Atlas Energy PCL (BKK:ATLAS) Beneish M-Score: -2.73 (As of Jul. 06, 2026)


BKK:ATLAS Atlas Energy PCL BKK:ATLAS
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What is Atlas Energy PCL Beneish M-Score?

Atlas Energy PCL BKK:ATLAS +0.54% 11 Beneish M-Score is -2.73 as of Jul. 06, 2026. GuruFocus rates BKK:ATLAS with a GF Score™ of 11/100. The stock has 5 warning signs investors should review. Among 824 Oil & Gas companies, Atlas Energy PCL ranks better than 54.73% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Atlas Energy PCL's Beneish M-Score or its related term are showing as below:

BKK:ATLAS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8   Med: -2.77   Max: -2.73
Current: -2.73

During the past 4 years, the highest Beneish M-Score of Atlas Energy PCL was -2.73. The lowest was -2.80. And the median was -2.77.

Atlas Energy PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Atlas Energy PCL'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.

Atlas Energy PCL Beneish M-Score Chart

Atlas Energy PCL Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.80 -2.73

Atlas Energy PCL Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.80 0.00 -2.73

BKK:ATLAS vs VLO, MPC, PSX: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, Atlas Energy PCL'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.

Atlas Energy PCL Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Atlas Energy PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Atlas Energy PCL's Beneish M-Score falls into.


BKK:ATLAS
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Atlas Energy PCL BKK:ATLAS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Atlas Energy PCL 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 Atlas Energy PCL 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 * 1.6752+0.528 * 0.7412+0.404 * 1.0363+0.892 * 0.6302+0.115 * 0.9487
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3653+4.679 * -0.087199-0.327 * 0.8249
=-2.73

* 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 ฿488 Mil.
Revenue was ฿11,616 Mil.
Gross Profit was ฿1,705 Mil.
Total Current Assets was ฿1,380 Mil.
Total Assets was ฿9,145 Mil.
Property, Plant and Equipment(Net PPE) was ฿7,137 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿783 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,568 Mil.
Total Current Liabilities was ฿1,877 Mil.
Long-Term Debt & Capital Lease Obligation was ฿4,062 Mil.
Net Income was ฿301 Mil.
Gross Profit was ฿350 Mil.
Cash Flow from Operations was ฿748 Mil.
 Total Receivables was ฿462 Mil.
Revenue was ฿18,432 Mil.
Gross Profit was ฿2,005 Mil.
Total Current Assets was ฿853 Mil.
Total Assets was ฿8,366 Mil.
Property, Plant and Equipment(Net PPE) was ฿6,958 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿720 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,822 Mil.
Total Current Liabilities was ฿2,371 Mil.
Long-Term Debt & Capital Lease Obligation was ฿4,215 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)
=(488.27 / 11616.421) / (462.486 / 18432.352)
=0.042033 / 0.025091
=1.6752

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)
=(2005.126 / 18432.352) / (1704.905 / 11616.421)
=0.108783 / 0.146767
=0.7412

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 - (1379.868 + 7136.658) / 9145.178) / (1 - (852.873 + 6957.837) / 8365.644)
=0.068741 / 0.066335
=1.0363

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
=11616.421 / 18432.352
=0.6302

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))
=(719.976 / (719.976 + 6957.837)) / (782.797 / (782.797 + 7136.658))
=0.093774 / 0.098845
=0.9487

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)
=(1568.087 / 11616.421) / (1822.446 / 18432.352)
=0.134989 / 0.098872
=1.3653

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)
=((4061.68 + 1877.491) / 9145.178) / ((4214.966 + 2371.056) / 8365.644)
=0.649432 / 0.78727
=0.8249

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
=(301.19 - 350.337 - 748.303) / 9145.178
=-0.087199

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.

Atlas Energy PCL has a M-score of -2.73 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 -2.73 mean?
Atlas Energy PCL (BKK:ATLAS) has a Beneish M-Score of -2.73 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Atlas Energy PCL and its competitors. According to the industry distribution chart, Atlas Energy PCL ranks #373 out of 824 companies in the Oil & Gas industry, placing it in the top 45.3%.
Is Atlas Energy PCL's Beneish M-Score too high?
Atlas Energy PCL's current Beneish M-Score is -2.73. Based on the distribution chart, Atlas Energy PCL ranks #373 out of 824 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Atlas Energy PCL has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Atlas Energy PCL's Beneish M-Score compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Atlas Energy PCL ranks #373 out of 824 companies for Beneish M-Score. This puts Atlas Energy PCL in the upper 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Atlas Energy PCL and its competitors. Atlas Energy PCL's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Atlas Energy PCL stock overvalued right now?
Atlas Energy PCL (BKK:ATLAS) has a current Beneish M-Score of -2.73. The current Beneish M-Score is -2.73. Atlas Energy PCL's overall GF Score™ is 11/100 with 5 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 Atlas Energy PCL (BKK:ATLAS), the current Beneish M-Score is -2.73 as of Jul. 06, 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.

Atlas Energy PCL Business Description

Industry EnergyOil & Gas
Address Ratchadaphisek Road, 90, CW Tower A Building, 24th Floor, Huai Khwang District, Bangkok, THA, 10310
Atlas Energy PCL is a Thailand-based company engaged in the liquefied petroleum gas (LPG) distribution business. It is in the business of trading cooking gas products, gas service stations, providing oil distribution management services for the service stations, and trading of supplies and equipment for gas service stations. The company has three reporting segments: Automotive; Household and Industrial; and Management services and others, with the majority of revenue from the Automotive segment.
11GF Score

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

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