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.
Warning Sign:
Beneish M-Score -1.33 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for PT Krakatau Steel (Persero) Tbk's Beneish M-Score or its related term are showing as below:
ISX:KRAS'
s Beneish M-Score Range Over the Past 10 Years
Min: -8.93 Med: -2.81 Max: 0.48
Current: -1.33
During the past 13 years, the highest Beneish M-Score of PT Krakatau Steel (Persero) Tbk was 0.48. The lowest was -8.93. And the median was -2.81.
PT Krakatau Steel (Persero) Tbk Beneish M-Score Related Terms
PT Krakatau Steel (Persero) Tbk Beneish M-Score Historical Data
* 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.
ISX:KRAS vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, PT Krakatau Steel (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 Krakatau Steel (Persero) Tbk Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, PT Krakatau Steel (Persero) Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Krakatau Steel (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 Krakatau Steel (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 * 1.0156
+
0.528 * 1.3549
+
0.404 * 0.9778
+
0.892 * 1.068
+
0.115 * 0.9236
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.921
+
4.679 * 0.173843
-
0.327 * 0.7633
=
-1.33
* 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))
=
(212837.87 / (212837.87 + 26550924.554))
/
(227331.776 / (227331.776 + 26176962.535))
=
0.007952
/
0.00861
=
0.9236
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
=
(6263218.006 - 0
-
-2302180.063)
/
49270869.661
=
0.173843
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 Krakatau Steel (Persero) Tbk has a M-score of -1.33 signals that the company is likely to be a manipulator.
PT Krakatau Steel (Persero) Tbk (ISX:KRAS) has a Beneish M-Score of -1.33 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Krakatau Steel (Persero) Tbk and its competitors. According to the industry distribution chart, PT Krakatau Steel (Persero) Tbk ranks #504 out of 587 companies in the Steel industry, placing it in the top 85.9%.
Is PT Krakatau Steel (Persero) Tbk's Beneish M-Score too high?
PT Krakatau Steel (Persero) Tbk's current Beneish M-Score is -1.33. Based on the distribution chart, PT Krakatau Steel (Persero) Tbk ranks #504 out of 587 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, PT Krakatau Steel (Persero) Tbk has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Krakatau Steel (Persero) Tbk's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, PT Krakatau Steel (Persero) Tbk ranks #504 out of 587 companies for Beneish M-Score. This places PT Krakatau Steel (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 Steel company?
A good Beneish M-Score depends on the Steel 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 Krakatau Steel (Persero) Tbk and its competitors. PT Krakatau Steel (Persero) Tbk's current Beneish M-Score is -1.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Krakatau Steel (Persero) Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Krakatau Steel (Persero) Tbk (ISX:KRAS) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp147.89, compared to a current price of Rp228.00 — trading 54.2% above its estimated fair value. The current Beneish M-Score is -1.33. PT Krakatau Steel (Persero) Tbk's overall GF Score™ is 44/100 with 7 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 Krakatau Steel (Persero) Tbk (ISX:KRAS), the current Beneish M-Score is -1.33 as of Jul. 15, 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 Krakatau Steel (Persero) Tbk (ISX:KRAS) Overvalued in 2026?
Based on GuruFocus' analysis, PT Krakatau Steel (Persero) Tbk stock appears to be overvalued.
The current stock price of Rp228.00 is trading 54.2% above its estimated GF Value™ of Rp147.89.
GuruFocus considers PT Krakatau Steel (Persero) Tbk to be Significantly Overvalued.
Key valuation signals for ISX:KRAS:
Beneish M-Score: -1.33
GF Value™: Rp147.89 vs. price of Rp228.00 (54.2% above fair value)
No single metric tells the full story. See the ISX:KRAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Krakatau Steel (Persero) Tbk Business Description
PT Krakatau Steel (Persero) Tbk is a steel producer in Indonesia. The company's products include Hot Rolled Coil, Cold Rolled Coil, and Wire Rod. Along with its subsidiaries, The Company's core business activities include the production and sale of steel products, such as Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), wire rods, steel pipes, steel sections, and reinforcing bars, as well as related services including coating and tolling. It operates in four segments: Steel Products; Infrastructure facilities segment; Engineering and Construction; and Other Services. It derives the majority of its revenue from the Steel Products segment.
44GF Score
Get the complete analysis for ISX:KRAS
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:KRAS has been successfully added to your 
