Asas Makeen Real Estate Development And Investment Co (SAU:9640) Beneish M-Score: 27.34 (As of Jul. 18, 2026) — Near Median

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SAU:9640 Asas Makeen Real Estate Development And Investment Co SAU:9640
15 GF Score
Price ﷼21.15
! 7 Warning Signs
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What is Asas Makeen Real Estate Development And Investment Co Beneish M-Score?

Asas Makeen Real Estate Development And Investment Co SAU:9640 15 Beneish M-Score is 27.34 as of Jul. 18, 2026, which is at its 10-year median of 27.34. GuruFocus rates SAU:9640 with a GF Score™ of 15/100. The stock has 7 warning signs investors should review. Among 1,682 Real Estate companies, Asas Makeen Real Estate Development And Investment Co ranks worse than 98.99% 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.

Warning Sign:

Beneish M-Score 27.34 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Asas Makeen Real Estate Development And Investment Co's Beneish M-Score or its related term are showing as below:

SAU:9640' s Beneish M-Score Range Over the Past 10 Years
Min: 27.34   Med: 27.34   Max: 27.34
Current: 27.34

During the past 3 years, the highest Beneish M-Score of Asas Makeen Real Estate Development And Investment Co was 27.34. The lowest was 27.34. And the median was 27.34.

Asas Makeen Real Estate Development And Investment Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Asas Makeen Real Estate Development And Investment 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.

Asas Makeen Real Estate Development And Investment Co Beneish M-Score Chart

Asas Makeen Real Estate Development And Investment Co Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 27.34

Asas Makeen Real Estate Development And Investment Co Semi-Annual Data
Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00 27.34

SAU:9640 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Asas Makeen Real Estate Development And Investment 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.

Asas Makeen Real Estate Development And Investment Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Asas Makeen Real Estate Development And Investment Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asas Makeen Real Estate Development And Investment Co's Beneish M-Score falls into.


SAU:9640
15GF Score
Asas Makeen Real Estate Development And Investment Co SAU:9640
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Asas Makeen Real Estate Development And Investment 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 Asas Makeen Real Estate Development And Investment 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 * 30.7053+0.528 * 1.3201+0.404 * 2.9068+0.892 * 0.94+0.115 * 1.0107
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0704+4.679 * 0.347419-0.327 * 1.0163
=27.34

* 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 ﷼148.2 Mil.
Revenue was ﷼405.2 Mil.
Gross Profit was ﷼90.1 Mil.
Total Current Assets was ﷼633.0 Mil.
Total Assets was ﷼1,057.0 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼1.1 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼12.3 Mil.
Total Current Liabilities was ﷼137.0 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼388.3 Mil.
Net Income was ﷼129.9 Mil.
Gross Profit was ﷼0.0 Mil.
Cash Flow from Operations was ﷼-237.3 Mil.
 Total Receivables was ﷼5.1 Mil.
Revenue was ﷼431.1 Mil.
Gross Profit was ﷼126.5 Mil.
Total Current Assets was ﷼540.7 Mil.
Total Assets was ﷼628.8 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼1.1 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼12.2 Mil.
Total Current Liabilities was ﷼155.9 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼151.6 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)
=(148.187 / 405.215) / (5.134 / 431.066)
=0.3657 / 0.01191
=30.7053

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)
=(126.493 / 431.066) / (90.074 / 405.215)
=0.293442 / 0.222287
=1.3201

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 - (633.012 + 1.881) / 1057) / (1 - (540.652 + 1.723) / 628.755)
=0.399344 / 0.137383
=2.9068

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
=405.215 / 431.066
=0.94

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))
=(1.052 / (1.052 + 1.723)) / (1.129 / (1.129 + 1.881))
=0.379099 / 0.375083
=1.0107

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)
=(12.285 / 405.215) / (12.209 / 431.066)
=0.030317 / 0.028323
=1.0704

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)
=((388.337 + 137.039) / 1057) / ((151.622 + 155.888) / 628.755)
=0.497044 / 0.489078
=1.0163

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
=(129.935 - 0 - -237.287) / 1057
=0.347419

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.

Asas Makeen Real Estate Development And Investment Co has a M-score of 27.34 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 27.34 mean?
Asas Makeen Real Estate Development And Investment Co (SAU:9640) has a Beneish M-Score of 27.34 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asas Makeen Real Estate Development And Investment Co and its competitors. This is near median its historical median of 27.34. Over the past decade, Asas Makeen Real Estate Development And Investment Co's Beneish M-Score has ranged from 27.34 to 27.34. According to the industry distribution chart, Asas Makeen Real Estate Development And Investment Co ranks #1665 out of 1682 companies in the Real Estate industry, placing it in the top 99%.
Is Asas Makeen Real Estate Development And Investment Co's Beneish M-Score too high?
Asas Makeen Real Estate Development And Investment Co's current Beneish M-Score of 27.34 is near median its 10-year median of 27.34. Over the past 10 years, this metric has ranged from a low of 27.34 to a high of 27.34. Based on the distribution chart, Asas Makeen Real Estate Development And Investment Co ranks #1665 out of 1682 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Asas Makeen Real Estate Development And Investment Co has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Asas Makeen Real Estate Development And Investment Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Asas Makeen Real Estate Development And Investment Co ranks #1665 out of 1682 companies for Beneish M-Score. This places Asas Makeen Real Estate Development And Investment Co in the lower half of its industry. Historically, Asas Makeen Real Estate Development And Investment Co's own Beneish M-Score has ranged from 27.34 to 27.34 over the past decade. 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Asas Makeen Real Estate Development And Investment Co and its competitors. Asas Makeen Real Estate Development And Investment Co's current Beneish M-Score is 27.34, which is near median its own 10-year median of 27.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asas Makeen Real Estate Development And Investment Co stock overvalued right now?
Asas Makeen Real Estate Development And Investment Co (SAU:9640) has a current Beneish M-Score of 27.34. The current Beneish M-Score is 27.34, which is near median its 10-year median of 27.34. Asas Makeen Real Estate Development And Investment Co's overall GF Score™ is 15/100 with 7 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 Asas Makeen Real Estate Development And Investment Co (SAU:9640), the current Beneish M-Score is 27.34 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.

Asas Makeen Real Estate Development And Investment Co Business Description

Address Anas bin Malik Road, 4112 AI-Narjis, Riyadh, SAU, 13327
Asas Makeen Real Estate Development And Investment Co is engaged in developing and investing in land and real estate residential, commercial, and hotel projects.
15GF Score

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