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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 -2.86 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: -2.86
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.
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.
ISX:ELSA vs SLB, BKR, FTI: 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.
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:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.1275
+
0.528 * 1.0291
+
0.404 * 0.5069
+
0.892 * 1.0768
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9414
+
4.679 * -0.085905
-
0.327 * 0.9783
=
-2.86
* 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.
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.
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 + 1993524))
/
(0 / (0 + 2498215))
=
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
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
=
(816630 - 0
-
1796043)
/
11401182
=
-0.085905
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 -2.86 suggests that the company is unlikely to be a manipulator.
PT Elnusa Tbk (ISX:ELSA) has a Beneish M-Score of -2.86 as of Aug. 09, 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 #287 out of 830 companies in the Oil & Gas industry, placing it in the top 34.6%.
Is PT Elnusa Tbk's Beneish M-Score too high?
PT Elnusa Tbk's current Beneish M-Score is -2.86. Based on the distribution chart, PT Elnusa Tbk ranks #287 out of 830 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, PT Elnusa Tbk has a GF Score™ of 93/100 and is considered Significantly Overvalued, 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 #287 out of 830 companies for Beneish M-Score. This puts PT Elnusa 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 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 -2.86. 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 Significantly Overvalued. The stock's GF Value™ is Rp536.10, compared to a current price of Rp710.00 — trading 32.4% above its estimated fair value. The current Beneish M-Score is -2.86. PT Elnusa Tbk's overall GF Score™ is 93/100 with 1 warning sign 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 -2.86 as of Aug. 09, 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 Rp710.00 is trading 32.4% above its estimated GF Value™ of Rp536.10.
GuruFocus considers PT Elnusa Tbk to be Significantly Overvalued.
Key valuation signals for ISX:ELSA:
Beneish M-Score: -2.86
GF Value™: Rp536.10 vs. price of Rp710.00 (32.4% above fair value)
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 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.
93GF 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.
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