PT Indosat Tbk (ISX:ISAT) Beneish M-Score: -3.10 (As of Jun. 26, 2026)

What is PT Indosat Tbk Beneish M-Score?

PT Indosat Tbk ISX:ISAT -0.85% 89 Beneish M-Score is -3.10 as of Jun. 26, 2026. GuruFocus rates ISX:ISAT with a GF Score™ of 89/100 and a GF Value™ of Rp2,552.32 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 355 Telecommunication Services companies, PT Indosat Tbk ranks better than 77.75% 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 -3.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ISAT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -3 Max: -2.12
Current: -3.1

During the past 13 years, the highest Beneish M-Score of PT Indosat Tbk was -2.12. The lowest was -3.55. And the median was -3.00.

PT Indosat Tbk Beneish M-Score Related Terms

PT Indosat Tbk Beneish M-Score Historical Data

* Premium members only.

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

PT Indosat Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.99

-2.12

-2.76

-3.04

-3.00

PT Indosat 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															-2.91	-2.91	-2.88	-3.00	-3.10

ISX:ISAT vs TMUS, VZ, T: Beneish M-Score Comparison

For the Telecom Services subindustry, PT Indosat 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 Indosat Tbk Beneish M-Score vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, PT Indosat Tbk's Beneish M-Score distribution charts can be found below:

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

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89GF Score

PT Indosat Tbk ISX:ISAT

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

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PT Indosat 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 Indosat 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 * 0.9484

0.528 * 1.0102

0.404 * 0.9511

0.892 * 1.0455

0.115 * 1.0299

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8845

4.679 * -0.133642

0.327 * 0.9787

-3.10

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp3,551,517 Mil.
Revenue was 15220661 + 15356566 + 14051989 + 13531723 = Rp58,160,939 Mil.
Gross Profit was 9099116 + 9130118 + 7991451 + 7707866 = Rp33,928,551 Mil.
Total Current Assets was Rp18,524,016 Mil.
Total Assets was Rp122,101,965 Mil.
Property, Plant and Equipment(Net PPE) was Rp77,884,614 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,018,662 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,393,082 Mil.
Total Current Liabilities was Rp32,894,133 Mil.
Long-Term Debt & Capital Lease Obligation was Rp44,408,159 Mil.
Net Income was 1491337 + 1922314 + 1252096 + 1024219 = Rp5,689,966 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 6525266 + 5828584 + 6146215 + 3507893 = Rp22,007,958 Mil.

Total Receivables was Rp3,581,756 Mil.
Revenue was 13577863 + 14074832 + 13835707 + 14141080 = Rp55,629,482 Mil.
Gross Profit was 7860216 + 8081387 + 8239996 + 8601916 = Rp32,783,515 Mil.
Total Current Assets was Rp14,444,425 Mil.
Total Assets was Rp113,468,907 Mil.
Property, Plant and Equipment(Net PPE) was Rp73,919,531 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,754,679 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,587,830 Mil.
Total Current Liabilities was Rp30,490,962 Mil.
Long-Term Debt & Capital Lease Obligation was Rp42,908,846 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)
	=	(3551517 / 58160939)	/	(3581756 / 55629482)
	=	0.061064	/	0.064386
	=	0.9484

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)
	=	(32783515 / 55629482)	/	(33928551 / 58160939)
	=	0.589319	/	0.583356
	=	1.0102

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 - (18524016 + 77884614) / 122101965)	/	(1 - (14444425 + 73919531) / 113468907)
	=	0.210425	/	0.22125
	=	0.9511

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
	=	58160939	/	55629482
	=	1.0455

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))
	=	(15754679 / (15754679 + 73919531))	/	(16018662 / (16018662 + 77884614))
	=	0.175688	/	0.170587
	=	1.0299

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)
	=	(2393082 / 58160939)	/	(2587830 / 55629482)
	=	0.041146	/	0.046519
	=	0.8845

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)
	=	((44408159 + 32894133) / 122101965)	/	((42908846 + 30490962) / 113468907)
	=	0.633096	/	0.646872
	=	0.9787

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
	=	(5689966 - 0	-	22007958)	/	122101965
	=	-0.133642

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 Indosat Tbk has a M-score of -3.10 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 -3.10 mean?

PT Indosat Tbk (ISX:ISAT) has a Beneish M-Score of -3.10 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Indosat Tbk and its competitors. According to the industry distribution chart, PT Indosat Tbk ranks #79 out of 355 companies in the Telecommunication Services industry, placing it in the top 22.3%.

Is PT Indosat Tbk's Beneish M-Score too high?

PT Indosat Tbk's current Beneish M-Score is -3.10. Based on the distribution chart, PT Indosat Tbk ranks #79 out of 355 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, PT Indosat Tbk has a GF Score™ of 89/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does PT Indosat Tbk's Beneish M-Score compare to TMUS and VZ?

According to the Telecommunication Services industry distribution chart, PT Indosat Tbk ranks #79 out of 355 companies for Beneish M-Score. This places PT Indosat Tbk in the top 22% 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 Telecommunication Services company?

A good Beneish M-Score depends on the Telecommunication Services 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 Indosat Tbk and its competitors. PT Indosat Tbk's current Beneish M-Score is -3.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Indosat Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Indosat Tbk (ISX:ISAT) is currently considered Possible Value Trap. The stock's GF Value™ is Rp2,552.32, compared to a current price of Rp1,750.00 — trading 31.4% below its estimated fair value. The current Beneish M-Score is -3.10. PT Indosat Tbk's overall GF Score™ is 89/100 with 2 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 Indosat Tbk (ISX:ISAT), the current Beneish M-Score is -3.10 as of Jun. 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 Indosat Tbk (ISX:ISAT) Overvalued in 2026?

Based on GuruFocus' analysis, PT Indosat Tbk stock appears to be undervalued. The current stock price of Rp1,750.00 is trading 31.4% below its estimated GF Value™ of Rp2,552.32. GuruFocus considers PT Indosat Tbk to be Possible Value Trap.

Key valuation signals for ISX:ISAT:

Beneish M-Score: -3.10
GF Value™: Rp2,552.32 vs. price of Rp1,750.00 (31.4% below fair value)
GF Score™: 89/100 with 2 warning signs

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

PT Indosat Tbk Business Description

Industry Communication Services Telecommunication Services

Comparable Companies ISX:EXCL ISX:MTEL ISX:TBIG ISX:IBST ISX:INET ISX:BALI ISX:LINK ISX:CENT ISX:DATA ISX:GHON TSE:9984 SHSE:600941 TMUS VZ T XTER:DTE NSE:BHARTIARTL CMCSA XZIM:ECO.ZW HKSE:00728

Other Exchanges PTITF:USA IDO1:Germany

Address Jalan Medan Merdeka Barat No. 21, Gedung Indosat Ooredoo, Jakarta, IDN, 10110

Website https://www.ioh.co.id

PT Indosat Tbk is the provider of international long-distance and wireless services in Indonesia. The company operates under three reportable segments: Cellular, Midi and Fixed Telecommunication segment. Cellular, providing network coverage in all cities across Indonesia; fixed telecommunications, which provides services such as international calls and fixed lines; and multimedia interactive, data and internet, which offers products such as fixed connectivity, IT service and fixed Internet. The Cellular segment provides majority of the company's revenue.

89GF Score

Get the complete analysis for ISX:ISAT

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

Rp1,750.00

Price

Rp2,552.32

GF Value

View ISX:ISAT Analysis

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