Pakistan Stock Exchange (KAR:PSX) Beneish M-Score: -2.20 (As of Jun. 25, 2026)

What is Pakistan Stock Exchange Beneish M-Score?

Pakistan Stock Exchange KAR:PSX +0.97% 70 Beneish M-Score is -2.20 as of Jun. 25, 2026. GuruFocus rates KAR:PSX with a GF Score™ of 70/100 and a GF Value™ of ₨28.01 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 702 Capital Markets companies, Pakistan Stock Exchange ranks better than 51.57% 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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:PSX' s Beneish M-Score Range Over the Past 10 Years
Min: -4 Med: -2.15 Max: 0.95
Current: -2.2

During the past 13 years, the highest Beneish M-Score of Pakistan Stock Exchange was 0.95. The lowest was -4.00. And the median was -2.15.

Pakistan Stock Exchange Beneish M-Score Related Terms

Pakistan Stock Exchange Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pakistan Stock Exchange'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 Stock Exchange Beneish M-Score Chart

Pakistan Stock Exchange Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-1.41

-2.31

-2.24

-1.32

-2.46

Pakistan Stock Exchange 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															-1.97	-2.46	-2.04	-2.19	-2.20

KAR:PSX vs SPGI, CME, ICE: Beneish M-Score Comparison

For the Financial Data & Stock Exchanges subindustry, Pakistan Stock Exchange'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 Stock Exchange Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Pakistan Stock Exchange's Beneish M-Score distribution charts can be found below:

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

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70GF Score

Pakistan Stock Exchange Ltd KAR:PSX

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

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Pakistan Stock Exchange 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 Stock Exchange 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 * 0.6337

0.528 * 1

0.404 * 1.0722

0.892 * 1.2863

0.115 * 1.0487

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5515

4.679 * 0.057627

0.327 * 1.0577

-2.20

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₨543 Mil.
Revenue was 663.428 + 744.55 + 672.695 + 570.185 = ₨2,651 Mil.
Gross Profit was 663.428 + 744.55 + 672.695 + 570.185 = ₨2,651 Mil.
Total Current Assets was ₨3,899 Mil.
Total Assets was ₨15,667 Mil.
Property, Plant and Equipment(Net PPE) was ₨4,200 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨320 Mil.
Selling, General, & Admin. Expense(SGA) was ₨283 Mil.
Total Current Liabilities was ₨2,632 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0 Mil.
Net Income was 485.588 + 440.293 + 659.942 + 412.98 = ₨1,999 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 260.676 + -53.09 + 649.453 + 238.902 = ₨1,096 Mil.

Total Receivables was ₨666 Mil.
Revenue was 546.937 + 622.581 + 446.642 + 444.64 = ₨2,061 Mil.
Gross Profit was 546.937 + 622.581 + 446.642 + 444.64 = ₨2,061 Mil.
Total Current Assets was ₨3,786 Mil.
Total Assets was ₨14,547 Mil.
Property, Plant and Equipment(Net PPE) was ₨4,207 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨337 Mil.
Selling, General, & Admin. Expense(SGA) was ₨399 Mil.
Total Current Liabilities was ₨2,310 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0 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)
	=	(542.802 / 2650.858)	/	(665.906 / 2060.8)
	=	0.204765	/	0.32313
	=	0.6337

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)
	=	(2060.8 / 2060.8)	/	(2650.858 / 2650.858)
	=	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 - (3898.896 + 4199.549) / 15667.324)	/	(1 - (3785.592 + 4207.264) / 14547.328)
	=	0.4831	/	0.450562
	=	1.0722

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
	=	2650.858	/	2060.8
	=	1.2863

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))
	=	(337.359 / (337.359 + 4207.264))	/	(319.921 / (319.921 + 4199.549))
	=	0.074233	/	0.070787
	=	1.0487

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)
	=	(282.742 / 2650.858)	/	(398.55 / 2060.8)
	=	0.106661	/	0.193396
	=	0.5515

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)
	=	((0 + 2632.035) / 15667.324)	/	((0 + 2310.479) / 14547.328)
	=	0.167995	/	0.158825
	=	1.0577

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
	=	(1998.803 - 0	-	1095.941)	/	15667.324
	=	0.057627

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 Stock Exchange has a M-score of -2.20 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 -2.20 mean?

Pakistan Stock Exchange (KAR:PSX) has a Beneish M-Score of -2.20 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pakistan Stock Exchange and its competitors. According to the industry distribution chart, Pakistan Stock Exchange ranks #340 out of 702 companies in the Capital Markets industry, placing it in the top 48.4%.

Is Pakistan Stock Exchange's Beneish M-Score too high?

Pakistan Stock Exchange's current Beneish M-Score is -2.20. Based on the distribution chart, Pakistan Stock Exchange ranks #340 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Pakistan Stock Exchange has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Pakistan Stock Exchange's Beneish M-Score compare to SPGI and CME?

According to the Capital Markets industry distribution chart, Pakistan Stock Exchange ranks #340 out of 702 companies for Beneish M-Score. This puts Pakistan Stock Exchange in the upper 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 Capital Markets company?

A good Beneish M-Score depends on the Capital Markets 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 Stock Exchange and its competitors. Pakistan Stock Exchange's current Beneish M-Score is -2.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Pakistan Stock Exchange stock overvalued right now?

Based on GuruFocus' analysis, Pakistan Stock Exchange (KAR:PSX) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨28.01, compared to a current price of ₨49.72 — trading 77.5% above its estimated fair value. The current Beneish M-Score is -2.20. Pakistan Stock Exchange's overall GF Score™ is 70/100 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 Stock Exchange (KAR:PSX), the current Beneish M-Score is -2.20 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 Pakistan Stock Exchange (KAR:PSX) Overvalued in 2026?

Based on GuruFocus' analysis, Pakistan Stock Exchange stock appears to be overvalued. The current stock price of ₨49.72 is trading 77.5% above its estimated GF Value™ of ₨28.01. GuruFocus considers Pakistan Stock Exchange to be Significantly Overvalued.

Key valuation signals for KAR:PSX:

Beneish M-Score: -2.20
GF Value™: ₨28.01 vs. price of ₨49.72 (77.5% above fair value)
GF Score™: 70/100 with 5 warning signs

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

Pakistan Stock Exchange Business Description

Industry Financial Services Capital Markets

Comparable Companies KAR:LSEFSL SPGI CME ICE MCO HKSE:00388 LSE:LSEG XTER:DB1 NDAQ COIN MSCI CBOE SZSE:300033 SGX:S68 NSE:BSE BSP:B3SA3 XPAR:ENX TRU TSE:8697 TSX:X

Address Stock Exchange Road, Stock Exchange Building, Karachi, SD, PAK, 74000

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

Pakistan Stock Exchange Ltd is engaged in conducting, regulating and controlling the trade or business of purchasing, selling and trading in debentures stock, government papers, shares, scrips, stocks, bonds, loans, and any other instruments and securities. The products of the company involve Equity Segments, known as Ready Market (T+2), Bills & Bonds (for trading in government debt securities & corporate debt), Futures Counter, Deliverable Futures Contracts, Stock Index Futures, Negotiated Deal Market, REIT, Exchange Traded Funds and GEM Board.

70GF Score

Get the complete analysis for KAR:PSX

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

₨49.72

Price

₨28.01

GF Value

View KAR:PSX Analysis

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