APTPF (Airports Of Thailand) Beneish M-Score: -2.17 (As of Jun. 24, 2026)


APTPF Airports Of Thailand PLC APTPF
89 GF Score
Price $1.73
GF Value $1.33
Valuation Modestly Overvalued
! 7 Warning Signs
View Full Analysis

What is Airports Of Thailand Beneish M-Score?

Airports Of Thailand APTPF 89 Beneish M-Score is -2.17 as of Jun. 24, 2026. GuruFocus rates APTPF with a GF Score™ of 89/100 and a GF Value™ of $1.33 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 966 Transportation companies, Airports Of Thailand ranks worse than 74.43% 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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Airports Of Thailand's Beneish M-Score or its related term are showing as below:

APTPF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.41   Max: 2.13
Current: -2.17

During the past 13 years, the highest Beneish M-Score of Airports Of Thailand was 2.13. The lowest was -3.03. And the median was -2.41.

Airports Of Thailand Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Airports Of Thailand'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.

Airports Of Thailand Beneish M-Score Chart

Airports Of Thailand Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.66 2.13 -1.63 -3.03 -2.17

Airports Of Thailand Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 -2.17 0.00 0.00

APTPF vs JOBY, CAAP: Beneish M-Score Comparison

For the Airports & Air Services subindustry, Airports Of Thailand'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.

Airports Of Thailand Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Airports Of Thailand's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Airports Of Thailand's Beneish M-Score falls into.


APTPF
89GF Score
Airports Of Thailand PLC APTPF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Airports Of Thailand 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 Airports Of Thailand 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 * 1.5464+0.528 * 1.0504+0.404 * 1.0552+0.892 * 1.0335+0.115 * 0.9205
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.051845-0.327 * 0.943
=-2.13

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was $521 Mil.
Revenue was $2,086 Mil.
Gross Profit was $1,152 Mil.
Total Current Assets was $1,168 Mil.
Total Assets was $6,568 Mil.
Property, Plant and Equipment(Net PPE) was $4,563 Mil.
Depreciation, Depletion and Amortization(DDA) was $377 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $769 Mil.
Long-Term Debt & Capital Lease Obligation was $1,357 Mil.
Net Income was $567 Mil.
Gross Profit was $-10 Mil.
Cash Flow from Operations was $918 Mil.
 Total Receivables was $326 Mil.
Revenue was $2,018 Mil.
Gross Profit was $1,171 Mil.
Total Current Assets was $909 Mil.
Total Assets was $6,199 Mil.
Property, Plant and Equipment(Net PPE) was $4,541 Mil.
Depreciation, Depletion and Amortization(DDA) was $343 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $703 Mil.
Long-Term Debt & Capital Lease Obligation was $1,425 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)
=(520.971 / 2086.058) / (325.968 / 2018.443)
=0.249739 / 0.161495
=1.5464

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)
=(1171.079 / 2018.443) / (1152.213 / 2086.058)
=0.580189 / 0.55234
=1.0504

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 - (1167.859 + 4562.613) / 6567.709) / (1 - (908.882 + 4541.462) / 6199.249)
=0.127478 / 0.120806
=1.0552

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
=2086.058 / 2018.443
=1.0335

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))
=(342.931 / (342.931 + 4541.462)) / (376.746 / (376.746 + 4562.613))
=0.07021 / 0.076274
=0.9205

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)
=(0 / 2086.058) / (0 / 2018.443)
=0 / 0
=1

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)
=((1356.575 + 769.158) / 6567.709) / ((1425.18 + 702.552) / 6199.249)
=0.323664 / 0.343224
=0.943

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
=(567.045 - -10.304 - 917.851) / 6567.709
=-0.051845

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.

Airports Of Thailand has a M-score of -2.13 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 -2.17 mean?
Airports Of Thailand (APTPF) has a Beneish M-Score of -2.17 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Airports Of Thailand and its competitors. According to the industry distribution chart, Airports Of Thailand ranks #719 out of 966 companies in the Transportation industry, placing it in the top 74.4%.
Is Airports Of Thailand's Beneish M-Score too high?
Airports Of Thailand's current Beneish M-Score is -2.17. Based on the distribution chart, Airports Of Thailand ranks #719 out of 966 companies in the Transportation industry, which is below the industry midpoint. Overall, Airports Of Thailand has a GF Score™ of 89/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Airports Of Thailand's Beneish M-Score compare to JOBY and CAAP?
According to the Transportation industry distribution chart, Airports Of Thailand ranks #719 out of 966 companies for Beneish M-Score. This places Airports Of Thailand in the lower 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Airports Of Thailand and its competitors. Airports Of Thailand's current Beneish M-Score is -2.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Airports Of Thailand stock overvalued right now?
Based on GuruFocus' analysis, Airports Of Thailand (APTPF) is currently considered Modestly Overvalued. The stock's GF Value™ is $1.33, compared to a current price of $1.73 — trading 29.7% above its estimated fair value. The current Beneish M-Score is -2.17. Airports Of Thailand's overall GF Score™ is 89/100 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 Airports Of Thailand (APTPF), the current Beneish M-Score is -2.17 as of Jun. 24, 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 Airports Of Thailand (APTPF) Overvalued in 2026?

Based on GuruFocus' analysis, Airports Of Thailand stock appears to be overvalued. The current stock price of $1.73 is trading 29.7% above its estimated GF Value™ of $1.33. GuruFocus considers Airports Of Thailand to be Modestly Overvalued.

Key valuation signals for APTPF:

  • Beneish M-Score: -2.17
  • GF Value™: $1.33 vs. price of $1.73 (29.7% above fair value)
  • GF Score™: 89/100 with 7 warning signs

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

Airports Of Thailand Business Description

Address No. 333, Cherdwutagard Road, Sikan, Don Mueang, Bangkok, THA, 10210
Airports Of Thailand PLC operates airports and provides services related to air transportation. Its airports, located in Thailand, serve both domestic and international flights. The company operates in various business segments such as airport management business, hotel business, ground aviation services, security business, and manages projects on perishable goods. The majority of its revenue is derived from its airport management business under which it generates income mainly from two categories of services: aeronautical and nonaeronautical. Aeronautical revenue is associated with air traffic, including landing and parking charges, and passenger and aircraft service charges. Nonaeronautical revenue is generated from office and state property rents.
89GF Score

Get the complete analysis for APTPF

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

$1.73
Price
$1.33
GF Value