PT Gema Graharana Tbk (ISX:GEMA) Beneish M-Score: -2.15 (As of Aug. 26, 2026)

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ISX:GEMA PT Gema Graha Sarana Tbk ISX:GEMA
58 GF Score
Price Rp83.00
GF Value Rp172.53
Valuation Possible Value Trap
! 5 Warning Signs
View Full Analysis

What is PT Gema Graharana Tbk Beneish M-Score?

PT Gema Graharana Tbk ISX:GEMA 58 Beneish M-Score is -2.15 as of Aug. 26, 2026. GuruFocus rates ISX:GEMA with a GF Score™ of 58/100 and a GF Value™ of Rp172.53 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 420 Furnishings, Fixtures & Appliances companies, PT Gema Graharana Tbk ranks worse than 77.14% 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 -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:GEMA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8   Med: -2.45   Max: -1.2
Current: -2.15

During the past 13 years, the highest Beneish M-Score of PT Gema Graharana Tbk was -1.20. The lowest was -3.80. And the median was -2.45.

PT Gema Graharana Tbk Beneish M-Score Historical Data

* Premium members only.

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

PT Gema Graharana Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.44 -2.20 -2.06 -2.45 -2.26

PT Gema Graharana Tbk Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.93 -2.97 -2.26 -2.20 -2.15

ISX:GEMA vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, PT Gema Graharana 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 Gema Graharana Tbk Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, PT Gema Graharana Tbk's Beneish M-Score distribution charts can be found below:

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


ISX:GEMA
58GF Score
PT Gema Graha Sarana Tbk ISX:GEMA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Gema Graharana 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 Gema Graharana 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 * 1.3131+0.528 * 1.051+0.404 * 1.0249+0.892 * 0.9857+0.115 * 1.1551
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0578+4.679 * 0.00869-0.327 * 1.0914
=-2.15

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was Rp353,469 Mil.
Revenue was 376689.378 + 336757.757 + 456788.899 + 305251.46 = Rp1,475,487 Mil.
Gross Profit was 83653.732 + 82064.637 + 109061.63 + 85318.633 = Rp360,099 Mil.
Total Current Assets was Rp761,339 Mil.
Total Assets was Rp1,221,743 Mil.
Property, Plant and Equipment(Net PPE) was Rp391,053 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp31,649 Mil.
Selling, General, & Admin. Expense(SGA) was Rp117,692 Mil.
Total Current Liabilities was Rp686,124 Mil.
Long-Term Debt & Capital Lease Obligation was Rp75,192 Mil.
Net Income was -2301.847 + -7193.924 + 16164.387 + -8850.669 = Rp-2,182 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 29876.659 + -14531.648 + -34994.377 + 6850.371 = Rp-12,799 Mil.
 Total Receivables was Rp273,105 Mil.
Revenue was 355076.489 + 379386.67 + 434850.327 + 327623.976 = Rp1,496,937 Mil.
Gross Profit was 89767.103 + 92852.197 + 110683.433 + 90647.967 = Rp383,951 Mil.
Total Current Assets was Rp646,969 Mil.
Total Assets was Rp1,101,521 Mil.
Property, Plant and Equipment(Net PPE) was Rp393,546 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp37,259 Mil.
Selling, General, & Admin. Expense(SGA) was Rp112,882 Mil.
Total Current Liabilities was Rp533,511 Mil.
Long-Term Debt & Capital Lease Obligation was Rp95,421 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)
=(353468.78 / 1475487.494) / (273104.53 / 1496937.462)
=0.239561 / 0.182442
=1.3131

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)
=(383950.7 / 1496937.462) / (360098.632 / 1475487.494)
=0.256491 / 0.244054
=1.051

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 - (761338.932 + 391052.875) / 1221743.299) / (1 - (646968.686 + 393545.893) / 1101520.776)
=0.056764 / 0.055384
=1.0249

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
=1475487.494 / 1496937.462
=0.9857

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))
=(37258.513 / (37258.513 + 393545.893)) / (31648.953 / (31648.953 + 391052.875))
=0.086486 / 0.074873
=1.1551

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)
=(117692.332 / 1475487.494) / (112881.839 / 1496937.462)
=0.079765 / 0.075409
=1.0578

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)
=((75192.26 + 686124.278) / 1221743.299) / ((95420.717 + 533510.729) / 1101520.776)
=0.62314 / 0.570966
=1.0914

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
=(-2182.053 - 0 - -12798.995) / 1221743.299
=0.00869

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 Gema Graharana Tbk has a M-score of -2.15 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 -2.15 mean?
PT Gema Graharana Tbk (ISX:GEMA) has a Beneish M-Score of -2.15 as of Aug. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Gema Graharana Tbk and its competitors. According to the industry distribution chart, PT Gema Graharana Tbk ranks #324 out of 420 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 77.1%.
Is PT Gema Graharana Tbk's Beneish M-Score too high?
PT Gema Graharana Tbk's current Beneish M-Score is -2.15. Based on the distribution chart, PT Gema Graharana Tbk ranks #324 out of 420 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, PT Gema Graharana Tbk has a GF Score™ of 58/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does PT Gema Graharana Tbk's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, PT Gema Graharana Tbk ranks #324 out of 420 companies for Beneish M-Score. This places PT Gema Graharana 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Gema Graharana Tbk and its competitors. PT Gema Graharana Tbk's current Beneish M-Score is -2.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Gema Graharana Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Gema Graharana Tbk (ISX:GEMA) is currently considered Possible Value Trap. The stock's GF Value™ is Rp172.53, compared to a current price of Rp83.00 — trading 51.9% below its estimated fair value. The current Beneish M-Score is -2.15. PT Gema Graharana Tbk's overall GF Score™ is 58/100 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 Gema Graharana Tbk (ISX:GEMA), the current Beneish M-Score is -2.15 as of Aug. 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 Gema Graharana Tbk (ISX:GEMA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Gema Graharana Tbk stock appears to be undervalued. The current stock price of Rp83.00 is trading 51.9% below its estimated GF Value™ of Rp172.53. GuruFocus considers PT Gema Graharana Tbk to be Possible Value Trap.

Key valuation signals for ISX:GEMA:

  • Beneish M-Score: -2.15
  • GF Value™: Rp172.53 vs. price of Rp83.00 (51.9% below fair value)
  • GF Score™: 58/100 with 5 warning signs

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

PT Gema Graharana Tbk Business Description

Address Jalan Boulevard Gading Serpong, SOUTH78, 9th-11th Floor, Block O No. 7 & 8 Gading Serpong, Banten, Tangerang, IDN, 15334
PT Gema Graha Sarana Tbk operates as a manufacturer of furniture and interior design services in Indonesia. Its operating segments include Interior, Furniture, Mechanical and Electrical; and Distribution and Trading. The company generates the majority of its revenue from the Interior, Furniture, Mechanical and Electrical segment.
58GF Score

Get the complete analysis for ISX:GEMA

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

Rp83.00
Price
Rp172.53
GF Value