Pakistan Petroleum (KAR:PPL) Beneish M-Score: -2.04 (As of Jun. 24, 2026)

What is Pakistan Petroleum Beneish M-Score?

Pakistan Petroleum KAR:PPL +0.70% 78 Beneish M-Score is -2.04 as of Jun. 24, 2026. GuruFocus rates KAR:PPL with a GF Score™ of 78/100 and a GF Value™ of ₨80.24 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, Pakistan Petroleum ranks worse than 81.75% 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pakistan Petroleum's Beneish M-Score or its related term are showing as below:

KAR:PPL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2 Max: 4.51
Current: -2.04

During the past 13 years, the highest Beneish M-Score of Pakistan Petroleum was 4.51. The lowest was -3.47. And the median was -2.00.

Pakistan Petroleum Beneish M-Score Related Terms

Pakistan Petroleum Beneish M-Score Historical Data

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The historical data trend for Pakistan Petroleum'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.

Pakistan Petroleum Beneish M-Score Chart

Pakistan Petroleum Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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1.07

0.20

-1.58

-2.19

-1.98

Pakistan Petroleum 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															-2.51	-1.98	-1.82	-1.92	-2.04

KAR:PPL vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Pakistan Petroleum'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.

Pakistan Petroleum Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Pakistan Petroleum's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pakistan Petroleum's Beneish M-Score falls into.

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78GF Score

Pakistan Petroleum Ltd KAR:PPL

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

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Pakistan Petroleum 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 Pakistan Petroleum 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 * 1.1474

0.528 * 1.044

0.404 * 1.2947

0.892 * 0.9061

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0951

4.679 * 0.042846

0.327 * 0.8088

-2.04

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₨621,443 Mil.
Revenue was 61584.489 + 61752.853 + 57377.471 + 52416.013 = ₨233,131 Mil.
Gross Profit was 35344.586 + 36031.896 + 34539.613 + 31348.83 = ₨137,265 Mil.
Total Current Assets was ₨730,915 Mil.
Total Assets was ₨991,256 Mil.
Property, Plant and Equipment(Net PPE) was ₨153,836 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨0 Mil.
Selling, General, & Admin. Expense(SGA) was ₨2,756 Mil.
Total Current Liabilities was ₨165,760 Mil.
Long-Term Debt & Capital Lease Obligation was ₨1,183 Mil.
Net Income was 20608.001 + 20146.762 + 20036.662 + 18098.119 = ₨78,890 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 25778.746 + 25521.221 + 24097.756 + -38979.895 = ₨36,418 Mil.

Total Receivables was ₨597,699 Mil.
Revenue was 64485.604 + 61289.063 + 66786.349 + 64717.175 = ₨257,278 Mil.
Gross Profit was 40737.911 + 39594.385 + 40932.167 + 36878.826 = ₨158,143 Mil.
Total Current Assets was ₨747,401 Mil.
Total Assets was ₨966,667 Mil.
Property, Plant and Equipment(Net PPE) was ₨139,045 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨0 Mil.
Selling, General, & Admin. Expense(SGA) was ₨2,777 Mil.
Total Current Liabilities was ₨199,995 Mil.
Long-Term Debt & Capital Lease Obligation was ₨1,288 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)
	=	(621442.94 / 233130.826)	/	(597698.716 / 257278.191)
	=	2.66564	/	2.323161
	=	1.1474

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)
	=	(158143.289 / 257278.191)	/	(137264.925 / 233130.826)
	=	0.614678	/	0.588789
	=	1.044

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 - (730914.859 + 153835.742) / 991255.834)	/	(1 - (747400.839 + 139044.779) / 966667.427)
	=	0.107445	/	0.082988
	=	1.2947

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
	=	233130.826	/	257278.191
	=	0.9061

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 + 139044.779))	/	(0 / (0 + 153835.742))
	=	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)
	=	(2756.15 / 233130.826)	/	(2777.331 / 257278.191)
	=	0.011822	/	0.010795
	=	1.0951

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)
	=	((1182.781 + 165759.903) / 991255.834)	/	((1287.703 + 199995.06) / 966667.427)
	=	0.168415	/	0.208223
	=	0.8088

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
	=	(78889.544 - 0	-	36417.828)	/	991255.834
	=	0.042846

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.

Pakistan Petroleum has a M-score of -2.04 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 -2.04 mean?

Pakistan Petroleum (KAR:PPL) has a Beneish M-Score of -2.04 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pakistan Petroleum and its competitors. According to the industry distribution chart, Pakistan Petroleum ranks #672 out of 822 companies in the Oil & Gas industry, placing it in the top 81.8%.

Is Pakistan Petroleum's Beneish M-Score too high?

Pakistan Petroleum's current Beneish M-Score is -2.04. Based on the distribution chart, Pakistan Petroleum ranks #672 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Pakistan Petroleum has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Pakistan Petroleum's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, Pakistan Petroleum ranks #672 out of 822 companies for Beneish M-Score. This places Pakistan Petroleum 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 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 Pakistan Petroleum and its competitors. Pakistan Petroleum's current Beneish M-Score is -2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Pakistan Petroleum stock overvalued right now?

Based on GuruFocus' analysis, Pakistan Petroleum (KAR:PPL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨80.24, compared to a current price of ₨244.32 — trading 204.5% above its estimated fair value. The current Beneish M-Score is -2.04. Pakistan Petroleum's overall GF Score™ is 78/100 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 Pakistan Petroleum (KAR:PPL), the current Beneish M-Score is -2.04 as of Jun. 24, 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 Pakistan Petroleum (KAR:PPL) Overvalued in 2026?

Based on GuruFocus' analysis, Pakistan Petroleum stock appears to be overvalued. The current stock price of ₨244.32 is trading 204.5% above its estimated GF Value™ of ₨80.24. GuruFocus considers Pakistan Petroleum to be Significantly Overvalued.

Key valuation signals for KAR:PPL:

Beneish M-Score: -2.04
GF Value™: ₨80.24 vs. price of ₨244.32 (204.5% above fair value)
GF Score™: 78/100 with 4 warning signs

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

Pakistan Petroleum Business Description

Industry Energy Oil & Gas

Comparable Companies KAR:MARI KAR:POL KAR:OGDC HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL TSE:1605 OSL:AKRBP EXE ASX:STO TSX:TOU BKK:PTTEP PR

Address Dr. Ziauddin Ahmed Road, P.O. Box 3942, 4th Floor, PIDC House, Karachi, SD, PAK, 75530

Website https://www.ppl.com.pk

Pakistan Petroleum Ltd, or PPL along with its subsidiaries is engaged in conducting exploration, prospecting, development, and production of oil and natural gas resources. The company is organised into one operating segment i.e. exploration, development and production of oil, gas and barytes. It operates several producing fields across the country at Sui, Adhi, Kandhkot, Chachar, Mazarani, Adam, Adam West, Shadadpur and Shahdadpur West.

78GF Score

Get the complete analysis for KAR:PPL

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

₨244.32

Price

₨80.24

GF Value

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