Tupras-Turkiye Petrol Rafineleri AS (IST:TUPRS) Beneish M-Score: -2.27 (As of Jun. 25, 2026)

What is Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score?

Tupras-Turkiye Petrol Rafineleri AS IST:TUPRS -1.63% 80 Beneish M-Score is -2.27 as of Jun. 25, 2026. GuruFocus rates IST:TUPRS with a GF Score™ of 80/100 and a GF Value™ of ₺144.08 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, Tupras-Turkiye Petrol Rafineleri AS ranks worse than 74.09% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score or its related term are showing as below:

IST:TUPRS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.05 Med: -2.16 Max: 1.06
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Tupras-Turkiye Petrol Rafineleri AS was 1.06. The lowest was -4.05. And the median was -2.16.

Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score Related Terms

Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score Historical Data

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The historical data trend for Tupras-Turkiye Petrol Rafineleri 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.

Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score Chart

Tupras-Turkiye Petrol Rafineleri AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.41

1.06

-2.34

-2.24

-2.62

Tupras-Turkiye Petrol Rafineleri 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															-2.08	-2.10	-2.07	-2.62	-2.27

IST:TUPRS vs VLO, MPC, PSX: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, Tupras-Turkiye Petrol Rafineleri 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.

Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score falls into.

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Tupras-Turkiye Petrol Rafineleri AS IST:TUPRS

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Tupras-Turkiye Petrol Rafineleri 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 Tupras-Turkiye Petrol Rafineleri 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 * 1.8868

0.528 * 0.8763

0.404 * 0.8879

0.892 * 0.9045

0.115 * 1.1897

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1727

4.679 * -0.070607

0.327 * 1.2313

-2.27

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₺77,539 Mil.
Revenue was 258253.85 + 232012.084 + 220665.829 + 183163.609 = ₺894,095 Mil.
Gross Profit was 21575.433 + 23404.311 + 23660.142 + 17827.01 = ₺86,467 Mil.
Total Current Assets was ₺315,177 Mil.
Total Assets was ₺704,745 Mil.
Property, Plant and Equipment(Net PPE) was ₺334,279 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺14,835 Mil.
Selling, General, & Admin. Expense(SGA) was ₺18,746 Mil.
Total Current Liabilities was ₺286,504 Mil.
Long-Term Debt & Capital Lease Obligation was ₺35,818 Mil.
Net Income was 3709.759 + 7700.474 + 12161.649 + 8883.788 = ₺32,456 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 6288.383 + 309.823 + 37791.145 + 37826.078 = ₺82,215 Mil.

Total Receivables was ₺45,437 Mil.
Revenue was 207582.495 + 261856.307 + 261553.019 + 257559.608 = ₺988,551 Mil.
Gross Profit was 17228.389 + 17963.887 + 25038.839 + 23541.569 = ₺83,773 Mil.
Total Current Assets was ₺179,149 Mil.
Total Assets was ₺475,900 Mil.
Property, Plant and Equipment(Net PPE) was ₺254,700 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺13,562 Mil.
Selling, General, & Admin. Expense(SGA) was ₺17,674 Mil.
Total Current Liabilities was ₺165,537 Mil.
Long-Term Debt & Capital Lease Obligation was ₺11,229 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)
	=	(77538.945 / 894095.372)	/	(45436.803 / 988551.429)
	=	0.086723	/	0.045963
	=	1.8868

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)
	=	(83772.684 / 988551.429)	/	(86466.896 / 894095.372)
	=	0.084743	/	0.096709
	=	0.8763

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 - (315176.951 + 334278.801) / 704745.459)	/	(1 - (179148.864 + 254700.058) / 475900.121)
	=	0.078453	/	0.088361
	=	0.8879

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
	=	894095.372	/	988551.429
	=	0.9045

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))
	=	(13561.554 / (13561.554 + 254700.058))	/	(14835.178 / (14835.178 + 334278.801))
	=	0.050553	/	0.042494
	=	1.1897

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)
	=	(18746.209 / 894095.372)	/	(17674.122 / 988551.429)
	=	0.020967	/	0.017879
	=	1.1727

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)
	=	((35817.792 + 286503.719) / 704745.459)	/	((11228.926 + 165536.869) / 475900.121)
	=	0.457359	/	0.371435
	=	1.2313

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
	=	(32455.67 - 0	-	82215.429)	/	704745.459
	=	-0.070607

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.

Tupras-Turkiye Petrol Rafineleri AS has a M-score of -2.27 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 -2.27 mean?

Tupras-Turkiye Petrol Rafineleri AS (IST:TUPRS) has a Beneish M-Score of -2.27 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tupras-Turkiye Petrol Rafineleri AS and its competitors. According to the industry distribution chart, Tupras-Turkiye Petrol Rafineleri AS ranks #609 out of 822 companies in the Oil & Gas industry, placing it in the top 74.1%.

Is Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score too high?

Tupras-Turkiye Petrol Rafineleri AS's current Beneish M-Score is -2.27. Based on the distribution chart, Tupras-Turkiye Petrol Rafineleri AS ranks #609 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Tupras-Turkiye Petrol Rafineleri AS has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score compare to VLO and MPC?

According to the Oil & Gas industry distribution chart, Tupras-Turkiye Petrol Rafineleri AS ranks #609 out of 822 companies for Beneish M-Score. This places Tupras-Turkiye Petrol Rafineleri AS 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 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 Tupras-Turkiye Petrol Rafineleri AS and its competitors. Tupras-Turkiye Petrol Rafineleri AS's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Tupras-Turkiye Petrol Rafineleri AS stock overvalued right now?

Based on GuruFocus' analysis, Tupras-Turkiye Petrol Rafineleri AS (IST:TUPRS) is currently considered Significantly Overvalued. The stock's GF Value™ is ₺144.08, compared to a current price of ₺216.80 — trading 50.5% above its estimated fair value. The current Beneish M-Score is -2.27. Tupras-Turkiye Petrol Rafineleri AS's overall GF Score™ is 80/100 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 Tupras-Turkiye Petrol Rafineleri AS (IST:TUPRS), the current Beneish M-Score is -2.27 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 Tupras-Turkiye Petrol Rafineleri AS (IST:TUPRS) Overvalued in 2026?

Based on GuruFocus' analysis, Tupras-Turkiye Petrol Rafineleri AS stock appears to be overvalued. The current stock price of ₺216.80 is trading 50.5% above its estimated GF Value™ of ₺144.08. GuruFocus considers Tupras-Turkiye Petrol Rafineleri AS to be Significantly Overvalued.

Key valuation signals for IST:TUPRS:

Beneish M-Score: -2.27
GF Value™: ₺144.08 vs. price of ₺216.80 (50.5% above fair value)
GF Score™: 80/100 with 4 warning signs

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

Tupras-Turkiye Petrol Rafineleri AS Business Description

Industry Energy Oil & Gas

Comparable Companies IST:MEPET NSE:RELIANCE VLO MPC PSX XKAZ:KMGZ OHEL:NESTE TSE:5020 NSE:IOC TPE:6505 XKRX:096770 BOM:500547 XKRX:267250 DINO SUN TSE:5019 BUD:MOL SAU:2380 NSE:HINDPETRO XKRX:010950

Address Guney Mahallesi, Petrol Caddesi No:25, Korfez, Kocaeli, TUR, 41790

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

Tupras-Turkiye Petrol Rafineleri AS provides and refines crude oil through Turkish and international refineries. It also operates petrochemical factories and facilities. The company's complete line of products includes liquefied petroleum gas(LPG), fuel oil, waxes and extracts, bitumen, and other products. In addition to refining and producing products, the firm engages in the purchase, sell, import, export, store, marketing, and distribution of a variety of petroleum products. Distribution is completed through a network of foreign and domestic wholesalers and retailers. The majority of sales from refineries are domestic.

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₺216.80

Price

₺144.08

GF Value

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