Mayar Holding Co (SAU:9568) Beneish M-Score: -2.54 (As of Jul. 17, 2026)

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SAU:9568 Mayar Holding Co SAU:9568
22 GF Score
Price ﷼2.60
GF Value ﷼3.76
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is Mayar Holding Co Beneish M-Score?

Mayar Holding Co SAU:9568 22 Beneish M-Score is -2.54 as of Jul. 17, 2026. GuruFocus rates SAU:9568 with a GF Score™ of 22/100 and a GF Value™ of ﷼3.76 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 541 Conglomerates companies, Mayar Holding Co ranks better than 55.82% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SAU:9568' s Beneish M-Score Range Over the Past 10 Years
Min: -2.54   Med: 90.82   Max: 184.18
Current: -2.54

During the past 4 years, the highest Beneish M-Score of Mayar Holding Co was 184.18. The lowest was -2.54. And the median was 90.82.

Mayar Holding Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mayar Holding 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.

Mayar Holding Co Beneish M-Score Chart

Mayar Holding Co Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 184.18 -2.54

Mayar Holding Co Semi-Annual Data
Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 184.18 0.00 -2.54

SAU:9568 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Mayar Holding 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.

Mayar Holding Co Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Mayar Holding Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mayar Holding Co's Beneish M-Score falls into.


SAU:9568
22GF Score
Mayar Holding Co SAU:9568
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mayar Holding 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 Mayar Holding 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 * 0.9966+0.528 * 1.5729+0.404 * 1.1134+0.892 * 0.8936+0.115 * 1.1205
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3655+4.679 * -0.04958-0.327 * 1.1006
=-2.54

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ﷼153.0 Mil.
Revenue was ﷼399.2 Mil.
Gross Profit was ﷼42.8 Mil.
Total Current Assets was ﷼251.2 Mil.
Total Assets was ﷼544.5 Mil.
Property, Plant and Equipment(Net PPE) was ﷼170.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼15.6 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼16.1 Mil.
Total Current Liabilities was ﷼432.2 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼111.0 Mil.
Net Income was ﷼-46.3 Mil.
Gross Profit was ﷼0.0 Mil.
Cash Flow from Operations was ﷼-19.3 Mil.
 Total Receivables was ﷼171.7 Mil.
Revenue was ﷼446.7 Mil.
Gross Profit was ﷼75.3 Mil.
Total Current Assets was ﷼274.1 Mil.
Total Assets was ﷼543.2 Mil.
Property, Plant and Equipment(Net PPE) was ﷼158.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼16.5 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼13.2 Mil.
Total Current Liabilities was ﷼464.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼28.4 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)
=(152.959 / 399.22) / (171.749 / 446.744)
=0.383145 / 0.384446
=0.9966

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)
=(75.251 / 446.744) / (42.753 / 399.22)
=0.168443 / 0.107091
=1.5729

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 - (251.236 + 170.242) / 544.494) / (1 - (274.052 + 158.932) / 543.211)
=0.225927 / 0.202917
=1.1134

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
=399.22 / 446.744
=0.8936

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))
=(16.481 / (16.481 + 158.932)) / (15.581 / (15.581 + 170.242))
=0.093955 / 0.083849
=1.1205

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)
=(16.087 / 399.22) / (13.183 / 446.744)
=0.040296 / 0.029509
=1.3655

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)
=((110.993 + 432.177) / 544.494) / ((28.379 + 463.984) / 543.211)
=0.997568 / 0.906394
=1.1006

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
=(-46.305 - 0 - -19.309) / 544.494
=-0.04958

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.

Mayar Holding Co has a M-score of -2.54 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 -2.54 mean?
Mayar Holding Co (SAU:9568) has a Beneish M-Score of -2.54 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mayar Holding Co and its competitors. According to the industry distribution chart, Mayar Holding Co ranks #239 out of 541 companies in the Conglomerates industry, placing it in the top 44.2%.
Is Mayar Holding Co's Beneish M-Score too high?
Mayar Holding Co's current Beneish M-Score is -2.54. Based on the distribution chart, Mayar Holding Co ranks #239 out of 541 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Mayar Holding Co has a GF Score™ of 22/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Mayar Holding Co's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Mayar Holding Co ranks #239 out of 541 companies for Beneish M-Score. This puts Mayar Holding Co in the upper 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 a Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Mayar Holding Co and its competitors. Mayar Holding Co's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mayar Holding Co stock overvalued right now?
Based on GuruFocus' analysis, Mayar Holding Co (SAU:9568) is currently considered Possible Value Trap. The stock's GF Value™ is ﷼3.76, compared to a current price of ﷼2.60 — trading 30.9% below its estimated fair value. The current Beneish M-Score is -2.54. Mayar Holding Co's overall GF Score™ is 22/100 with 6 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 Mayar Holding Co (SAU:9568), the current Beneish M-Score is -2.54 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 Mayar Holding Co (SAU:9568) Overvalued in 2026?

Based on GuruFocus' analysis, Mayar Holding Co stock appears to be undervalued. The current stock price of ﷼2.60 is trading 30.9% below its estimated GF Value™ of ﷼3.76. GuruFocus considers Mayar Holding Co to be Possible Value Trap.

Key valuation signals for SAU:9568:

  • Beneish M-Score: -2.54
  • GF Value™: ﷼3.76 vs. price of ﷼2.60 (30.9% below fair value)
  • GF Score™: 22/100 with 6 warning signs

No single metric tells the full story. See the SAU:9568 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Mayar Holding Co Business Description

Address KSA Riyadh Olaya Street, PO Box 55024, Taya Commercial Center, Riyadh, SAU, 11534
Mayar Holding Co is a Saudi Arabia-based company. It engaged in managing subsidiaries of holding companies owning real estate and movables necessary for holding companies, providing loans, guarantees, and financing for subsidiaries of holding companies, and owning and leasing industrial property rights to subsidiaries of holding companies. It has three reportable segments Elevators and escalators segment, Feed Poultry and agriculture segment, and Plastic segment. The maximum of its revenue comes from Feed Poultry and agriculture segment which produces compound feed for Poultry, Cattle, Poultry distribution, and sale.
22GF Score

Get the complete analysis for SAU:9568

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

﷼2.60
Price
﷼3.76
GF Value