PBNNF (PT Bank Negara Indonesia (Persero) Tbk) Beneish M-Score: -2.72 (As of Jun. 25, 2026)


PBNNF PT Bank Negara Indonesia (Persero) Tbk PBNNF
80 GF Score
Price $0.20
GF Value $0.28
! 3 Warning Signs
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What is PT Bank Negara Indonesia (Persero) Tbk Beneish M-Score?

PT Bank Negara Indonesia (Persero) Tbk PBNNF 80 Beneish M-Score is -2.72 as of Jun. 25, 2026. GuruFocus rates PBNNF with a GF Score™ of 80/100 and a GF Value™ of $0.28. The stock has 3 warning signs investors should review. Among 1,396 Banks companies, PT Bank Negara Indonesia (Persero) Tbk ranks better than 87.32% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PBNNF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99   Med: -2.44   Max: -1.98
Current: -2.72

During the past 13 years, the highest Beneish M-Score of PT Bank Negara Indonesia (Persero) Tbk was -1.98. The lowest was -2.99. And the median was -2.44.

PBNNF
80GF Score
PT Bank Negara Indonesia (Persero) Tbk PBNNF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Negara 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 Bank Negara Indonesia (Persero) 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 * 1+0.528 * 1+0.404 * 1.0052+0.892 * 1.0124+0.115 * 0.9116
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9953+4.679 * -0.079392-0.327 * 0.736
=-2.76

* 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 $0 Mil.
Revenue was 894.832 + 968.268 + 882.02 + 833.233 = $3,578 Mil.
Gross Profit was 894.832 + 968.268 + 882.02 + 833.233 = $3,578 Mil.
Total Current Assets was $0 Mil.
Total Assets was $84,277 Mil.
Property, Plant and Equipment(Net PPE) was $1,815 Mil.
Depreciation, Depletion and Amortization(DDA) was $165 Mil.
Selling, General, & Admin. Expense(SGA) was $431 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,753 Mil.
Net Income was 334.375 + 294.818 + 304.158 + 289.014 = $1,222 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 2415.675 + 696.935 + 897.054 + 3903.615 = $7,913 Mil.
 Total Receivables was $0 Mil.
Revenue was 824.78 + 936.406 + 944.142 + 829.195 = $3,535 Mil.
Gross Profit was 824.78 + 936.406 + 944.142 + 829.195 = $3,535 Mil.
Total Current Assets was $0 Mil.
Total Assets was $69,622 Mil.
Property, Plant and Equipment(Net PPE) was $1,853 Mil.
Depreciation, Depletion and Amortization(DDA) was $152 Mil.
Selling, General, & Admin. Expense(SGA) was $428 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $4,213 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)
=(0 / 3578.353) / (0 / 3534.523)
=0 / 0
=1

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)
=(3534.523 / 3534.523) / (3578.353 / 3578.353)
=1 / 1
=1

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 - (0 + 1814.749) / 84277.104) / (1 - (0 + 1853.049) / 69621.906)
=0.978467 / 0.973384
=1.0052

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
=3578.353 / 3534.523
=1.0124

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))
=(152.306 / (152.306 + 1853.049)) / (164.938 / (164.938 + 1814.749))
=0.07595 / 0.083315
=0.9116

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)
=(430.914 / 3578.353) / (427.657 / 3534.523)
=0.120422 / 0.120994
=0.9953

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)
=((3753.159 + 0) / 84277.104) / ((4212.601 + 0) / 69621.906)
=0.044534 / 0.060507
=0.736

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
=(1222.365 - 0 - 7913.279) / 84277.104
=-0.079392

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 Bank Negara Indonesia (Persero) Tbk has a M-score of -2.76 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 -2.72 mean?
PT Bank Negara Indonesia (Persero) Tbk (PBNNF) has a Beneish M-Score of -2.72 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Negara Indonesia (Persero) Tbk and its competitors. According to the industry distribution chart, PT Bank Negara Indonesia (Persero) Tbk ranks #177 out of 1396 companies in the Banks industry, placing it in the top 12.7%.
Is PT Bank Negara Indonesia (Persero) Tbk's Beneish M-Score too high?
PT Bank Negara Indonesia (Persero) Tbk's current Beneish M-Score is -2.72. Based on the distribution chart, PT Bank Negara Indonesia (Persero) Tbk ranks #177 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Negara Indonesia (Persero) Tbk has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does PT Bank Negara Indonesia (Persero) Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Negara Indonesia (Persero) Tbk ranks #177 out of 1396 companies for Beneish M-Score. This places PT Bank Negara Indonesia (Persero) Tbk in the top 13% 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Bank Negara Indonesia (Persero) Tbk and its competitors. PT Bank Negara Indonesia (Persero) Tbk's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Negara Indonesia (Persero) Tbk stock overvalued right now?
PT Bank Negara Indonesia (Persero) Tbk (PBNNF) has a current Beneish M-Score of -2.72. The stock's GF Value™ is $0.28, compared to a current price of $0.20 — trading 27.8% below its estimated fair value. The current Beneish M-Score is -2.72. PT Bank Negara Indonesia (Persero) Tbk's overall GF Score™ is 80/100 with 3 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 Bank Negara Indonesia (Persero) Tbk (PBNNF), the current Beneish M-Score is -2.72 as of Jun. 25, 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 Bank Negara Indonesia (Persero) Tbk (PBNNF) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Negara Indonesia (Persero) Tbk stock appears to be undervalued. The current stock price of $0.20 is trading 27.8% below its estimated GF Value™ of $0.28.

Key valuation signals for PBNNF:

  • Beneish M-Score: -2.72
  • GF Value™: $0.28 vs. price of $0.20 (27.8% below fair value)
  • GF Score™: 80/100 with 3 warning signs

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

PT Bank Negara Indonesia (Persero) Tbk Business Description

Address Jalan Jenderal Sudirman Kavling 1, Gedung Grha BNI, Jakarta Pusat, Jakarta, IDN, 10220
PT Bank Negara Indonesia (Persero) Tbk is an Indonesian state-owned bank, with the government holding just over half of the bank's outstanding shares. Its main banking activities include deposit-taking, providing credit, issuing debt instruments, money transfer services, secondary market services, wholesale banking, custody banking, capital investment, and other services. Its segments include Wholesale & International Banking, Institutional Banking, Enterprises & Commercial Banking, Retail Banking and Treasury. The company generates the majority of its revenue from the Wholesale & International Banking segment which includes loans, customer deposits, and other transactions belonging to corporate customers, both BUMN and private business entities.
80GF Score

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

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Price
$0.28
GF Value