Al-Rajhi Co For Cooperative Insurance (SAU:8230) Beneish M-Score: -2.40 (As of Jun. 28, 2026)


SAU:8230 Al-Rajhi Co For Cooperative Insurance SAU:8230
74 GF Score
Price ﷼54.10
GF Value ﷼68.26
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Al-Rajhi Co For Cooperative Insurance Beneish M-Score?

Al-Rajhi Co For Cooperative Insurance SAU:8230 -2.17% 74 Beneish M-Score is -2.40 as of Jun. 28, 2026. GuruFocus rates SAU:8230 with a GF Score™ of 74/100 and a GF Value™ of ﷼68.26 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 402 Insurance companies, Al-Rajhi Co For Cooperative Insurance ranks worse than 62.19% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAU:8230' s Beneish M-Score Range Over the Past 10 Years
Min: -4.03   Med: -2.27   Max: 4.5
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Al-Rajhi Co For Cooperative Insurance was 4.50. The lowest was -4.03. And the median was -2.27.

SAU:8230
74GF Score
Al-Rajhi Co For Cooperative Insurance SAU:8230
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Al-Rajhi Co For Cooperative Insurance 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 Al-Rajhi Co For Cooperative Insurance 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 * 0.6704+0.528 * 1+0.404 * 1.0005+0.892 * 0.9351+0.115 * 0.9722
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.069948-0.327 * 0.644
=-2.40

* 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 ﷼44 Mil.
Revenue was 1599.726 + 858.148 + 1512.538 + 1012.487 = ﷼4,983 Mil.
Gross Profit was 1599.726 + 858.148 + 1512.538 + 1012.487 = ﷼4,983 Mil.
Total Current Assets was ﷼0 Mil.
Total Assets was ﷼13,941 Mil.
Property, Plant and Equipment(Net PPE) was ﷼72 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼38 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼0 Mil.
Total Current Liabilities was ﷼0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼26 Mil.
Net Income was 113.501 + 166.986 + 85.63 + 111.568 = ﷼478 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was -330.328 + -47.695 + -158.042 + 38.616 = ﷼-497 Mil.
 Total Receivables was ﷼70 Mil.
Revenue was 1163.539 + 1490.945 + 1527.182 + 1147.188 = ﷼5,329 Mil.
Gross Profit was 1163.539 + 1490.945 + 1527.182 + 1147.188 = ﷼5,329 Mil.
Total Current Assets was ﷼0 Mil.
Total Assets was ﷼13,234 Mil.
Property, Plant and Equipment(Net PPE) was ﷼74 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼38 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼0 Mil.
Total Current Liabilities was ﷼0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼39 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)
=(44.026 / 4982.899) / (70.224 / 5328.854)
=0.008835 / 0.013178
=0.6704

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)
=(5328.854 / 5328.854) / (4982.899 / 4982.899)
=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 + 71.533) / 13940.827) / (1 - (0 + 73.965) / 13233.647)
=0.994869 / 0.994411
=1.0005

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
=4982.899 / 5328.854
=0.9351

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))
=(37.834 / (37.834 + 73.965)) / (38.197 / (38.197 + 71.533))
=0.338411 / 0.3481
=0.9722

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 / 4982.899) / (0 / 5328.854)
=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)
=((26.18 + 0) / 13940.827) / ((38.59 + 0) / 13233.647)
=0.001878 / 0.002916
=0.644

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
=(477.685 - 0 - -497.449) / 13940.827
=0.069948

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.

Al-Rajhi Co For Cooperative Insurance has a M-score of -2.40 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 -2.40 mean?
Al-Rajhi Co For Cooperative Insurance (SAU:8230) has a Beneish M-Score of -2.40 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Al-Rajhi Co For Cooperative Insurance and its competitors. According to the industry distribution chart, Al-Rajhi Co For Cooperative Insurance ranks #250 out of 402 companies in the Insurance industry, placing it in the top 62.2%.
Is Al-Rajhi Co For Cooperative Insurance's Beneish M-Score too high?
Al-Rajhi Co For Cooperative Insurance's current Beneish M-Score is -2.40. Based on the distribution chart, Al-Rajhi Co For Cooperative Insurance ranks #250 out of 402 companies in the Insurance industry, which is below the industry midpoint. Overall, Al-Rajhi Co For Cooperative Insurance has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Al-Rajhi Co For Cooperative Insurance's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Al-Rajhi Co For Cooperative Insurance ranks #250 out of 402 companies for Beneish M-Score. This places Al-Rajhi Co For Cooperative Insurance 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 Al-Rajhi Co For Cooperative Insurance and its competitors. Al-Rajhi Co For Cooperative Insurance's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Al-Rajhi Co For Cooperative Insurance stock overvalued right now?
Based on GuruFocus' analysis, Al-Rajhi Co For Cooperative Insurance (SAU:8230) is currently considered Modestly Undervalued. The stock's GF Value™ is ﷼68.26, compared to a current price of ﷼54.10 — trading 20.7% below its estimated fair value. The current Beneish M-Score is -2.40. Al-Rajhi Co For Cooperative Insurance's overall GF Score™ is 74/100 with 4 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 Al-Rajhi Co For Cooperative Insurance (SAU:8230), the current Beneish M-Score is -2.40 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.

Is Al-Rajhi Co For Cooperative Insurance (SAU:8230) Overvalued in 2026?

Based on GuruFocus' analysis, Al-Rajhi Co For Cooperative Insurance stock appears to be undervalued. The current stock price of ﷼54.10 is trading 20.7% below its estimated GF Value™ of ﷼68.26. GuruFocus considers Al-Rajhi Co For Cooperative Insurance to be Modestly Undervalued.

Key valuation signals for SAU:8230:

  • Beneish M-Score: -2.40
  • GF Value™: ﷼68.26 vs. price of ﷼54.10 (20.7% below fair value)
  • GF Score™: 74/100 with 4 warning signs

No single metric tells the full story. See the SAU:8230 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Al-Rajhi Co For Cooperative Insurance Business Description

Address 3485-Ath Thummamah Road, P.O. Box 67791, Al Rabie District, Riyadh, SAU, 11517
Al-Rajhi Co For Cooperative Insurance is engaged in the provision of cooperative insurance and reinsurance services. The purpose of the company is to conduct cooperative insurance operations and all related activities, including re-takaful and agency activities. Its operating segments include Medical; Motor; Property and Casualty; and Protection and Savings. The company generates the majority of its revenue from the Motor segment.
74GF Score

Get the complete analysis for SAU:8230

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

﷼54.10
Price
﷼68.26
GF Value