Ford Otomotivnayi AS (IST:FROTO) Beneish M-Score: -3.00 (As of Jun. 25, 2026)

What is Ford Otomotivnayi AS Beneish M-Score?

Ford Otomotivnayi AS IST:FROTO -1.71% 81 Beneish M-Score is -3.00 as of Jun. 25, 2026. GuruFocus rates IST:FROTO with a GF Score™ of 81/100 and a GF Value™ of ₺124.41 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Ford Otomotivnayi AS ranks better than 85.78% 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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ford Otomotivnayi AS's Beneish M-Score or its related term are showing as below:

IST:FROTO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.45 Max: 0.68
Current: -3

During the past 13 years, the highest Beneish M-Score of Ford Otomotivnayi AS was 0.68. The lowest was -3.24. And the median was -2.45.

Ford Otomotivnayi AS Beneish M-Score Related Terms

Ford Otomotivnayi AS Beneish M-Score Historical Data

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The historical data trend for Ford Otomotivnayi AS'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.

Ford Otomotivnayi AS Beneish M-Score Chart

Ford Otomotivnayi AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.77

0.68

-1.77

-1.88

-3.24

Ford Otomotivnayi AS 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															-2.27	-2.52	-2.61	-3.24	-3.00

IST:FROTO vs TSLA, GM, F: Beneish M-Score Comparison

For the Auto Manufacturers subindustry, Ford Otomotivnayi AS'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.

Ford Otomotivnayi AS Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Ford Otomotivnayi AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ford Otomotivnayi AS's Beneish M-Score falls into.

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81GF Score

Ford Otomotiv Sanayi AS IST:FROTO

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Ford Otomotivnayi AS 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 Ford Otomotivnayi AS for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9445

0.528 * 1.0892

0.404 * 0.8522

0.892 * 1.0539

0.115 * 1.2311

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0667

4.679 * -0.114557

0.327 * 0.9609

-3.00

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₺80,798 Mil.
Revenue was 192442.597 + 248467.302 + 189584.291 + 194793.233 = ₺825,287 Mil.
Gross Profit was 13297.31 + 20633.537 + 15634.087 + 16063.54 = ₺65,628 Mil.
Total Current Assets was ₺219,730 Mil.
Total Assets was ₺458,578 Mil.
Property, Plant and Equipment(Net PPE) was ₺157,595 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺17,742 Mil.
Selling, General, & Admin. Expense(SGA) was ₺17,060 Mil.
Total Current Liabilities was ₺174,688 Mil.
Long-Term Debt & Capital Lease Obligation was ₺108,344 Mil.
Net Income was 5498.818 + 11622.533 + 8401.456 + 6110.784 = ₺31,634 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 18049.584 + 33952.178 + 11581.24 + 20584.054 = ₺84,167 Mil.

Total Receivables was ₺81,169 Mil.
Revenue was 210563.327 + 239405.089 + 188917.686 + 144203.287 = ₺783,089 Mil.
Gross Profit was 18197.654 + 17802.339 + 17898.342 + 13926.784 = ₺67,825 Mil.
Total Current Assets was ₺189,696 Mil.
Total Assets was ₺378,773 Mil.
Property, Plant and Equipment(Net PPE) was ₺110,328 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺15,700 Mil.
Selling, General, & Admin. Expense(SGA) was ₺15,177 Mil.
Total Current Liabilities was ₺157,535 Mil.
Long-Term Debt & Capital Lease Obligation was ₺85,762 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)
	=	(80797.841 / 825287.423)	/	(81169.406 / 783089.389)
	=	0.097903	/	0.103653
	=	0.9445

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)
	=	(67825.119 / 783089.389)	/	(65628.474 / 825287.423)
	=	0.086612	/	0.079522
	=	1.0892

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 - (219730.029 + 157595.101) / 458578.236)	/	(1 - (189695.856 + 110328.167) / 378773.194)
	=	0.177185	/	0.207906
	=	0.8522

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
	=	825287.423	/	783089.389
	=	1.0539

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))
	=	(15699.562 / (15699.562 + 110328.167))	/	(17742.395 / (17742.395 + 157595.101))
	=	0.124572	/	0.10119
	=	1.2311

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)
	=	(17060.116 / 825287.423)	/	(15176.556 / 783089.389)
	=	0.020672	/	0.01938
	=	1.0667

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)
	=	((108344.396 + 174687.973) / 458578.236)	/	((85761.534 + 157534.53) / 378773.194)
	=	0.617195	/	0.642327
	=	0.9609

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
	=	(31633.591 - 0	-	84167.056)	/	458578.236
	=	-0.114557

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.

Ford Otomotivnayi AS has a M-score of -3.00 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 -3.00 mean?

Ford Otomotivnayi AS (IST:FROTO) has a Beneish M-Score of -3.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ford Otomotivnayi AS and its competitors. According to the industry distribution chart, Ford Otomotivnayi AS ranks #181 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 14.2%.

Is Ford Otomotivnayi AS's Beneish M-Score too high?

Ford Otomotivnayi AS's current Beneish M-Score is -3.00. Based on the distribution chart, Ford Otomotivnayi AS ranks #181 out of 1273 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Ford Otomotivnayi AS has a GF Score™ of 81/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Ford Otomotivnayi AS's Beneish M-Score compare to TSLA and GM?

According to the Vehicles & Parts industry distribution chart, Ford Otomotivnayi AS ranks #181 out of 1273 companies for Beneish M-Score. This places Ford Otomotivnayi AS in the top 14% 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 Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts 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 Ford Otomotivnayi AS and its competitors. Ford Otomotivnayi AS's current Beneish M-Score is -3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ford Otomotivnayi AS stock overvalued right now?

Based on GuruFocus' analysis, Ford Otomotivnayi AS (IST:FROTO) is currently considered Significantly Undervalued. The stock's GF Value™ is ₺124.41, compared to a current price of ₺86.45 — trading 30.5% below its estimated fair value. The current Beneish M-Score is -3.00. Ford Otomotivnayi AS's overall GF Score™ is 81/100 with 6 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 Ford Otomotivnayi AS (IST:FROTO), the current Beneish M-Score is -3.00 as of Jun. 25, 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 Ford Otomotivnayi AS (IST:FROTO) Overvalued in 2026?

Based on GuruFocus' analysis, Ford Otomotivnayi AS stock appears to be undervalued. The current stock price of ₺86.45 is trading 30.5% below its estimated GF Value™ of ₺124.41. GuruFocus considers Ford Otomotivnayi AS to be Significantly Undervalued.

Key valuation signals for IST:FROTO:

Beneish M-Score: -3.00
GF Value™: ₺124.41 vs. price of ₺86.45 (30.5% below fair value)
GF Score™: 81/100 with 6 warning signs

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

Ford Otomotivnayi AS Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies IST:TOASO IST:OTKAR IST:ASUZU TSLA TSE:7203 SZSE:002594 XKRX:005380 GM F MIL:RACE XTER:MBG XTER:VOW3 XTER:BMW XTER:P911 SZSE:000338 XKRX:000270 NSE:MARUTI NSE:M&M TSE:7267 BOM:532977

Other Exchanges FOVSY:USA FO9A:Germany

Address Akpmar Mahallesi, Hasan Basri Caddessi, Sancaktepe, Istanbul, TUR

Website http://www.fordotosan.com.tr

Ford Otomotiv Sanayi AS is an automobile manufacturing company domiciled in Turkey. The company principally manufactures, imports, and distributes passenger vehicles, commercial vehicles, and spare parts and accessories under the Ford brand. The company organises itself into four segments, based on product type: passenger cars, light commercial vehicles, medium commercial vehicles, and trucks. Geographically, domestic sales are most significant, and constitute more than a third of consolidated revenue, followed by England and Germany.

81GF Score

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

₺86.45

Price

₺124.41

GF Value

View IST:FROTO Analysis

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