Oman Reit Fund (MUS:OMRF) Beneish M-Score: -2.29 (As of Aug. 13, 2026)

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MUS:OMRF Oman Reit Fund MUS:OMRF
7 GF Score
Price ر.ع0.11
GF Value ر.ع0.09
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Oman Reit Fund Beneish M-Score?

Oman Reit Fund MUS:OMRF -0.93% 7 Beneish M-Score is -2.29 as of Aug. 13, 2026. GuruFocus rates MUS:OMRF with a GF Score™ of 7/100 and a GF Value™ of ر.ع0.09 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 747 REITs companies, Oman Reit Fund ranks worse than 66.27% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Oman Reit Fund's Beneish M-Score or its related term are showing as below:

MUS:OMRF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -2.48   Max: -2.29
Current: -2.29

During the past 5 years, the highest Beneish M-Score of Oman Reit Fund was -2.29. The lowest was -2.66. And the median was -2.48.

MUS:OMRF
7GF Score
Oman Reit Fund MUS:OMRF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Oman Reit Fund 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 Oman Reit Fund 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+0.892 * 1.2484+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6579+4.679 * 0.001099-0.327 * 1.2935
=-2.29

* 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 (Sep24) TTM:
Total Receivables was ر.ع0.00 Mil.
Revenue was 1.605 + 1.506 + 1.399 + 1.637 = ر.ع6.15 Mil.
Gross Profit was 1.605 + 1.506 + 1.399 + 1.637 = ر.ع6.15 Mil.
Total Current Assets was ر.ع0.00 Mil.
Total Assets was ر.ع105.51 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع1.14 Mil.
Total Current Liabilities was ر.ع0.00 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع35.22 Mil.
Net Income was 1.25 + 1.078 + 1 + 1.505 = ر.ع4.83 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ر.ع0.00 Mil.
Cash Flow from Operations was 1.843 + 1.611 + 0 + 1.263 = ر.ع4.72 Mil.
 Total Receivables was ر.ع0.00 Mil.
Revenue was 0.997 + 1.03 + 1.143 + 1.754 = ر.ع4.92 Mil.
Gross Profit was 0.997 + 1.03 + 1.143 + 1.754 = ر.ع4.92 Mil.
Total Current Assets was ر.ع0.00 Mil.
Total Assets was ر.ع71.66 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع1.39 Mil.
Total Current Liabilities was ر.ع0.00 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع18.49 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 / 6.147) / (0 / 4.924)
=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)
=(4.924 / 4.924) / (6.147 / 6.147)
=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) / 105.51) / (1 - (0 + 0) / 71.656)
=1 / 1
=1

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
=6.147 / 4.924
=1.2484

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(1.144 / 6.147) / (1.393 / 4.924)
=0.186107 / 0.2829
=0.6579

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)
=((35.223 + 0) / 105.51) / ((18.493 + 0) / 71.656)
=0.333836 / 0.25808
=1.2935

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
=(4.833 - 0 - 4.717) / 105.51
=0.001099

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.

Oman Reit Fund has a M-score of -2.29 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 -2.29 mean?
Oman Reit Fund (MUS:OMRF) has a Beneish M-Score of -2.29 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Oman Reit Fund and its competitors. According to the industry distribution chart, Oman Reit Fund ranks #495 out of 747 companies in the REITs industry, placing it in the top 66.3%.
Is Oman Reit Fund's Beneish M-Score too high?
Oman Reit Fund's current Beneish M-Score is -2.29. Based on the distribution chart, Oman Reit Fund ranks #495 out of 747 companies in the REITs industry, which is below the industry midpoint. Overall, Oman Reit Fund has a GF Score™ of 7/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Oman Reit Fund's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Oman Reit Fund ranks #495 out of 747 companies for Beneish M-Score. This places Oman Reit Fund 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 REITs company?
A good Beneish M-Score depends on the REITs 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 Oman Reit Fund and its competitors. Oman Reit Fund's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oman Reit Fund stock overvalued right now?
Based on GuruFocus' analysis, Oman Reit Fund (MUS:OMRF) is currently considered Modestly Overvalued. The stock's GF Value™ is ر.ع0.09, compared to a current price of ر.ع0.11 — trading 18.9% above its estimated fair value. The current Beneish M-Score is -2.29. Oman Reit Fund's overall GF Score™ is 7/100 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 Oman Reit Fund (MUS:OMRF), the current Beneish M-Score is -2.29 as of Aug. 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 Oman Reit Fund (MUS:OMRF) Overvalued in 2026?

Based on GuruFocus' analysis, Oman Reit Fund stock appears to be overvalued. The current stock price of ر.ع0.11 is trading 18.9% above its estimated GF Value™ of ر.ع0.09. GuruFocus considers Oman Reit Fund to be Modestly Overvalued.

Key valuation signals for MUS:OMRF:

  • Beneish M-Score: -2.29
  • GF Value™: ر.ع0.09 vs. price of ر.ع0.11 (18.9% above fair value)
  • GF Score™: 7/100 with 5 warning signs

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

Oman Reit Fund Business Description

Industry Real EstateREITs
Address Bousher, P.O. Box 1963, Muscat, OMN, 130
Oman Reit Fund is a Real Estate Investment Fund (REIT) registered in Oman. The principal activities of the Fund are investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets in Oman that are used for residential, office, light industrial/logistics, and retail purposes, as well as real estate-related assets. The fund operates in only one business segment, which is real estate.
7GF Score

Get the complete analysis for MUS:OMRF

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

ر.ع0.11
Price
ر.ع0.09
GF Value