PT Tirta Mahakam Resources Tbk (ISX:TIRT) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


ISX:TIRT PT Tirta Mahakam Resources Tbk ISX:TIRT
11 GF Score
Price Rp675.00
! 4 Warning Signs
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What is PT Tirta Mahakam Resources Tbk Beneish M-Score?

PT Tirta Mahakam Resources Tbk ISX:TIRT +5.47% 11 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates ISX:TIRT with a GF Score™ of 11/100. The stock has 4 warning signs investors should review. Among 273 Forest Products companies, PT Tirta Mahakam Resources Tbk ranks worse than 366300% 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.

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

During the past 13 years, the highest Beneish M-Score of PT Tirta Mahakam Resources Tbk was 103.44. The lowest was -125.55. And the median was -2.73.

PT Tirta Mahakam Resources Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Tirta Mahakam Resources 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 Tirta Mahakam Resources Tbk Beneish M-Score Chart

PT Tirta Mahakam Resources 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 -5.70 103.44 -13.19 0.00 0.00

PT Tirta Mahakam Resources 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 0.00 -125.55 0.00 0.00 0.00

ISX:TIRT vs SSD, UFPI, BCC: Beneish M-Score Comparison

For the Lumber & Wood Production subindustry, PT Tirta Mahakam Resources 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 Tirta Mahakam Resources Tbk Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, PT Tirta Mahakam Resources Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Tirta Mahakam Resources Tbk's Beneish M-Score falls into.


ISX:TIRT
11GF Score
PT Tirta Mahakam Resources Tbk ISX:TIRT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Tirta Mahakam Resources 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 Tirta Mahakam Resources 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 Rp9,281 Mil.
Revenue was 26618.545 + 13632.264 + 0 + 33.059 = Rp40,284 Mil.
Gross Profit was 13385.013 + 21405.169 + -4327.388 + -10415.777 = Rp20,047 Mil.
Total Current Assets was Rp103,859 Mil.
Total Assets was Rp380,729 Mil.
Property, Plant and Equipment(Net PPE) was Rp274,509 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5 Mil.
Selling, General, & Admin. Expense(SGA) was Rp-485 Mil.
Total Current Liabilities was Rp4,171 Mil.
Long-Term Debt & Capital Lease Obligation was Rp977,173 Mil.
Net Income was 7458.679 + -8231.937 + -6681.024 + -20213.746 = Rp-27,668 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 5228.57 + -11079.54 + -4462.136 + -1750.679 = Rp-12,064 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 0 + -64.996 + 64.996 + 0 = Rp0 Mil.
Gross Profit was 0 + 18377.733 + -6773.368 + -5815.582 = Rp5,789 Mil.
Total Current Assets was Rp15,252 Mil.
Total Assets was Rp175,962 Mil.
Property, Plant and Equipment(Net PPE) was Rp158,339 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp-85 Mil.
Selling, General, & Admin. Expense(SGA) was Rp840 Mil.
Total Current Liabilities was Rp195 Mil.
Long-Term Debt & Capital Lease Obligation was Rp845,272 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)
=(9280.715 / 40283.868) / (0 / 0)
=0.230383 /
=

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)
=(5788.783 / 0) / (20047.017 / 40283.868)
= / 0.497644
=

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 - (103859.371 + 274508.83) / 380728.805) / (1 - (15251.622 + 158338.905) / 175961.841)
=0.0062 / 0.013476
=

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
=40283.868 / 0
=

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))
=(-85.378 / (-85.378 + 158338.905)) / (5.097 / (5.097 + 274508.83))
=-0.00054 / 1.9E-5
=

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)
=(-484.872 / 40283.868) / (839.797 / 0)
=-0.012036 /
=

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)
=((977173.094 + 4171.093) / 380728.805) / ((845271.827 + 195.344) / 175961.841)
=2.577541 / 4.804832
=

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
=(-27668.028 - 0 - -12063.785) / 380728.805
=-0.040985

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT Tirta Mahakam Resources Tbk (ISX:TIRT) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Tirta Mahakam Resources Tbk and its competitors. According to the industry distribution chart, PT Tirta Mahakam Resources Tbk ranks #999999 out of 273 companies in the Forest Products industry.
Is PT Tirta Mahakam Resources Tbk's Beneish M-Score too high?
PT Tirta Mahakam Resources Tbk's current Beneish M-Score is 0.00. Based on the distribution chart, PT Tirta Mahakam Resources Tbk ranks #999999 out of 273 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, PT Tirta Mahakam Resources Tbk has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does PT Tirta Mahakam Resources Tbk's Beneish M-Score compare to SSD and UFPI?
According to the Forest Products industry distribution chart, PT Tirta Mahakam Resources Tbk ranks #999999 out of 273 companies for Beneish M-Score. This places PT Tirta Mahakam Resources 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Tirta Mahakam Resources Tbk and its competitors. PT Tirta Mahakam Resources Tbk's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Tirta Mahakam Resources Tbk stock overvalued right now?
PT Tirta Mahakam Resources Tbk (ISX:TIRT) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. PT Tirta Mahakam Resources Tbk's overall GF Score™ is 11/100 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 Tirta Mahakam Resources Tbk (ISX:TIRT), the current Beneish M-Score is 0.00 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.

PT Tirta Mahakam Resources Tbk Business Description

Address Jalan Letjen Soepeno No. 34, Arteri Permata Hijau, Gapura Prima Office Tower (The Bellezza) 20th Floor, Jakarta Selatan, Jakarta, IDN, 12210
PT Tirta Mahakam Resources Tbk is engaged in the plywood processing industry, producing various types of plywood products. The company's main products are Floorbase, General Plywood, Concrete Panel, Structure Panel, Barecore, Blockboard, Polyester Plywood, and Polyester Blockboard. It has only one reportable segment, which is plywood industry segment.
11GF Score

Get the complete analysis for ISX:TIRT

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

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