Saudi Manpower Solutions Co (SMASCO) (SAU:1834) Beneish M-Score: -2.69 (As of Jun. 28, 2026)


SAU:1834 Saudi Manpower Solutions Co (SMASCO) SAU:1834
20 GF Score
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What is Saudi Manpower Solutions Co (SMASCO) Beneish M-Score?

Saudi Manpower Solutions Co (SMASCO) SAU:1834 20 Beneish M-Score is -2.69 as of Jun. 28, 2026. GuruFocus rates SAU:1834 with a GF Score™ of 20/100. The stock has 2 warning signs investors should review. Among 1,020 Business Services companies, Saudi Manpower Solutions Co (SMASCO) ranks better than 61.37% on this metric.

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 Saudi Manpower Solutions Co (SMASCO)'s Beneish M-Score or its related term are showing as below:

SAU:1834' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.61   Max: -2.46
Current: -2.69

During the past 3 years, the highest Beneish M-Score of Saudi Manpower Solutions Co (SMASCO) was -2.46. The lowest was -2.69. And the median was -2.61.

Saudi Manpower Solutions Co (SMASCO) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Saudi Manpower Solutions Co (SMASCO)'s Beneish M-Score can be seen below:

* 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.

Saudi Manpower Solutions Co (SMASCO) Beneish M-Score Chart

Saudi Manpower Solutions Co (SMASCO) Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.66

Saudi Manpower Solutions Co (SMASCO) Quarterly Data
Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.56 -2.46 -2.66 -2.69

SAU:1834 vs KFY, RHI, TNET: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, Saudi Manpower Solutions Co (SMASCO)'s Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Saudi Manpower Solutions Co (SMASCO) Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Saudi Manpower Solutions Co (SMASCO)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Saudi Manpower Solutions Co (SMASCO)'s Beneish M-Score falls into.


SAU:1834
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Saudi Manpower Solutions Co (SMASCO) SAU:1834
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Saudi Manpower Solutions Co (SMASCO) 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 Manpower Solutions Co (SMASCO) 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 * 1.1143+0.528 * 0.7902+0.404 * 0.8408+0.892 * 1.1254+0.115 * 1.2089
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0529+4.679 * -0.049596-0.327 * 1.0911
=-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 ﷼434 Mil.
Revenue was 557.016 + 548.597 + 534.197 + 513.802 = ﷼2,154 Mil.
Gross Profit was 85.445 + 80.371 + 81.813 + 66.663 = ﷼314 Mil.
Total Current Assets was ﷼999 Mil.
Total Assets was ﷼1,291 Mil.
Property, Plant and Equipment(Net PPE) was ﷼245 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼39 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼35 Mil.
Total Current Liabilities was ﷼450 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼32 Mil.
Net Income was 48.577 + 40.023 + 40.603 + 29.528 = ﷼159 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 68.052 + 85.734 + 42.003 + 26.949 = ﷼223 Mil.
 Total Receivables was ﷼346 Mil.
Revenue was 497.997 + 475.595 + 463.475 + 476.618 = ﷼1,914 Mil.
Gross Profit was 69.491 + 47.571 + 51.347 + 52.271 = ﷼221 Mil.
Total Current Assets was ﷼878 Mil.
Total Assets was ﷼1,139 Mil.
Property, Plant and Equipment(Net PPE) was ﷼211 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼42 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼29 Mil.
Total Current Liabilities was ﷼364 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼26 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)
=(434.114 / 2153.612) / (346.184 / 1913.685)
=0.201575 / 0.180899
=1.1143

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)
=(220.68 / 1913.685) / (314.292 / 2153.612)
=0.115317 / 0.145937
=0.7902

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 - (998.925 + 244.702) / 1290.564) / (1 - (877.976 + 211.28) / 1138.5)
=0.036369 / 0.043253
=0.8408

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
=2153.612 / 1913.685
=1.1254

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))
=(42.294 / (42.294 + 211.28)) / (39.165 / (39.165 + 244.702))
=0.166792 / 0.13797
=1.2089

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)
=(34.75 / 2153.612) / (29.327 / 1913.685)
=0.016136 / 0.015325
=1.0529

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)
=((31.848 + 449.847) / 1290.564) / ((25.619 + 363.829) / 1138.5)
=0.373244 / 0.342071
=1.0911

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
=(158.731 - 0 - 222.738) / 1290.564
=-0.049596

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 Manpower Solutions Co (SMASCO) 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?
Saudi Manpower Solutions Co (SMASCO) (SAU:1834) has a Beneish M-Score of -2.69 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saudi Manpower Solutions Co (SMASCO) and its competitors. According to the industry distribution chart, Saudi Manpower Solutions Co (SMASCO) ranks #394 out of 1020 companies in the Business Services industry, placing it in the top 38.6%.
Is Saudi Manpower Solutions Co (SMASCO)'s Beneish M-Score too high?
Saudi Manpower Solutions Co (SMASCO)'s current Beneish M-Score is -2.69. Based on the distribution chart, Saudi Manpower Solutions Co (SMASCO) ranks #394 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, Saudi Manpower Solutions Co (SMASCO) has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Saudi Manpower Solutions Co (SMASCO)'s Beneish M-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, Saudi Manpower Solutions Co (SMASCO) ranks #394 out of 1020 companies for Beneish M-Score. This puts Saudi Manpower Solutions Co (SMASCO) 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Manpower Solutions Co (SMASCO) and its competitors. Saudi Manpower Solutions Co (SMASCO)'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 Saudi Manpower Solutions Co (SMASCO) stock overvalued right now?
Saudi Manpower Solutions Co (SMASCO) (SAU:1834) has a current Beneish M-Score of -2.69. The current Beneish M-Score is -2.69. Saudi Manpower Solutions Co (SMASCO)'s overall GF Score™ is 20/100 with 2 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 Manpower Solutions Co (SMASCO) (SAU:1834), the current Beneish M-Score is -2.69 as of Jun. 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.

Saudi Manpower Solutions Co (SMASCO) Business Description

Address 6527 Al Olaya Street, P.O. Box 91279, Al Ghadeer District, Riyadh, SAU, 13311
Saudi Manpower Solutions Co (SMASCO) mainly provides employment agency services and administration and support to individuals and businesses for temporary employment of foreign labour. The Group's reportable operating segments are: Corporate, Individuals, Logistic, and Others. Maximum revenue is derived from the Corporate segment, which provides services of expatriate and Saudi labour to companies whose contracts extend for two years. The Individuals segment provides home labour services to individual customers whose contract duration ranges from one month to two years, including various hourly works, and the Logistic segment includes storage facilities for all types of goods, accommodation services, and transportation services.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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