KFIC Invest Co (KUW:KFIC) Beneish M-Score: -1.98 (As of Jun. 29, 2026)


KUW:KFIC KFIC Invest Co KUW:KFIC
34 GF Score
Price KWD0.13
GF Value KWD0.23
Valuation Significantly Undervalued
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What is KFIC Invest Co Beneish M-Score?

KFIC Invest Co KUW:KFIC 34 Beneish M-Score is -1.98 as of Jun. 29, 2026. GuruFocus rates KUW:KFIC with a GF Score™ of 34/100 and a GF Value™ of KWD0.23 (Significantly Undervalued). Among 86 Diversified Financial Services companies, KFIC Invest Co ranks worse than 75.58% 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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KUW:KFIC' s Beneish M-Score Range Over the Past 10 Years
Min: -4.15   Med: -2.54   Max: -0.31
Current: -1.98

During the past 13 years, the highest Beneish M-Score of KFIC Invest Co was -0.31. The lowest was -4.15. And the median was -2.54.

KUW:KFIC
34GF Score
KFIC Invest Co KUW:KFIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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KFIC Invest 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 KFIC Invest 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 * 1.0115+0.892 * 1.3885+0.115 * 0.8863
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8319+4.679 * 0.004286-0.327 * 0.667
=-1.98

* 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 KWD0.00 Mil.
Revenue was 1.195 + 4.952 + 1.681 + 1.464 = KWD9.29 Mil.
Gross Profit was 1.195 + 4.952 + 1.681 + 1.464 = KWD9.29 Mil.
Total Current Assets was KWD0.00 Mil.
Total Assets was KWD48.99 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.95 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.40 Mil.
Selling, General, & Admin. Expense(SGA) was KWD1.36 Mil.
Total Current Liabilities was KWD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was KWD4.03 Mil.
Net Income was -0.387 + 0.529 + 0.475 + 0.631 = KWD1.25 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was -1.479 + 7.288 + -3.975 + -0.796 = KWD1.04 Mil.
 Total Receivables was KWD0.00 Mil.
Revenue was 3.433 + 1.031 + 1.063 + 1.165 = KWD6.69 Mil.
Gross Profit was 3.433 + 1.031 + 1.063 + 1.165 = KWD6.69 Mil.
Total Current Assets was KWD0.00 Mil.
Total Assets was KWD38.53 Mil.
Property, Plant and Equipment(Net PPE) was KWD1.18 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.42 Mil.
Selling, General, & Admin. Expense(SGA) was KWD1.17 Mil.
Total Current Liabilities was KWD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was KWD4.75 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 / 9.292) / (0 / 6.692)
=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)
=(6.692 / 6.692) / (9.292 / 9.292)
=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 + 0.948) / 48.994) / (1 - (0 + 1.177) / 38.532)
=0.980651 / 0.969454
=1.0115

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
=9.292 / 6.692
=1.3885

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))
=(0.416 / (0.416 + 1.177)) / (0.396 / (0.396 + 0.948))
=0.261142 / 0.294643
=0.8863

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)
=(1.355 / 9.292) / (1.173 / 6.692)
=0.145824 / 0.175284
=0.8319

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)
=((4.03 + 0) / 48.994) / ((4.752 + 0) / 38.532)
=0.082255 / 0.123326
=0.667

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
=(1.248 - 0 - 1.038) / 48.994
=0.004286

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.

KFIC Invest Co has a M-score of -1.98 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 -1.98 mean?
KFIC Invest Co (KUW:KFIC) has a Beneish M-Score of -1.98 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KFIC Invest Co and its competitors. According to the industry distribution chart, KFIC Invest Co ranks #65 out of 86 companies in the Diversified Financial Services industry, placing it in the top 75.6%.
Is KFIC Invest Co's Beneish M-Score too high?
KFIC Invest Co's current Beneish M-Score is -1.98. Based on the distribution chart, KFIC Invest Co ranks #65 out of 86 companies in the Diversified Financial Services industry, which is in the bottom quartile relative to peers. Overall, KFIC Invest Co has a GF Score™ of 34/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does KFIC Invest Co's Beneish M-Score compare to VOYA and FRHC?
According to the Diversified Financial Services industry distribution chart, KFIC Invest Co ranks #65 out of 86 companies for Beneish M-Score. This places KFIC Invest 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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial 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 KFIC Invest Co and its competitors. KFIC Invest Co's current Beneish M-Score is -1.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KFIC Invest Co stock overvalued right now?
Based on GuruFocus' analysis, KFIC Invest Co (KUW:KFIC) is currently considered Significantly Undervalued. The stock's GF Value™ is KWD0.23, compared to a current price of KWD0.13 — trading 41.7% below its estimated fair value. The current Beneish M-Score is -1.98. KFIC Invest Co's overall GF Score™ is 34/100. 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 KFIC Invest Co (KUW:KFIC), the current Beneish M-Score is -1.98 as of Jun. 29, 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 KFIC Invest Co (KUW:KFIC) Overvalued in 2026?

Based on GuruFocus' analysis, KFIC Invest Co stock appears to be undervalued. The current stock price of KWD0.13 is trading 41.7% below its estimated GF Value™ of KWD0.23. GuruFocus considers KFIC Invest Co to be Significantly Undervalued.

Key valuation signals for KUW:KFIC:

  • Beneish M-Score: -1.98
  • GF Value™: KWD0.23 vs. price of KWD0.13 (41.7% below fair value)
  • GF Score™: 34/100

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

KFIC Invest Co Business Description

Address AL Ma\'arri Street, Block 1, Khaled Tower, Floor 10, P.O. Box 21521, AL Qibla, Safat, Kuwait, KWT, 13037
KFIC Invest Co provides diversified financial services to individuals and corporate entities in Kuwait. The Group's operating segments are: Finance, Asset Management, Investment and corporate finance, and Financial brokerage and online trading. Maximum revenue is generated from the Financial brokerage and online trading segment, which provides brokerage and online trading services to the clients. The Finance segment provides consumer and commercial loans; the Asset management segment provides portfolio management and custody services, as well as management of mutual funds; and the Investment and corporate finance segment monitors the Parent company's direct investments and also provides investment banking and financial consultancy services.
34GF 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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