Al Manar Financing & Leasing Co (KUW:ALMANAR) Beneish M-Score: -2.29 (As of Jul. 05, 2026)


KUW:ALMANAR Al Manar Financing & Leasing Co KUW:ALMANAR
36 GF Score
Price KWD0.11
GF Value KWD0.10
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Al Manar Financing & Leasing Co Beneish M-Score?

Al Manar Financing & Leasing Co KUW:ALMANAR +0.89% 36 Beneish M-Score is -2.29 as of Jul. 05, 2026. GuruFocus rates KUW:ALMANAR with a GF Score™ of 36/100 and a GF Value™ of KWD0.10 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 483 Credit Services companies, Al Manar Financing & Leasing Co ranks better than 55.28% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Al Manar Financing & Leasing Co's Beneish M-Score or its related term are showing as below:

KUW:ALMANAR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.26   Med: -2.91   Max: -2.29
Current: -2.29

During the past 8 years, the highest Beneish M-Score of Al Manar Financing & Leasing Co was -2.29. The lowest was -4.26. And the median was -2.91.

KUW:ALMANAR
36GF Score
Al Manar Financing & Leasing Co KUW:ALMANAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Al Manar Financing & Leasing 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 Manar Financing & Leasing 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 * 1+0.528 * 1+0.404 * 1+0.892 * 1.2482+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7098+4.679 * 0.023438-0.327 * 1.0657
=-2.29

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was KWD0.00 Mil.
Revenue was KWD2.62 Mil.
Gross Profit was KWD2.62 Mil.
Total Current Assets was KWD0.00 Mil.
Total Assets was KWD61.82 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.01 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.18 Mil.
Total Current Liabilities was KWD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was KWD22.07 Mil.
Net Income was KWD2.70 Mil.
Gross Profit was KWD0.00 Mil.
Cash Flow from Operations was KWD1.26 Mil.
 Total Receivables was KWD0.00 Mil.
Revenue was KWD2.10 Mil.
Gross Profit was KWD2.10 Mil.
Total Current Assets was KWD0.00 Mil.
Total Assets was KWD56.29 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.01 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.08 Mil.
Total Current Liabilities was KWD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was KWD18.86 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 / 2.62) / (0 / 2.099)
=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)
=(2.099 / 2.099) / (2.62 / 2.62)
=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 + 0) / 61.823) / (1 - (0 + 0) / 56.293)
=1 / 1
=1

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
=2.62 / 2.099
=1.2482

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))
=(0.005 / (0.005 + 0)) / (0.006 / (0.006 + 0))
=1 / 1
=1

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)
=(0.175 / 2.62) / (0.082 / 2.099)
=0.066794 / 0.039066
=1.7098

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)
=((22.072 + 0) / 61.823) / ((18.859 + 0) / 56.293)
=0.357019 / 0.335015
=1.0657

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
=(2.704 - 0 - 1.255) / 61.823
=0.023438

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 Manar Financing & Leasing Co has a M-score of -2.29 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 -2.29 mean?
Al Manar Financing & Leasing Co (KUW:ALMANAR) has a Beneish M-Score of -2.29 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Al Manar Financing & Leasing Co and its competitors. According to the industry distribution chart, Al Manar Financing & Leasing Co ranks #216 out of 483 companies in the Credit Services industry, placing it in the top 44.7%.
Is Al Manar Financing & Leasing Co's Beneish M-Score too high?
Al Manar Financing & Leasing Co's current Beneish M-Score is -2.29. Based on the distribution chart, Al Manar Financing & Leasing Co ranks #216 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, Al Manar Financing & Leasing Co has a GF Score™ of 36/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Al Manar Financing & Leasing Co's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Al Manar Financing & Leasing Co ranks #216 out of 483 companies for Beneish M-Score. This puts Al Manar Financing & Leasing Co 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 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 Al Manar Financing & Leasing Co and its competitors. Al Manar Financing & Leasing Co's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Al Manar Financing & Leasing Co stock overvalued right now?
Based on GuruFocus' analysis, Al Manar Financing & Leasing Co (KUW:ALMANAR) is currently considered Modestly Overvalued. The stock's GF Value™ is KWD0.10, compared to a current price of KWD0.11 — trading 13% above its estimated fair value. The current Beneish M-Score is -2.29. Al Manar Financing & Leasing Co's overall GF Score™ is 36/100 with 4 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 Manar Financing & Leasing Co (KUW:ALMANAR), the current Beneish M-Score is -2.29 as of Jul. 05, 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 Manar Financing & Leasing Co (KUW:ALMANAR) Overvalued in 2026?

Based on GuruFocus' analysis, Al Manar Financing & Leasing Co stock appears to be overvalued. The current stock price of KWD0.11 is trading 13% above its estimated GF Value™ of KWD0.10. GuruFocus considers Al Manar Financing & Leasing Co to be Modestly Overvalued.

Key valuation signals for KUW:ALMANAR:

  • Beneish M-Score: -2.29
  • GF Value™: KWD0.10 vs. price of KWD0.11 (13% above fair value)
  • GF Score™: 36/100 with 4 warning signs

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

Al Manar Financing & Leasing Co Business Description

Address Al Qiblah, Block 13, Street 23, Building 19, Floor 29, P.O. Box 22828, Safat, Kuwait City, KWT, 13089
Al Manar Financing & Leasing Co is Kuwait based company that operates as an Islamic financing institution. It provides all credit facilities, Leasing services, and investments in Real estate, Industrial, Agricultural, and Economic sectors. Its operating segments are Finance, Investments, and others. The majority of its revenue comes from the Finance segment.
36GF Score

Get the complete analysis for KUW:ALMANAR

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

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