PT Blue Bird Tbk (ISX:BIRD) Beneish M-Score: -2.73 (As of Jul. 08, 2026)


ISX:BIRD PT Blue Bird Tbk ISX:BIRD
87 GF Score
Price Rp1,550.00
GF Value Rp2,150.23
Valuation Modestly Undervalued
! 3 Warning Signs
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What is PT Blue Bird Tbk Beneish M-Score?

PT Blue Bird Tbk ISX:BIRD -0.96% 87 Beneish M-Score is -2.73 as of Jul. 08, 2026. GuruFocus rates ISX:BIRD with a GF Score™ of 87/100 and a GF Value™ of Rp2,150.23 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 964 Transportation companies, PT Blue Bird Tbk ranks better than 63.49% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BIRD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24   Med: -2.72   Max: -1.48
Current: -2.73

During the past 13 years, the highest Beneish M-Score of PT Blue Bird Tbk was -1.48. The lowest was -3.24. And the median was -2.72.

PT Blue Bird Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Blue Bird 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 Blue Bird Tbk Beneish M-Score Chart

PT Blue Bird Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.49 -2.74 -3.24 -2.89 -2.76

PT Blue Bird 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.71 -2.66 -2.91 -2.76 -2.73

ISX:BIRD vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, PT Blue Bird 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 Blue Bird Tbk Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, PT Blue Bird Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Blue Bird Tbk's Beneish M-Score falls into.


ISX:BIRD
87GF Score
PT Blue Bird Tbk ISX:BIRD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Blue Bird 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 Blue Bird 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 * 0.9479+0.528 * 1.0468+0.404 * 1.1702+0.892 * 1.1214+0.115 * 1.0404
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9996+4.679 * -0.074948-0.327 * 1.1897
=-2.73

* 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 Rp429,273 Mil.
Revenue was 1451901 + 1585808 + 1449597 + 1368188 = Rp5,855,494 Mil.
Gross Profit was 444716 + 487419 + 440978 + 459397 = Rp1,832,510 Mil.
Total Current Assets was Rp2,238,383 Mil.
Total Assets was Rp9,877,252 Mil.
Property, Plant and Equipment(Net PPE) was Rp7,432,869 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp36,238 Mil.
Selling, General, & Admin. Expense(SGA) was Rp372,468 Mil.
Total Current Liabilities was Rp1,473,265 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,390,954 Mil.
Net Income was 155488 + 153241 + 147152 + 170046 = Rp625,927 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 260844 + 267015 + 583588 + 254756 = Rp1,366,203 Mil.
 Total Receivables was Rp403,838 Mil.
Revenue was 1301713 + 1376067 + 1336180 + 1207451 = Rp5,221,411 Mil.
Gross Profit was 426695 + 449807 + 440893 + 393144 = Rp1,710,539 Mil.
Total Current Assets was Rp1,805,656 Mil.
Total Assets was Rp8,745,852 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,784,317 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp34,421 Mil.
Selling, General, & Admin. Expense(SGA) was Rp332,264 Mil.
Total Current Liabilities was Rp1,123,604 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,008,104 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)
=(429273 / 5855494) / (403838 / 5221411)
=0.073311 / 0.077343
=0.9479

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)
=(1710539 / 5221411) / (1832510 / 5855494)
=0.327601 / 0.312956
=1.0468

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 - (2238383 + 7432869) / 9877252) / (1 - (1805656 + 6784317) / 8745852)
=0.020856 / 0.017823
=1.1702

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
=5855494 / 5221411
=1.1214

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))
=(34421 / (34421 + 6784317)) / (36238 / (36238 + 7432869))
=0.005048 / 0.004852
=1.0404

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)
=(372468 / 5855494) / (332264 / 5221411)
=0.06361 / 0.063635
=0.9996

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)
=((1390954 + 1473265) / 9877252) / ((1008104 + 1123604) / 8745852)
=0.289981 / 0.243739
=1.1897

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
=(625927 - 0 - 1366203) / 9877252
=-0.074948

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 Blue Bird Tbk has a M-score of -2.73 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 -2.73 mean?
PT Blue Bird Tbk (ISX:BIRD) has a Beneish M-Score of -2.73 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Blue Bird Tbk and its competitors. According to the industry distribution chart, PT Blue Bird Tbk ranks #352 out of 964 companies in the Transportation industry, placing it in the top 36.5%.
Is PT Blue Bird Tbk's Beneish M-Score too high?
PT Blue Bird Tbk's current Beneish M-Score is -2.73. Based on the distribution chart, PT Blue Bird Tbk ranks #352 out of 964 companies in the Transportation industry, which is above the industry midpoint. Overall, PT Blue Bird Tbk has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Blue Bird Tbk's Beneish M-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, PT Blue Bird Tbk ranks #352 out of 964 companies for Beneish M-Score. This puts PT Blue Bird 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 a Transportation company?
A good Beneish M-Score depends on the Transportation 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 Blue Bird Tbk and its competitors. PT Blue Bird Tbk's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Blue Bird Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Blue Bird Tbk (ISX:BIRD) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp2,150.23, compared to a current price of Rp1,550.00 — trading 27.9% below its estimated fair value. The current Beneish M-Score is -2.73. PT Blue Bird Tbk's overall GF Score™ is 87/100 with 3 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 Blue Bird Tbk (ISX:BIRD), the current Beneish M-Score is -2.73 as of Jul. 08, 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 Blue Bird Tbk (ISX:BIRD) Overvalued in 2026?

Based on GuruFocus' analysis, PT Blue Bird Tbk stock appears to be undervalued. The current stock price of Rp1,550.00 is trading 27.9% below its estimated GF Value™ of Rp2,150.23. GuruFocus considers PT Blue Bird Tbk to be Modestly Undervalued.

Key valuation signals for ISX:BIRD:

  • Beneish M-Score: -2.73
  • GF Value™: Rp2,150.23 vs. price of Rp1,550.00 (27.9% below fair value)
  • GF Score™: 87/100 with 3 warning signs

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

PT Blue Bird Tbk Business Description

Address Jalan Bojong Indah Raya No. 6A, Kel. Rawa Buaya, Kec. Cengkareng, West Jakarta, Jakarta, IDN, 11740
PT Blue Bird Tbk is an Indonesia-based transportation company providing taxi and mobility services. The company operates through two segments: Taxi and Non-taxi. The Taxi segment includes regular and executive taxi services operated under the Blue Bird, Pusaka, and Silver Bird brands. The Non-taxi segment includes limousine and car rental services, as well as chartered bus operations. The majority of the company's revenue is generated from its Taxi segment.
87GF Score

Get the complete analysis for ISX:BIRD

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

Rp1,550.00
Price
Rp2,150.23
GF Value