Diamond Trust Bank (NAI:DTK) Beneish M-Score: -2.45 (As of Jul. 28, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NAI:DTK Diamond Trust Bank Ltd NAI:DTK
68 GF Score
Price KES154.00
GF Value KES72.75
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is Diamond Trust Bank Beneish M-Score?

Diamond Trust Bank NAI:DTK +2.16% 68 Beneish M-Score is -2.45 as of Jul. 28, 2026. GuruFocus rates NAI:DTK with a GF Score™ of 68/100 and a GF Value™ of KES72.75 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,394 Banks companies, Diamond Trust Bank ranks better than 60.69% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NAI:DTK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.34   Max: -2
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Diamond Trust Bank was -2.00. The lowest was -2.69. And the median was -2.34.

NAI:DTK
68GF Score
Diamond Trust Bank Ltd NAI:DTK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Diamond Trust Bank 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 Diamond Trust Bank 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 * 1.0033+0.892 * 1.1413+0.115 * 0.9059
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.909+4.679 * -0.048296-0.327 * 0.6189
=-2.45

* 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 KES0 Mil.
Revenue was KES45,415 Mil.
Gross Profit was KES45,415 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES659,118 Mil.
Property, Plant and Equipment(Net PPE) was KES11,214 Mil.
Depreciation, Depletion and Amortization(DDA) was KES2,497 Mil.
Selling, General, & Admin. Expense(SGA) was KES63 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES5,985 Mil.
Net Income was KES9,407 Mil.
Gross Profit was KES0 Mil.
Cash Flow from Operations was KES41,240 Mil.
 Total Receivables was KES0 Mil.
Revenue was KES39,792 Mil.
Gross Profit was KES39,792 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES573,887 Mil.
Property, Plant and Equipment(Net PPE) was KES11,599 Mil.
Depreciation, Depletion and Amortization(DDA) was KES2,292 Mil.
Selling, General, & Admin. Expense(SGA) was KES61 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES8,420 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 / 45414.673) / (0 / 39792.441)
=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)
=(39792.441 / 39792.441) / (45414.673 / 45414.673)
=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 + 11214.41) / 659118.478) / (1 - (0 + 11598.923) / 573886.914)
=0.982986 / 0.979789
=1.0033

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
=45414.673 / 39792.441
=1.1413

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))
=(2291.902 / (2291.902 + 11598.923)) / (2497.221 / (2497.221 + 11214.41))
=0.164994 / 0.182124
=0.9059

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)
=(63.042 / 45414.673) / (60.777 / 39792.441)
=0.001388 / 0.001527
=0.909

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)
=((5985.338 + 0) / 659118.478) / ((8420.261 + 0) / 573886.914)
=0.009081 / 0.014672
=0.6189

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
=(9407.239 - 0 - 41239.896) / 659118.478
=-0.048296

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.

Diamond Trust Bank has a M-score of -2.45 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 -2.45 mean?
Diamond Trust Bank (NAI:DTK) has a Beneish M-Score of -2.45 as of Jul. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Diamond Trust Bank and its competitors. According to the industry distribution chart, Diamond Trust Bank ranks #548 out of 1394 companies in the Banks industry, placing it in the top 39.3%.
Is Diamond Trust Bank's Beneish M-Score too high?
Diamond Trust Bank's current Beneish M-Score is -2.45. Based on the distribution chart, Diamond Trust Bank ranks #548 out of 1394 companies in the Banks industry, which is above the industry midpoint. Overall, Diamond Trust Bank has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Diamond Trust Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Diamond Trust Bank ranks #548 out of 1394 companies for Beneish M-Score. This puts Diamond Trust Bank 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 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 Diamond Trust Bank and its competitors. Diamond Trust Bank's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Diamond Trust Bank stock overvalued right now?
Based on GuruFocus' analysis, Diamond Trust Bank (NAI:DTK) is currently considered Significantly Overvalued. The stock's GF Value™ is KES72.75, compared to a current price of KES154.00 — trading 111.7% above its estimated fair value. The current Beneish M-Score is -2.45. Diamond Trust Bank's overall GF Score™ is 68/100 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 Diamond Trust Bank (NAI:DTK), the current Beneish M-Score is -2.45 as of Jul. 28, 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 Diamond Trust Bank (NAI:DTK) Overvalued in 2026?

Based on GuruFocus' analysis, Diamond Trust Bank stock appears to be overvalued. The current stock price of KES154.00 is trading 111.7% above its estimated GF Value™ of KES72.75. GuruFocus considers Diamond Trust Bank to be Significantly Overvalued.

Key valuation signals for NAI:DTK:

  • Beneish M-Score: -2.45
  • GF Value™: KES72.75 vs. price of KES154.00 (111.7% above fair value)
  • GF Score™: 68/100 with 3 warning signs

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

Diamond Trust Bank Business Description

Address Mombasa Road, DTB Centre, P.O. Box 61711, Nairobi, KEN, 00200
Diamond Trust Bank Ltd is a regional bank that provides banking, insurance agency, and other related services to the general public. It offers various banking services, including corporate, retail, and commercial. The company focuses on the small and medium-sized enterprises sector. It has four business segments: Diamond Trust Bank Tanzania Limited, Diamond Trust Bank Uganda Limited, Diamond Trust Bank Burundi S.A, and Kenya. The Trust's majority of revenue is generated from its home country, Kenya.
68GF Score

Get the complete analysis for NAI:DTK

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

KES154.00
Price
KES72.75
GF Value