National Bank of OmanOG (MUS:NBOB) Beneish M-Score: -2.58 (As of Jun. 26, 2026)


MUS:NBOB National Bank of Oman SAOG MUS:NBOB
49 GF Score
Price ر.ع0.50
GF Value ر.ع0.30
Valuation Significantly Overvalued
! 7 Warning Signs
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What is National Bank of OmanOG Beneish M-Score?

National Bank of OmanOG MUS:NBOB -1.00% 49 Beneish M-Score is -2.58 as of Jun. 26, 2026. GuruFocus rates MUS:NBOB with a GF Score™ of 49/100 and a GF Value™ of ر.ع0.30 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, National Bank of OmanOG ranks better than 79.03% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for National Bank of OmanOG's Beneish M-Score or its related term are showing as below:

MUS:NBOB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83   Med: -2.55   Max: -2.05
Current: -2.58

During the past 13 years, the highest Beneish M-Score of National Bank of OmanOG was -2.05. The lowest was -2.83. And the median was -2.55.

MUS:NBOB
49GF Score
National Bank of Oman SAOG MUS:NBOB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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National Bank of OmanOG 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 National Bank of OmanOG 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 * 1.0004+0.892 * 1.0782+0.115 * 0.9944
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.044152-0.327 * 2.1352
=-2.58

* 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.ع0.0 Mil.
Revenue was ر.ع163.1 Mil.
Gross Profit was ر.ع163.1 Mil.
Total Current Assets was ر.ع0.0 Mil.
Total Assets was ر.ع5,591.2 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع61.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع6.5 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع0.0 Mil.
Total Current Liabilities was ر.ع0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع409.0 Mil.
Net Income was ر.ع70.2 Mil.
Gross Profit was ر.ع0.0 Mil.
Cash Flow from Operations was ر.ع-176.7 Mil.
 Total Receivables was ر.ع0.0 Mil.
Revenue was ر.ع151.3 Mil.
Gross Profit was ر.ع151.3 Mil.
Total Current Assets was ر.ع0.0 Mil.
Total Assets was ر.ع5,242.5 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع59.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع6.3 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع0.0 Mil.
Total Current Liabilities was ر.ع0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع179.6 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 / 163.129) / (0 / 151.293)
=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)
=(151.293 / 151.293) / (163.129 / 163.129)
=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 + 60.978) / 5591.224) / (1 - (0 + 59.467) / 5242.545)
=0.989094 / 0.988657
=1.0004

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
=163.129 / 151.293
=1.0782

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))
=(6.327 / (6.327 + 59.467)) / (6.528 / (6.528 + 60.978))
=0.096164 / 0.096703
=0.9944

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 / 163.129) / (0 / 151.293)
=0 / 0
=1

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)
=((409.038 + 0) / 5591.224) / ((179.623 + 0) / 5242.545)
=0.073157 / 0.034263
=2.1352

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
=(70.207 - 0 - -176.655) / 5591.224
=0.044152

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.

National Bank of OmanOG has a M-score of -2.58 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 -2.58 mean?
National Bank of OmanOG (MUS:NBOB) has a Beneish M-Score of -2.58 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Bank of OmanOG and its competitors. According to the industry distribution chart, National Bank of OmanOG ranks #293 out of 1397 companies in the Banks industry, placing it in the top 21%.
Is National Bank of OmanOG's Beneish M-Score too high?
National Bank of OmanOG's current Beneish M-Score is -2.58. Based on the distribution chart, National Bank of OmanOG ranks #293 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, National Bank of OmanOG has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Bank of OmanOG's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, National Bank of OmanOG ranks #293 out of 1397 companies for Beneish M-Score. This places National Bank of OmanOG in the top 21% of its industry — outperforming the majority of peers. 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 Banks company?
A good Beneish M-Score depends on the Banks 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 National Bank of OmanOG and its competitors. National Bank of OmanOG's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Bank of OmanOG stock overvalued right now?
Based on GuruFocus' analysis, National Bank of OmanOG (MUS:NBOB) is currently considered Significantly Overvalued. The stock's GF Value™ is ر.ع0.30, compared to a current price of ر.ع0.50 — trading 65% above its estimated fair value. The current Beneish M-Score is -2.58. National Bank of OmanOG's overall GF Score™ is 49/100 with 7 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 National Bank of OmanOG (MUS:NBOB), the current Beneish M-Score is -2.58 as of Jun. 26, 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 National Bank of OmanOG (MUS:NBOB) Overvalued in 2026?

Based on GuruFocus' analysis, National Bank of OmanOG stock appears to be overvalued. The current stock price of ر.ع0.50 is trading 65% above its estimated GF Value™ of ر.ع0.30. GuruFocus considers National Bank of OmanOG to be Significantly Overvalued.

Key valuation signals for MUS:NBOB:

  • Beneish M-Score: -2.58
  • GF Value™: ر.ع0.30 vs. price of ر.ع0.50 (65% above fair value)
  • GF Score™: 49/100 with 7 warning signs

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

National Bank of OmanOG Business Description

Address Ruwi, P.O. Box 751, Muscat, OMN, 112
National Bank of Oman SAOG operates with segments including Retail Banking, Wholesale Banking, International Banking, Islamic Banking, and the Funding Centre. Retail Banking offers products and facilities to individual and high net-worth customers, including personal loans, housing loans, credit cards, term loans, and deposit accounts. Wholesale Banking generates the maximum revenue and provides lending, deposits, trade finance, treasury, foreign exchange, and investment banking services. International Banking includes operations in the UAE and Egypt, while Islamic Banking offers Shari'a-compliant products. The Funding Centre manages liquidity, fund allocation, and investments, including asset/liability management and cash instruments. The company generates maximum revenue from Oman.
49GF Score

Get the complete analysis for MUS:NBOB

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

ر.ع0.50
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ر.ع0.30
GF Value