Anghami Inc.
ANGH Communication Services Entertainment
Anghami Inc.’s revenue for fiscal 2025 (year ended December 2025) was $99.3 million, up 27.2% from fiscal 2024.
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Anghami Inc. (ANGH) Beneish M-score
Anghami Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −6.22 | 4.54 |
| FY2022 | −10.76 | (7.68) |
| FY2021 | −3.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.94 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.84 | — | 0.34 | |
| Sales growth index | 1.27 | — | 1.13 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.47) | — | −2.19 | |
| Leverage index | 1.48 | — | −0.48 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MMVVF MultiMetaVerse Holdings Limited compare | −20.0× |
| TOON Kartoon Studios, Inc. compare | −3.4× |
| GAIA Gaia, Inc. compare | −3.0× |
| RDI Reading International Inc compare | −2.9× |
| LFS Leifras Co., Ltd. - Sponsored ADR compare | −2.1× |
| BLMZF Harrison Global Holdings Inc. compare | −1.0× |
| CNVS Cineverse Corp. compare | −0.3× |
| ANGH Anghami Inc. | — |
| NIPG NIP Group Inc. Sponsored ADR compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI