PT Bank Mega Tbk (ISX:MEGA) Beneish M-Score: -1.93 (As of Jun. 26, 2026)


ISX:MEGA PT Bank Mega Tbk ISX:MEGA
65 GF Score
Price Rp2,040.00
GF Value Rp2,252.59
Valuation Fairly Valued
! 2 Warning Signs
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What is PT Bank Mega Tbk Beneish M-Score?

PT Bank Mega Tbk ISX:MEGA -0.97% 65 Beneish M-Score is -1.93 as of Jun. 26, 2026. GuruFocus rates ISX:MEGA with a GF Score™ of 65/100 and a GF Value™ of Rp2,252.59 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, PT Bank Mega Tbk ranks worse than 91.98% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -1.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MEGA' s Beneish M-Score Range Over the Past 10 Years
Min: -8.37   Med: -2.41   Max: -1.53
Current: -1.93

During the past 13 years, the highest Beneish M-Score of PT Bank Mega Tbk was -1.53. The lowest was -8.37. And the median was -2.41.

ISX:MEGA
65GF Score
PT Bank Mega Tbk ISX:MEGA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Mega 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 Bank Mega 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+0.528 * 1+0.404 * 0.9967+0.892 * 1.2022+0.115 * 1.0879
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6471+4.679 * 0.043659-0.327 * 0.7119
=-1.93

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was Rp0 Mil.
Revenue was 1642119 + 2083617 + 1802192 + 1684089 = Rp7,212,017 Mil.
Gross Profit was 1642119 + 2083617 + 1802192 + 1684089 = Rp7,212,017 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp134,963,944 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,535,339 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp314,156 Mil.
Selling, General, & Admin. Expense(SGA) was Rp743,583 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,776,542 Mil.
Net Income was 650980 + 1164829 + 838147 + 829267 = Rp3,483,223 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -1730766 + 6162637 + 1149992 + -7991027 = Rp-2,409,164 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 1460049 + 1351316 + 1655654 + 1532024 = Rp5,999,043 Mil.
Gross Profit was 1460049 + 1351316 + 1655654 + 1532024 = Rp5,999,043 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp132,939,485 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,023,331 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp316,342 Mil.
Selling, General, & Admin. Expense(SGA) was Rp955,858 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,841,410 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)
=(0 / 7212017) / (0 / 5999043)
=0 / 0
=1

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)
=(5999043 / 5999043) / (7212017 / 7212017)
=1 / 1
=1

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 - (0 + 6535339) / 134963944) / (1 - (0 + 6023331) / 132939485)
=0.951577 / 0.954691
=0.9967

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
=7212017 / 5999043
=1.2022

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))
=(316342 / (316342 + 6023331)) / (314156 / (314156 + 6535339))
=0.049899 / 0.045866
=1.0879

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)
=(743583 / 7212017) / (955858 / 5999043)
=0.103103 / 0.159335
=0.6471

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)
=((2776542 + 0) / 134963944) / ((3841410 + 0) / 132939485)
=0.020572 / 0.028896
=0.7119

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
=(3483223 - 0 - -2409164) / 134963944
=0.043659

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 Bank Mega Tbk has a M-score of -1.93 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 -1.93 mean?
PT Bank Mega Tbk (ISX:MEGA) has a Beneish M-Score of -1.93 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Mega Tbk and its competitors. According to the industry distribution chart, PT Bank Mega Tbk ranks #1285 out of 1397 companies in the Banks industry, placing it in the top 92%.
Is PT Bank Mega Tbk's Beneish M-Score too high?
PT Bank Mega Tbk's current Beneish M-Score is -1.93. Based on the distribution chart, PT Bank Mega Tbk ranks #1285 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, PT Bank Mega Tbk has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Mega Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Mega Tbk ranks #1285 out of 1397 companies for Beneish M-Score. This places PT Bank Mega 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Bank Mega Tbk and its competitors. PT Bank Mega Tbk's current Beneish M-Score is -1.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Mega Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Mega Tbk (ISX:MEGA) is currently considered Fairly Valued. The stock's GF Value™ is Rp2,252.59, compared to a current price of Rp2,040.00 — trading 9.4% below its estimated fair value. The current Beneish M-Score is -1.93. PT Bank Mega Tbk's overall GF Score™ is 65/100 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 Bank Mega Tbk (ISX:MEGA), the current Beneish M-Score is -1.93 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 Bank Mega Tbk (ISX:MEGA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Mega Tbk stock appears to be undervalued. The current stock price of Rp2,040.00 is trading 9.4% below its estimated GF Value™ of Rp2,252.59. GuruFocus considers PT Bank Mega Tbk to be Fairly Valued.

Key valuation signals for ISX:MEGA:

  • Beneish M-Score: -1.93
  • GF Value™: Rp2,252.59 vs. price of Rp2,040.00 (9.4% below fair value)
  • GF Score™: 65/100 with 2 warning signs

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

PT Bank Mega Tbk Business Description

Address Jalan Kapten Tendean No. 12-14A, Menara Bank Mega, 15th Floor, South Jakarta, Jakarta, IDN, 12790
PT Bank Mega Tbk is an Indonesia-based company predominantly engaged in providing general banking services. It offers savings, time deposits, motor vehicle loans, housing loans, credit cards, safe deposit box fees, and custodial services. The Bank's geographical segment includes: Head Office, Jakarta region, Bandung region, Medan region, Semarang region, Surabaya region, Makassar region, and Banjarmasin region.
65GF Score

Get the complete analysis for ISX:MEGA

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

Rp2,040.00
Price
Rp2,252.59
GF Value