Al Enmaa Real Estate Co (KUW:ALENMA) Beneish M-Score: -1.90 (As of Jun. 26, 2026)


KUW:ALENMA Al Enmaa Real Estate Co KUW:ALENMA
23 GF Score
Price KWD0.12
GF Value KWD0.10
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Al Enmaa Real Estate Co Beneish M-Score?

Al Enmaa Real Estate Co KUW:ALENMA -2.48% 23 Beneish M-Score is -1.90 as of Jun. 26, 2026. GuruFocus rates KUW:ALENMA with a GF Score™ of 23/100 and a GF Value™ of KWD0.10 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,682 Real Estate companies, Al Enmaa Real Estate Co ranks worse than 70.69% 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 -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Al Enmaa Real Estate Co's Beneish M-Score or its related term are showing as below:

KUW:ALENMA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.84   Med: -2.78   Max: 3.62
Current: -1.9

During the past 13 years, the highest Beneish M-Score of Al Enmaa Real Estate Co was 3.62. The lowest was -5.84. And the median was -2.78.

Al Enmaa Real Estate Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Al Enmaa Real Estate Co'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.

Al Enmaa Real Estate Co Beneish M-Score Chart

Al Enmaa Real Estate Co Annual Data
Trend Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.91 -3.56 -3.13 -2.77 -2.85

Al Enmaa Real Estate Co Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.51 -3.37 -2.85 -2.75 -1.90

KUW:ALENMA vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Al Enmaa Real Estate Co'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.

Al Enmaa Real Estate Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Al Enmaa Real Estate Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Al Enmaa Real Estate Co's Beneish M-Score falls into.


KUW:ALENMA
23GF Score
Al Enmaa Real Estate Co KUW:ALENMA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Al Enmaa Real Estate Co 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 Al Enmaa Real Estate Co 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 * 0.8487+0.528 * 1.0345+0.404 * 1.0796+0.892 * 1.4956+0.115 * 1.2547
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.345+4.679 * 0.04854-0.327 * 1.4493
=-1.90

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was KWD5.99 Mil.
Revenue was 2.733 + 3.918 + 1.007 + 0.973 = KWD8.63 Mil.
Gross Profit was 1.241 + 2.143 + 0.779 + 0.615 = KWD4.78 Mil.
Total Current Assets was KWD13.86 Mil.
Total Assets was KWD54.62 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.13 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.84 Mil.
Total Current Liabilities was KWD5.08 Mil.
Long-Term Debt & Capital Lease Obligation was KWD11.86 Mil.
Net Income was 0.561 + 1.351 + 0.351 + 0.858 = KWD3.12 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was -1.071 + -0.106 + 1.117 + 0.53 = KWD0.47 Mil.
 Total Receivables was KWD4.72 Mil.
Revenue was 1.126 + 1.205 + 1.774 + 1.666 = KWD5.77 Mil.
Gross Profit was 0.728 + 0.755 + 0.916 + 0.906 = KWD3.31 Mil.
Total Current Assets was KWD14.94 Mil.
Total Assets was KWD48.70 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.61 Mil.
Selling, General, & Admin. Expense(SGA) was KWD1.63 Mil.
Total Current Liabilities was KWD3.64 Mil.
Long-Term Debt & Capital Lease Obligation was KWD6.79 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)
=(5.991 / 8.631) / (4.72 / 5.771)
=0.694126 / 0.817883
=0.8487

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)
=(3.305 / 5.771) / (4.778 / 8.631)
=0.572691 / 0.553586
=1.0345

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 - (13.86 + 0.076) / 54.615) / (1 - (14.936 + 0.166) / 48.702)
=0.744832 / 0.68991
=1.0796

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
=8.631 / 5.771
=1.4956

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))
=(0.606 / (0.606 + 0.166)) / (0.127 / (0.127 + 0.076))
=0.784974 / 0.625616
=1.2547

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)
=(0.842 / 8.631) / (1.632 / 5.771)
=0.097555 / 0.282793
=0.345

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)
=((11.859 + 5.083) / 54.615) / ((6.788 + 3.636) / 48.702)
=0.310208 / 0.214036
=1.4493

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
=(3.121 - 0 - 0.47) / 54.615
=0.04854

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.

Al Enmaa Real Estate Co has a M-score of -1.90 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 -1.90 mean?
Al Enmaa Real Estate Co (KUW:ALENMA) has a Beneish M-Score of -1.90 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Al Enmaa Real Estate Co and its competitors. According to the industry distribution chart, Al Enmaa Real Estate Co ranks #1189 out of 1682 companies in the Real Estate industry, placing it in the top 70.7%.
Is Al Enmaa Real Estate Co's Beneish M-Score too high?
Al Enmaa Real Estate Co's current Beneish M-Score is -1.90. Based on the distribution chart, Al Enmaa Real Estate Co ranks #1189 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Al Enmaa Real Estate Co has a GF Score™ of 23/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Al Enmaa Real Estate Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Al Enmaa Real Estate Co ranks #1189 out of 1682 companies for Beneish M-Score. This places Al Enmaa Real Estate Co 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Al Enmaa Real Estate Co and its competitors. Al Enmaa Real Estate Co's current Beneish M-Score is -1.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Al Enmaa Real Estate Co stock overvalued right now?
Based on GuruFocus' analysis, Al Enmaa Real Estate Co (KUW:ALENMA) is currently considered Modestly Overvalued. The stock's GF Value™ is KWD0.10, compared to a current price of KWD0.12 — trading 18% above its estimated fair value. The current Beneish M-Score is -1.90. Al Enmaa Real Estate Co's overall GF Score™ is 23/100 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 Al Enmaa Real Estate Co (KUW:ALENMA), the current Beneish M-Score is -1.90 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 Al Enmaa Real Estate Co (KUW:ALENMA) Overvalued in 2026?

Based on GuruFocus' analysis, Al Enmaa Real Estate Co stock appears to be overvalued. The current stock price of KWD0.12 is trading 18% above its estimated GF Value™ of KWD0.10. GuruFocus considers Al Enmaa Real Estate Co to be Modestly Overvalued.

Key valuation signals for KUW:ALENMA:

  • Beneish M-Score: -1.90
  • GF Value™: KWD0.10 vs. price of KWD0.12 (18% above fair value)
  • GF Score™: 23/100 with 6 warning signs

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

Al Enmaa Real Estate Co Business Description

Address Abdullah Al-Mubarak Street, P.O. Box 24544, 1st, 2nd anD 3rd Floors, Al-Enmaa Tower, Mirqab, Safat, Kuwait City, KWT, 13160
Al Enmaa Real Estate Co is a real estate development and investment company. It operates in the following reportable segments: Construction projects, Services rendered, Real estate, and Investments. Maximum revenue is generated from the Services rendered segment, which undertakes maintenance of mechanical and electrical spare parts and building materials, provides security services, and manages real estate for others. The Construction projects segment undertakes contracts to construct buildings; the Real estate segment is involved in managing its own properties and renting properties; and the Investments segment invests in shares of local and foreign companies and real estate properties. Geographically, the Group generates maximum revenue from Kuwait and the rest from other Gulf countries.
23GF Score

Get the complete analysis for KUW:ALENMA

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

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