PT Alamtri Resources Indonesia Tbk (ISX:ADRO) Beneish M-Score: -2.88 (As of Jun. 26, 2026)

What is PT Alamtri Resources Indonesia Tbk Beneish M-Score?

PT Alamtri Resources Indonesia Tbk ISX:ADRO +1.78% 85 Beneish M-Score is -2.88 as of Jun. 26, 2026. GuruFocus rates ISX:ADRO with a GF Score™ of 85/100 and a GF Value™ of Rp2,450.03 (Fairly Valued). The stock has 6 warning signs investors should review. Among 119 Other Energy Sources companies, PT Alamtri Resources Indonesia Tbk ranks better than 67.23% 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Alamtri Resources Indonesia Tbk's Beneish M-Score or its related term are showing as below:

ISX:ADRO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.51 Max: 3.3
Current: -2.88

During the past 13 years, the highest Beneish M-Score of PT Alamtri Resources Indonesia Tbk was 3.30. The lowest was -3.11. And the median was -2.51.

PT Alamtri Resources Indonesia Tbk Beneish M-Score Related Terms

PT Alamtri Resources Indonesia Tbk Beneish M-Score Historical Data

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The historical data trend for PT Alamtri Resources Indonesia 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.

PT Alamtri Resources Indonesia Tbk Beneish M-Score Chart

PT Alamtri Resources Indonesia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.10

-2.39

-0.95

-3.11

-2.44

PT Alamtri Resources Indonesia Tbk 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															-2.00	0.00	0.00	-2.44	-2.88

PT Alamtri Resources Indonesia Tbk Beneish M-Score Competitor Comparison

For the Thermal Coal subindustry, PT Alamtri Resources Indonesia 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 Alamtri Resources Indonesia Tbk Beneish M-Score vs Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Alamtri Resources Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Alamtri Resources Indonesia Tbk's Beneish M-Score falls into.

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85GF Score

PT Alamtri Resources Indonesia Tbk ISX:ADRO

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

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PT Alamtri Resources Indonesia 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 Alamtri Resources Indonesia Tbk 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 * 0.815

0.528 * 1.0987

0.404 * 0.7493

0.892 * 1.0333

0.115 * 1.1383

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8409

4.679 * -0.028466

0.327 * 1.3721

-2.88

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp6,017,319 Mil.
Revenue was 7972117.354 + 8777088.516 + 8097068.146 + 7764310.05 = Rp32,610,584 Mil.
Gross Profit was 3022837.698 + 2892254.075 + 2959109.218 + 2836730.8 = Rp11,710,932 Mil.
Total Current Assets was Rp43,114,781 Mil.
Total Assets was Rp121,643,874 Mil.
Property, Plant and Equipment(Net PPE) was Rp50,937,988 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp70,096 Mil.
Selling, General, & Admin. Expense(SGA) was Rp764,463 Mil.
Total Current Liabilities was Rp9,978,584 Mil.
Long-Term Debt & Capital Lease Obligation was Rp16,778,987 Mil.
Net Income was 2169276.609 + 2440977.901 + 2090712.493 + 1602308.07 = Rp8,303,275 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 3303390.95 + 3374204.532 + 973999.604 + 4114372.759 = Rp11,765,968 Mil.

Total Receivables was Rp7,145,445 Mil.
Revenue was 6284773.687 + 8493258.542 + 7601031.801 + 9180532.066 = Rp31,559,596 Mil.
Gross Profit was 1817075.42 + 3215373.859 + 3290239.321 + 4129875.473 = Rp12,452,564 Mil.
Total Current Assets was Rp37,043,570 Mil.
Total Assets was Rp105,966,236 Mil.
Property, Plant and Equipment(Net PPE) was Rp36,846,209 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp57,734 Mil.
Selling, General, & Admin. Expense(SGA) was Rp879,783 Mil.
Total Current Liabilities was Rp7,433,153 Mil.
Long-Term Debt & Capital Lease Obligation was Rp9,554,900 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)
	=	(6017318.729 / 32610584.066)	/	(7145445.083 / 31559596.096)
	=	0.18452	/	0.226411
	=	0.815

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)
	=	(12452564.073 / 31559596.096)	/	(11710931.791 / 32610584.066)
	=	0.394573	/	0.359114
	=	1.0987

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 - (43114781.019 + 50937987.777) / 121643874.113)	/	(1 - (37043569.626 + 36846208.573) / 105966235.845)
	=	0.226819	/	0.302705
	=	0.7493

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
	=	32610584.066	/	31559596.096
	=	1.0333

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))
	=	(57734.109 / (57734.109 + 36846208.573))	/	(70095.998 / (70095.998 + 50937987.777))
	=	0.001564	/	0.001374
	=	1.1383

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)
	=	(764463.37 / 32610584.066)	/	(879783.065 / 31559596.096)
	=	0.023442	/	0.027877
	=	0.8409

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)
	=	((16778987.286 + 9978584.367) / 121643874.113)	/	((9554900.101 + 7433153.495) / 105966235.845)
	=	0.219966	/	0.160316
	=	1.3721

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
	=	(8303275.073 - 0	-	11765967.845)	/	121643874.113
	=	-0.028466

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 Alamtri Resources Indonesia Tbk has a M-score of -2.88 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 -2.88 mean?

PT Alamtri Resources Indonesia Tbk (ISX:ADRO) has a Beneish M-Score of -2.88 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Alamtri Resources Indonesia Tbk and its competitors. According to the industry distribution chart, PT Alamtri Resources Indonesia Tbk ranks #39 out of 119 companies in the Other Energy Sources industry, placing it in the top 32.8%.

Is PT Alamtri Resources Indonesia Tbk's Beneish M-Score too high?

PT Alamtri Resources Indonesia Tbk's current Beneish M-Score is -2.88. Based on the distribution chart, PT Alamtri Resources Indonesia Tbk ranks #39 out of 119 companies in the Other Energy Sources industry, which is above the industry midpoint. Overall, PT Alamtri Resources Indonesia Tbk has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does PT Alamtri Resources Indonesia Tbk's Beneish M-Score compare to competitors?

According to the Other Energy Sources industry distribution chart, PT Alamtri Resources Indonesia Tbk ranks #39 out of 119 companies for Beneish M-Score. This puts PT Alamtri Resources Indonesia Tbk 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 Other Energy Sources company?

A good Beneish M-Score depends on the Other Energy Sources 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 Alamtri Resources Indonesia Tbk and its competitors. PT Alamtri Resources Indonesia Tbk's current Beneish M-Score is -2.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Alamtri Resources Indonesia Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Alamtri Resources Indonesia Tbk (ISX:ADRO) is currently considered Fairly Valued. The stock's GF Value™ is Rp2,450.03, compared to a current price of Rp2,290.00 — trading 6.5% below its estimated fair value. The current Beneish M-Score is -2.88. PT Alamtri Resources Indonesia Tbk's overall GF Score™ is 85/100 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 PT Alamtri Resources Indonesia Tbk (ISX:ADRO), the current Beneish M-Score is -2.88 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 Alamtri Resources Indonesia Tbk (ISX:ADRO) Overvalued in 2026?

Based on GuruFocus' analysis, PT Alamtri Resources Indonesia Tbk stock appears to be undervalued. The current stock price of Rp2,290.00 is trading 6.5% below its estimated GF Value™ of Rp2,450.03. GuruFocus considers PT Alamtri Resources Indonesia Tbk to be Fairly Valued.

Key valuation signals for ISX:ADRO:

Beneish M-Score: -2.88
GF Value™: Rp2,450.03 vs. price of Rp2,290.00 (6.5% below fair value)
GF Score™: 85/100 with 6 warning signs

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

PT Alamtri Resources Indonesia Tbk Business Description

Industry Energy Other Energy Sources

Comparable Companies ISX:AADI ISX:BUMI ISX:CUAN ISX:DSSA ISX:GEMS ISX:PTBA ISX:ITMG ISX:DEWA ISX:RMKE ISX:MCOL SHSE:601088 BOM:512599 SHSE:601225 NSE:COALINDIA HKSE:01898 SHSE:600188 ISX:BYAN SZSE:002128 SHSE:900948 SHSE:601699

Other Exchanges PADEF:USA ADOOY:USA A64:Germany

Address Jalan H.R. Rasuna Said, Block X-5, Menara Karya 23rd Floor, Kav. 1-2, Jakarta, IDN, 12950

Website https://www.alamtri.com

PT Alamtri Resources Indonesia Tbk is an integrated mining, energy, and minerals company. The company produces thermal coal, which is marketed under the brand name Envirocoal, and is also engaged in the production of hard coking coal. The company's main customers are blue-chip power utilities companies. In addition to the core mining business, the company also engages in barging, ship-loading, dredging, port services, marketing, power generation, and other businesses through its subsidiaries. The company's operating segments are; Mining, Mining Services, and Others.

85GF Score

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

Rp2,290.00

Price

Rp2,450.03

GF Value

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