PT Capitalinc Investment Tbk (ISX:MTFN) Beneish M-Score: -2.86 (As of Jun. 27, 2026)

What is PT Capitalinc Investment Tbk Beneish M-Score?

PT Capitalinc Investment Tbk ISX:MTFN -7.14% 52 Beneish M-Score is -2.86 as of Jun. 27, 2026. GuruFocus rates ISX:MTFN with a GF Score™ of 52/100 and a GF Value™ of Rp50.39 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 822 Oil & Gas companies, PT Capitalinc Investment Tbk ranks better than 64.36% 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MTFN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -2.76 Max: 60.37
Current: -2.86

During the past 13 years, the highest Beneish M-Score of PT Capitalinc Investment Tbk was 60.37. The lowest was -3.67. And the median was -2.76.

PT Capitalinc Investment Tbk Beneish M-Score Related Terms

PT Capitalinc Investment Tbk Beneish M-Score Historical Data

* Premium members only.

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

PT Capitalinc Investment Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.94

-3.00

-2.91

-3.67

-2.86

PT Capitalinc Investment Tbk Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-3.67	-3.65	-3.41	-3.50	-2.86

ISX:MTFN vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, PT Capitalinc Investment 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 Capitalinc Investment Tbk Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Capitalinc Investment Tbk's Beneish M-Score distribution charts can be found below:

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

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52GF Score

PT Capitalinc Investment Tbk ISX:MTFN

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

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PT Capitalinc Investment 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 Capitalinc Investment 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 * 0.8118

0.528 * 0.4224

0.404 * 1.4707

0.892 * 0.978

0.115 * 1.3895

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4858

4.679 * -0.033333

0.327 * 1.1429

-2.86

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was Rp343,476 Mil.
Revenue was 133712.437 + 125330.239 + 123378.09 + 137008.339 = Rp519,429 Mil.
Gross Profit was 10441.985 + 5355.711 + 9942.194 + 3227.46 = Rp28,967 Mil.
Total Current Assets was Rp362,150 Mil.
Total Assets was Rp382,932 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,394 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp408 Mil.
Selling, General, & Admin. Expense(SGA) was Rp14,165 Mil.
Total Current Liabilities was Rp714,394 Mil.
Long-Term Debt & Capital Lease Obligation was Rp147 Mil.
Net Income was -28403.7 + -3986.316 + 10637.477 + -9710.257 = Rp-31,463 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -16889.679 + 2238.441 + -1139.051 + -2908.39 = Rp-18,699 Mil.

Total Receivables was Rp432,598 Mil.
Revenue was 123377.46 + 140222.806 + 133216.322 + 134291.798 = Rp531,108 Mil.
Gross Profit was -594.435 + 2691.834 + 8786.76 + 1627.079 = Rp12,511 Mil.
Total Current Assets was Rp446,461 Mil.
Total Assets was Rp465,861 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,189 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,064 Mil.
Selling, General, & Admin. Expense(SGA) was Rp29,812 Mil.
Total Current Liabilities was Rp760,166 Mil.
Long-Term Debt & Capital Lease Obligation was Rp430 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)
	=	(343476.102 / 519429.105)	/	(432598.091 / 531108.386)
	=	0.661257	/	0.814519
	=	0.8118

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)
	=	(12511.238 / 531108.386)	/	(28967.35 / 519429.105)
	=	0.023557	/	0.055768
	=	0.4224

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 - (362149.587 + 2394.178) / 382932.149)	/	(1 - (446460.955 + 4189.133) / 465861.265)
	=	0.04802	/	0.032652
	=	1.4707

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
	=	519429.105	/	531108.386
	=	0.978

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))
	=	(1063.537 / (1063.537 + 4189.133))	/	(408.38 / (408.38 + 2394.178))
	=	0.202476	/	0.145717
	=	1.3895

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)
	=	(14164.7 / 519429.105)	/	(29811.912 / 531108.386)
	=	0.02727	/	0.056132
	=	0.4858

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)
	=	((146.624 + 714394.079) / 382932.149)	/	((430.459 + 760166.164) / 465861.265)
	=	1.865972	/	1.632668
	=	1.1429

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
	=	(-31462.796 - 0	-	-18698.679)	/	382932.149
	=	-0.033333

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 Capitalinc Investment Tbk has a M-score of -2.86 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 -2.86 mean?

PT Capitalinc Investment Tbk (ISX:MTFN) has a Beneish M-Score of -2.86 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Capitalinc Investment Tbk and its competitors. According to the industry distribution chart, PT Capitalinc Investment Tbk ranks #293 out of 822 companies in the Oil & Gas industry, placing it in the top 35.6%.

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

PT Capitalinc Investment Tbk's current Beneish M-Score is -2.86. Based on the distribution chart, PT Capitalinc Investment Tbk ranks #293 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, PT Capitalinc Investment Tbk has a GF Score™ of 52/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does PT Capitalinc Investment Tbk's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, PT Capitalinc Investment Tbk ranks #293 out of 822 companies for Beneish M-Score. This puts PT Capitalinc Investment Tbk in the upper 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 an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Capitalinc Investment Tbk and its competitors. PT Capitalinc Investment Tbk's current Beneish M-Score is -2.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Capitalinc Investment Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Capitalinc Investment Tbk (ISX:MTFN) is currently considered Possible Value Trap. The stock's GF Value™ is Rp50.39, compared to a current price of Rp13.00 — trading 74.2% below its estimated fair value. The current Beneish M-Score is -2.86. PT Capitalinc Investment Tbk's overall GF Score™ is 52/100 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 Capitalinc Investment Tbk (ISX:MTFN), the current Beneish M-Score is -2.86 as of Jun. 27, 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 Capitalinc Investment Tbk (ISX:MTFN) Overvalued in 2026?

Based on GuruFocus' analysis, PT Capitalinc Investment Tbk stock appears to be undervalued. The current stock price of Rp13.00 is trading 74.2% below its estimated GF Value™ of Rp50.39. GuruFocus considers PT Capitalinc Investment Tbk to be Possible Value Trap.

Key valuation signals for ISX:MTFN:

Beneish M-Score: -2.86
GF Value™: Rp50.39 vs. price of Rp13.00 (74.2% below fair value)
GF Score™: 52/100 with 6 warning signs

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

PT Capitalinc Investment Tbk Business Description

Industry Energy Oil & Gas

Comparable Companies ISX:APEX ISX:BOAT ISX:ATLA ISX:CGAS ISX:WOWS ISX:RGAS ISX:RUIS ISX:SICO ISX:MIRA ISX:LMAX HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL

Address Jalan Radio Dalam Raya No.2, Kebayoran baru, North Gandaria, Kebayoran Baru, Jakarta, IDN, 12140

Website http://www.capitalinc-investment.com

PT Capitalinc Investment Tbk is an Indonesian-based company engaged in financial services, which invests in mining and energy, focusing on oil and gas. The company's investment in the form of shares ownership in some subsidiaries and associates of the company usually held on oil and gas companies, from upstream and downstream. The group derives revenue mainly from the sales and services revenue from its subsidiaries. The group's operating segments are Business Investment segment and Oil and Gas segment. It generates the majority of the revenue from Oil & Gas segment.

52GF Score

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

Rp13.00

Price

Rp50.39

GF Value

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