Saudi Basic Industries (SAU:2010) Beneish M-Score: -3.53 (As of Jun. 25, 2026)

What is Saudi Basic Industries Beneish M-Score?

Saudi Basic Industries SAU:2010 +0.09% 61 Beneish M-Score is -3.53 as of Jun. 25, 2026. GuruFocus rates SAU:2010 with a GF Score™ of 61/100 and a GF Value™ of ﷼55.72 (Fairly Valued). The stock has 8 warning signs investors should review. Among 1,529 Chemicals companies, Saudi Basic Industries ranks better than 94.83% 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 -3.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAU:2010' s Beneish M-Score Range Over the Past 10 Years
Min: -6.36 Med: -2.71 Max: -1.58
Current: -3.53

During the past 13 years, the highest Beneish M-Score of Saudi Basic Industries was -1.58. The lowest was -6.36. And the median was -2.71.

Saudi Basic Industries Beneish M-Score Related Terms

Saudi Basic Industries Beneish M-Score Historical Data

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The historical data trend for Saudi Basic Industries'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 Basic Industries Beneish M-Score Chart

Saudi Basic Industries Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.42

-2.74

-2.85

-2.57

-3.46

Saudi Basic Industries Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.74	-2.99	-3.04	-3.46	-3.53

SAU:2010 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Saudi Basic Industries'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 Basic Industries Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Saudi Basic Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Saudi Basic Industries's Beneish M-Score falls into.

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61GF Score

Saudi Basic Industries Corp SAU:2010

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Saudi Basic Industries 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 Basic Industries for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8314

0.528 * 1.0885

0.404 * 0.9929

0.892 * 0.9455

0.115 * 0.872

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0838

4.679 * -0.173322

0.327 * 1.1607

-3.53

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ﷼16,966 Mil.
Revenue was 26151.935 + 12032.941 + 34332.511 + 35565.517 = ﷼108,083 Mil.
Gross Profit was 5128.239 + 5666.46 + 6105.677 + 4416.131 = ﷼21,317 Mil.
Total Current Assets was ﷼82,730 Mil.
Total Assets was ﷼237,906 Mil.
Property, Plant and Equipment(Net PPE) was ﷼95,159 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼12,323 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼6,650 Mil.
Total Current Liabilities was ﷼46,441 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼25,301 Mil.
Net Income was 13.195 + -20937.791 + 435.461 + -4066.106 = ﷼-24,555 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 870.866 + 5794.949 + 6811.98 + 3201.292 = ﷼16,679 Mil.

Total Receivables was ﷼21,583 Mil.
Revenue was 29266.658 + 12451.924 + 36880.147 + 35718.598 = ﷼114,317 Mil.
Gross Profit was 5043.682 + 5304.967 + 6999.696 + 7193.815 = ﷼24,542 Mil.
Total Current Assets was ﷼85,933 Mil.
Total Assets was ﷼271,931 Mil.
Property, Plant and Equipment(Net PPE) was ﷼116,904 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼12,985 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼6,489 Mil.
Total Current Liabilities was ﷼36,214 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼34,439 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)
	=	(16965.591 / 108082.904)	/	(21582.543 / 114317.327)
	=	0.156968	/	0.188795
	=	0.8314

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)
	=	(24542.16 / 114317.327)	/	(21316.507 / 108082.904)
	=	0.214685	/	0.197224
	=	1.0885

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 - (82729.579 + 95159.357) / 237906.104)	/	(1 - (85932.958 + 116904.066) / 271931.134)
	=	0.252273	/	0.254087
	=	0.9929

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
	=	108082.904	/	114317.327
	=	0.9455

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))
	=	(12985.198 / (12985.198 + 116904.066))	/	(12322.713 / (12322.713 + 95159.357))
	=	0.099971	/	0.114649
	=	0.872

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)
	=	(6649.582 / 108082.904)	/	(6489.336 / 114317.327)
	=	0.061523	/	0.056766
	=	1.0838

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)
	=	((25301.247 + 46440.975) / 237906.104)	/	((34438.833 + 36213.628) / 271931.134)
	=	0.301557	/	0.259817
	=	1.1607

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
	=	(-24555.241 - 0	-	16679.087)	/	237906.104
	=	-0.173322

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 Basic Industries has a M-score of -3.53 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 -3.53 mean?

Saudi Basic Industries (SAU:2010) has a Beneish M-Score of -3.53 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saudi Basic Industries and its competitors. According to the industry distribution chart, Saudi Basic Industries ranks #79 out of 1529 companies in the Chemicals industry, placing it in the top 5.2%.

Is Saudi Basic Industries' Beneish M-Score too high?

Saudi Basic Industries' current Beneish M-Score is -3.53. Based on the distribution chart, Saudi Basic Industries ranks #79 out of 1529 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Saudi Basic Industries has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Saudi Basic Industries' Beneish M-Score compare to DOW?

According to the Chemicals industry distribution chart, Saudi Basic Industries ranks #79 out of 1529 companies for Beneish M-Score. This places Saudi Basic Industries in the top 5% 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 Chemicals company?

A good Beneish M-Score depends on the Chemicals 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 Basic Industries and its competitors. Saudi Basic Industries's current Beneish M-Score is -3.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Saudi Basic Industries stock overvalued right now?

Based on GuruFocus' analysis, Saudi Basic Industries (SAU:2010) is currently considered Fairly Valued. The stock's GF Value™ is ﷼55.72, compared to a current price of ﷼53.45 — trading 4.1% below its estimated fair value. The current Beneish M-Score is -3.53. Saudi Basic Industries' overall GF Score™ is 61/100 with 8 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 Basic Industries (SAU:2010), the current Beneish M-Score is -3.53 as of Jun. 25, 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 Basic Industries (SAU:2010) Overvalued in 2026?

Based on GuruFocus' analysis, Saudi Basic Industries stock appears to be undervalued. The current stock price of ﷼53.45 is trading 4.1% below its estimated GF Value™ of ﷼55.72. GuruFocus considers Saudi Basic Industries to be Fairly Valued.

Key valuation signals for SAU:2010:

Beneish M-Score: -3.53
GF Value™: ﷼55.72 vs. price of ﷼53.45 (4.1% below fair value)
GF Score™: 61/100 with 8 warning signs

No single metric tells the full story. See the SAU:2010 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Saudi Basic Industries Business Description

Industry Basic Materials Chemicals

Comparable Companies SAU:2290 SAU:2310 SAU:2350 SAU:2330 SAU:2060 SAU:1210 SAU:2001 SAU:9517 SAU:2210 TSE:4063 XTER:BAS SHSE:600989 DOW TSE:4004 SZSE:002460 XKRX:051910 SZSE:000408 SHSE:600346 SZSE:002080 TSE:4091

Address Qurtubah District, P.O. Box 5101, Riyadh, SAU, 11422

Website https://www.sabic.com

Saudi Basic Industries Corp is a chemicals manufacturer in Saudi Arabia. The primary business segments of the company are Petrochemicals and Agri-nutrients. In Petrochemicals segment products included polymers and chemicals are produced from hydrocarbon feedstock including methane, ethane, and propane, it also includes the production of a range of fertilisers; including urea, ammonia, phosphate, as well as compound fertilisers. The Hadeed is concerned with production of steel products, long products and flat products. The company derives maximum revenue from Petrochemicals segment. Geographically, it generates maximum revenue from Rest of Asia followed by China, KSA, America and Europe.

61GF Score

Get the complete analysis for SAU:2010

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

﷼53.45

Price

﷼55.72

GF Value

View SAU:2010 Analysis

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