SME Leasing (KAR:SLL) Beneish M-Score: 0.00 (As of Jun. 26, 2026)

What is SME Leasing Beneish M-Score?

SME Leasing KAR:SLL 2 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates KAR:SLL with a GF Score™ of 2/100.

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.

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

During the past 13 years, the highest Beneish M-Score of SME Leasing was 0.00. The lowest was 0.00. And the median was 0.00.

SME Leasing Beneish M-Score Related Terms

SME Leasing Beneish M-Score Historical Data

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The historical data trend for SME Leasing'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.

SME Leasing Beneish M-Score Chart

SME Leasing Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.06

-3.58

-3.00

-2.94

-5.35

SME Leasing Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.43	-5.35	23.53	-61.47	-82.10

KAR:SLL vs V, MA, AXP: Beneish M-Score Comparison

For the Credit Services subindustry, SME Leasing'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.

SME Leasing Beneish M-Score vs Credit Services Industry

For the Credit Services industry and Financial Services sector, SME Leasing's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SME Leasing's Beneish M-Score falls into.

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SME Leasing Ltd KAR:SLL

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

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SME Leasing 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 SME Leasing 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 * 0.4935

0.528 * 0.3203

0.404 * 0.0835

0.892 * 0.5325

0.115 * 1.2076

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.6408

4.679 * -14.707753

0.327 * 28.3238

-82.10

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₨0.95 Mil.
Revenue was 1.677 + 2.45 + 1.748 + 2.638 = ₨8.51 Mil.
Gross Profit was -14.164 + -15.199 + -18.766 + -14.985 = ₨-63.11 Mil.
Total Current Assets was ₨10.29 Mil.
Total Assets was ₨13.78 Mil.
Property, Plant and Equipment(Net PPE) was ₨2.44 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1.52 Mil.
Selling, General, & Admin. Expense(SGA) was ₨14.79 Mil.
Total Current Liabilities was ₨238.27 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0.00 Mil.
Net Income was -13.857 + -36.613 + -124.422 + -28.089 = ₨-202.98 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0.00 Mil.
Cash Flow from Operations was -0.685 + 0.212 + -2.491 + 2.597 = ₨-0.37 Mil.

Total Receivables was ₨3.60 Mil.
Revenue was 3.467 + 2.903 + 2.868 + 6.748 = ₨15.99 Mil.
Gross Profit was -11.47 + -12.111 + -10.885 + -3.5 = ₨-37.97 Mil.
Total Current Assets was ₨23.82 Mil.
Total Assets was ₨311.21 Mil.
Property, Plant and Equipment(Net PPE) was ₨3.99 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3.46 Mil.
Selling, General, & Admin. Expense(SGA) was ₨10.52 Mil.
Total Current Liabilities was ₨190.04 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0.00 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)
	=	(0.946 / 8.513)	/	(3.6 / 15.986)
	=	0.111124	/	0.225197
	=	0.4935

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)
	=	(-37.966 / 15.986)	/	(-63.114 / 8.513)
	=	-2.374953	/	-7.413838
	=	0.3203

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 - (10.291 + 2.438) / 13.776)	/	(1 - (23.824 + 3.994) / 311.207)
	=	0.076002	/	0.910613
	=	0.0835

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
	=	8.513	/	15.986
	=	0.5325

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))
	=	(3.462 / (3.462 + 3.994))	/	(1.523 / (1.523 + 2.438))
	=	0.464324	/	0.384499
	=	1.2076

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)
	=	(14.793 / 8.513)	/	(10.519 / 15.986)
	=	1.737695	/	0.658013
	=	2.6408

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 + 238.273) / 13.776)	/	((0 + 190.042) / 311.207)
	=	17.29624	/	0.610661
	=	28.3238

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
	=	(-202.981 - 0	-	-0.367)	/	13.776
	=	-14.707753

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.

SME Leasing has a M-score of -82.10 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 0.00 mean?

SME Leasing (KAR:SLL) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SME Leasing and its competitors.

Is SME Leasing's Beneish M-Score too high?

SME Leasing's current Beneish M-Score is 0.00. Overall, SME Leasing has a GF Score™ of 2/100, reflecting its overall financial health beyond just this single metric.

How does SME Leasing's Beneish M-Score compare to V and MA?

SME Leasing's Beneish M-Score of 0.00 can be compared against companies in the Credit Services 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 Credit Services company?

A good Beneish M-Score depends on the Credit Services 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 SME Leasing and its competitors. SME Leasing's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SME Leasing stock overvalued right now?

SME Leasing (KAR:SLL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. SME Leasing's overall GF Score™ is 2/100. 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 SME Leasing (KAR:SLL), the current Beneish M-Score is 0.00 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.

SME Leasing Business Description

Industry Financial Services Credit Services

Comparable Companies KAR:PIM V MA AXP PYPL COF BOM:500034 DFS IST:QNBFK SYF BOM:543257 BOM:532810 SOFI BOM:532955 NSE:SHRIRAMFIN NSE:CHOLAFIN ALLY BOM:533398 TSE:8593 BOM:543066

Address Shahra-e-Faisal, Office No. 304, 3rd Floor, Business Arcade, Karachi, PAK

Website http://www.smelease.com

SME Leasing Ltd along with its subsidiaries is engaged in resolving, advising, and supporting the financial needs of small as well as medium size businessmen, traders, professionals, and educationists. The company's product profile includes SME Automobile, SME Cash Support, SME Machine Plus, SME Power Plus and SME Medical Equip. Its segments are finance lease, loans and receivables and investments.

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₨1.70

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