Nayifat Finance Co (SAU:4081) Beneish M-Score: -3.29 (As of Jul. 17, 2026)

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SAU:4081 Nayifat Finance Co SAU:4081
57 GF Score
Price ﷼9.61
GF Value ﷼12.14
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Nayifat Finance Co Beneish M-Score?

Nayifat Finance Co SAU:4081 -0.21% 57 Beneish M-Score is -3.29 as of Jul. 17, 2026. GuruFocus rates SAU:4081 with a GF Score™ of 57/100 and a GF Value™ of ﷼12.14 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 486 Credit Services companies, Nayifat Finance Co ranks better than 89.09% 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 -3.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAU:4081' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.42   Max: -2.21
Current: -3.29

During the past 9 years, the highest Beneish M-Score of Nayifat Finance Co was -2.21. The lowest was -3.29. And the median was -2.42.

SAU:4081
57GF Score
Nayifat Finance Co SAU:4081
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nayifat 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 Nayifat 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 * 1.001+0.892 * 0.8929+0.115 * 1.5776
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8084+4.679 * -0.105126-0.327 * 1.4634
=-3.29

* 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 68.38 + 71.509 + 76.677 + 72.266 = ﷼288.8 Mil.
Gross Profit was 68.38 + 71.509 + 76.677 + 72.266 = ﷼288.8 Mil.
Total Current Assets was ﷼0.0 Mil.
Total Assets was ﷼2,114.5 Mil.
Property, Plant and Equipment(Net PPE) was ﷼28.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼5.2 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼60.3 Mil.
Total Current Liabilities was ﷼0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼764.1 Mil.
Net Income was 23.176 + -185.807 + 20.353 + 15.571 = ﷼-126.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0.0 Mil.
Cash Flow from Operations was 120.305 + -10.391 + -10.406 + -3.929 = ﷼95.6 Mil.
 Total Receivables was ﷼0.0 Mil.
Revenue was 77.789 + 83.45 + 80.886 + 81.358 = ﷼323.5 Mil.
Gross Profit was 77.789 + 83.45 + 80.886 + 81.358 = ﷼323.5 Mil.
Total Current Assets was ﷼0.0 Mil.
Total Assets was ﷼2,065.8 Mil.
Property, Plant and Equipment(Net PPE) was ﷼30.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼9.6 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼37.3 Mil.
Total Current Liabilities was ﷼0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼510.2 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 / 288.832) / (0 / 323.483)
=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)
=(323.483 / 323.483) / (288.832 / 288.832)
=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 + 28.575) / 2114.464) / (1 - (0 + 29.987) / 2065.835)
=0.986486 / 0.985484
=1.001

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
=288.832 / 323.483
=0.8929

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))
=(9.552 / (9.552 + 29.987)) / (5.167 / (5.167 + 28.575))
=0.241584 / 0.153133
=1.5776

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)
=(60.278 / 288.832) / (37.332 / 323.483)
=0.208696 / 0.115406
=1.8084

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)
=((764.14 + 0) / 2114.464) / ((510.151 + 0) / 2065.835)
=0.361387 / 0.246947
=1.4634

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
=(-126.707 - 0 - 95.579) / 2114.464
=-0.105126

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.

Nayifat Finance Co has a M-score of -3.29 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 -3.29 mean?
Nayifat Finance Co (SAU:4081) has a Beneish M-Score of -3.29 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nayifat Finance Co and its competitors. According to the industry distribution chart, Nayifat Finance Co ranks #53 out of 486 companies in the Credit Services industry, placing it in the top 10.9%.
Is Nayifat Finance Co's Beneish M-Score too high?
Nayifat Finance Co's current Beneish M-Score is -3.29. Based on the distribution chart, Nayifat Finance Co ranks #53 out of 486 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, Nayifat Finance Co has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nayifat Finance Co's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Nayifat Finance Co ranks #53 out of 486 companies for Beneish M-Score. This places Nayifat Finance Co in the top 11% 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 Credit Services company?
A good Beneish M-Score depends on the Credit 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 Nayifat Finance Co and its competitors. Nayifat Finance Co's current Beneish M-Score is -3.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nayifat Finance Co stock overvalued right now?
Based on GuruFocus' analysis, Nayifat Finance Co (SAU:4081) is currently considered Modestly Undervalued. The stock's GF Value™ is ﷼12.14, compared to a current price of ﷼9.61 — trading 20.8% below its estimated fair value. The current Beneish M-Score is -3.29. Nayifat Finance Co's overall GF Score™ is 57/100 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 Nayifat Finance Co (SAU:4081), the current Beneish M-Score is -3.29 as of Jul. 17, 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 Nayifat Finance Co (SAU:4081) Overvalued in 2026?

Based on GuruFocus' analysis, Nayifat Finance Co stock appears to be undervalued. The current stock price of ﷼9.61 is trading 20.8% below its estimated GF Value™ of ﷼12.14. GuruFocus considers Nayifat Finance Co to be Modestly Undervalued.

Key valuation signals for SAU:4081:

  • Beneish M-Score: -3.29
  • GF Value™: ﷼12.14 vs. price of ﷼9.61 (20.8% below fair value)
  • GF Score™: 57/100 with 5 warning signs

No single metric tells the full story. See the SAU:4081 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nayifat Finance Co Business Description

Address 7633, Al Ulaya - Al Woroud District, Unit No. 1555, Riyadh, SAU, 12253-2105
Nayifat Finance Co is a non-banking finance company focused on consumer and SME lending. It provides lease finance, consumer finance, small and medium enterprise finance, debt crowdfunding, and credit card finance in the Kingdom of Saudi Arabia. The company has three reportable segments, namely, Personal financing, SME Financing and Islamic credit cards. The majority of revenue is generated from Personal financing, which includes providing personal financing to the retail segment.
57GF Score

Get the complete analysis for SAU:4081

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

﷼9.61
Price
﷼12.14
GF Value