Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Jasa Marga (Persero) Tbk's Beneish M-Score or its related term are showing as below:
ISX:JSMR'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.41 Max: 34.03
Current: -2.3
During the past 13 years, the highest Beneish M-Score of PT Jasa Marga (Persero) Tbk was 34.03. The lowest was -3.29. And the median was -2.41.
* 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 Infrastructure Operations subindustry, PT Jasa Marga (Persero) 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 Jasa Marga (Persero) Tbk Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, PT Jasa Marga (Persero) Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Jasa Marga (Persero) 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 Jasa Marga (Persero) 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 * 1.5173
+
0.528 * 0.8592
+
0.404 * 0.9983
+
0.892 * 0.8959
+
0.115 * 1.1139
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2937
+
4.679 * -0.017137
-
0.327 * 1.0304
=
-2.30
* 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))
=
(104910 / (104910 + 472649))
/
(116896 / (116896 + 599952))
=
0.181644
/
0.163069
=
1.1139
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
=
(3506544 - 0
-
6257647)
/
160538245
=
-0.017137
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 Jasa Marga (Persero) Tbk has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
PT Jasa Marga (Persero) Tbk (ISX:JSMR) has a Beneish M-Score of -2.30 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Jasa Marga (Persero) Tbk and its competitors. According to the industry distribution chart, PT Jasa Marga (Persero) Tbk ranks #1064 out of 1696 companies in the Construction industry, placing it in the top 62.7%.
Is PT Jasa Marga (Persero) Tbk's Beneish M-Score too high?
PT Jasa Marga (Persero) Tbk's current Beneish M-Score is -2.30. Based on the distribution chart, PT Jasa Marga (Persero) Tbk ranks #1064 out of 1696 companies in the Construction industry, which is below the industry midpoint. Overall, PT Jasa Marga (Persero) Tbk has a GF Score™ of 78/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does PT Jasa Marga (Persero) Tbk's Beneish M-Score compare to competitors?
According to the Construction industry distribution chart, PT Jasa Marga (Persero) Tbk ranks #1064 out of 1696 companies for Beneish M-Score. This places PT Jasa Marga (Persero) 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Jasa Marga (Persero) Tbk and its competitors. PT Jasa Marga (Persero) Tbk's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Jasa Marga (Persero) Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Jasa Marga (Persero) Tbk (ISX:JSMR) is currently considered Possible Value Trap. The stock's GF Value™ is Rp3,957.28, compared to a current price of Rp2,760.00 — trading 30.3% below its estimated fair value. The current Beneish M-Score is -2.30. PT Jasa Marga (Persero) Tbk's overall GF Score™ is 78/100 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 Jasa Marga (Persero) Tbk (ISX:JSMR), the current Beneish M-Score is -2.30 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 Jasa Marga (Persero) Tbk (ISX:JSMR) Overvalued in 2026?
Based on GuruFocus' analysis, PT Jasa Marga (Persero) Tbk stock appears to be undervalued.
The current stock price of Rp2,760.00 is trading 30.3% below its estimated GF Value™ of Rp3,957.28.
GuruFocus considers PT Jasa Marga (Persero) Tbk to be Possible Value Trap.
Key valuation signals for ISX:JSMR:
Beneish M-Score: -2.30
GF Value™: Rp3,957.28 vs. price of Rp2,760.00 (30.3% below fair value)
No single metric tells the full story. See the ISX:JSMR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Jasa Marga (Persero) Tbk is an industrial company that constructs and operates toll roads. The company organizes operations into five segments: toll road business, operations, maintenance, Related business, and others. The toll business segment, which contributes the vast majority of revenue, works on increasing ownership of the company's toll road assets. The operating segment is engaged in operating toll roads, while the maintenance segment provides toll road maintenance services. The other business segment operates fuel stations, leases and sells property assets, and earns advertising revenue.
78GF Score
Get the complete analysis for ISX:JSMR
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ISX:JSMR has been successfully added to your 
