PT Gudang Garam TbkFRA:GGG 51 Beneish M-Score is -3.61 as of Jun. 24, 2026. GuruFocus rates FRA:GGG with a GF Score™ of 51/100 and a GF Value™ of €0.68 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 45 Tobacco Products companies, PT Gudang Garam Tbk ranks better than 77.78% 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 -3.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Gudang Garam Tbk's Beneish M-Score or its related term are showing as below:
FRA:GGG'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.61 Med: -2.43 Max: 17.45
Current: -3.61
During the past 13 years, the highest Beneish M-Score of PT Gudang Garam Tbk was 17.45. The lowest was -3.61. And the median was -2.43.
PT Gudang Garam Tbk Beneish M-Score Related Terms
PT Gudang Garam Tbk Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PT Gudang Garam Tbk'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.
FRA:GGG vs PM, MO, TPB: Beneish M-Score Comparison
For the Tobacco subindustry, PT Gudang Garam Tbk'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.
PT Gudang Garam Tbk Beneish M-Score vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, PT Gudang Garam Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Gudang Garam Tbk's Beneish M-Score falls into.
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 Gudang Garam 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 * 0.5243
+
0.528 * 0.7706
+
0.404 * 1.132
+
0.892 * 0.8095
+
0.115 * 1.0304
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7648
+
4.679 * -0.154032
-
0.327 * 0.5831
=
-3.70
* 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.
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.
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))
=
(50.573 / (50.573 + 1229.25))
/
(40.208 / (40.208 + 1008.255))
=
0.039516
/
0.038349
=
1.0304
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
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
=
(74.741 - 0
-
680.002)
/
3929.443
=
-0.154032
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 Gudang Garam Tbk has a M-score of -3.70 suggests that the company is unlikely to be a manipulator.
PT Gudang Garam Tbk (FRA:GGG) has a Beneish M-Score of -3.61 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Gudang Garam Tbk and its competitors. According to the industry distribution chart, PT Gudang Garam Tbk ranks #10 out of 45 companies in the Tobacco Products industry, placing it in the top 22.2%.
Is PT Gudang Garam Tbk's Beneish M-Score too high?
PT Gudang Garam Tbk's current Beneish M-Score is -3.61. Based on the distribution chart, PT Gudang Garam Tbk ranks #10 out of 45 companies in the Tobacco Products industry, which is in the top quartile — a strong position relative to peers. Overall, PT Gudang Garam Tbk has a GF Score™ of 51/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Gudang Garam Tbk's Beneish M-Score compare to PM and MO?
According to the Tobacco Products industry distribution chart, PT Gudang Garam Tbk ranks #10 out of 45 companies for Beneish M-Score. This places PT Gudang Garam Tbk in the top 22% of its industry — outperforming the majority of peers. 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 Tobacco Products company?
A good Beneish M-Score depends on the Tobacco Products 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 Gudang Garam Tbk and its competitors. PT Gudang Garam Tbk's current Beneish M-Score is -3.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Gudang Garam Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Gudang Garam Tbk (FRA:GGG) is currently considered Modestly Overvalued. The stock's GF Value™ is €0.68, compared to a current price of €0.81 — trading 19.1% above its estimated fair value. The current Beneish M-Score is -3.61. PT Gudang Garam Tbk's overall GF Score™ is 51/100 with 9 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 Gudang Garam Tbk (FRA:GGG), the current Beneish M-Score is -3.61 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 PT Gudang Garam Tbk (FRA:GGG) Overvalued in 2026?
Based on GuruFocus' analysis, PT Gudang Garam Tbk stock appears to be overvalued.
The current stock price of €0.81 is trading 19.1% above its estimated GF Value™ of €0.68.
GuruFocus considers PT Gudang Garam Tbk to be Modestly Overvalued.
Key valuation signals for FRA:GGG:
Beneish M-Score: -3.61
GF Value™: €0.68 vs. price of €0.81 (19.1% above fair value)
No single metric tells the full story. See the FRA:GGG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Gudang Garam Tbk manufactures kretek cigarettes, which are clove cigarettes common in Indonesia. The firm's operations are almost entirely domestic, with its tobacco and clove farmers. Nearly majority of the company's sales are generated in Indonesia. The company's brand families include Gudang Garam, Merah, and others. Other brands include Sriwedari, which is a hand-rolled brand, and Klobot. The company's segment includes Cigarettes, Paperboard, Infrastructure, and Others. The company generates the majority of revenue from sale of Cigarettes.
51GF Score
Get the complete analysis for FRA:GGG
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:GGG has been successfully added to your 
