SALAMA Cooperative Insurance Co (SAU:8050) Beneish M-Score: 15.36 (As of Jul. 16, 2026)

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SAU:8050 SALAMA Cooperative Insurance Co SAU:8050
50 GF Score
Price ﷼9.07
GF Value ﷼9.96
Valuation Fairly Valued
! 3 Warning Signs
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What is SALAMA Cooperative Insurance Co Beneish M-Score?

SALAMA Cooperative Insurance Co SAU:8050 -1.63% 50 Beneish M-Score is 15.36 as of Jul. 16, 2026. GuruFocus rates SAU:8050 with a GF Score™ of 50/100 and a GF Value™ of ﷼9.96 (Fairly Valued). The stock has 3 warning signs investors should review. Among 398 Insurance companies, SALAMA Cooperative Insurance Co ranks worse than 99.25% 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.

Warning Sign:

Beneish M-Score 15.36 higher than -1.78, which implies that the company might have manipulated its financial results.

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

SAU:8050' s Beneish M-Score Range Over the Past 10 Years
Min: -3.68   Med: -2.6   Max: 15.36
Current: 15.36

During the past 13 years, the highest Beneish M-Score of SALAMA Cooperative Insurance Co was 15.36. The lowest was -3.68. And the median was -2.60.

SAU:8050
50GF Score
SALAMA Cooperative Insurance Co SAU:8050
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SALAMA Cooperative Insurance 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 SALAMA Cooperative Insurance 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 * 20.6114+0.528 * 1+0.404 * 1.003+0.892 * 0.9768+0.115 * 0.8704
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.05912-0.327 * 0.6541
=15.36

* 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 ﷼2.6 Mil.
Revenue was 149.165 + 132.389 + 127.758 + 133.046 = ﷼542.4 Mil.
Gross Profit was 149.165 + 132.389 + 127.758 + 133.046 = ﷼542.4 Mil.
Total Current Assets was ﷼0.0 Mil.
Total Assets was ﷼786.0 Mil.
Property, Plant and Equipment(Net PPE) was ﷼17.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼6.7 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼0.0 Mil.
Total Current Liabilities was ﷼0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼11.2 Mil.
Net Income was -3.324 + -42.984 + -9.448 + -4.962 = ﷼-60.7 Mil.
Non Operating Income was 0.377 + 0.163 + 0.423 + 0 = ﷼1.0 Mil.
Cash Flow from Operations was -18.958 + 30.85 + 26.156 + -53.263 = ﷼-15.2 Mil.
 Total Receivables was ﷼0.1 Mil.
Revenue was 121.742 + 118.933 + 156.474 + 158.115 = ﷼555.3 Mil.
Gross Profit was 121.742 + 118.933 + 156.474 + 158.115 = ﷼555.3 Mil.
Total Current Assets was ﷼0.0 Mil.
Total Assets was ﷼836.7 Mil.
Property, Plant and Equipment(Net PPE) was ﷼20.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼6.7 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼0.0 Mil.
Total Current Liabilities was ﷼0.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼18.3 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)
=(2.56 / 542.358) / (0.127 / 555.264)
=0.00472 / 0.000229
=20.6114

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)
=(555.264 / 555.264) / (542.358 / 542.358)
=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 + 17.281) / 785.967) / (1 - (0 + 20.86) / 836.728)
=0.978013 / 0.97507
=1.003

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
=542.358 / 555.264
=0.9768

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))
=(6.693 / (6.693 + 20.86)) / (6.69 / (6.69 + 17.281))
=0.242914 / 0.279087
=0.8704

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)
=(0 / 542.358) / (0 / 555.264)
=0 / 0
=1

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)
=((11.239 + 0) / 785.967) / ((18.292 + 0) / 836.728)
=0.0143 / 0.021861
=0.6541

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
=(-60.718 - 0.963 - -15.215) / 785.967
=-0.05912

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.

SALAMA Cooperative Insurance Co has a M-score of 15.36 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 15.36 mean?
SALAMA Cooperative Insurance Co (SAU:8050) has a Beneish M-Score of 15.36 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SALAMA Cooperative Insurance Co and its competitors. According to the industry distribution chart, SALAMA Cooperative Insurance Co ranks #395 out of 398 companies in the Insurance industry, placing it in the top 99.2%.
Is SALAMA Cooperative Insurance Co's Beneish M-Score too high?
SALAMA Cooperative Insurance Co's current Beneish M-Score is 15.36. Based on the distribution chart, SALAMA Cooperative Insurance Co ranks #395 out of 398 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, SALAMA Cooperative Insurance Co has a GF Score™ of 50/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does SALAMA Cooperative Insurance Co's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, SALAMA Cooperative Insurance Co ranks #395 out of 398 companies for Beneish M-Score. This places SALAMA Cooperative Insurance 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 Insurance company?
A good Beneish M-Score depends on the Insurance 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 SALAMA Cooperative Insurance Co and its competitors. SALAMA Cooperative Insurance Co's current Beneish M-Score is 15.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SALAMA Cooperative Insurance Co stock overvalued right now?
Based on GuruFocus' analysis, SALAMA Cooperative Insurance Co (SAU:8050) is currently considered Fairly Valued. The stock's GF Value™ is ﷼9.96, compared to a current price of ﷼9.07 — trading 8.9% below its estimated fair value. The current Beneish M-Score is 15.36. SALAMA Cooperative Insurance Co's overall GF Score™ is 50/100 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 SALAMA Cooperative Insurance Co (SAU:8050), the current Beneish M-Score is 15.36 as of Jul. 16, 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 SALAMA Cooperative Insurance Co (SAU:8050) Overvalued in 2026?

Based on GuruFocus' analysis, SALAMA Cooperative Insurance Co stock appears to be undervalued. The current stock price of ﷼9.07 is trading 8.9% below its estimated GF Value™ of ﷼9.96. GuruFocus considers SALAMA Cooperative Insurance Co to be Fairly Valued.

Key valuation signals for SAU:8050:

  • Beneish M-Score: 15.36
  • GF Value™: ﷼9.96 vs. price of ﷼9.07 (8.9% below fair value)
  • GF Score™: 50/100 with 3 warning signs

No single metric tells the full story. See the SAU:8050 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SALAMA Cooperative Insurance Co Business Description

Address Al Madinah Road, P.O. Box 4020, Salama Tower, Jeddah, SAU, 21491
SALAMA Cooperative Insurance Co operates in the insurance industry. The company has three reportable segments namely the Medical segment provides compensation to policyholders for expenses incurred in the treatment of a disease, illness, or injury. Its Motor segment provides coverage against losses and liability related to motor vehicles. The Others segment includes property, marine, engineering, accident and liability and miscellaneous categories. It derives maximum revenue from the Motor segment.
50GF Score

Get the complete analysis for SAU:8050

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

﷼9.07
Price
﷼9.96
GF Value