The Bank of Khyber (KAR:BOK) Beneish M-Score: -2.19 (As of Jun. 25, 2026)


KAR:BOK The Bank of Khyber KAR:BOK
53 GF Score
Price ₨33.34
GF Value ₨19.14
Valuation Significantly Overvalued
! 6 Warning Signs
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What is The Bank of Khyber Beneish M-Score?

The Bank of Khyber KAR:BOK +0.27% 53 Beneish M-Score is -2.19 as of Jun. 25, 2026. GuruFocus rates KAR:BOK with a GF Score™ of 53/100 and a GF Value™ of ₨19.14 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, The Bank of Khyber ranks worse than 81.38% 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for The Bank of Khyber's Beneish M-Score or its related term are showing as below:

KAR:BOK' s Beneish M-Score Range Over the Past 10 Years
Min: -9.34   Med: -2.56   Max: -0.28
Current: -2.19

During the past 13 years, the highest Beneish M-Score of The Bank of Khyber was -0.28. The lowest was -9.34. And the median was -2.56.

KAR:BOK
53GF Score
The Bank of Khyber KAR:BOK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The Bank of Khyber 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 Bank of Khyber 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 * 1.0006+0.892 * 1.0809+0.115 * 0.9734
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.14+4.679 * 0.048684-0.327 * 0.9588
=-2.19

* 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 ₨0 Mil.
Revenue was 4633.148 + 5080.816 + 5899.778 + 6254.47 = ₨21,868 Mil.
Gross Profit was 4633.148 + 5080.816 + 5899.778 + 6254.47 = ₨21,868 Mil.
Total Current Assets was ₨0 Mil.
Total Assets was ₨489,205 Mil.
Property, Plant and Equipment(Net PPE) was ₨6,300 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,824 Mil.
Selling, General, & Admin. Expense(SGA) was ₨454 Mil.
Total Current Liabilities was ₨0 Mil.
Long-Term Debt & Capital Lease Obligation was ₨5,158 Mil.
Net Income was 1015.178 + 843.187 + 1607.21 + 1762.834 = ₨5,228 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 34814.487 + -8487.518 + -80335.73 + 35420.915 = ₨-18,588 Mil.
 Total Receivables was ₨0 Mil.
Revenue was 5897.411 + 4926.557 + 4962.192 + 4446.168 = ₨20,232 Mil.
Gross Profit was 5897.411 + 4926.557 + 4962.192 + 4446.168 = ₨20,232 Mil.
Total Current Assets was ₨0 Mil.
Total Assets was ₨457,754 Mil.
Property, Plant and Equipment(Net PPE) was ₨6,150 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,720 Mil.
Selling, General, & Admin. Expense(SGA) was ₨368 Mil.
Total Current Liabilities was ₨0 Mil.
Long-Term Debt & Capital Lease Obligation was ₨5,034 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 / 21868.212) / (0 / 20232.328)
=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)
=(20232.328 / 20232.328) / (21868.212 / 21868.212)
=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 + 6300.457) / 489205.088) / (1 - (0 + 6149.785) / 457753.649)
=0.987121 / 0.986565
=1.0006

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
=21868.212 / 20232.328
=1.0809

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))
=(1719.65 / (1719.65 + 6149.785)) / (1823.943 / (1823.943 + 6300.457))
=0.218523 / 0.224502
=0.9734

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)
=(454.012 / 21868.212) / (368.467 / 20232.328)
=0.020761 / 0.018212
=1.14

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)
=((5157.774 + 0) / 489205.088) / ((5033.647 + 0) / 457753.649)
=0.010543 / 0.010996
=0.9588

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
=(5228.409 - 0 - -18587.846) / 489205.088
=0.048684

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 Bank of Khyber has a M-score of -2.19 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 -2.19 mean?
The Bank of Khyber (KAR:BOK) has a Beneish M-Score of -2.19 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Bank of Khyber and its competitors. According to the industry distribution chart, The Bank of Khyber ranks #1136 out of 1396 companies in the Banks industry, placing it in the top 81.4%.
Is The Bank of Khyber's Beneish M-Score too high?
The Bank of Khyber's current Beneish M-Score is -2.19. Based on the distribution chart, The Bank of Khyber ranks #1136 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, The Bank of Khyber has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Bank of Khyber's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, The Bank of Khyber ranks #1136 out of 1396 companies for Beneish M-Score. This places The Bank of Khyber 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 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 Bank of Khyber and its competitors. The Bank of Khyber's current Beneish M-Score is -2.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Bank of Khyber stock overvalued right now?
Based on GuruFocus' analysis, The Bank of Khyber (KAR:BOK) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨19.14, compared to a current price of ₨33.34 — trading 74.2% above its estimated fair value. The current Beneish M-Score is -2.19. The Bank of Khyber's overall GF Score™ is 53/100 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 The Bank of Khyber (KAR:BOK), the current Beneish M-Score is -2.19 as of Jun. 25, 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 Bank of Khyber (KAR:BOK) Overvalued in 2026?

Based on GuruFocus' analysis, The Bank of Khyber stock appears to be overvalued. The current stock price of ₨33.34 is trading 74.2% above its estimated GF Value™ of ₨19.14. GuruFocus considers The Bank of Khyber to be Significantly Overvalued.

Key valuation signals for KAR:BOK:

  • Beneish M-Score: -2.19
  • GF Value™: ₨19.14 vs. price of ₨33.34 (74.2% above fair value)
  • GF Score™: 53/100 with 6 warning signs

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

The Bank of Khyber Business Description

Address 24 - The Mall, Peshawar Cantt, Peshawar, KP, PAK, 25000
The Bank of Khyber is engaged in the business of commercial banking and related services. It operates through various business segments that are Corporate Finance, which includes mergers and acquisition, underwriting, privatization, securitization, research, and others; Trading and Sales, which includes fixed income, equity, foreign exchanges, commodities, credit, funding, own position securities, and others; Retail Banking, which includes retail lending and deposits, banking services, trust and estates, and others; and Commercial Banking, which includes project finance, real estate, export finance, and others. Geographically, the company operates only in Pakistan.
53GF Score

Get the complete analysis for KAR:BOK

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

₨33.34
Price
₨19.14
GF Value