Almadev Real Estate (XTAE:ALRE) Beneish M-Score: -4.11 (As of Aug. 14, 2026)

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XTAE:ALRE Almadev Real Estate Inc XTAE:ALRE
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What is Almadev Real Estate Beneish M-Score?

Almadev Real Estate XTAE:ALRE -4.79% 5 Beneish M-Score is -4.11 as of Aug. 14, 2026. GuruFocus rates XTAE:ALRE with a GF Score™ of 5/100. The stock has 6 warning signs investors should review. Among 1,677 Real Estate companies, Almadev Real Estate ranks better than 95.71% 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 -4.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Almadev Real Estate's Beneish M-Score or its related term are showing as below:

XTAE:ALRE' s Beneish M-Score Range Over the Past 10 Years
Min: -4.11   Med: -4.11   Max: -4.11
Current: -4.11

During the past 3 years, the highest Beneish M-Score of Almadev Real Estate was -4.11. The lowest was -4.11. And the median was -4.11.

Almadev Real Estate Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Almadev Real Estate'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.

Almadev Real Estate Beneish M-Score Chart

Almadev Real Estate Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -4.11

Almadev Real Estate Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -4.11

Almadev Real Estate Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Almadev Real Estate'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.

Almadev Real Estate Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Almadev Real Estate's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Almadev Real Estate's Beneish M-Score falls into.


XTAE:ALRE
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Almadev Real Estate Inc XTAE:ALRE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Almadev Real Estate 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 Almadev Real Estate 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 * 0.2145+0.528 * 0.7334+0.404 * 1.0907+0.892 * 0.4352+0.115 * 0.9514
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2065+4.679 * -0.05679-0.327 * 0.9724
=-4.11

* 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 ₪47.6 Mil.
Revenue was ₪435.4 Mil.
Gross Profit was ₪176.2 Mil.
Total Current Assets was ₪1,141.4 Mil.
Total Assets was ₪6,664.1 Mil.
Property, Plant and Equipment(Net PPE) was ₪5.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪1.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₪25.2 Mil.
Total Current Liabilities was ₪1,376.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₪3,580.1 Mil.
Net Income was ₪-27.4 Mil.
Gross Profit was ₪0.0 Mil.
Cash Flow from Operations was ₪351.0 Mil.
 Total Receivables was ₪509.8 Mil.
Revenue was ₪1,000.5 Mil.
Gross Profit was ₪297.0 Mil.
Total Current Assets was ₪1,834.0 Mil.
Total Assets was ₪7,643.8 Mil.
Property, Plant and Equipment(Net PPE) was ₪7.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪2.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₪47.9 Mil.
Total Current Liabilities was ₪4,483.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1,364.0 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)
=(47.586 / 435.408) / (509.806 / 1000.538)
=0.109291 / 0.509532
=0.2145

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)
=(296.958 / 1000.538) / (176.206 / 435.408)
=0.296798 / 0.404692
=0.7334

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 - (1141.383 + 5.144) / 6664.062) / (1 - (1834.02 + 7.297) / 7643.792)
=0.827954 / 0.759109
=1.0907

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
=435.408 / 1000.538
=0.4352

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))
=(2.45 / (2.45 + 7.297)) / (1.847 / (1.847 + 5.144))
=0.251359 / 0.264197
=0.9514

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)
=(25.172 / 435.408) / (47.943 / 1000.538)
=0.057812 / 0.047917
=1.2065

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)
=((3580.138 + 1376.839) / 6664.062) / ((1363.957 + 4483.141) / 7643.792)
=0.743837 / 0.764947
=0.9724

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
=(-27.407 - 0 - 351.045) / 6664.062
=-0.05679

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.

Almadev Real Estate has a M-score of -4.11 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 -4.11 mean?
Almadev Real Estate (XTAE:ALRE) has a Beneish M-Score of -4.11 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Almadev Real Estate and its competitors. According to the industry distribution chart, Almadev Real Estate ranks #72 out of 1677 companies in the Real Estate industry, placing it in the top 4.3%.
Is Almadev Real Estate's Beneish M-Score too high?
Almadev Real Estate's current Beneish M-Score is -4.11. Based on the distribution chart, Almadev Real Estate ranks #72 out of 1677 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Almadev Real Estate has a GF Score™ of 5/100, reflecting its overall financial health beyond just this single metric.
How does Almadev Real Estate's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Almadev Real Estate ranks #72 out of 1677 companies for Beneish M-Score. This places Almadev Real Estate in the top 4% 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 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 Almadev Real Estate and its competitors. Almadev Real Estate's current Beneish M-Score is -4.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Almadev Real Estate stock overvalued right now?
Almadev Real Estate (XTAE:ALRE) has a current Beneish M-Score of -4.11. The current Beneish M-Score is -4.11. Almadev Real Estate's overall GF Score™ is 5/100 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 Almadev Real Estate (XTAE:ALRE), the current Beneish M-Score is -4.11 as of Aug. 14, 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.

Almadev Real Estate Business Description

5GF Score

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