PT United Tractors Tbk (ISX:UNTR) Beneish M-Score: -2.67 (As of Jun. 27, 2026)

What is PT United Tractors Tbk Beneish M-Score?

PT United Tractors Tbk ISX:UNTR +0.44% 96 Beneish M-Score is -2.67 as of Jun. 27, 2026. GuruFocus rates ISX:UNTR with a GF Score™ of 96/100 and a GF Value™ of Rp23,947.57 (Fairly Valued). The stock has 4 warning signs investors should review. Among 685 Metals & Mining companies, PT United Tractors Tbk ranks better than 69.05% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:UNTR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44 Med: -2.67 Max: -2.05
Current: -2.67

During the past 13 years, the highest Beneish M-Score of PT United Tractors Tbk was -2.05. The lowest was -3.44. And the median was -2.67.

PT United Tractors Tbk Beneish M-Score Related Terms

PT United Tractors Tbk Beneish M-Score Historical Data

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The historical data trend for PT United Tractors 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 United Tractors Tbk Beneish M-Score Chart

PT United Tractors Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.88

-2.45

-2.44

-2.69

-2.77

PT United Tractors 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															-2.62	-2.39	-2.66	-2.77	-2.67

PT United Tractors Tbk Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, PT United Tractors 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 United Tractors Tbk Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PT United Tractors Tbk's Beneish M-Score distribution charts can be found below:

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

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96GF Score

PT United Tractors Tbk ISX:UNTR

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

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PT United Tractors 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 United Tractors 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 * 0.9866

0.528 * 1.0981

0.404 * 1.1138

0.892 * 0.9216

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3953

4.679 * -0.035939

0.327 * 0.9204

-2.67

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp21,488,417 Mil.
Revenue was 28554084 + 30835607 + 31939917 + 34264503 = Rp125,594,111 Mil.
Gross Profit was 4827805 + 7667001 + 7209095 + 7755283 = Rp27,459,184 Mil.
Total Current Assets was Rp66,236,531 Mil.
Total Assets was Rp182,480,938 Mil.
Property, Plant and Equipment(Net PPE) was Rp72,037,052 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp8,616,140 Mil.
Total Current Liabilities was Rp57,111,653 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,079,456 Mil.
Net Income was 642755 + 3335268 + 3345109 + 4942630 = Rp12,265,762 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -821647 + 8789492 + 6990983 + 3865128 = Rp18,823,956 Mil.

Total Receivables was Rp23,631,663 Mil.
Revenue was 34260783 + 34869051 + 35043483 + 32102143 = Rp136,275,460 Mil.
Gross Profit was 7072125 + 8115460 + 8847160 + 8682209 = Rp32,716,954 Mil.
Total Current Assets was Rp80,222,719 Mil.
Total Assets was Rp181,221,781 Mil.
Property, Plant and Equipment(Net PPE) was Rp61,581,817 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,700,454 Mil.
Total Current Liabilities was Rp52,281,094 Mil.
Long-Term Debt & Capital Lease Obligation was Rp15,902,522 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)
	=	(21488417 / 125594111)	/	(23631663 / 136275460)
	=	0.171094	/	0.173411
	=	0.9866

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)
	=	(32716954 / 136275460)	/	(27459184 / 125594111)
	=	0.24008	/	0.218634
	=	1.0981

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 - (66236531 + 72037052) / 182480938)	/	(1 - (80222719 + 61581817) / 181221781)
	=	0.242257	/	0.217508
	=	1.1138

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
	=	125594111	/	136275460
	=	0.9216

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))
	=	(0 / (0 + 61581817))	/	(0 / (0 + 72037052))
	=	0	/	0
	=	1

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)
	=	(8616140 / 125594111)	/	(6700454 / 136275460)
	=	0.068603	/	0.049168
	=	1.3953

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)
	=	((6079456 + 57111653) / 182480938)	/	((15902522 + 52281094) / 181221781)
	=	0.346289	/	0.376244
	=	0.9204

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
	=	(12265762 - 0	-	18823956)	/	182480938
	=	-0.035939

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 United Tractors Tbk has a M-score of -2.67 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 -2.67 mean?

PT United Tractors Tbk (ISX:UNTR) has a Beneish M-Score of -2.67 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT United Tractors Tbk and its competitors. According to the industry distribution chart, PT United Tractors Tbk ranks #212 out of 685 companies in the Metals & Mining industry, placing it in the top 30.9%.

Is PT United Tractors Tbk's Beneish M-Score too high?

PT United Tractors Tbk's current Beneish M-Score is -2.67. Based on the distribution chart, PT United Tractors Tbk ranks #212 out of 685 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, PT United Tractors Tbk has a GF Score™ of 96/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does PT United Tractors Tbk's Beneish M-Score compare to competitors?

According to the Metals & Mining industry distribution chart, PT United Tractors Tbk ranks #212 out of 685 companies for Beneish M-Score. This puts PT United Tractors 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 a Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining 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 United Tractors Tbk and its competitors. PT United Tractors Tbk's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT United Tractors Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT United Tractors Tbk (ISX:UNTR) is currently considered Fairly Valued. The stock's GF Value™ is Rp23,947.57, compared to a current price of Rp22,600.00 — trading 5.6% below its estimated fair value. The current Beneish M-Score is -2.67. PT United Tractors Tbk's overall GF Score™ is 96/100 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 United Tractors Tbk (ISX:UNTR), the current Beneish M-Score is -2.67 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 United Tractors Tbk (ISX:UNTR) Overvalued in 2026?

Based on GuruFocus' analysis, PT United Tractors Tbk stock appears to be undervalued. The current stock price of Rp22,600.00 is trading 5.6% below its estimated GF Value™ of Rp23,947.57. GuruFocus considers PT United Tractors Tbk to be Fairly Valued.

Key valuation signals for ISX:UNTR:

Beneish M-Score: -2.67
GF Value™: Rp23,947.57 vs. price of Rp22,600.00 (5.6% below fair value)
GF Score™: 96/100 with 4 warning signs

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

PT United Tractors Tbk Business Description

Industry Basic Materials Metals & Mining

Comparable Companies ISX:BRMS ISX:MDKA ISX:NCKL ISX:INCO ISX:PTRO ISX:TINS ISX:CITA ISX:NICL ISX:DKFT ISX:DAAZ ASX:BHP ASX:RIO LSE:RIO MEX:GMEXICOB LSE:GLEN BSP:VALE3 SAU:1211 LSE:AAL HKSE:03993 ASX:FMG

Other Exchanges PUTKY:USA PUTKF:USA UTY:Germany

Address Jalan Raya Bekasi Km. 22, Cakung, Jakarta Timur, Jakarta, IDN, 13910

Website https://www.unitedtractors.com

PT United Tractors Tbk is the sole distributor of Komatsu heavy equipment in Indonesia. The Company provides a range of complementary products such as Tadano cranes, Bomag vibratory rollers, Scania buses and trucks, and UD Trucks. Through its subsidiaries, the Company provides engineering and manufacturing services for heavy equipment components, engine reconditioning, and the sale and leasing of tractors, generators, mini excavators, forklifts, and commodity parts. The Group operates through segments including Construction Machinery (sales, rental, and after-sales services), Mining Contracting (which generates maximum revenue), Thermal and Metallurgical Coal, Gold, and Other Mineral Mining, as well as other segments focused on construction services, energy, and related activities.

96GF Score

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

Rp22,600.00

Price

Rp23,947.57

GF Value

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