Commercial Bank Of Kuwait (KUW:CBK) Beneish M-Score: -2.33 (As of Jun. 27, 2026)


KUW:CBK Commercial Bank Of Kuwait KUW:CBK
23 GF Score
Price KWD0.47
GF Value KWD0.59
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Commercial Bank Of Kuwait Beneish M-Score?

Commercial Bank Of Kuwait KUW:CBK -2.11% 23 Beneish M-Score is -2.33 as of Jun. 27, 2026. GuruFocus rates KUW:CBK with a GF Score™ of 23/100 and a GF Value™ of KWD0.59 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Commercial Bank Of Kuwait ranks worse than 62.92% 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Commercial Bank Of Kuwait's Beneish M-Score or its related term are showing as below:

KUW:CBK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.88   Med: -2.39   Max: -0.82
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Commercial Bank Of Kuwait was -0.82. The lowest was -3.88. And the median was -2.39.

KUW:CBK
23GF Score
Commercial Bank Of Kuwait KUW:CBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Commercial Bank Of Kuwait 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 Commercial Bank Of Kuwait 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 * 1.0018+0.892 * 1.0779+0.115 * 0.5736
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.004+4.679 * 0.009954-0.327 * 0.7386
=-2.33

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was KWD0.0 Mil.
Revenue was 46.339 + 49.23 + 48.284 + 48.486 = KWD192.3 Mil.
Gross Profit was 46.339 + 49.23 + 48.284 + 48.486 = KWD192.3 Mil.
Total Current Assets was KWD0.0 Mil.
Total Assets was KWD5,607.9 Mil.
Property, Plant and Equipment(Net PPE) was KWD23.1 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD2.2 Mil.
Selling, General, & Admin. Expense(SGA) was KWD27.4 Mil.
Total Current Liabilities was KWD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was KWD509.1 Mil.
Net Income was 24.013 + 30.958 + 29.83 + 32.344 = KWD117.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.0 Mil.
Cash Flow from Operations was 188.215 + 66.619 + -67.623 + -125.889 = KWD61.3 Mil.
 Total Receivables was KWD0.0 Mil.
Revenue was 42.889 + 46.514 + 43.23 + 45.801 = KWD178.4 Mil.
Gross Profit was 42.889 + 46.514 + 43.23 + 45.801 = KWD178.4 Mil.
Total Current Assets was KWD0.0 Mil.
Total Assets was KWD4,876.3 Mil.
Property, Plant and Equipment(Net PPE) was KWD29.0 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD1.5 Mil.
Selling, General, & Admin. Expense(SGA) was KWD25.3 Mil.
Total Current Liabilities was KWD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was KWD599.3 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 / 192.339) / (0 / 178.434)
=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)
=(178.434 / 178.434) / (192.339 / 192.339)
=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 + 23.146) / 5607.867) / (1 - (0 + 29.029) / 4876.333)
=0.995873 / 0.994047
=1.0018

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
=192.339 / 178.434
=1.0779

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))
=(1.541 / (1.541 + 29.029)) / (2.23 / (2.23 + 23.146))
=0.050409 / 0.087878
=0.5736

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)
=(27.428 / 192.339) / (25.343 / 178.434)
=0.142602 / 0.14203
=1.004

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)
=((509.089 + 0) / 5607.867) / ((599.328 + 0) / 4876.333)
=0.090781 / 0.122905
=0.7386

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
=(117.145 - 0 - 61.322) / 5607.867
=0.009954

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.

Commercial Bank Of Kuwait has a M-score of -2.33 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 -2.33 mean?
Commercial Bank Of Kuwait (KUW:CBK) has a Beneish M-Score of -2.33 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Commercial Bank Of Kuwait and its competitors. According to the industry distribution chart, Commercial Bank Of Kuwait ranks #879 out of 1397 companies in the Banks industry, placing it in the top 62.9%.
Is Commercial Bank Of Kuwait's Beneish M-Score too high?
Commercial Bank Of Kuwait's current Beneish M-Score is -2.33. Based on the distribution chart, Commercial Bank Of Kuwait ranks #879 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Commercial Bank Of Kuwait has a GF Score™ of 23/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Commercial Bank Of Kuwait's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Commercial Bank Of Kuwait ranks #879 out of 1397 companies for Beneish M-Score. This places Commercial Bank Of Kuwait 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Commercial Bank Of Kuwait and its competitors. Commercial Bank Of Kuwait's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Commercial Bank Of Kuwait stock overvalued right now?
Based on GuruFocus' analysis, Commercial Bank Of Kuwait (KUW:CBK) is currently considered Modestly Undervalued. The stock's GF Value™ is KWD0.59, compared to a current price of KWD0.47 — trading 21.2% below its estimated fair value. The current Beneish M-Score is -2.33. Commercial Bank Of Kuwait's overall GF Score™ is 23/100 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 Commercial Bank Of Kuwait (KUW:CBK), the current Beneish M-Score is -2.33 as of Jun. 27, 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 Commercial Bank Of Kuwait (KUW:CBK) Overvalued in 2026?

Based on GuruFocus' analysis, Commercial Bank Of Kuwait stock appears to be undervalued. The current stock price of KWD0.47 is trading 21.2% below its estimated GF Value™ of KWD0.59. GuruFocus considers Commercial Bank Of Kuwait to be Modestly Undervalued.

Key valuation signals for KUW:CBK:

  • Beneish M-Score: -2.33
  • GF Value™: KWD0.59 vs. price of KWD0.47 (21.2% below fair value)
  • GF Score™: 23/100 with 5 warning signs

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

Commercial Bank Of Kuwait Business Description

Address Mubarak Al Kabeer Street, P.O. Box 2861, Safat, Kuwait, KWT, 13029
Commercial Bank Of Kuwait is a financial institution engaged in the provision of banking and financial services. The bank operates through two segments: Corporate and Retail Banking, which provides lending, deposit, and related banking services to corporate and individual customers; and Treasury and Investment Banking, which includes money market activities, foreign exchange, treasury instruments, and brokerage services.
23GF Score

Get the complete analysis for KUW:CBK

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

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Price
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GF Value