PT FKS Multi Agro Tbk (ISX:FISH) Beneish M-Score: -2.58 (As of Jul. 04, 2026)

What is PT FKS Multi Agro Tbk Beneish M-Score?

PT FKS Multi Agro Tbk ISX:FISH +2.56% 67 Beneish M-Score is -2.58 as of Jul. 04, 2026. GuruFocus rates ISX:FISH with a GF Score™ of 67/100 and a GF Value™ of Rp762.57 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,847 Consumer Packaged Goods companies, PT FKS Multi Agro Tbk ranks better than 55.06% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:FISH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84 Med: -2.4 Max: -1.14
Current: -2.58

During the past 13 years, the highest Beneish M-Score of PT FKS Multi Agro Tbk was -1.14. The lowest was -3.84. And the median was -2.40.

PT FKS Multi Agro Tbk Beneish M-Score Related Terms

PT FKS Multi Agro Tbk Beneish M-Score Historical Data

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The historical data trend for PT FKS Multi Agro 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 FKS Multi Agro Tbk Beneish M-Score Chart

PT FKS Multi Agro Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.55

-2.23

-2.30

-2.82

-2.47

PT FKS Multi Agro 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															-2.88	-2.40	-2.34	-2.47	-2.58

ISX:FISH vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, PT FKS Multi Agro 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 FKS Multi Agro Tbk Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT FKS Multi Agro Tbk's Beneish M-Score distribution charts can be found below:

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

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67GF Score

PT FKS Multi Agro Tbk ISX:FISH

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

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PT FKS Multi Agro 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 FKS Multi Agro 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 * 0.8332

0.528 * 0.6816

0.404 * 1.612

0.892 * 0.9983

0.115 * 0.9872

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.954

4.679 * -0.010016

0.327 * 0.9483

-2.58

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp867,680 Mil.
Revenue was 4646650.527 + 4834657.93 + 4986050.581 + 4705709.668 = Rp19,173,069 Mil.
Gross Profit was 292708.527 + 274314.298 + 238213.154 + 302665.077 = Rp1,107,901 Mil.
Total Current Assets was Rp5,752,425 Mil.
Total Assets was Rp8,252,586 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,924,884 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,400 Mil.
Selling, General, & Admin. Expense(SGA) was Rp233,085 Mil.
Total Current Liabilities was Rp4,059,693 Mil.
Long-Term Debt & Capital Lease Obligation was Rp968,105 Mil.
Net Income was 129729.638 + -39779.666 + 54955.758 + 49449.322 = Rp194,355 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -71543.449 + 37707.983 + 342082.673 + -31232.009 = Rp277,015 Mil.

Total Receivables was Rp1,043,194 Mil.
Revenue was 4848767.811 + 4712221.217 + 4612829.075 + 5032454.176 = Rp19,206,272 Mil.
Gross Profit was 228141.078 + 103318.773 + 153005.481 + 271958.809 = Rp756,424 Mil.
Total Current Assets was Rp6,115,245 Mil.
Total Assets was Rp8,454,757 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,973,891 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,625 Mil.
Selling, General, & Admin. Expense(SGA) was Rp244,749 Mil.
Total Current Liabilities was Rp4,682,417 Mil.
Long-Term Debt & Capital Lease Obligation was Rp749,639 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)
	=	(867680.171 / 19173068.706)	/	(1043194.14 / 19206272.279)
	=	0.045255	/	0.054315
	=	0.8332

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)
	=	(756424.141 / 19206272.279)	/	(1107901.056 / 19173068.706)
	=	0.039384	/	0.057784
	=	0.6816

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 - (5752425.13 + 1924884.457) / 8252585.959)	/	(1 - (6115244.758 + 1973890.503) / 8454757.152)
	=	0.069709	/	0.043245
	=	1.612

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
	=	19173068.706	/	19206272.279
	=	0.9983

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))
	=	(18625.218 / (18625.218 + 1973890.503))	/	(18400.194 / (18400.194 + 1924884.457))
	=	0.009348	/	0.009469
	=	0.9872

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)
	=	(233085.417 / 19173068.706)	/	(244748.774 / 19206272.279)
	=	0.012157	/	0.012743
	=	0.954

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)
	=	((968105.097 + 4059692.902) / 8252585.959)	/	((749639.335 + 4682417.344) / 8454757.152)
	=	0.609239	/	0.642485
	=	0.9483

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
	=	(194355.052 - 0	-	277015.198)	/	8252585.959
	=	-0.010016

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 FKS Multi Agro Tbk has a M-score of -2.58 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 -2.58 mean?

PT FKS Multi Agro Tbk (ISX:FISH) has a Beneish M-Score of -2.58 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT FKS Multi Agro Tbk and its competitors. According to the industry distribution chart, PT FKS Multi Agro Tbk ranks #830 out of 1847 companies in the Consumer Packaged Goods industry, placing it in the top 44.9%.

Is PT FKS Multi Agro Tbk's Beneish M-Score too high?

PT FKS Multi Agro Tbk's current Beneish M-Score is -2.58. Based on the distribution chart, PT FKS Multi Agro Tbk ranks #830 out of 1847 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, PT FKS Multi Agro Tbk has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT FKS Multi Agro Tbk's Beneish M-Score compare to ADM and BG?

According to the Consumer Packaged Goods industry distribution chart, PT FKS Multi Agro Tbk ranks #830 out of 1847 companies for Beneish M-Score. This puts PT FKS Multi Agro 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 FKS Multi Agro Tbk and its competitors. PT FKS Multi Agro Tbk's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT FKS Multi Agro Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT FKS Multi Agro Tbk (ISX:FISH) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp762.57, compared to a current price of Rp600.00 — trading 21.3% below its estimated fair value. The current Beneish M-Score is -2.58. PT FKS Multi Agro Tbk's overall GF Score™ is 67/100 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 FKS Multi Agro Tbk (ISX:FISH), the current Beneish M-Score is -2.58 as of Jul. 04, 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 FKS Multi Agro Tbk (ISX:FISH) Overvalued in 2026?

Based on GuruFocus' analysis, PT FKS Multi Agro Tbk stock appears to be undervalued. The current stock price of Rp600.00 is trading 21.3% below its estimated GF Value™ of Rp762.57. GuruFocus considers PT FKS Multi Agro Tbk to be Modestly Undervalued.

Key valuation signals for ISX:FISH:

Beneish M-Score: -2.58
GF Value™: Rp762.57 vs. price of Rp600.00 (21.3% below fair value)
GF Score™: 67/100 with 5 warning signs

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

PT FKS Multi Agro Tbk Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies ISX:PNGO ISX:CPRO ISX:NEST ISX:UDNG ISX:JAWA ISX:PSGO ISX:CSRA ISX:MKTR ISX:AYAM ISX:SIPD ADM SZSE:002714 BG TSN SZSE:300498 OSL:MOWI OSL:SALM XKLS:2089 XPAR:LOUP SZSE:300972

Address Jalan. Jend. Sudirman Kav. 5-6, Menara Astra, 28th Floor, Jakarta Pusat, Jakarta, IDN, 10220

Website https://www.fksmultiagro.com

PT FKS Multi Agro Tbk is engaged in the distribution and trading of grains, oilseeds, and feed ingredients. It supplies oilseed meals, animal protein meals, and co-products of grain milling for the animal feed industry. The company deals with food products such as rice, soybeans, and cooking oil. In addition, the company also provides a logistics solution for the importation and distribution of dry bulk commodities. The group's business activities are classified into three business segments, consisting of Trading and distribution, Manufacturing and logistics, of which the majority of the revenue is derived from the Trading and distribution segment. The organization generates key revenue from Indonesia.

67GF Score

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

Rp600.00

Price

Rp762.57

GF Value

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