Erbil Bank for Investment & Finance (IQS:BERI) Beneish M-Score: -2.60 (As of Jun. 28, 2026)


IQS:BERI Erbil Bank for Investment & Finance IQS:BERI
99 GF Score
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What is Erbil Bank for Investment & Finance Beneish M-Score?

Erbil Bank for Investment & Finance IQS:BERI 99 Beneish M-Score is -2.60 as of Jun. 28, 2026. GuruFocus rates IQS:BERI with a GF Score™ of 99/100. The stock has 1 warning sign investors should review. Among 1,399 Banks companies, Erbil Bank for Investment & Finance ranks better than 80.84% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IQS:BERI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6   Med: -2.6   Max: -2.6
Current: -2.6

During the past 8 years, the highest Beneish M-Score of Erbil Bank for Investment & Finance was -2.60. The lowest was -2.60. And the median was -2.60.

IQS:BERI
99GF Score
Erbil Bank for Investment & Finance IQS:BERI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Erbil Bank for Investment & 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 Erbil Bank for Investment & 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 * 1.0012+0.892 * 1.0482+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8836+4.679 * -0.027559-0.327 * 0.6318
=-2.60

* 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 ع.د0 Mil.
Revenue was 996.42 + 1097.253 + 1084.533 + 1099.186 = ع.د4,277 Mil.
Gross Profit was 996.42 + 1097.253 + 1084.533 + 1099.186 = ع.د4,277 Mil.
Total Current Assets was ع.د0 Mil.
Total Assets was ع.د356,675 Mil.
Property, Plant and Equipment(Net PPE) was ع.د32,721 Mil.
Depreciation, Depletion and Amortization(DDA) was ع.د0 Mil.
Selling, General, & Admin. Expense(SGA) was ع.د284 Mil.
Total Current Liabilities was ع.د0 Mil.
Long-Term Debt & Capital Lease Obligation was ع.د6,039 Mil.
Net Income was 7357.649 + -10435.056 + -664.238 + 292.689 = ع.د-3,449 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ع.د0 Mil.
Cash Flow from Operations was -1993.265 + 1103.547 + 2856.048 + 4414.38 = ع.د6,381 Mil.
 Total Receivables was ع.د0 Mil.
Revenue was 843.754 + 1090.648 + 1019.874 + 1126.328 = ع.د4,081 Mil.
Gross Profit was 843.754 + 1090.648 + 1019.874 + 1126.328 = ع.د4,081 Mil.
Total Current Assets was ع.د0 Mil.
Total Assets was ع.د361,345 Mil.
Property, Plant and Equipment(Net PPE) was ع.د33,528 Mil.
Depreciation, Depletion and Amortization(DDA) was ع.د0 Mil.
Selling, General, & Admin. Expense(SGA) was ع.د144 Mil.
Total Current Liabilities was ع.د0 Mil.
Long-Term Debt & Capital Lease Obligation was ع.د9,684 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 / 4277.392) / (0 / 4080.604)
=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)
=(4080.604 / 4080.604) / (4277.392 / 4277.392)
=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 + 32720.822) / 356674.588) / (1 - (0 + 33528.248) / 361344.638)
=0.908261 / 0.907213
=1.0012

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
=4277.392 / 4080.604
=1.0482

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 + 33528.248)) / (0 / (0 + 32720.822))
=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)
=(284.306 / 4277.392) / (143.995 / 4080.604)
=0.066467 / 0.035288
=1.8836

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)
=((6038.766 + 0) / 356674.588) / ((9684.131 + 0) / 361344.638)
=0.016931 / 0.0268
=0.6318

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
=(-3448.956 - 0 - 6380.71) / 356674.588
=-0.027559

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.

Erbil Bank for Investment & Finance has a M-score of -2.60 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 -2.60 mean?
Erbil Bank for Investment & Finance (IQS:BERI) has a Beneish M-Score of -2.60 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Erbil Bank for Investment & Finance and its competitors. According to the industry distribution chart, Erbil Bank for Investment & Finance ranks #268 out of 1399 companies in the Banks industry, placing it in the top 19.2%.
Is Erbil Bank for Investment & Finance's Beneish M-Score too high?
Erbil Bank for Investment & Finance's current Beneish M-Score is -2.60. Based on the distribution chart, Erbil Bank for Investment & Finance ranks #268 out of 1399 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Erbil Bank for Investment & Finance has a GF Score™ of 99/100, reflecting its overall financial health beyond just this single metric.
How does Erbil Bank for Investment & Finance's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Erbil Bank for Investment & Finance ranks #268 out of 1399 companies for Beneish M-Score. This places Erbil Bank for Investment & Finance in the top 19% 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 Erbil Bank for Investment & Finance and its competitors. Erbil Bank for Investment & Finance's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Erbil Bank for Investment & Finance stock overvalued right now?
Erbil Bank for Investment & Finance (IQS:BERI) has a current Beneish M-Score of -2.60. The current Beneish M-Score is -2.60. Erbil Bank for Investment & Finance's overall GF Score™ is 99/100 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 Erbil Bank for Investment & Finance (IQS:BERI), the current Beneish M-Score is -2.60 as of Jun. 28, 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.

Erbil Bank for Investment & Finance Business Description

Address Khanqa Street, opposite the Ministry of Municipalities, P.O. Box 20/384, Erbil, IRQ
Erbil Bank for Investment & Finance is a financial services organization that provides its presence in the banking sector through services offered to customers. The company offers products such as Banking accounts, Erbil bank cards, Internal and foreign remittances, Mobile banking, and credit services.
99GF Score

Get the complete analysis for IQS:BERI

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

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