PT Bank Rakyat Indonesia (Persero) Tbk (FRA:BYRA) Beneish M-Score: -2.30 (As of Jun. 26, 2026)


FRA:BYRA PT Bank Rakyat Indonesia (Persero) Tbk FRA:BYRA
70 GF Score
Price €0.14
GF Value €0.27
Valuation Significantly Undervalued
! 4 Warning Signs
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What is PT Bank Rakyat Indonesia (Persero) Tbk Beneish M-Score?

PT Bank Rakyat Indonesia (Persero) Tbk FRA:BYRA -4.26% 70 Beneish M-Score is -2.30 as of Jun. 26, 2026. GuruFocus rates FRA:BYRA with a GF Score™ of 70/100 and a GF Value™ of €0.27 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, PT Bank Rakyat Indonesia (Persero) Tbk ranks worse than 67.43% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Bank Rakyat Indonesia (Persero) Tbk's Beneish M-Score or its related term are showing as below:

FRA:BYRA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -2.43   Max: -2.24
Current: -2.3

During the past 13 years, the highest Beneish M-Score of PT Bank Rakyat Indonesia (Persero) Tbk was -2.24. The lowest was -2.71. And the median was -2.43.

FRA:BYRA
70GF Score
PT Bank Rakyat Indonesia (Persero) Tbk FRA:BYRA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Rakyat Indonesia (Persero) Tbk 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 PT Bank Rakyat Indonesia (Persero) Tbk 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+0.528 * 1+0.404 * 1.0015+0.892 * 0.9912+0.115 * 1.0226
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0796+4.679 * 0.030044-0.327 * 1.1446
=-2.41

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0 Mil.
Revenue was 2535.106 + 2584.075 + 2382.41 + 2412.948 = €9,915 Mil.
Gross Profit was 2535.106 + 2584.075 + 2382.41 + 2412.948 = €9,915 Mil.
Total Current Assets was €0 Mil.
Total Assets was €114,954 Mil.
Property, Plant and Equipment(Net PPE) was €1,502 Mil.
Depreciation, Depletion and Amortization(DDA) was €306 Mil.
Selling, General, & Admin. Expense(SGA) was €1,363 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €10,570 Mil.
Net Income was 791.595 + 811.392 + 748.465 + 672.753 = €3,024 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 2567.491 + -4399.668 + 1256.197 + 146.513 = €-429 Mil.
 Total Receivables was €0 Mil.
Revenue was 2514.726 + 2465.46 + 2628.016 + 2394.599 = €10,003 Mil.
Gross Profit was 2514.726 + 2465.46 + 2628.016 + 2394.599 = €10,003 Mil.
Total Current Assets was €0 Mil.
Total Assets was €117,851 Mil.
Property, Plant and Equipment(Net PPE) was €1,716 Mil.
Depreciation, Depletion and Amortization(DDA) was €359 Mil.
Selling, General, & Admin. Expense(SGA) was €1,273 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €9,468 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)
=(0 / 9914.539) / (0 / 10002.801)
=0 / 0
=1

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)
=(10002.801 / 10002.801) / (9914.539 / 9914.539)
=1 / 1
=1

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 - (0 + 1501.77) / 114954.474) / (1 - (0 + 1716.339) / 117851.473)
=0.986936 / 0.985436
=1.0015

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
=9914.539 / 10002.801
=0.9912

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))
=(359.417 / (359.417 + 1716.339)) / (306.103 / (306.103 + 1501.77))
=0.17315 / 0.169317
=1.0226

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)
=(1362.669 / 9914.539) / (1273.417 / 10002.801)
=0.137441 / 0.127306
=1.0796

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)
=((10569.933 + 0) / 114954.474) / ((9467.753 + 0) / 117851.473)
=0.091949 / 0.080336
=1.1446

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
=(3024.205 - 0 - -429.467) / 114954.474
=0.030044

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.

PT Bank Rakyat Indonesia (Persero) Tbk has a M-score of -2.41 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 -2.30 mean?
PT Bank Rakyat Indonesia (Persero) Tbk (FRA:BYRA) has a Beneish M-Score of -2.30 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Rakyat Indonesia (Persero) Tbk and its competitors. According to the industry distribution chart, PT Bank Rakyat Indonesia (Persero) Tbk ranks #942 out of 1397 companies in the Banks industry, placing it in the top 67.4%.
Is PT Bank Rakyat Indonesia (Persero) Tbk's Beneish M-Score too high?
PT Bank Rakyat Indonesia (Persero) Tbk's current Beneish M-Score is -2.30. Based on the distribution chart, PT Bank Rakyat Indonesia (Persero) Tbk ranks #942 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, PT Bank Rakyat Indonesia (Persero) Tbk has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Rakyat Indonesia (Persero) Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Rakyat Indonesia (Persero) Tbk ranks #942 out of 1397 companies for Beneish M-Score. This places PT Bank Rakyat Indonesia (Persero) Tbk 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 Banks company?
A good Beneish M-Score depends on the Banks 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 PT Bank Rakyat Indonesia (Persero) Tbk and its competitors. PT Bank Rakyat Indonesia (Persero) Tbk's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Rakyat Indonesia (Persero) Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Rakyat Indonesia (Persero) Tbk (FRA:BYRA) is currently considered Significantly Undervalued. The stock's GF Value™ is €0.27, compared to a current price of €0.14 — trading 50% below its estimated fair value. The current Beneish M-Score is -2.30. PT Bank Rakyat Indonesia (Persero) Tbk's overall GF Score™ is 70/100 with 4 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 PT Bank Rakyat Indonesia (Persero) Tbk (FRA:BYRA), the current Beneish M-Score is -2.30 as of Jun. 26, 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 PT Bank Rakyat Indonesia (Persero) Tbk (FRA:BYRA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Rakyat Indonesia (Persero) Tbk stock appears to be undervalued. The current stock price of €0.14 is trading 50% below its estimated GF Value™ of €0.27. GuruFocus considers PT Bank Rakyat Indonesia (Persero) Tbk to be Significantly Undervalued.

Key valuation signals for FRA:BYRA:

  • Beneish M-Score: -2.30
  • GF Value™: €0.27 vs. price of €0.14 (50% below fair value)
  • GF Score™: 70/100 with 4 warning signs

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

PT Bank Rakyat Indonesia (Persero) Tbk Business Description

Address Jalan Jenderal Sudirman No. 44 - 46, BRI II Building, 22nd Floor, Jakarta, IDN, 10210
PT Bank Rakyat Indonesia (Persero) Tbk operates in the banking sector. It provides and tailors banking services to micro, small, and medium enterprises. Its segments are Micro, Retail, Corporate, Others, and Subsidiaries. The majority of its revenue is generated from the Micro segment. The company emphasizes integrating financial technology across its platforms to improve access for its customer base. Its core business services include collecting customer deposits, loan disbursement, issuing promissory notes and loan agreements, and collateralizing assets. Its loan products include working capital loans for corporate and commercial customers, as well as mortgages for consumer customers.
70GF Score

Get the complete analysis for FRA:BYRA

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

€0.14
Price
€0.27
GF Value