Musandam Power CoOG (MUS:MSPW) Beneish M-Score: 0.00 (As of Jul. 13, 2026)


MUS:MSPW Musandam Power Co SAOG MUS:MSPW
49 GF Score
Price ر.ع0.34
GF Value ر.ع0.31
Valuation Fairly Valued
! 11 Warning Signs
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What is Musandam Power CoOG Beneish M-Score?

Musandam Power CoOG MUS:MSPW 49 Beneish M-Score is 0.00 as of Jul. 13, 2026. GuruFocus rates MUS:MSPW with a GF Score™ of 49/100 and a GF Value™ of ر.ع0.31 (Fairly Valued). The stock has 11 warning signs investors should review. Among 393 Utilities - Independent Power Producers companies, Musandam Power CoOG ranks worse than 254452.67% on this metric.

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.

The historical rank and industry rank for Musandam Power CoOG's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Musandam Power CoOG was -2.18. The lowest was -2.71. And the median was -2.54.

Musandam Power CoOG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Musandam Power CoOG'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.

Musandam Power CoOG Beneish M-Score Chart

Musandam Power CoOG Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

Musandam Power CoOG Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

MUS:MSPW vs CEG, VST, NRG: Beneish M-Score Comparison

For the Utilities - Independent Power Producers subindustry, Musandam Power CoOG'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.

Musandam Power CoOG Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Musandam Power CoOG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Musandam Power CoOG's Beneish M-Score falls into.


MUS:MSPW
49GF Score
Musandam Power Co SAOG MUS:MSPW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Musandam Power CoOG 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 Musandam Power CoOG 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ر.ع1.17 Mil.
Revenue was 2.956 + 3.113 + 7.129 + 6.626 = ر.ع19.82 Mil.
Gross Profit was 0.124 + 0.058 + 3.223 + 3.097 = ر.ع6.50 Mil.
Total Current Assets was ر.ع6.70 Mil.
Total Assets was ر.ع69.23 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع62.53 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع2.01 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع0.30 Mil.
Total Current Liabilities was ر.ع11.18 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع42.12 Mil.
Net Income was -0.652 + -0.748 + 1.979 + 1.83 = ر.ع2.41 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ر.ع0.00 Mil.
Cash Flow from Operations was 0.574 + 0.306 + 3.792 + 1.773 = ر.ع6.45 Mil.
 Total Receivables was ر.ع1.27 Mil.
Revenue was 2.563 + 2.994 + 6.739 + 6.174 = ر.ع18.47 Mil.
Gross Profit was 0.137 + 0.162 + 3.205 + 3.187 = ر.ع6.69 Mil.
Total Current Assets was ر.ع4.45 Mil.
Total Assets was ر.ع68.15 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع63.70 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع2.01 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع0.29 Mil.
Total Current Liabilities was ر.ع7.26 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع45.85 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)
=(1.166 / 19.824) / (1.271 / 18.47)
=0.058818 / 0.068814
=

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)
=(6.691 / 18.47) / (6.502 / 19.824)
=0.362263 / 0.327986
=

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 - (6.701 + 62.532) / 69.233) / (1 - (4.454 + 63.698) / 68.152)
=0 / 0
=

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
=19.824 / 18.47
=

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))
=(2.009 / (2.009 + 63.698)) / (2.008 / (2.008 + 62.532))
=0.030575 / 0.031112
=

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)
=(0.301 / 19.824) / (0.293 / 18.47)
=0.015184 / 0.015864
=

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)
=((42.124 + 11.184) / 69.233) / ((45.849 + 7.262) / 68.152)
=0.76998 / 0.779302
=

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
=(2.409 - 0 - 6.445) / 69.233
=-0.058296

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Musandam Power CoOG (MUS:MSPW) has a Beneish M-Score of 0.00 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Musandam Power CoOG and its competitors. According to the industry distribution chart, Musandam Power CoOG ranks #999999 out of 393 companies in the Utilities - Independent Power Producers industry.
Is Musandam Power CoOG's Beneish M-Score too high?
Musandam Power CoOG's current Beneish M-Score is 0.00. Based on the distribution chart, Musandam Power CoOG ranks #999999 out of 393 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Musandam Power CoOG has a GF Score™ of 49/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Musandam Power CoOG's Beneish M-Score compare to CEG and VST?
According to the Utilities - Independent Power Producers industry distribution chart, Musandam Power CoOG ranks #999999 out of 393 companies for Beneish M-Score. This places Musandam Power CoOG 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 Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Musandam Power CoOG and its competitors. Musandam Power CoOG's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Musandam Power CoOG stock overvalued right now?
Based on GuruFocus' analysis, Musandam Power CoOG (MUS:MSPW) is currently considered Fairly Valued. The stock's GF Value™ is ر.ع0.31, compared to a current price of ر.ع0.34 — trading 9.7% above its estimated fair value. The current Beneish M-Score is 0.00. Musandam Power CoOG's overall GF Score™ is 49/100 with 11 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 Musandam Power CoOG (MUS:MSPW), the current Beneish M-Score is 0.00 as of Jul. 13, 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 Musandam Power CoOG (MUS:MSPW) Overvalued in 2026?

Based on GuruFocus' analysis, Musandam Power CoOG stock appears to be overvalued. The current stock price of ر.ع0.34 is trading 9.7% above its estimated GF Value™ of ر.ع0.31. GuruFocus considers Musandam Power CoOG to be Fairly Valued.

Key valuation signals for MUS:MSPW:

  • Beneish M-Score: 0.00
  • GF Value™: ر.ع0.31 vs. price of ر.ع0.34 (9.7% above fair value)
  • GF Score™: 49/100 with 11 warning signs

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

Musandam Power CoOG Business Description

Address Al Rawaq Building, 2nd Floor, Office No.206, Al Qurum, OMN
Musandam Power Co SAOG is the owner of an independent power plant in the Musandam region of the Sultanate of Oman. It is the owner of the first independent power plant in the Musandam region. With a contracted power capacity of 120.7 MW, the company caters to the current and near-term demand of the region and is a proud contributor to its development aspirations. The Company is selling the electrical energy generated to Oman Power and Water Procurement Company SAOC.
49GF Score

Get the complete analysis for MUS:MSPW

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

ر.ع0.34
Price
ر.ع0.31
GF Value