PT MNC Sky Vision Tbk (ISX:MSKY) Beneish M-Score: -4.69 (As of Jul. 06, 2026)


ISX:MSKY PT MNC Sky Vision Tbk ISX:MSKY
54 GF Score
Price Rp58.00
GF Value Rp43.89
Valuation Significantly Overvalued
! 4 Warning Signs
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What is PT MNC Sky Vision Tbk Beneish M-Score?

PT MNC Sky Vision Tbk ISX:MSKY 54 Beneish M-Score is -4.69 as of Jul. 06, 2026. GuruFocus rates ISX:MSKY with a GF Score™ of 54/100 and a GF Value™ of Rp43.89 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 978 Media - Diversified companies, PT MNC Sky Vision Tbk ranks better than 94.89% 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 -4.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MSKY' s Beneish M-Score Range Over the Past 10 Years
Min: -8.81   Med: -3.46   Max: -0.42
Current: -4.69

During the past 13 years, the highest Beneish M-Score of PT MNC Sky Vision Tbk was -0.42. The lowest was -8.81. And the median was -3.46.


PT MNC Sky Vision Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT MNC Sky Vision 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 MNC Sky Vision Tbk Beneish M-Score Chart

PT MNC Sky Vision Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.12 -3.68 -3.25 -1.03 -4.67

PT MNC Sky Vision 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.74 -1.16 -1.82 -4.67 -4.69

ISX:MSKY vs NFLX, DIS, WBD: Beneish M-Score Comparison

For the Entertainment subindustry, PT MNC Sky Vision 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 MNC Sky Vision Tbk Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, PT MNC Sky Vision Tbk's Beneish M-Score distribution charts can be found below:

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


ISX:MSKY
54GF Score
PT MNC Sky Vision Tbk ISX:MSKY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT MNC Sky Vision 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 MNC Sky Vision 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 * 1.0493+0.528 * -0.1825+0.404 * 1.1501+0.892 * 0.5064+0.115 * 0.6894
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8366+4.679 * -0.201417-0.327 * 1.4079
=-4.69

* 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 Rp183,318 Mil.
Revenue was 65113 + 79284 + 100723 + 99877 = Rp344,997 Mil.
Gross Profit was 6473 + 34040 + 60460 + 10552 = Rp111,525 Mil.
Total Current Assets was Rp305,297 Mil.
Total Assets was Rp1,248,627 Mil.
Property, Plant and Equipment(Net PPE) was Rp705,077 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp183,652 Mil.
Selling, General, & Admin. Expense(SGA) was Rp27,954 Mil.
Total Current Liabilities was Rp400,009 Mil.
Long-Term Debt & Capital Lease Obligation was Rp84 Mil.
Net Income was -16923 + 105573 + -51129 + -69760 = Rp-32,239 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 42684 + 102459 + 21167 + 52946 = Rp219,256 Mil.
Total Receivables was Rp344,991 Mil.
Revenue was 101504 + 194903 + 206211 + 178643 = Rp681,261 Mil.
Gross Profit was 21213 + -135125 + 52003 + 21726 = Rp-40,183 Mil.
Total Current Assets was Rp585,737 Mil.
Total Assets was Rp2,542,074 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,534,572 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp254,948 Mil.
Selling, General, & Admin. Expense(SGA) was Rp30,055 Mil.
Total Current Liabilities was Rp578,545 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
=(183318 / 344997) / (344991 / 681261)
=0.531361 / 0.506401
=1.0493

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)
=(-40183 / 681261) / (111525 / 344997)
=-0.058983 / 0.323264
=-0.1825

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 - (305297 + 705077) / 1248627) / (1 - (585737 + 1534572) / 2542074)
=0.190812 / 0.165914
=1.1501

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
=344997 / 681261
=0.5064

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))
=(254948 / (254948 + 1534572)) / (183652 / (183652 + 705077))
=0.142467 / 0.206646
=0.6894

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)
=(27954 / 344997) / (30055 / 681261)
=0.081027 / 0.044117
=1.8366

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)
=((84 + 400009) / 1248627) / ((0 + 578545) / 2542074)
=0.320426 / 0.227588
=1.4079

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
=(-32239 - 0 - 219256) / 1248627
=-0.201417

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 MNC Sky Vision Tbk has a M-score of -4.69 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 -4.69 mean?
PT MNC Sky Vision Tbk (ISX:MSKY) has a Beneish M-Score of -4.69 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT MNC Sky Vision Tbk and its competitors. According to the industry distribution chart, PT MNC Sky Vision Tbk ranks #50 out of 978 companies in the Media - Diversified industry, placing it in the top 5.1%.
Is PT MNC Sky Vision Tbk's Beneish M-Score too high?
PT MNC Sky Vision Tbk's current Beneish M-Score is -4.69. Based on the distribution chart, PT MNC Sky Vision Tbk ranks #50 out of 978 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, PT MNC Sky Vision Tbk has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT MNC Sky Vision Tbk's Beneish M-Score compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, PT MNC Sky Vision Tbk ranks #50 out of 978 companies for Beneish M-Score. This places PT MNC Sky Vision Tbk in the top 5% 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 MNC Sky Vision Tbk and its competitors. PT MNC Sky Vision Tbk's current Beneish M-Score is -4.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT MNC Sky Vision Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT MNC Sky Vision Tbk (ISX:MSKY) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp43.89, compared to a current price of Rp58.00 — trading 32.1% above its estimated fair value. The current Beneish M-Score is -4.69. PT MNC Sky Vision Tbk's overall GF Score™ is 54/100 with 4 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 MNC Sky Vision Tbk (ISX:MSKY), the current Beneish M-Score is -4.69 as of Jul. 06, 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 MNC Sky Vision Tbk (ISX:MSKY) Overvalued in 2026?

Based on GuruFocus' analysis, PT MNC Sky Vision Tbk stock appears to be overvalued. The current stock price of Rp58.00 is trading 32.1% above its estimated GF Value™ of Rp43.89. GuruFocus considers PT MNC Sky Vision Tbk to be Significantly Overvalued.

Key valuation signals for ISX:MSKY:

  • Beneish M-Score: -4.69
  • GF Value™: Rp43.89 vs. price of Rp58.00 (32.1% above fair value)
  • GF Score™: 54/100 with 4 warning signs

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


PT MNC Sky Vision Tbk Business Description

Address Jalan Raya Panjang Z/III, Green Garden, Jakarta Barat, Jakarta, IDN, 11520
PT MNC Sky Vision Tbk operates a subscription-based broadcasting service. It is engaged in the retransmission and marketing of several international television programs through satellites . It distributes its service throughout Indonesia. Its segment comprises MNC Vision and Others. The firm's product offerings include Vision Family, Vision Starter, and Vision Lite.
54GF Score

Get the complete analysis for ISX:MSKY

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

Rp58.00
Price
Rp43.89
GF Value