Riyad Bank (SAU:1010) Beneish M-Score: -2.69 (As of Jul. 19, 2026)

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SAU:1010 Riyad Bank SAU:1010
72 GF Score
Price ﷼20.70
GF Value ﷼22.95
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Riyad Bank Beneish M-Score?

Riyad Bank SAU:1010 +0.63% 72 Beneish M-Score is -2.69 as of Jul. 19, 2026. GuruFocus rates SAU:1010 with a GF Score™ of 72/100 and a GF Value™ of ﷼22.95 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, Riyad Bank ranks better than 86.69% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAU:1010' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -2.39   Max: -2.11
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Riyad Bank was -2.11. The lowest was -2.93. And the median was -2.39.

SAU:1010
72GF Score
Riyad Bank SAU:1010
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Riyad 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 Riyad 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 * 0.9996+0.892 * 1.057+0.115 * 1.0495
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.902+4.679 * 0.005966-0.327 * 1.9585
=-2.69

* 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 ﷼0 Mil.
Revenue was 4762.874 + 4708.953 + 4668.681 + 4503.007 = ﷼18,644 Mil.
Gross Profit was 4762.874 + 4708.953 + 4668.681 + 4503.007 = ﷼18,644 Mil.
Total Current Assets was ﷼0 Mil.
Total Assets was ﷼537,083 Mil.
Property, Plant and Equipment(Net PPE) was ﷼8,029 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼767 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼733 Mil.
Total Current Liabilities was ﷼0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼51,428 Mil.
Net Income was 2613.539 + 2640.923 + 2687.401 + 2596.62 = ﷼10,538 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 13620.623 + -9125.978 + -4745.256 + 7585.034 = ﷼7,334 Mil.
 Total Receivables was ﷼0 Mil.
Revenue was 4473.486 + 4399.051 + 4540.353 + 4226.048 = ﷼17,639 Mil.
Gross Profit was 4473.486 + 4399.051 + 4540.353 + 4226.048 = ﷼17,639 Mil.
Total Current Assets was ﷼0 Mil.
Total Assets was ﷼465,345 Mil.
Property, Plant and Equipment(Net PPE) was ﷼6,792 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼684 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼769 Mil.
Total Current Liabilities was ﷼0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼22,752 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 / 18643.515) / (0 / 17638.938)
=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)
=(17638.938 / 17638.938) / (18643.515 / 18643.515)
=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 + 8029.499) / 537083.416) / (1 - (0 + 6791.692) / 465345.214)
=0.98505 / 0.985405
=0.9996

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
=18643.515 / 17638.938
=1.057

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))
=(684.369 / (684.369 + 6791.692)) / (767.268 / (767.268 + 8029.499))
=0.091541 / 0.087222
=1.0495

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)
=(732.701 / 18643.515) / (768.569 / 17638.938)
=0.039301 / 0.043572
=0.902

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)
=((51428.296 + 0) / 537083.416) / ((22752.011 + 0) / 465345.214)
=0.095755 / 0.048893
=1.9585

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
=(10538.483 - 0 - 7334.423) / 537083.416
=0.005966

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.

Riyad Bank has a M-score of -2.69 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 -2.69 mean?
Riyad Bank (SAU:1010) has a Beneish M-Score of -2.69 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Riyad Bank and its competitors. According to the industry distribution chart, Riyad Bank ranks #186 out of 1397 companies in the Banks industry, placing it in the top 13.3%.
Is Riyad Bank's Beneish M-Score too high?
Riyad Bank's current Beneish M-Score is -2.69. Based on the distribution chart, Riyad Bank ranks #186 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Riyad Bank has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Riyad Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Riyad Bank ranks #186 out of 1397 companies for Beneish M-Score. This places Riyad Bank in the top 13% 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 Riyad Bank and its competitors. Riyad Bank's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Riyad Bank stock overvalued right now?
Based on GuruFocus' analysis, Riyad Bank (SAU:1010) is currently considered Modestly Undervalued. The stock's GF Value™ is ﷼22.95, compared to a current price of ﷼20.70 — trading 9.8% below its estimated fair value. The current Beneish M-Score is -2.69. Riyad Bank's overall GF Score™ is 72/100 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 Riyad Bank (SAU:1010), the current Beneish M-Score is -2.69 as of Jul. 19, 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 Riyad Bank (SAU:1010) Overvalued in 2026?

Based on GuruFocus' analysis, Riyad Bank stock appears to be undervalued. The current stock price of ﷼20.70 is trading 9.8% below its estimated GF Value™ of ﷼22.95. GuruFocus considers Riyad Bank to be Modestly Undervalued.

Key valuation signals for SAU:1010:

  • Beneish M-Score: -2.69
  • GF Value™: ﷼22.95 vs. price of ﷼20.70 (9.8% below fair value)
  • GF Score™: 72/100 with 3 warning signs

No single metric tells the full story. See the SAU:1010 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Riyad Bank Business Description

Address Financial Boulevard - Al Aqeeq District, P.O. Box 22622, Riyad Bank Tower, Building No. 3128, King Abdullah Financial District (KAFD, Riyadh, SAU, 13519 – 6671
Riyad Bank is a financial institution in Saudi Arabia. The company provides a full range of banking and investment services. It also provides its customers with nonconventional banking products which are approved and supervised by an independent Shariah Board established by the Bank. The company operates in four business segments: i) Retail Banking, ii) Investment banking and brokerage, iii) Corporate banking, and iv) Treasury and Investments. The majority of the company's revenue is derived from the Corporate banking segment, which principally handles corporate customers' current accounts, deposits and provides loans, overdrafts and other credit facilities and includes small to medium sized businesses.
72GF Score

Get the complete analysis for SAU:1010

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

﷼20.70
Price
﷼22.95
GF Value