PT Elnusa Tbk (ISX:ELSA) Beneish M-Score: -3.46 (As of Jun. 25, 2026)

What is PT Elnusa Tbk Beneish M-Score?

PT Elnusa Tbk ISX:ELSA -0.92% 92 Beneish M-Score is -3.46 as of Jun. 25, 2026. GuruFocus rates ISX:ELSA with a GF Score™ of 92/100 and a GF Value™ of Rp509.67 (Fairly Valued). The stock has 2 warning signs investors should review. Among 822 Oil & Gas companies, PT Elnusa Tbk ranks better than 86.74% 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 -3.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ELSA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -2.73 Max: -0.28
Current: -3.46

During the past 13 years, the highest Beneish M-Score of PT Elnusa Tbk was -0.28. The lowest was -3.46. And the median was -2.73.

PT Elnusa Tbk Beneish M-Score Related Terms

PT Elnusa Tbk Beneish M-Score Historical Data

* Premium members only.

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

PT Elnusa Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-3.01

-2.64

-3.06

-2.92

-3.02

PT Elnusa 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															-2.68	-2.87	-2.59	-3.02	-3.46

ISX:ELSA vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, PT Elnusa 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 Elnusa Tbk Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Elnusa Tbk's Beneish M-Score distribution charts can be found below:

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

Save Embed

92GF Score

PT Elnusa Tbk ISX:ELSA

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

View Full Analysis

PT Elnusa 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 Elnusa 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 * 0.904

0.528 * 1.0015

0.404 * 0.4862

0.892 * 1.0267

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0289

4.679 * -0.156842

0.327 * 0.9168

-3.46

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp3,139,555 Mil.
Revenue was 3616611 + 4020752 + 3512199 + 3237560 = Rp14,387,122 Mil.
Gross Profit was 355996 + 370769 + 351902 + 340652 = Rp1,419,319 Mil.
Total Current Assets was Rp7,689,547 Mil.
Total Assets was Rp11,020,485 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,600,972 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp147,090 Mil.
Total Current Liabilities was Rp5,172,215 Mil.
Long-Term Debt & Capital Lease Obligation was Rp144,971 Mil.
Net Income was 189555 + 191846 + 190078 + 149828 = Rp721,307 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1042315 + 1100482 + -65420 + 372400 = Rp2,449,777 Mil.

Total Receivables was Rp3,382,691 Mil.
Revenue was 3727628 + 3740840 + 3334760 + 3209630 = Rp14,012,858 Mil.
Gross Profit was 383811 + 317463 + 338437 + 344725 = Rp1,384,436 Mil.
Total Current Assets was Rp7,455,327 Mil.
Total Assets was Rp11,026,258 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,068,833 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp139,242 Mil.
Total Current Liabilities was Rp5,633,243 Mil.
Long-Term Debt & Capital Lease Obligation was Rp169,520 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)
	=	(3139555 / 14387122)	/	(3382691 / 14012858)
	=	0.21822	/	0.241399
	=	0.904

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)
	=	(1384436 / 14012858)	/	(1419319 / 14387122)
	=	0.098798	/	0.098652
	=	1.0015

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 - (7689547 + 2600972) / 11020485)	/	(1 - (7455327 + 2068833) / 11026258)
	=	0.066237	/	0.136229
	=	0.4862

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
	=	14387122	/	14012858
	=	1.0267

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))
	=	(0 / (0 + 2068833))	/	(0 / (0 + 2600972))
	=	0	/	0
	=	1

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)
	=	(147090 / 14387122)	/	(139242 / 14012858)
	=	0.010224	/	0.009937
	=	1.0289

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)
	=	((144971 + 5172215) / 11020485)	/	((169520 + 5633243) / 11026258)
	=	0.482482	/	0.526268
	=	0.9168

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
	=	(721307 - 0	-	2449777)	/	11020485
	=	-0.156842

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 Elnusa Tbk has a M-score of -3.46 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 -3.46 mean?

PT Elnusa Tbk (ISX:ELSA) has a Beneish M-Score of -3.46 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Elnusa Tbk and its competitors. According to the industry distribution chart, PT Elnusa Tbk ranks #109 out of 822 companies in the Oil & Gas industry, placing it in the top 13.3%.

Is PT Elnusa Tbk's Beneish M-Score too high?

PT Elnusa Tbk's current Beneish M-Score is -3.46. Based on the distribution chart, PT Elnusa Tbk ranks #109 out of 822 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, PT Elnusa Tbk has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does PT Elnusa Tbk's Beneish M-Score compare to SLB and BKR?

According to the Oil & Gas industry distribution chart, PT Elnusa Tbk ranks #109 out of 822 companies for Beneish M-Score. This places PT Elnusa Tbk in the top 13% 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 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 PT Elnusa Tbk and its competitors. PT Elnusa Tbk's current Beneish M-Score is -3.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Elnusa Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Elnusa Tbk (ISX:ELSA) is currently considered Fairly Valued. The stock's GF Value™ is Rp509.67, compared to a current price of Rp540.00 — trading 6% above its estimated fair value. The current Beneish M-Score is -3.46. PT Elnusa Tbk's overall GF Score™ is 92/100 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 Elnusa Tbk (ISX:ELSA), the current Beneish M-Score is -3.46 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 PT Elnusa Tbk (ISX:ELSA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Elnusa Tbk stock appears to be overvalued. The current stock price of Rp540.00 is trading 6% above its estimated GF Value™ of Rp509.67. GuruFocus considers PT Elnusa Tbk to be Fairly Valued.

Key valuation signals for ISX:ELSA:

Beneish M-Score: -3.46
GF Value™: Rp509.67 vs. price of Rp540.00 (6% above fair value)
GF Score™: 92/100 with 2 warning signs

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

PT Elnusa Tbk Business Description

Industry Energy Oil & Gas

Comparable Companies ISX:CTBN ISX:SHIP ISX:MKAP ISX:SUNI ISX:ATLA ISX:WOWS ISX:RGAS ISX:RUIS ISX:SICO ISX:MIRA SLB BKR HAL MIL:TEN FTI SZSE:002353 OSL:SUBC MIL:SPM XPAR:GTT SHSE:601808

Address Jalan T.B. Simatupang Kav. 1 B, Graha Elnusa, 16th Floor, Jakarta, IDN, 12560

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

PT Elnusa Tbk is engaged in upstream oil and gas services and investing in shares of stock of subsidiaries and joint ventures that are engaged in various businesses in oil and gas support services and energy distribution and logistics services. The company also provides goods and services including providing and managing office space for its subsidiaries, related parties and third parties. Its business segments are: Integrated upstream oil and gas services, Oil and gas support services, and Sales of goods and energy distribution and logistics services. The majority of the company's revenue is derived from the Sales of goods and energy distribution and logistics services segment, which provides storage services, trading, distribution and marketing of oil and gas products in Indonesia.

92GF Score

Get the complete analysis for ISX:ELSA

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

Rp540.00

Price

Rp509.67

GF Value

View ISX:ELSA Analysis

See Beneish M-Score data for all stocks →