Pakistan National Shipping (KAR:PNSC) Beneish M-Score: -3.20 (As of Jun. 26, 2026)

What is Pakistan National Shipping Beneish M-Score?

Pakistan National Shipping KAR:PNSC +0.81% 81 Beneish M-Score is -3.20 as of Jun. 26, 2026. GuruFocus rates KAR:PNSC with a GF Score™ of 81/100 and a GF Value™ of ₨300.41 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 966 Transportation companies, Pakistan National Shipping ranks better than 90.48% 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.

Good Sign:

Beneish M-Score -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pakistan National Shipping's Beneish M-Score or its related term are showing as below:

KAR:PNSC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.19 Max: -1.21
Current: -3.2

During the past 13 years, the highest Beneish M-Score of Pakistan National Shipping was -1.21. The lowest was -3.20. And the median was -2.19.

Pakistan National Shipping Beneish M-Score Related Terms

Pakistan National Shipping Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pakistan National Shipping'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.

Pakistan National Shipping Beneish M-Score Chart

Pakistan National Shipping Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.21

-1.99

-1.91

-2.04

-2.30

Pakistan National Shipping 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															-1.96	-2.30	-1.97	-1.56	-3.20

Pakistan National Shipping Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Pakistan National Shipping'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.

Pakistan National Shipping Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Pakistan National Shipping's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pakistan National Shipping's Beneish M-Score falls into.

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81GF Score

Pakistan National Shipping Corp Ltd KAR:PNSC

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Pakistan National Shipping 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 Pakistan National Shipping for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0526

0.528 * 1.1313

0.404 * 0.6686

0.892 * 1.1469

0.115 * 2.695

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9519

4.679 * -0.020336

0.327 * 3.8789

-3.20

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₨9,413 Mil.
Revenue was 15740.275 + 10551.39 + 10266.687 + 9232.846 = ₨45,791 Mil.
Gross Profit was 6045.819 + 2110.799 + 3301.587 + 2233.726 = ₨13,692 Mil.
Total Current Assets was ₨73,577 Mil.
Total Assets was ₨174,520 Mil.
Property, Plant and Equipment(Net PPE) was ₨96,045 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨4,544 Mil.
Selling, General, & Admin. Expense(SGA) was ₨750 Mil.
Total Current Liabilities was ₨26,130 Mil.
Long-Term Debt & Capital Lease Obligation was ₨42,633 Mil.
Net Income was 1628.331 + 2162.652 + 3714.705 + 5009.959 = ₨12,516 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 13871.09 + -3402.591 + 2203.068 + 3393.17 = ₨16,065 Mil.

Total Receivables was ₨7,797 Mil.
Revenue was 8556.096 + 9009.295 + 10839.179 + 11521.814 = ₨39,926 Mil.
Gross Profit was 2145.241 + 2071.793 + 4764.954 + 4523.679 = ₨13,506 Mil.
Total Current Assets was ₨75,389 Mil.
Total Assets was ₨110,967 Mil.
Property, Plant and Equipment(Net PPE) was ₨30,921 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨4,286 Mil.
Selling, General, & Admin. Expense(SGA) was ₨687 Mil.
Total Current Liabilities was ₨9,961 Mil.
Long-Term Debt & Capital Lease Obligation was ₨1,311 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)
	=	(9412.562 / 45791.198)	/	(7797.164 / 39926.384)
	=	0.205554	/	0.195289
	=	1.0526

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)
	=	(13505.667 / 39926.384)	/	(13691.931 / 45791.198)
	=	0.338264	/	0.299008
	=	1.1313

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 - (73576.849 + 96044.859) / 174519.728)	/	(1 - (75388.736 + 30920.776) / 110967.36)
	=	0.028066	/	0.041975
	=	0.6686

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
	=	45791.198	/	39926.384
	=	1.1469

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))
	=	(4285.923 / (4285.923 + 30920.776))	/	(4543.731 / (4543.731 + 96044.859))
	=	0.121736	/	0.045171
	=	2.695

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)
	=	(750.075 / 45791.198)	/	(687.048 / 39926.384)
	=	0.01638	/	0.017208
	=	0.9519

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)
	=	((42633.333 + 26129.771) / 174519.728)	/	((1310.918 + 9960.902) / 110967.36)
	=	0.394013	/	0.101578
	=	3.8789

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
	=	(12515.647 - 0	-	16064.737)	/	174519.728
	=	-0.020336

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.

Pakistan National Shipping has a M-score of -3.20 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 -3.20 mean?

Pakistan National Shipping (KAR:PNSC) has a Beneish M-Score of -3.20 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pakistan National Shipping and its competitors. According to the industry distribution chart, Pakistan National Shipping ranks #92 out of 966 companies in the Transportation industry, placing it in the top 9.5%.

Is Pakistan National Shipping's Beneish M-Score too high?

Pakistan National Shipping's current Beneish M-Score is -3.20. Based on the distribution chart, Pakistan National Shipping ranks #92 out of 966 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Pakistan National Shipping has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Pakistan National Shipping's Beneish M-Score compare to competitors?

According to the Transportation industry distribution chart, Pakistan National Shipping ranks #92 out of 966 companies for Beneish M-Score. This places Pakistan National Shipping in the top 10% 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 Transportation company?

A good Beneish M-Score depends on the Transportation 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 Pakistan National Shipping and its competitors. Pakistan National Shipping's current Beneish M-Score is -3.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Pakistan National Shipping stock overvalued right now?

Based on GuruFocus' analysis, Pakistan National Shipping (KAR:PNSC) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨300.41, compared to a current price of ₨613.04 — trading 104.1% above its estimated fair value. The current Beneish M-Score is -3.20. Pakistan National Shipping's overall GF Score™ is 81/100 with 5 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 Pakistan National Shipping (KAR:PNSC), the current Beneish M-Score is -3.20 as of Jun. 26, 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 Pakistan National Shipping (KAR:PNSC) Overvalued in 2026?

Based on GuruFocus' analysis, Pakistan National Shipping stock appears to be overvalued. The current stock price of ₨613.04 is trading 104.1% above its estimated GF Value™ of ₨300.41. GuruFocus considers Pakistan National Shipping to be Significantly Overvalued.

Key valuation signals for KAR:PNSC:

Beneish M-Score: -3.20
GF Value™: ₨300.41 vs. price of ₨613.04 (104.1% above fair value)
GF Score™: 81/100 with 5 warning signs

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

Pakistan National Shipping Business Description

Industry Industrials Transportation

Comparable Companies KAR:PICT BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TPE:2603 TSE:9101 XKRX:011200 ADX:ADNOCLS HKSE:01308 TSE:9104 HKSE:00316 SHSE:601018 TSE:9107 XKLS:3816 SAU:4030 HKSE:06198 HKSE:00144

Address PNSC Building, Moulvi Tamizuddin Khan Road, P.O. BOX No. 5350, Karachi, SD, PAK, 74000

Website https://www.pnsc.com.pk

Pakistan National Shipping Corp Ltd, the Holding Company, its subsidiary, and an associate operate in Pakistan's maritime industry. The Group focuses on shipping, vessel chartering, cargo transportation, and property leasing. As the national flag carrier, the company operates a varied fleet, including tankers for energy transport and bulk carriers for transporting a wide range of dry commodities such as iron, fertilizers, coal, and grain. The company also provides comprehensive services such as ocean freight, container shipping, marine and port services, technical support, and leasing solutions. Its key business segments include dry cargo, liquid cargo, and slot charter/break bulk.

81GF Score

Get the complete analysis for KAR:PNSC

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

₨613.04

Price

₨300.41

GF Value

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