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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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Saudi Arabian Oil Co's Beneish M-Score or its related term are showing as below:
SAU:2222'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.45 Max: -1.53
Current: -2.43
During the past 10 years, the highest Beneish M-Score of Saudi Arabian Oil Co was -1.53. The lowest was -2.87. And the median was -2.45.
Saudi Arabian Oil Co Beneish M-Score Related Terms
Saudi Arabian Oil Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Saudi Arabian Oil Co'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.
For the Oil & Gas Integrated subindustry, Saudi Arabian Oil Co'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 Arabian Oil Co Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Saudi Arabian Oil Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Saudi Arabian Oil Co's Beneish M-Score falls into.
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 Arabian Oil 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 * 1.5054
+
0.528 * 0.941
+
0.404 * 0.9232
+
0.892 * 0.9528
+
0.115 * 1.0158
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2325
+
4.679 * -0.050577
-
0.327 * 1.1049
=
-2.43
* 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.
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.
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))
=
(91075 / (91075 + 1554916))
/
(94309 / (94309 + 1637162))
=
0.055331
/
0.054468
=
1.0158
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
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
=
(372497 - 0
-
507132)
/
2661959
=
-0.050577
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 Arabian Oil Co has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
Saudi Arabian Oil Co (SAU:2222) has a Beneish M-Score of -2.43 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saudi Arabian Oil Co and its competitors. According to the industry distribution chart, Saudi Arabian Oil Co ranks #529 out of 824 companies in the Oil & Gas industry, placing it in the top 64.2%.
Is Saudi Arabian Oil Co's Beneish M-Score too high?
Saudi Arabian Oil Co's current Beneish M-Score is -2.43. Based on the distribution chart, Saudi Arabian Oil Co ranks #529 out of 824 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Saudi Arabian Oil Co has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Saudi Arabian Oil Co's Beneish M-Score compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Saudi Arabian Oil Co ranks #529 out of 824 companies for Beneish M-Score. This places Saudi Arabian Oil 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Arabian Oil Co and its competitors. Saudi Arabian Oil Co's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saudi Arabian Oil Co stock overvalued right now?
Based on GuruFocus' analysis, Saudi Arabian Oil Co (SAU:2222) is currently considered Fairly Valued. The stock's GF Value™ is ﷼27.01, compared to a current price of ﷼26.68 — trading 1.2% below its estimated fair value. The current Beneish M-Score is -2.43. Saudi Arabian Oil Co's overall GF Score™ is 82/100 with 5 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 Arabian Oil Co (SAU:2222), the current Beneish M-Score is -2.43 as of Jul. 18, 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 Arabian Oil Co (SAU:2222) Overvalued in 2026?
Based on GuruFocus' analysis, Saudi Arabian Oil Co stock appears to be undervalued.
The current stock price of ﷼26.68 is trading 1.2% below its estimated GF Value™ of ﷼27.01.
GuruFocus considers Saudi Arabian Oil Co to be Fairly Valued.
Key valuation signals for SAU:2222:
Beneish M-Score: -2.43
GF Value™: ﷼27.01 vs. price of ﷼26.68 (1.2% below fair value)
No single metric tells the full story. See the SAU:2222 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Saudi Aramco is the national oil company of Saudi Arabia and holds the exclusive right to explore for, produce, and refine the country's hydrocarbons. It is the largest oil and gas producer in the world with a production volume of 12.9 mmboe/d in 2025, including 10.7 mmboe/d of liquids. Its 4.2 mmb/d in net refining capacity makes it the world's fourth-largest refiner. It also owns 59.3 million metric tons of chemical manufacturing capacity, placing it among the top five global chemical companies.
82GF Score
Get the complete analysis for SAU:2222
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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