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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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Vale Indonesia Tbk's Beneish M-Score or its related term are showing as below:
ISX:INCO'
s Beneish M-Score Range Over the Past 10 Years
Min: -45.87 Med: -2.67 Max: 0.45
Current: -2.85
During the past 13 years, the highest Beneish M-Score of PT Vale Indonesia Tbk was 0.45. The lowest was -45.87. And the median was -2.67.
PT Vale Indonesia Tbk Beneish M-Score Related Terms
PT Vale Indonesia Tbk Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PT Vale 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 Vale Indonesia Tbk Beneish M-Score Competitor Comparison
For the Other Industrial Metals & Mining subindustry, PT Vale 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 Vale Indonesia Tbk Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, PT Vale Indonesia Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Vale Indonesia 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 Vale 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 * 0.6173
+
0.528 * 0.4012
+
0.404 * 1.2681
+
0.892 * 1.3085
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6436
+
4.679 * -0.006282
-
0.327 * 1.3509
=
-2.85
* 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 + 33278268.23))
/
(0 / (0 + 43855598.915))
=
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
=
(2670617.319 - 0
-
3051400.534)
/
60619788.363
=
-0.006282
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 Vale Indonesia Tbk has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
PT Vale Indonesia Tbk (ISX:INCO) has a Beneish M-Score of -2.85 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Vale Indonesia Tbk and its competitors. According to the industry distribution chart, PT Vale Indonesia Tbk ranks #161 out of 677 companies in the Metals & Mining industry, placing it in the top 23.8%.
Is PT Vale Indonesia Tbk's Beneish M-Score too high?
PT Vale Indonesia Tbk's current Beneish M-Score is -2.85. Based on the distribution chart, PT Vale Indonesia Tbk ranks #161 out of 677 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, PT Vale Indonesia Tbk has a GF Score™ of 87/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Vale Indonesia Tbk's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, PT Vale Indonesia Tbk ranks #161 out of 677 companies for Beneish M-Score. This places PT Vale Indonesia Tbk in the top 24% 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 a Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Vale Indonesia Tbk and its competitors. PT Vale Indonesia Tbk's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Vale Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Vale Indonesia Tbk (ISX:INCO) is currently considered Modestly Overvalued. The stock's GF Value™ is Rp4,848.97, compared to a current price of Rp5,500.00 — trading 13.4% above its estimated fair value. The current Beneish M-Score is -2.85. PT Vale Indonesia Tbk's overall GF Score™ is 87/100 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 Vale Indonesia Tbk (ISX:INCO), the current Beneish M-Score is -2.85 as of Aug. 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 Vale Indonesia Tbk (ISX:INCO) Overvalued in 2026?
Based on GuruFocus' analysis, PT Vale Indonesia Tbk stock appears to be overvalued.
The current stock price of Rp5,500.00 is trading 13.4% above its estimated GF Value™ of Rp4,848.97.
GuruFocus considers PT Vale Indonesia Tbk to be Modestly Overvalued.
Key valuation signals for ISX:INCO:
Beneish M-Score: -2.85
GF Value™: Rp4,848.97 vs. price of Rp5,500.00 (13.4% above fair value)
No single metric tells the full story. See the ISX:INCO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Vale Indonesia Tbk is an integrated nickel mining and processing company, with its primary operations located in the Sorowako Block, South Sulawesi Province. Utilizing pyrometallurgical and smelting technologies, the company processes laterite nickel ore into nickel matte. It is currently advancing its Indonesia Growth Project (IGP), which includes High-Pressure Acid Leach (HPAL) facilities in Pomalaa, Morowali, and Sorowako Limonite. The company operates in only one business and geographical segment: nickel mining and processing in Indonesia.
87GF Score
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