Saudi National Bank (SAU:1180) Beneish M-Score: -2.24 (As of Jun. 30, 2026)


SAU:1180 Saudi National Bank SAU:1180
73 GF Score
Price ﷼38.62
GF Value ﷼39.90
Valuation Fairly Valued
! 3 Warning Signs
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What is Saudi National Bank Beneish M-Score?

Saudi National Bank SAU:1180 -2.23% 73 Beneish M-Score is -2.24 as of Jun. 30, 2026. GuruFocus rates SAU:1180 with a GF Score™ of 73/100 and a GF Value™ of ﷼39.90 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,399 Banks companies, Saudi National Bank ranks worse than 76.27% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAU:1180' s Beneish M-Score Range Over the Past 10 Years
Min: -4.05   Med: -2.42   Max: -1.88
Current: -2.24

During the past 13 years, the highest Beneish M-Score of Saudi National Bank was -1.88. The lowest was -4.05. And the median was -2.42.

SAU:1180
73GF Score
Saudi National Bank SAU:1180
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Saudi National 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 Saudi National 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 * 1.0796+0.115 * 1.181
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6253+4.679 * 0.039979-0.327 * 1.3037
=-2.24

* 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 10192.915 + 10340.942 + 10692.183 + 9881.289 = ﷼41,107 Mil.
Gross Profit was 10192.915 + 10340.942 + 10692.183 + 9881.289 = ﷼41,107 Mil.
Total Current Assets was ﷼0 Mil.
Total Assets was ﷼1,228,496 Mil.
Property, Plant and Equipment(Net PPE) was ﷼14,161 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼2,268 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼2,230 Mil.
Total Current Liabilities was ﷼0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼143,136 Mil.
Net Income was 6422.942 + 6385.475 + 6468.657 + 6137.244 = ﷼25,414 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was -14080.696 + -12631.943 + -1672.476 + 4685.441 = ﷼-23,700 Mil.
 Total Receivables was ﷼0 Mil.
Revenue was 9930.441 + 9334.923 + 9533.1 + 9278.031 = ﷼38,076 Mil.
Gross Profit was 9930.441 + 9334.923 + 9533.1 + 9278.031 = ﷼38,076 Mil.
Total Current Assets was ﷼0 Mil.
Total Assets was ﷼1,171,079 Mil.
Property, Plant and Equipment(Net PPE) was ﷼13,062 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼2,545 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼3,304 Mil.
Total Current Liabilities was ﷼0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼104,659 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 / 41107.329) / (0 / 38076.495)
=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)
=(38076.495 / 38076.495) / (41107.329 / 41107.329)
=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 + 14160.685) / 1228495.578) / (1 - (0 + 13062.454) / 1171079.477)
=0.988473 / 0.988846
=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
=41107.329 / 38076.495
=1.0796

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))
=(2544.509 / (2544.509 + 13062.454)) / (2268.067 / (2268.067 + 14160.685))
=0.163037 / 0.138055
=1.181

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)
=(2230.49 / 41107.329) / (3304.287 / 38076.495)
=0.05426 / 0.08678
=0.6253

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)
=((143136.477 + 0) / 1228495.578) / ((104659.097 + 0) / 1171079.477)
=0.116514 / 0.08937
=1.3037

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
=(25414.318 - 0 - -23699.674) / 1228495.578
=0.039979

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.

Saudi National Bank has a M-score of -2.24 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 -2.24 mean?
Saudi National Bank (SAU:1180) has a Beneish M-Score of -2.24 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saudi National Bank and its competitors. According to the industry distribution chart, Saudi National Bank ranks #1067 out of 1399 companies in the Banks industry, placing it in the top 76.3%.
Is Saudi National Bank's Beneish M-Score too high?
Saudi National Bank's current Beneish M-Score is -2.24. Based on the distribution chart, Saudi National Bank ranks #1067 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Saudi National Bank has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Saudi National Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Saudi National Bank ranks #1067 out of 1399 companies for Beneish M-Score. This places Saudi National Bank 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 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 Saudi National Bank and its competitors. Saudi National Bank's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saudi National Bank stock overvalued right now?
Based on GuruFocus' analysis, Saudi National Bank (SAU:1180) is currently considered Fairly Valued. The stock's GF Value™ is ﷼39.90, compared to a current price of ﷼38.62 — trading 3.2% below its estimated fair value. The current Beneish M-Score is -2.24. Saudi National Bank's overall GF Score™ is 73/100 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 Saudi National Bank (SAU:1180), the current Beneish M-Score is -2.24 as of Jun. 30, 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 Saudi National Bank (SAU:1180) Overvalued in 2026?

Based on GuruFocus' analysis, Saudi National Bank stock appears to be undervalued. The current stock price of ﷼38.62 is trading 3.2% below its estimated GF Value™ of ﷼39.90. GuruFocus considers Saudi National Bank to be Fairly Valued.

Key valuation signals for SAU:1180:

  • Beneish M-Score: -2.24
  • GF Value™: ﷼39.90 vs. price of ﷼38.62 (3.2% below fair value)
  • GF Score™: 73/100 with 3 warning signs

No single metric tells the full story. See the SAU:1180 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Saudi National Bank Business Description

Address King Fahd Road, Unit No. 778, The Saudi National Bank Tower, 3208 - Al Aqeeq District, King Abdullah Financial District, Riyadh, SAU, 13519 - 6676
Saudi National Bank is a financial institution in Saudi Arabia. It provides a range of banking and investment management services. The company also provides non-special commission based banking products in compliance with Shariah rules. It has four reportable segments: Retail, Wholesale, Capital Market, and International. The majority of the company's revenue is derived from the Wholesale segment, which provides banking services including all conventional credit-related products as well as financing products to small sized businesses, medium and large establishments and companies. Geographically, it has a presence in the Kingdom of Saudi Arabia, GCC and Middle East, Europe, Turkey, North America and Other countries.
73GF Score

Get the complete analysis for SAU:1180

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

﷼38.62
Price
﷼39.90
GF Value