
Cihan Bank for Islamic & Finance (IQS:BCIH) has a Beneish M-Score of -5.65 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cihan Bank for Islamic & Finance and its competitors.
Is Cihan Bank for Islamic & Finance's Beneish M-Score too high?
Cihan Bank for Islamic & Finance's current Beneish M-Score is -5.65. Overall, Cihan Bank for Islamic & Finance has a GF Score™ of 67/100, reflecting its overall financial health beyond just this single metric.
How does Cihan Bank for Islamic & Finance's Beneish M-Score compare to ?
Cihan Bank for Islamic & Finance's Beneish M-Score of -5.65 can be compared against companies in the Banks 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 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 Cihan Bank for Islamic & Finance and its competitors. Cihan Bank for Islamic & Finance's current Beneish M-Score is -5.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cihan Bank for Islamic & Finance stock overvalued right now?
Cihan Bank for Islamic & Finance (IQS:BCIH) has a current Beneish M-Score of -5.65. The current Beneish M-Score is -5.65. Cihan Bank for Islamic & Finance's overall GF Score™ is 67/100 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 Cihan Bank for Islamic & Finance (IQS:BCIH), the current Beneish M-Score is -5.65 as of Jul. 31, 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.

Cihan Bank for Islamic & Finance Business Description

Comparable Companies
Address 100m Road, P.O Box: 0116-17, Next to Cihan university, Erbil, IRQ
Cihan Bank for Islamic & Finance is an Islamic bank that practices banking and financial activities in accordance with the principles and provisions of Islamic Sharia.
67GF Score

Get the complete analysis for IQS:BCIH

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

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