SHL Finance Co (SAU:1183) Beneish M-Score: -2.11 (As of Jul. 21, 2026)

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SAU:1183 SHL Finance Co SAU:1183
48 GF Score
Price ﷼14.75
GF Value ﷼28.33
Valuation Possible Value Trap
! 3 Warning Signs
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What is SHL Finance Co Beneish M-Score?

SHL Finance Co SAU:1183 -1.07% 48 Beneish M-Score is -2.11 as of Jul. 21, 2026. GuruFocus rates SAU:1183 with a GF Score™ of 48/100 and a GF Value™ of ﷼28.33 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,394 Banks companies, SHL Finance Co ranks worse than 86.15% 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAU:1183' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32   Med: -2.44   Max: -1.98
Current: -2.11

During the past 8 years, the highest Beneish M-Score of SHL Finance Co was -1.98. The lowest was -3.32. And the median was -2.44.

SAU:1183
48GF Score
SHL Finance Co SAU:1183
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SHL Finance Co 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 SHL Finance Co 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 * 1.3912+0.115 * 1.228
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1062+4.679 * 0.002402-0.327 * 1.0087
=-2.11

* 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 ﷼0.0 Mil.
Revenue was 62.19 + 56.554 + 51.255 + 48.883 = ﷼218.9 Mil.
Gross Profit was 62.19 + 56.554 + 51.255 + 48.883 = ﷼218.9 Mil.
Total Current Assets was ﷼0.0 Mil.
Total Assets was ﷼4,796.2 Mil.
Property, Plant and Equipment(Net PPE) was ﷼11.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼4.1 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼33.4 Mil.
Total Current Liabilities was ﷼0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼2,969.4 Mil.
Net Income was 18.81 + 16.401 + 8.261 + 11.928 = ﷼55.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0.0 Mil.
Cash Flow from Operations was 25.75 + 85.92 + 3.352 + -71.141 = ﷼43.9 Mil.
 Total Receivables was ﷼0.0 Mil.
Revenue was 44.54 + 40.707 + 35.39 + 36.694 = ﷼157.3 Mil.
Gross Profit was 44.54 + 40.707 + 35.39 + 36.694 = ﷼157.3 Mil.
Total Current Assets was ﷼0.0 Mil.
Total Assets was ﷼4,510.6 Mil.
Property, Plant and Equipment(Net PPE) was ﷼9.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼4.4 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼21.7 Mil.
Total Current Liabilities was ﷼0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼2,768.4 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 / 218.882) / (0 / 157.331)
=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)
=(157.331 / 157.331) / (218.882 / 218.882)
=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 + 11.47) / 4796.208) / (1 - (0 + 9.145) / 4510.555)
=0.997609 / 0.997973
=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
=218.882 / 157.331
=1.3912

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))
=(4.402 / (4.402 + 9.145)) / (4.127 / (4.127 + 11.47))
=0.324943 / 0.264602
=1.228

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)
=(33.373 / 218.882) / (21.685 / 157.331)
=0.15247 / 0.13783
=1.1062

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)
=((2969.366 + 0) / 4796.208) / ((2768.449 + 0) / 4510.555)
=0.619107 / 0.613771
=1.0087

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
=(55.4 - 0 - 43.881) / 4796.208
=0.002402

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.

SHL Finance Co has a M-score of -2.11 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 -2.11 mean?
SHL Finance Co (SAU:1183) has a Beneish M-Score of -2.11 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SHL Finance Co and its competitors. According to the industry distribution chart, SHL Finance Co ranks #1201 out of 1394 companies in the Banks industry, placing it in the top 86.2%.
Is SHL Finance Co's Beneish M-Score too high?
SHL Finance Co's current Beneish M-Score is -2.11. Based on the distribution chart, SHL Finance Co ranks #1201 out of 1394 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, SHL Finance Co has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does SHL Finance Co's Beneish M-Score compare to RKT and FNMA?
According to the Banks industry distribution chart, SHL Finance Co ranks #1201 out of 1394 companies for Beneish M-Score. This places SHL Finance Co 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 SHL Finance Co and its competitors. SHL Finance Co's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SHL Finance Co stock overvalued right now?
Based on GuruFocus' analysis, SHL Finance Co (SAU:1183) is currently considered Possible Value Trap. The stock's GF Value™ is ﷼28.33, compared to a current price of ﷼14.75 — trading 47.9% below its estimated fair value. The current Beneish M-Score is -2.11. SHL Finance Co's overall GF Score™ is 48/100 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 SHL Finance Co (SAU:1183), the current Beneish M-Score is -2.11 as of Jul. 21, 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 SHL Finance Co (SAU:1183) Overvalued in 2026?

Based on GuruFocus' analysis, SHL Finance Co stock appears to be undervalued. The current stock price of ﷼14.75 is trading 47.9% below its estimated GF Value™ of ﷼28.33. GuruFocus considers SHL Finance Co to be Possible Value Trap.

Key valuation signals for SAU:1183:

  • Beneish M-Score: -2.11
  • GF Value™: ﷼28.33 vs. price of ﷼14.75 (47.9% below fair value)
  • GF Score™: 48/100 with 3 warning signs

No single metric tells the full story. See the SAU:1183 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SHL Finance Co Business Description

Address AlMuraba - King Abdulaziz Road, P.O. Box 27072, Riyadh, SAU, 11417
SHL Finance Co is engaged in real estate financing activities for individuals. The main activity of the company is to carry out real estate financing, Consumer Financing, and financing the activities of Small & Medium Establishments for individuals and corporations, in accordance with the provisions of the Companies Law, the Finance Companies Control Law, and its Executive Regulations and related regulations, and the rules and instructions issued by the Saudi Central Bank.
48GF Score

Get the complete analysis for SAU:1183

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

﷼14.75
Price
﷼28.33
GF Value