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Alinma Bank (1150) Fair Value & Analysis

Financial Services · SA · Market cap 72.1B SAR (≈ $19.2B) · ISIN SA122050HV19

What is Alinma Bank really worth?

AB Alinma Bank 1150 · SR
Price25.20 SAR
Fair Value24.91 SAR
Upside−1.2%
Quality33/100

Below-average quality, currently priced close to our fair value of 24.91 SAR.

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Strengths

Highly profitable · 59.0% net margin
Ranks above peers (8/12)
Wide moat 67/100

Risks

!Expensive Growth (revenue 5y +15.8 %/yr)
!negative free cash flow
!Weak on future: 12 out of 100
Evidence: High Range 18.68 SAR – 31.14 SAR

Fair value as of: Aug 13, 2026

From 6 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from 27.72 SAR to 24.91 SAR (−10.1%) since Aug 4, 2026. Share price +4.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

977,915 SAR 10.89 SAR Fair Value 24.91 SAR May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 10.89 SAR – 977,915 SAR · fair‑value band 18.68 SAR – 31.14 SAR · the 25.20 SAR price screens above the 24.91 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Alinma Bank (1150) currently trades at 25.20 SAR, while our model-based Fair Value estimate is 24.91 SAR, implying the stock looks roughly 1.2% fairly valued today. The Quality Score stands at 33/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 22.51 SAR per share, and 1 of the 6 models we run sit above the 25.20 SAR price. Bear case: the Asset-Based group reads lowest at 10.77 SAR, and 5 of the 6 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Alinma Bank generated revenue of 11.2B SAR at a net margin of 59.0%. Revenue grew 2.4% year over year. It earns a return on equity of 13.9%. Net debt stands at 110B SAR. Fundamentals as of Aug 13, 2026

Our scenario range runs from 18.68 SAR (bear case) to 31.14 SAR (bull case); at 25.20 SAR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −1%, 1150 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.35 SAR per share, which is 5.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence 15.41 SAR 18.81 SAR 39.58 SAR 71
Gordon GGM 9.13 SAR 18.99 SAR 30.13 SAR 66
DDM Multi-Stage 9.13 SAR 16.02 SAR 19.93 SAR 66
All 6 models by family
Dividend Discount
Gordon GGM 9.13 SAR 18.99 SAR 30.13 SAR 66
DDM Multi-Stage 9.13 SAR 16.02 SAR 19.93 SAR 66
Multiples
P/E Multiple 20.79 SAR 27.72 SAR 34.65 SAR 63
P/B Multiple 16.88 SAR 22.51 SAR 28.14 SAR 55
Asset-Based
NCAV (Graham) 8.04 SAR 10.77 SAR 16.08 SAR 51
Economic Profit
Residual Income best evidence 15.41 SAR 18.81 SAR 39.58 SAR 71

Widest divergence: Multiples (22.51 SAR) versus Asset-Based (10.77 SAR). Highest evidence: Residual Income (71).

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Key figures & financial health

P/E ratio 12.7
P/S ratio 6.84 P/E × margin
EPS (TTM) 1.99 SAR price ÷ EPS = P/E 12.7
Dividend yield 4.1% payout 52.4%
Net margin 54.0% FY2025
Return on equity 13.9% TTM
More key figures
Profitability
Return on assets (EBIT) 2.1% avg 5y
Operating margin 65.2% TTM
Growth
Revenue (TTM) 11.2B SAR TTM
Revenue growth (YoY) +2.4% 3y avg +14.1%
EPS growth (YoY) −2.0%
Balance sheet & cash flow
Free cash flow −3.5B SAR FY2025
Net debt 110B SAR FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 27 · Market factors (momentum, volatility) 46

Profitability 38
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 17
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 29
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Alinma Bank provides banking and investment services in the Kingdom of Saudi Arabia. It operates through Retail Banking, Corporate Banking, Treasury, and Investment and Brokerage segments.

Full company description

Alinma Bank provides banking and investment services in the Kingdom of Saudi Arabia. It operates through Retail Banking, Corporate Banking, Treasury, and Investment and Brokerage segments. The company provides various banking services, including current, education, and family accounts; self-service banking services; debit, credit, traveler, purchase, and prepaid cards; point of sale services; car, real estate, personal, and education financing, as well as SME, kafalah program, business payroll, assets, business invoices, and receivables financing; and bill payment services. It also offers treasury, letters of guarantee, documentary collection, import and export letters of credit, and guarantee verification services; cash management services; corporate partner services; financing and investment products; financial services; and payroll management and e-payment gateway services. In addition, the company provides investment management, asset management, custodianship, advisory, underwriting, and brokerage services; and operates as an insurance agent. Further, it offers digital banking services. The company provides its services to individuals, corporates, SMEs, and institutional customers. Alinma Bank was founded in 2006 and is headquartered in Riyadh, the Kingdom of Saudi Arabia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Alinma Bank reported revenue of 11.8B SAR in FY2025 versus 6.7B SAR in FY2021, a compound +15.5%/yr. Reported net income was 6.4B SAR in FY2025, compounding +24.0%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
11.8B SAR
Latest YoY
+8.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.8%
Avg. revenue growth/yr (17Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+19.2% (15.1 + 4.1)
Revenue +15.5%/yr
FY21 6.7B SAR
FY22 8.0B SAR
FY23 9.7B SAR
FY24 10.9B SAR
FY25 11.8B SAR
Net income +24.0%/yr
FY21 2.7B SAR
FY22 3.6B SAR
FY23 4.8B SAR
FY24 5.8B SAR
FY25 6.4B SAR
Character of growth · EPS growth decomposed (2014-2025) +13.9 % p.a.
Revenue per share +12.8 %

of which total revenue +15.7 % · buybacks/dilution −2.5 %

EBIT margin +2.2 %
Tax rate −1.2 %
Residual (interest, one-offs) +0.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Alinma Bank Fair Value". https://www.fairvalue-calculator.com/stock/1150

Peer Group

Banks - Regional · 1071 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 31 · Bottom 25%
Fair Value upside −1% · Below median
Return on equity (TTM) 14% · Top 25%
Return on assets 2% · Top 25%
Net margin (TTM) 59% · Top 25%
Operating margin (TTM) 65% · Top 25%
Revenue growth 2% · Below median
Dividend yield (TTM) 4.1% · Top 25%

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 12.7× · Pricier than median
P/B 0.40× · Cheaper than 75% of peers
P/S (TTM) 1.72× · Cheaper than 75% of peers
EV/EBITDA 0.5× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE32 · sector 33
FUTURE12 · sector 45
PAST56 · sector 41
HEALTH0 · sector 85
DIVIDEND83 · sector 51

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DBS Group D05 75.65 SGD 40.48 SGD −46%
China Merchants Bank Co 3968 HK$47.96 HK$76.51 +60%
Intesa Sanpaolo S.p.A ISP €6.78 €5.66 −17%
HDFC Bank Limited HDB $23.17 $24.12 +4%
BNP Paribas SA BNP €102.56 €144.64 +41%
UniCredit S.p.A UCG €84.71 €77.62 −8%
Mizuho Financial Group MFG $10.74 $9.69 −10%
ICICI Bank Limited ICICIBANK ₹1,443 ₹835.21 −42%
Oversea-Chinese Banking Corporation O39 31.07 SGD 19.80 SGD −36%
CaixaBank, S.A CABK €13.52 €8.85 −35%

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Frequently asked questions

Is Alinma Bank (1150) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 24.91 SAR versus a price of 25.20 SAR, about −1% upside (fairly valued).
What is the fair value of 1150?
Our model-based fair value for Alinma Bank is 24.91 SAR (as of Aug 13, 2026), built from audited fundamentals. The current price: 25.20 SAR.
What is the quality score of 1150?
Alinma Bank has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Alinma Bank (1150)?
Alinma Bank reported trailing-twelve-month revenue of about 11.2B SAR (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1150?
The net profit margin of Alinma Bank is about 59.0%, meaning it keeps roughly 59.0% of revenue as net income. Based on the latest reported figures.
Does Alinma Bank pay a dividend?
Alinma Bank currently shows a dividend yield of about 4.14% relative to its recent price (as of Aug 13, 2026).
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