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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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kuwait Cement Co's Beneish M-Score or its related term are showing as below:
KUW:KCEM'
s Beneish M-Score Range Over the Past 10 Years
Min: -13.43 Med: -2.46 Max: 9.44
Current: -2.38
During the past 13 years, the highest Beneish M-Score of Kuwait Cement Co was 9.44. The lowest was -13.43. And the median was -2.46.
Kuwait Cement Co Beneish M-Score Related Terms
Kuwait Cement Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Kuwait Cement 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.
KUW:KCEM vs CRH, VMC, MLM: Beneish M-Score Comparison
For the Building Materials subindustry, Kuwait Cement 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.
Kuwait Cement Co Beneish M-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Kuwait Cement Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kuwait Cement Co's Beneish M-Score falls into.
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 Kuwait Cement 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 * 0.8219
+
0.528 * 0.9319
+
0.404 * 0.9558
+
0.892 * 1.2592
+
0.115 * 1.3936
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8423
+
4.679 * 0.007127
-
0.327 * 1.0652
=
-2.38
* 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.
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.
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))
=
(3.594 / (3.594 + 127.047))
/
(2.807 / (2.807 + 139.383))
=
0.027511
/
0.019741
=
1.3936
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
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
=
(9.24 - 0
-
6.892)
/
329.458
=
0.007127
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.
Kuwait Cement Co has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Kuwait Cement Co (KUW:KCEM) has a Beneish M-Score of -2.38 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kuwait Cement Co and its competitors. According to the industry distribution chart, Kuwait Cement Co ranks #266 out of 385 companies in the Building Materials industry, placing it in the top 69.1%.
Is Kuwait Cement Co's Beneish M-Score too high?
Kuwait Cement Co's current Beneish M-Score is -2.38. Based on the distribution chart, Kuwait Cement Co ranks #266 out of 385 companies in the Building Materials industry, which is below the industry midpoint. Overall, Kuwait Cement Co has a GF Score™ of 36/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kuwait Cement Co's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Kuwait Cement Co ranks #266 out of 385 companies for Beneish M-Score. This places Kuwait Cement 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 Kuwait Cement Co and its competitors. Kuwait Cement Co's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kuwait Cement Co stock overvalued right now?
Based on GuruFocus' analysis, Kuwait Cement Co (KUW:KCEM) is currently considered Significantly Overvalued. The stock's GF Value™ is KWD0.24, compared to a current price of KWD0.39 — trading 62.1% above its estimated fair value. The current Beneish M-Score is -2.38. Kuwait Cement Co's overall GF Score™ is 36/100 with 2 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 Kuwait Cement Co (KUW:KCEM), the current Beneish M-Score is -2.38 as of Jul. 30, 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 Kuwait Cement Co (KUW:KCEM) Overvalued in 2026?
Based on GuruFocus' analysis, Kuwait Cement Co stock appears to be overvalued.
The current stock price of KWD0.39 is trading 62.1% above its estimated GF Value™ of KWD0.24.
GuruFocus considers Kuwait Cement Co to be Significantly Overvalued.
Key valuation signals for KUW:KCEM:
Beneish M-Score: -2.38
GF Value™: KWD0.24 vs. price of KWD0.39 (62.1% above fair value)
No single metric tells the full story. See the KUW:KCEM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kuwait Cement Co is an integrated cement manufacturing company in Kuwait. Its operating business segments are the Manufacturing sector and Investment sector. The company generates maximum revenue from the Manufacturing sector segment. The Manufacturing sector of the company includes the production and sale of cement and ready-mix cement, and its products include Ordinary Portland Cement, Salt Resistant Cement, and many more.
36GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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