Al Omaniya Financial ServicesOG (MUS:AOFS) Beneish M-Score: -2.38 (As of Jul. 03, 2026)


MUS:AOFS Al Omaniya Financial Services SAOG MUS:AOFS
17 GF Score
Price ر.ع0.16
GF Value ر.ع0.14
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Al Omaniya Financial ServicesOG Beneish M-Score?

Al Omaniya Financial ServicesOG MUS:AOFS 17 Beneish M-Score is -2.38 as of Jul. 03, 2026. GuruFocus rates MUS:AOFS with a GF Score™ of 17/100 and a GF Value™ of ر.ع0.14 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 483 Credit Services companies, Al Omaniya Financial ServicesOG ranks better than 60.66% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Al Omaniya Financial ServicesOG's Beneish M-Score or its related term are showing as below:

MUS:AOFS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7   Med: -2.71   Max: -2.27
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Al Omaniya Financial ServicesOG was -2.27. The lowest was -3.70. And the median was -2.71.

MUS:AOFS
17GF Score
Al Omaniya Financial Services SAOG MUS:AOFS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Al Omaniya Financial ServicesOG 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 Omaniya Financial ServicesOG 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 * 1.0008+0.892 * 0.9689+0.115 * 0.9018
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0715+4.679 * 0.033687-0.327 * 1.0275
=-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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ر.ع0.00 Mil.
Revenue was ر.ع9.78 Mil.
Gross Profit was ر.ع9.78 Mil.
Total Current Assets was ر.ع0.00 Mil.
Total Assets was ر.ع225.16 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع0.90 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع0.16 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع0.11 Mil.
Total Current Liabilities was ر.ع0.00 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع140.97 Mil.
Net Income was ر.ع3.96 Mil.
Gross Profit was ر.ع0.00 Mil.
Cash Flow from Operations was ر.ع-3.63 Mil.
 Total Receivables was ر.ع0.00 Mil.
Revenue was ر.ع10.10 Mil.
Gross Profit was ر.ع10.10 Mil.
Total Current Assets was ر.ع0.00 Mil.
Total Assets was ر.ع214.02 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع1.02 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع0.17 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع0.11 Mil.
Total Current Liabilities was ر.ع0.00 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع130.41 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 / 9.784) / (0 / 10.098)
=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)
=(10.098 / 10.098) / (9.784 / 9.784)
=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 + 0.9) / 225.161) / (1 - (0 + 1.022) / 214.016)
=0.996003 / 0.995225
=1.0008

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
=9.784 / 10.098
=0.9689

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))
=(0.165 / (0.165 + 1.022)) / (0.164 / (0.164 + 0.9))
=0.139006 / 0.154135
=0.9018

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)
=(0.109 / 9.784) / (0.105 / 10.098)
=0.011141 / 0.010398
=1.0715

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)
=((140.973 + 0) / 225.161) / ((130.409 + 0) / 214.016)
=0.626099 / 0.609342
=1.0275

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
=(3.958 - 0 - -3.627) / 225.161
=0.033687

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 Omaniya Financial ServicesOG has a M-score of -2.38 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 -2.38 mean?
Al Omaniya Financial ServicesOG (MUS:AOFS) has a Beneish M-Score of -2.38 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Al Omaniya Financial ServicesOG and its competitors. According to the industry distribution chart, Al Omaniya Financial ServicesOG ranks #190 out of 483 companies in the Credit Services industry, placing it in the top 39.3%.
Is Al Omaniya Financial ServicesOG's Beneish M-Score too high?
Al Omaniya Financial ServicesOG's current Beneish M-Score is -2.38. Based on the distribution chart, Al Omaniya Financial ServicesOG ranks #190 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, Al Omaniya Financial ServicesOG has a GF Score™ of 17/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Al Omaniya Financial ServicesOG's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Al Omaniya Financial ServicesOG ranks #190 out of 483 companies for Beneish M-Score. This puts Al Omaniya Financial ServicesOG 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 Omaniya Financial ServicesOG and its competitors. Al Omaniya Financial ServicesOG'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 Al Omaniya Financial ServicesOG stock overvalued right now?
Based on GuruFocus' analysis, Al Omaniya Financial ServicesOG (MUS:AOFS) is currently considered Modestly Overvalued. The stock's GF Value™ is ر.ع0.14, compared to a current price of ر.ع0.16 — trading 10.7% above its estimated fair value. The current Beneish M-Score is -2.38. Al Omaniya Financial ServicesOG's overall GF Score™ is 17/100 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 Al Omaniya Financial ServicesOG (MUS:AOFS), the current Beneish M-Score is -2.38 as of Jul. 03, 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 Omaniya Financial ServicesOG (MUS:AOFS) Overvalued in 2026?

Based on GuruFocus' analysis, Al Omaniya Financial ServicesOG stock appears to be overvalued. The current stock price of ر.ع0.16 is trading 10.7% above its estimated GF Value™ of ر.ع0.14. GuruFocus considers Al Omaniya Financial ServicesOG to be Modestly Overvalued.

Key valuation signals for MUS:AOFS:

  • Beneish M-Score: -2.38
  • GF Value™: ر.ع0.14 vs. price of ر.ع0.16 (10.7% above fair value)
  • GF Score™: 17/100 with 5 warning signs

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

Al Omaniya Financial ServicesOG Business Description

Address Jibroo, P.O. Box 1087, Muscat, OMN, 114
Al Omaniya Financial Services SAOG is involved in capital markets that provide Corporate loans, Retail Asset Financing which provides specialized finance products for the self-employed, salaried individuals, transport operators, small and large businesses, and other Micro Credit businesses. The company is also involved in hire purchase and lease finance for motor vehicles and other assets, debt factoring, bill discounting, bridge loans, working capital loans, and project and construction loans.
17GF Score

Get the complete analysis for MUS:AOFS

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

ر.ع0.16
Price
ر.ع0.14
GF Value