PT Buana Lintas Lautan Tbk (ISX:BULL) Beneish M-Score: -2.26 (As of Jun. 26, 2026)

What is PT Buana Lintas Lautan Tbk Beneish M-Score?

PT Buana Lintas Lautan Tbk ISX:BULL +5.14% 77 Beneish M-Score is -2.26 as of Jun. 26, 2026. GuruFocus rates ISX:BULL with a GF Score™ of 77/100 and a GF Value™ of Rp179.94 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 966 Transportation companies, PT Buana Lintas Lautan Tbk ranks worse than 71.01% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BULL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.61 Med: -2.51 Max: 2.85
Current: -2.26

During the past 13 years, the highest Beneish M-Score of PT Buana Lintas Lautan Tbk was 2.85. The lowest was -4.61. And the median was -2.51.

PT Buana Lintas Lautan Tbk Beneish M-Score Related Terms

PT Buana Lintas Lautan Tbk Beneish M-Score Historical Data

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The historical data trend for PT Buana Lintas Lautan 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 Buana Lintas Lautan Tbk Beneish M-Score Chart

PT Buana Lintas Lautan Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-4.61

-1.71

-2.48

-1.93

-2.99

PT Buana Lintas Lautan 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															-2.52	-2.17	-2.63	-2.99	-2.26

PT Buana Lintas Lautan Tbk Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, PT Buana Lintas Lautan 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 Buana Lintas Lautan Tbk Beneish M-Score vs Transportation Industry

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

* The bar in red indicates where PT Buana Lintas Lautan Tbk's Beneish M-Score falls into.

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77GF Score

PT Buana Lintas Lautan Tbk ISX:BULL

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

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PT Buana Lintas Lautan 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 Buana Lintas Lautan 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 * 1.2943

0.528 * 1.0009

0.404 * 1.0751

0.892 * 1.1079

0.115 * 1.1431

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0175

4.679 * -0.046995

0.327 * 0.9003

-2.26

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp654,387 Mil.
Revenue was 743943.524 + 636357.713 + 616399.234 + 499614.289 = Rp2,496,315 Mil.
Gross Profit was 313243.833 + 219247.611 + 131157.554 + 132707.497 = Rp796,356 Mil.
Total Current Assets was Rp1,258,511 Mil.
Total Assets was Rp6,903,469 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,706,259 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,488 Mil.
Selling, General, & Admin. Expense(SGA) was Rp60,627 Mil.
Total Current Liabilities was Rp2,108,043 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,078,451 Mil.
Net Income was 240413.753 + 193819.366 + 76911.648 + 36923.9 = Rp548,069 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 352503.005 + 683388.272 + 168069.863 + -331467.024 = Rp872,494 Mil.

Total Receivables was Rp456,332 Mil.
Revenue was 647516.847 + 603219.351 + 379329.606 + 623045.077 = Rp2,253,111 Mil.
Gross Profit was 182868.586 + 260149.069 + 18260.608 + 258147.826 = Rp719,426 Mil.
Total Current Assets was Rp1,193,191 Mil.
Total Assets was Rp5,722,680 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,034,591 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,201 Mil.
Selling, General, & Admin. Expense(SGA) was Rp53,781 Mil.
Total Current Liabilities was Rp1,157,816 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,776,249 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)
	=	(654387.242 / 2496314.76)	/	(456331.561 / 2253110.881)
	=	0.262141	/	0.202534
	=	1.2943

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)
	=	(719426.089 / 2253110.881)	/	(796356.495 / 2496314.76)
	=	0.319303	/	0.319013
	=	1.0009

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 - (1258511.233 + 3706258.782) / 6903468.825)	/	(1 - (1193191.175 + 3034590.884) / 5722680.052)
	=	0.28083	/	0.261223
	=	1.0751

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
	=	2496314.76	/	2253110.881
	=	1.1079

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))
	=	(4200.95 / (4200.95 + 3034590.884))	/	(4487.671 / (4487.671 + 3706258.782))
	=	0.001382	/	0.001209
	=	1.1431

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)
	=	(60627.268 / 2496314.76)	/	(53780.817 / 2253110.881)
	=	0.024287	/	0.02387
	=	1.0175

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)
	=	((1078450.626 + 2108043.136) / 6903468.825)	/	((1776249.481 + 1157816.38) / 5722680.052)
	=	0.461579	/	0.512708
	=	0.9003

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
	=	(548068.667 - 0	-	872494.116)	/	6903468.825
	=	-0.046995

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 Buana Lintas Lautan Tbk has a M-score of -2.26 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 -2.26 mean?

PT Buana Lintas Lautan Tbk (ISX:BULL) has a Beneish M-Score of -2.26 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Buana Lintas Lautan Tbk and its competitors. According to the industry distribution chart, PT Buana Lintas Lautan Tbk ranks #686 out of 966 companies in the Transportation industry, placing it in the top 71%.

Is PT Buana Lintas Lautan Tbk's Beneish M-Score too high?

PT Buana Lintas Lautan Tbk's current Beneish M-Score is -2.26. Based on the distribution chart, PT Buana Lintas Lautan Tbk ranks #686 out of 966 companies in the Transportation industry, which is below the industry midpoint. Overall, PT Buana Lintas Lautan Tbk has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does PT Buana Lintas Lautan Tbk's Beneish M-Score compare to competitors?

According to the Transportation industry distribution chart, PT Buana Lintas Lautan Tbk ranks #686 out of 966 companies for Beneish M-Score. This places PT Buana Lintas Lautan Tbk 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 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 Buana Lintas Lautan Tbk and its competitors. PT Buana Lintas Lautan Tbk's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Buana Lintas Lautan Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Buana Lintas Lautan Tbk (ISX:BULL) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp179.94, compared to a current price of Rp368.00 — trading 104.5% above its estimated fair value. The current Beneish M-Score is -2.26. PT Buana Lintas Lautan Tbk's overall GF Score™ is 77/100 with 5 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 Buana Lintas Lautan Tbk (ISX:BULL), the current Beneish M-Score is -2.26 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 Buana Lintas Lautan Tbk (ISX:BULL) Overvalued in 2026?

Based on GuruFocus' analysis, PT Buana Lintas Lautan Tbk stock appears to be overvalued. The current stock price of Rp368.00 is trading 104.5% above its estimated GF Value™ of Rp179.94. GuruFocus considers PT Buana Lintas Lautan Tbk to be Significantly Overvalued.

Key valuation signals for ISX:BULL:

Beneish M-Score: -2.26
GF Value™: Rp179.94 vs. price of Rp368.00 (104.5% above fair value)
GF Score™: 77/100 with 5 warning signs

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

PT Buana Lintas Lautan Tbk Business Description

Industry Industrials Transportation

Comparable Companies ISX:TMAS ISX:SMDR ISX:MBSS ISX:CBRE ISX:BESS ISX:HATM ISX:SOCI ISX:HUMI ISX:PORT ISX:GTSI BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TPE:2603 TSE:9101 XKRX:011200 ADX:ADNOCLS

Address Jalan Mega Kuningan Timur, Block C6 Kav. 12A, South Jakarta, Mega Kuningan, Jakarta, IDN, 12950

Website https://www.bull.co.id

PT Buana Lintas Lautan Tbk is a shipping company. The company is engaged in providing services such as charter and vessel operations, shipping agency services, ship management services, and crew management services. The group's reportable segments are engaged based on the type of vessels chartered in Gas, Oil, FPSO and FSO, Chemical, and Others. Key revenue is generated from the Gas and Oil, FPSO, and FSO segments. The gas tankers segment of the company provides maritime transportation of liquified gas, which includes LPG, propylene, propane, and LNG. Oil and FPSO tankers provide maritime transportation of lubricating oil, crude oil, and petroleum products, floating tanker facility for production, storage, and off-loading of oil.

77GF Score

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Rp368.00

Price

Rp179.94

GF Value

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