Warba Insurance and Reinsurance Co KSCP (KUW:WINSRE) Beneish M-Score: -2.33 (As of Jul. 01, 2026)


KUW:WINSRE Warba Insurance and Reinsurance Co KSCP KUW:WINSRE
46 GF Score
Price KWD0.18
GF Value KWD0.19
Valuation Fairly Valued
! 3 Warning Signs
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What is Warba Insurance and Reinsurance Co KSCP Beneish M-Score?

Warba Insurance and Reinsurance Co KSCP KUW:WINSRE +1.72% 46 Beneish M-Score is -2.33 as of Jul. 01, 2026. GuruFocus rates KUW:WINSRE with a GF Score™ of 46/100 and a GF Value™ of KWD0.19 (Fairly Valued). The stock has 3 warning signs investors should review. Among 401 Insurance companies, Warba Insurance and Reinsurance Co KSCP ranks worse than 69.08% 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 Warba Insurance and Reinsurance Co KSCP's Beneish M-Score or its related term are showing as below:

KUW:WINSRE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.65   Max: -1.49
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Warba Insurance and Reinsurance Co KSCP was -1.49. The lowest was -3.58. And the median was -2.65.

KUW:WINSRE
46GF Score
Warba Insurance and Reinsurance Co KSCP KUW:WINSRE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Warba Insurance and Reinsurance Co KSCP 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 Warba Insurance and Reinsurance Co KSCP 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 * 1.0051+0.892 * 0.9397+0.115 * 0.9843
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0728+4.679 * 0.008421-0.327 * 0.4664
=-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 KWD0.00 Mil.
Revenue was 7.222 + 6.11 + 6.194 + 6.275 = KWD25.80 Mil.
Gross Profit was 7.222 + 6.11 + 6.194 + 6.275 = KWD25.80 Mil.
Total Current Assets was KWD0.00 Mil.
Total Assets was KWD123.03 Mil.
Property, Plant and Equipment(Net PPE) was KWD6.59 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.25 Mil.
Selling, General, & Admin. Expense(SGA) was KWD2.25 Mil.
Total Current Liabilities was KWD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was KWD2.00 Mil.
Net Income was 1.391 + 0.901 + 0.896 + 0.664 = KWD3.85 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was 3.583 + 5.21 + -5.896 + -0.081 = KWD2.82 Mil.
 Total Receivables was KWD0.00 Mil.
Revenue was 8.18 + 6.812 + 6.794 + 5.671 = KWD27.46 Mil.
Gross Profit was 8.18 + 6.812 + 6.794 + 5.671 = KWD27.46 Mil.
Total Current Assets was KWD0.00 Mil.
Total Assets was KWD114.77 Mil.
Property, Plant and Equipment(Net PPE) was KWD6.70 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.25 Mil.
Selling, General, & Admin. Expense(SGA) was KWD2.24 Mil.
Total Current Liabilities was KWD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was KWD4.00 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 / 25.801) / (0 / 27.457)
=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)
=(27.457 / 27.457) / (25.801 / 25.801)
=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 + 6.586) / 123.031) / (1 - (0 + 6.695) / 114.77)
=0.946469 / 0.941666
=1.0051

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
=25.801 / 27.457
=0.9397

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))
=(0.249 / (0.249 + 6.695)) / (0.249 / (0.249 + 6.586))
=0.035858 / 0.03643
=0.9843

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)
=(2.253 / 25.801) / (2.235 / 27.457)
=0.087322 / 0.0814
=1.0728

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)
=((2 + 0) / 123.031) / ((4 + 0) / 114.77)
=0.016256 / 0.034852
=0.4664

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
=(3.852 - 0 - 2.816) / 123.031
=0.008421

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.

Warba Insurance and Reinsurance Co KSCP 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?
Warba Insurance and Reinsurance Co KSCP (KUW:WINSRE) has a Beneish M-Score of -2.33 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Warba Insurance and Reinsurance Co KSCP and its competitors. According to the industry distribution chart, Warba Insurance and Reinsurance Co KSCP ranks #277 out of 401 companies in the Insurance industry, placing it in the top 69.1%.
Is Warba Insurance and Reinsurance Co KSCP's Beneish M-Score too high?
Warba Insurance and Reinsurance Co KSCP's current Beneish M-Score is -2.33. Based on the distribution chart, Warba Insurance and Reinsurance Co KSCP ranks #277 out of 401 companies in the Insurance industry, which is below the industry midpoint. Overall, Warba Insurance and Reinsurance Co KSCP has a GF Score™ of 46/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Warba Insurance and Reinsurance Co KSCP's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Warba Insurance and Reinsurance Co KSCP ranks #277 out of 401 companies for Beneish M-Score. This places Warba Insurance and Reinsurance Co KSCP 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Warba Insurance and Reinsurance Co KSCP and its competitors. Warba Insurance and Reinsurance Co KSCP'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 Warba Insurance and Reinsurance Co KSCP stock overvalued right now?
Based on GuruFocus' analysis, Warba Insurance and Reinsurance Co KSCP (KUW:WINSRE) is currently considered Fairly Valued. The stock's GF Value™ is KWD0.19, compared to a current price of KWD0.18 — trading 6.8% below its estimated fair value. The current Beneish M-Score is -2.33. Warba Insurance and Reinsurance Co KSCP's overall GF Score™ is 46/100 with 3 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 Warba Insurance and Reinsurance Co KSCP (KUW:WINSRE), the current Beneish M-Score is -2.33 as of Jul. 01, 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 Warba Insurance and Reinsurance Co KSCP (KUW:WINSRE) Overvalued in 2026?

Based on GuruFocus' analysis, Warba Insurance and Reinsurance Co KSCP stock appears to be undervalued. The current stock price of KWD0.18 is trading 6.8% below its estimated GF Value™ of KWD0.19. GuruFocus considers Warba Insurance and Reinsurance Co KSCP to be Fairly Valued.

Key valuation signals for KUW:WINSRE:

  • Beneish M-Score: -2.33
  • GF Value™: KWD0.19 vs. price of KWD0.18 (6.8% below fair value)
  • GF Score™: 46/100 with 3 warning signs

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

Warba Insurance and Reinsurance Co KSCP Business Description

Address Sharq, Ahmad Al Jaber Street, Derwazat Abdul Razak, Opposite to the Banking Complex, Warba Tower, Kuwait, KWT, 13103
Warba Insurance and Reinsurance Co KSCP is involved in the provision of life and non-life insurance products and services. The company reports three business segments: Marine and aviation, General accidents, Fire, Motor, and Life and medical insurance. Key revenue is generated from General accidents that includes Insurance against risks of contractors, machine and computer damages and cessation of work; insurance for cash, fidelity bonds, professional risks, work accidents, civil responsibility and cars. The company's offerings include Individual Life Insurance, Medical Insurance individual, Medical Insurance Corporate and FGA Insurance Policies among others. Geographically it operates through Kuwait.
46GF Score

Get the complete analysis for KUW:WINSRE

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

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