PT Telkom Indonesia (Persero) Tbk (ISX:TLKM) Beneish M-Score: -3.38 (As of Jun. 26, 2026)

What is PT Telkom Indonesia (Persero) Tbk Beneish M-Score?

PT Telkom Indonesia (Persero) Tbk ISX:TLKM -0.80% 84 Beneish M-Score is -3.38 as of Jun. 26, 2026. GuruFocus rates ISX:TLKM with a GF Score™ of 84/100 and a GF Value™ of Rp3,136.74 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 355 Telecommunication Services companies, PT Telkom Indonesia (Persero) Tbk ranks better than 88.45% 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 -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Telkom Indonesia (Persero) Tbk's Beneish M-Score or its related term are showing as below:

ISX:TLKM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -3.22 Max: -2.67
Current: -3.38

During the past 13 years, the highest Beneish M-Score of PT Telkom Indonesia (Persero) Tbk was -2.67. The lowest was -3.63. And the median was -3.22.

PT Telkom Indonesia (Persero) Tbk Beneish M-Score Related Terms

PT Telkom Indonesia (Persero) Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Telkom Indonesia (Persero) 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 Telkom Indonesia (Persero) Tbk Beneish M-Score Chart

PT Telkom Indonesia (Persero) Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.25

-3.30

-2.87

-3.00

-3.30

PT Telkom Indonesia (Persero) 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															-3.08	-3.27	-3.22	-3.30	-3.38

ISX:TLKM vs TMUS, VZ, T: Beneish M-Score Comparison

For the Telecom Services subindustry, PT Telkom Indonesia (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 Telkom Indonesia (Persero) Tbk Beneish M-Score vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, PT Telkom Indonesia (Persero) Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Telkom Indonesia (Persero) Tbk's Beneish M-Score falls into.

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84GF Score

PT Telkom Indonesia (Persero) Tbk ISX:TLKM

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

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PT Telkom Indonesia (Persero) 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 Telkom Indonesia (Persero) 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 * 0.8121

0.528 * 1.0196

0.404 * 1.1544

0.892 * 0.9874

0.115 * 0.8566

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9581

4.679 * -0.163505

0.327 * 1.0437

-3.38

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp14,329,000 Mil.
Revenue was 37189000 + 37125000 + 36613000 + 36365000 = Rp147,292,000 Mil.
Gross Profit was 24274000 + 24818000 + 24623000 + 24082000 = Rp97,797,000 Mil.
Total Current Assets was Rp65,928,000 Mil.
Total Assets was Rp289,955,000 Mil.
Property, Plant and Equipment(Net PPE) was Rp182,477,000 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp37,974,000 Mil.
Selling, General, & Admin. Expense(SGA) was Rp24,608,000 Mil.
Total Current Liabilities was Rp71,609,000 Mil.
Long-Term Debt & Capital Lease Obligation was Rp42,009,000 Mil.
Net Income was 4344000 + 1702000 + 4809000 + 5426000 = Rp16,281,000 Mil.
Non Operating Income was -218000 + 90000 + -147000 + -391000 = Rp-666,000 Mil.
Cash Flow from Operations was 17290000 + 14237000 + 17032000 + 15797000 = Rp64,356,000 Mil.

Total Receivables was Rp17,870,000 Mil.
Revenue was 36639000 + 37748000 + 36927000 + 37863000 = Rp149,177,000 Mil.
Gross Profit was 24967000 + 24651000 + 24952000 + 26415000 = Rp100,985,000 Mil.
Total Current Assets was Rp63,479,000 Mil.
Total Assets was Rp299,546,000 Mil.
Property, Plant and Equipment(Net PPE) was Rp198,885,000 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp34,426,000 Mil.
Selling, General, & Admin. Expense(SGA) was Rp26,012,000 Mil.
Total Current Liabilities was Rp71,701,000 Mil.
Long-Term Debt & Capital Lease Obligation was Rp40,759,000 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)
	=	(14329000 / 147292000)	/	(17870000 / 149177000)
	=	0.097283	/	0.119791
	=	0.8121

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)
	=	(100985000 / 149177000)	/	(97797000 / 147292000)
	=	0.676948	/	0.663967
	=	1.0196

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 - (65928000 + 182477000) / 289955000)	/	(1 - (63479000 + 198885000) / 299546000)
	=	0.143298	/	0.124128
	=	1.1544

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
	=	147292000	/	149177000
	=	0.9874

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))
	=	(34426000 / (34426000 + 198885000))	/	(37974000 / (37974000 + 182477000))
	=	0.147554	/	0.172256
	=	0.8566

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)
	=	(24608000 / 147292000)	/	(26012000 / 149177000)
	=	0.167069	/	0.17437
	=	0.9581

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)
	=	((42009000 + 71609000) / 289955000)	/	((40759000 + 71701000) / 299546000)
	=	0.391847	/	0.375435
	=	1.0437

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
	=	(16281000 - -666000	-	64356000)	/	289955000
	=	-0.163505

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 Telkom Indonesia (Persero) Tbk has a M-score of -3.38 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 -3.38 mean?

PT Telkom Indonesia (Persero) Tbk (ISX:TLKM) has a Beneish M-Score of -3.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Telkom Indonesia (Persero) Tbk and its competitors. According to the industry distribution chart, PT Telkom Indonesia (Persero) Tbk ranks #41 out of 355 companies in the Telecommunication Services industry, placing it in the top 11.5%.

Is PT Telkom Indonesia (Persero) Tbk's Beneish M-Score too high?

PT Telkom Indonesia (Persero) Tbk's current Beneish M-Score is -3.38. Based on the distribution chart, PT Telkom Indonesia (Persero) Tbk ranks #41 out of 355 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, PT Telkom Indonesia (Persero) Tbk has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Telkom Indonesia (Persero) Tbk's Beneish M-Score compare to TMUS and VZ?

According to the Telecommunication Services industry distribution chart, PT Telkom Indonesia (Persero) Tbk ranks #41 out of 355 companies for Beneish M-Score. This places PT Telkom Indonesia (Persero) Tbk in the top 12% 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 Telecommunication Services company?

A good Beneish M-Score depends on the Telecommunication Services 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 Telkom Indonesia (Persero) Tbk and its competitors. PT Telkom Indonesia (Persero) Tbk's current Beneish M-Score is -3.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Telkom Indonesia (Persero) Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Telkom Indonesia (Persero) Tbk (ISX:TLKM) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp3,136.74, compared to a current price of Rp2,480.00 — trading 20.9% below its estimated fair value. The current Beneish M-Score is -3.38. PT Telkom Indonesia (Persero) Tbk's overall GF Score™ is 84/100 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 Telkom Indonesia (Persero) Tbk (ISX:TLKM), the current Beneish M-Score is -3.38 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 Telkom Indonesia (Persero) Tbk (ISX:TLKM) Overvalued in 2026?

Based on GuruFocus' analysis, PT Telkom Indonesia (Persero) Tbk stock appears to be undervalued. The current stock price of Rp2,480.00 is trading 20.9% below its estimated GF Value™ of Rp3,136.74. GuruFocus considers PT Telkom Indonesia (Persero) Tbk to be Modestly Undervalued.

Key valuation signals for ISX:TLKM:

Beneish M-Score: -3.38
GF Value™: Rp3,136.74 vs. price of Rp2,480.00 (20.9% below fair value)
GF Score™: 84/100 with 4 warning signs

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

PT Telkom Indonesia (Persero) Tbk Business Description

Industry Communication Services Telecommunication Services

Comparable Companies ISX:MORA ISX:DNET ISX:ISAT ISX:EXCL ISX:MTEL ISX:TBIG ISX:IBST ISX:INET ISX:BALI ISX:LINK TSE:9984 SHSE:600941 TMUS VZ T XTER:DTE NSE:BHARTIARTL CMCSA XZIM:ECO.ZW HKSE:00728

Other Exchanges TLKMF:USA TLK:USA TCID:Germany T1LK34:Brazil

Address Jalan Japati No. 1, West Java, Bandung, IDN, 40133

Website https://www.telkom.co.id

PT Telkom Indonesia (Persero) Tbk is the integrated telecommunications provider in Indonesia. It also provides a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services. It derives revenue from product lines: Mobile, Consumer, Enterprise, WIB, and Others. The firm has identified five reportable segments, namely B2C, B2B Infra, B2B ICT, International, and Others. The firm generates the majority of its revenue from the B2C segment.

84GF Score

Get the complete analysis for ISX:TLKM

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

Rp2,480.00

Price

Rp3,136.74

GF Value

View ISX:TLKM Analysis

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