PT Bank Btpn Syariah Tbk (ISX:BTPS) Beneish M-Score: -2.73 (As of Jun. 26, 2026)


ISX:BTPS PT Bank Btpn Syariah Tbk ISX:BTPS
79 GF Score
Price Rp980.00
GF Value Rp1,219.11
Valuation Modestly Undervalued
! 2 Warning Signs
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What is PT Bank Btpn Syariah Tbk Beneish M-Score?

PT Bank Btpn Syariah Tbk ISX:BTPS -0.51% 79 Beneish M-Score is -2.73 as of Jun. 26, 2026. GuruFocus rates ISX:BTPS with a GF Score™ of 79/100 and a GF Value™ of Rp1,219.11 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, PT Bank Btpn Syariah Tbk ranks better than 87.69% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 Bank Btpn Syariah Tbk's Beneish M-Score or its related term are showing as below:

ISX:BTPS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8   Med: -2.57   Max: 1.23
Current: -2.73

During the past 11 years, the highest Beneish M-Score of PT Bank Btpn Syariah Tbk was 1.23. The lowest was -3.80. And the median was -2.57.

ISX:BTPS
79GF Score
PT Bank Btpn Syariah Tbk ISX:BTPS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Btpn Syariah 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 Bank Btpn Syariah 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 * 1+0.528 * 1+0.404 * 1+0.892 * 0.9726+0.115 * 1.0323
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3464+4.679 * -0.022746-0.327 * 1.1929
=-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 Rp0 Mil.
Revenue was 1135048 + 1197185 + 1179700 + 1184815 = Rp4,696,748 Mil.
Gross Profit was 1135048 + 1197185 + 1179700 + 1184815 = Rp4,696,748 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp23,153,579 Mil.
Property, Plant and Equipment(Net PPE) was Rp338,403 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp238,685 Mil.
Selling, General, & Admin. Expense(SGA) was Rp212,106 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp27,205 Mil.
Net Income was 319433 + 255565 + 301833 + 333043 = Rp1,209,874 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 21138 + 372440 + 1054035 + 288907 = Rp1,736,520 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 1174130 + 1215236 + 1200918 + 1238554 = Rp4,828,838 Mil.
Gross Profit was 1174130 + 1215236 + 1200918 + 1238554 = Rp4,828,838 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp21,713,762 Mil.
Property, Plant and Equipment(Net PPE) was Rp317,974 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp236,927 Mil.
Selling, General, & Admin. Expense(SGA) was Rp161,967 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp21,396 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)
=(0 / 4696748) / (0 / 4828838)
=0 / 0
=1

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)
=(4828838 / 4828838) / (4696748 / 4696748)
=1 / 1
=1

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 - (0 + 338403) / 23153579) / (1 - (0 + 317974) / 21713762)
=0.985384 / 0.985356
=1

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
=4696748 / 4828838
=0.9726

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))
=(236927 / (236927 + 317974)) / (238685 / (238685 + 338403))
=0.426972 / 0.413602
=1.0323

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)
=(212106 / 4696748) / (161967 / 4828838)
=0.04516 / 0.033542
=1.3464

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)
=((27205 + 0) / 23153579) / ((21396 + 0) / 21713762)
=0.001175 / 0.000985
=1.1929

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
=(1209874 - 0 - 1736520) / 23153579
=-0.022746

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 Bank Btpn Syariah 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 Bank Btpn Syariah Tbk (ISX:BTPS) has a Beneish M-Score of -2.73 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Btpn Syariah Tbk and its competitors. According to the industry distribution chart, PT Bank Btpn Syariah Tbk ranks #172 out of 1397 companies in the Banks industry, placing it in the top 12.3%.
Is PT Bank Btpn Syariah Tbk's Beneish M-Score too high?
PT Bank Btpn Syariah Tbk's current Beneish M-Score is -2.73. Based on the distribution chart, PT Bank Btpn Syariah Tbk ranks #172 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Btpn Syariah Tbk has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Btpn Syariah Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Btpn Syariah Tbk ranks #172 out of 1397 companies for Beneish M-Score. This places PT Bank Btpn Syariah Tbk in the top 12% 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Bank Btpn Syariah Tbk and its competitors. PT Bank Btpn Syariah 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 Bank Btpn Syariah Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Btpn Syariah Tbk (ISX:BTPS) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp1,219.11, compared to a current price of Rp980.00 — trading 19.6% below its estimated fair value. The current Beneish M-Score is -2.73. PT Bank Btpn Syariah Tbk's overall GF Score™ is 79/100 with 2 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 Bank Btpn Syariah Tbk (ISX:BTPS), the current Beneish M-Score is -2.73 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 Bank Btpn Syariah Tbk (ISX:BTPS) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Btpn Syariah Tbk stock appears to be undervalued. The current stock price of Rp980.00 is trading 19.6% below its estimated GF Value™ of Rp1,219.11. GuruFocus considers PT Bank Btpn Syariah Tbk to be Modestly Undervalued.

Key valuation signals for ISX:BTPS:

  • Beneish M-Score: -2.73
  • GF Value™: Rp1,219.11 vs. price of Rp980.00 (19.6% below fair value)
  • GF Score™: 79/100 with 2 warning signs

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

PT Bank Btpn Syariah Tbk Business Description

Address Jalan Dr. Ide Anak Agung Gde Agung Kav 5.5-5.6, Menara BTPN, 12th Floor, CBD Mega Kuningan, South Jakarta, Jakarta, IDN, 12950
PT Bank Btpn Syariah Tbk is a bank that operates its business in one segment, financing using murabahah contract for the productive poor community. The company's primary focus is to provide services for empowering the inclusive communities customers and developing financial inclusion by providing different kinds of funding and financing solutions, such as Tepat Tabungan Syariah, Tepat Deposito, Tepat Pembiayaan Syariah Individu, and others, to its customers. The operating segments include: Jawa, Bali & Nusa, Tenggara Sumatera, and Kalimantan & Sulawesi.
79GF Score

Get the complete analysis for ISX:BTPS

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

Rp980.00
Price
Rp1,219.11
GF Value