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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Indospring Tbk's Beneish M-Score or its related term are showing as below:
ISX:INDS'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.57 Max: -1.82
Current: -2.53
During the past 13 years, the highest Beneish M-Score of PT Indospring Tbk was -1.82. The lowest was -3.03. And the median was -2.57.
PT Indospring Tbk Beneish M-Score Related Terms
PT Indospring Tbk Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PT Indospring 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.
For the Auto Parts subindustry, PT Indospring 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 Indospring Tbk Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, PT Indospring Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Indospring 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 Indospring 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 * 1.0019
+
0.528 * 1.24
+
0.404 * 0.9857
+
0.892 * 1.0779
+
0.115 * 1.0271
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 2.0999
+
4.679 * 0.00128
-
0.327 * 1.1842
=
-2.53
* 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))
=
(18770.405 / (18770.405 + 2461497.15))
/
(18036.156 / (18036.156 + 2429714.365))
=
0.007568
/
0.007368
=
1.0271
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
=
(55093.313 - 0
-
49390.854)
/
4455459.237
=
0.00128
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 Indospring Tbk has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
PT Indospring Tbk (ISX:INDS) has a Beneish M-Score of -2.53 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Indospring Tbk and its competitors. According to the industry distribution chart, PT Indospring Tbk ranks #656 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 51.5%.
Is PT Indospring Tbk's Beneish M-Score too high?
PT Indospring Tbk's current Beneish M-Score is -2.53. Based on the distribution chart, PT Indospring Tbk ranks #656 out of 1274 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, PT Indospring Tbk has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Indospring Tbk's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, PT Indospring Tbk ranks #656 out of 1274 companies for Beneish M-Score. This places PT Indospring 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Indospring Tbk and its competitors. PT Indospring Tbk's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Indospring Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Indospring Tbk (ISX:INDS) is currently considered Fairly Valued. The stock's GF Value™ is Rp239.37, compared to a current price of Rp256.00 — trading 6.9% above its estimated fair value. The current Beneish M-Score is -2.53. PT Indospring Tbk's overall GF Score™ is 81/100 with 6 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 Indospring Tbk (ISX:INDS), the current Beneish M-Score is -2.53 as of Jun. 28, 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 Indospring Tbk (ISX:INDS) Overvalued in 2026?
Based on GuruFocus' analysis, PT Indospring Tbk stock appears to be overvalued.
The current stock price of Rp256.00 is trading 6.9% above its estimated GF Value™ of Rp239.37.
GuruFocus considers PT Indospring Tbk to be Fairly Valued.
Key valuation signals for ISX:INDS:
Beneish M-Score: -2.53
GF Value™: Rp239.37 vs. price of Rp256.00 (6.9% above fair value)
No single metric tells the full story. See the ISX:INDS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Indospring Tbk is engaged in the manufacture of leaf springs and coil springs. Its products include multi-leaf springs, parabolic leaf springs, trailing leaf springs, tension springs, compression springs, valve springs, wire rings, hot coil springs, and Yoko-oki leaf springs. The company's manufacturing facilities are located in Gresik, Indonesia. It operates in two segments: the spare part industry and the Agricultural equipment industry. The spare part industry segment contributes to the majority of the company's revenue. Geographically, the company generates the majority of its revenue from the domestic market.
81GF Score
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