PT Fore Kopi Indonesia Tbk (ISX:FORE) Beneish M-Score: 0.00 (As of Jul. 02, 2026)


ISX:FORE PT Fore Kopi Indonesia Tbk ISX:FORE
8 GF Score
Price Rp595.00
! 1 Warning Sign
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What is PT Fore Kopi Indonesia Tbk Beneish M-Score?

PT Fore Kopi Indonesia Tbk ISX:FORE +2.59% 8 Beneish M-Score is 0.00 as of Jul. 02, 2026. GuruFocus rates ISX:FORE with a GF Score™ of 8/100. The stock has 1 warning sign investors should review. Among 355 Restaurants companies, PT Fore Kopi Indonesia Tbk ranks worse than 281689.86% 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.

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

During the past 5 years, the highest Beneish M-Score of PT Fore Kopi Indonesia Tbk was -2.74. The lowest was -2.74. And the median was -2.74.

PT Fore Kopi Indonesia Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Fore Kopi Indonesia 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 Fore Kopi Indonesia Tbk Beneish M-Score Chart

PT Fore Kopi Indonesia Tbk Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 -2.74

PT Fore Kopi Indonesia Tbk Quarterly Data
Dec21 Dec22 Dec23 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.74 0.00

ISX:FORE vs MCD, SBUX, YUM: Beneish M-Score Comparison

For the Restaurants subindustry, PT Fore Kopi Indonesia 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 Fore Kopi Indonesia Tbk Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, PT Fore Kopi Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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


ISX:FORE
8GF Score
PT Fore Kopi Indonesia Tbk ISX:FORE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Fore Kopi Indonesia 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 Fore Kopi Indonesia 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 Rp11,099 Mil.
Revenue was 444458.712 + 455381.95 + 379380.065 + 370686.363 = Rp1,649,907 Mil.
Gross Profit was 273675.862 + 280783.378 + 234275.232 + 228221.944 = Rp1,016,956 Mil.
Total Current Assets was Rp424,537 Mil.
Total Assets was Rp1,164,248 Mil.
Property, Plant and Equipment(Net PPE) was Rp683,828 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp212,208 Mil.
Selling, General, & Admin. Expense(SGA) was Rp295,031 Mil.
Total Current Liabilities was Rp339,056 Mil.
Long-Term Debt & Capital Lease Obligation was Rp122,194 Mil.
Net Income was 9431.593 + 30025.86 + 18076.089 + 36153.698 = Rp93,687 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 40045.696 + 154957.011 + 31223.021 + 86102.941 = Rp312,329 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 291686.394 + 311287.797 + 276109.732 + 173009.2 = Rp1,052,093 Mil.
Gross Profit was 181038.92 + 188349.997 + 167491.318 + 106731.325 = Rp643,612 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp0 Mil.
Property, Plant and Equipment(Net PPE) was Rp0 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp127,588 Mil.
Selling, General, & Admin. Expense(SGA) was Rp215,485 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
=(11098.728 / 1649907.09) / (0 / 1052093.123)
=0.006727 / 0
=

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)
=(643611.56 / 1052093.123) / (1016956.416 / 1649907.09)
=0.611744 / 0.616372
=

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 - (424536.908 + 683828.339) / 1164247.896) / (1 - (0 + 0) / 0)
=0.047999 /
=

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
=1649907.09 / 1052093.123
=

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))
=(127587.983 / (127587.983 + 0)) / (212207.611 / (212207.611 + 683828.339))
=1 / 0.236829
=

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)
=(295030.914 / 1649907.09) / (215484.551 / 1052093.123)
=0.178817 / 0.204815
=

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)
=((122194.197 + 339056.08) / 1164247.896) / ((0 + 0) / 0)
=0.396179 /
=

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
=(93687.24 - 0 - 312328.669) / 1164247.896
=-0.187796

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT Fore Kopi Indonesia Tbk (ISX:FORE) has a Beneish M-Score of 0.00 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Fore Kopi Indonesia Tbk and its competitors. According to the industry distribution chart, PT Fore Kopi Indonesia Tbk ranks #999999 out of 355 companies in the Restaurants industry.
Is PT Fore Kopi Indonesia Tbk's Beneish M-Score too high?
PT Fore Kopi Indonesia Tbk's current Beneish M-Score is 0.00. Based on the distribution chart, PT Fore Kopi Indonesia Tbk ranks #999999 out of 355 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, PT Fore Kopi Indonesia Tbk has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does PT Fore Kopi Indonesia Tbk's Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, PT Fore Kopi Indonesia Tbk ranks #999999 out of 355 companies for Beneish M-Score. This places PT Fore Kopi Indonesia 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Fore Kopi Indonesia Tbk and its competitors. PT Fore Kopi Indonesia Tbk's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Fore Kopi Indonesia Tbk stock overvalued right now?
PT Fore Kopi Indonesia Tbk (ISX:FORE) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. PT Fore Kopi Indonesia Tbk's overall GF Score™ is 8/100 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 Fore Kopi Indonesia Tbk (ISX:FORE), the current Beneish M-Score is 0.00 as of Jul. 02, 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.

PT Fore Kopi Indonesia Tbk Business Description

Address Jalan Hayam Wuruk No. 28, RT 014/ RW 001, Graha Ganesha Building, 1st Floor Suite 120 & 130, Kebon Klapa Village, Gambir District, Central Jakarta, Jakarta, IDN, 10120
PT Fore Kopi Indonesia Tbk is a food & beverage company that operates under the brand name Fore and offers roasted coffee as its main product. The Company provides a coffee experience through premium products and packaging, available at outlets designed with a comfortable and aesthetic concept. The Company classified its business activities into three main segments, namely beverages, food, and others.
8GF Score

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

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