PIFFY (PT Indofood CBP Sukses Makmur Tbk) Beneish M-Score: -2.52 (As of Jun. 26, 2026)

What is PT Indofood CBP Sukses Makmur Tbk Beneish M-Score?

PT Indofood CBP Sukses Makmur Tbk PIFFY 70 Beneish M-Score is -2.52 as of Jun. 26, 2026. GuruFocus rates PIFFY with a GF Score™ of 70/100 and a GF Value™ of $13.46 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 1,849 Consumer Packaged Goods companies, PT Indofood CBP Sukses Makmur Tbk ranks worse than 50.46% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Indofood CBP Sukses Makmur Tbk's Beneish M-Score or its related term are showing as below:

PIFFY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.51 Max: -2.02
Current: -2.52

During the past 13 years, the highest Beneish M-Score of PT Indofood CBP Sukses Makmur Tbk was -2.02. The lowest was -2.85. And the median was -2.51.

PT Indofood CBP Sukses Makmur Tbk Beneish M-Score Related Terms

PT Indofood CBP Sukses Makmur Tbk Beneish M-Score Historical Data

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The historical data trend for PT Indofood CBP Sukses Makmur 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 Indofood CBP Sukses Makmur Tbk Beneish M-Score Chart

PT Indofood CBP Sukses Makmur Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.47

-2.53

-2.69

-2.56

-2.39

PT Indofood CBP Sukses Makmur 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															-2.54	-2.39	-2.53	-2.39	-2.52

PIFFY vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, PT Indofood CBP Sukses Makmur 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 Indofood CBP Sukses Makmur Tbk Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Indofood CBP Sukses Makmur Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Indofood CBP Sukses Makmur Tbk's Beneish M-Score falls into.

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PT Indofood CBP Sukses Makmur Tbk PIFFY

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

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PT Indofood CBP Sukses Makmur 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 Indofood CBP Sukses Makmur 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 * 1.0035

0.528 * 1.047

0.404 * 0.9552

0.892 * 1.011

0.115 * 1.1267

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9588

4.679 * -0.025517

0.327 * 0.9678

-2.55

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $723 Mil.
Revenue was 1282.725 + 1112.348 + 1130.703 + 1067.814 = $4,594 Mil.
Gross Profit was 445.941 + 386.415 + 410.827 + 357.358 = $1,601 Mil.
Total Current Assets was $3,244 Mil.
Total Assets was $8,279 Mil.
Property, Plant and Equipment(Net PPE) was $933 Mil.
Depreciation, Depletion and Amortization(DDA) was $22 Mil.
Selling, General, & Admin. Expense(SGA) was $471 Mil.
Total Current Liabilities was $768 Mil.
Long-Term Debt & Capital Lease Obligation was $2,783 Mil.
Net Income was 152.038 + 126.693 + 95.232 + 176.553 = $551 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 127.459 + 295.599 + 140.643 + 198.065 = $762 Mil.

Total Receivables was $713 Mil.
Revenue was 1225.705 + 1067.047 + 1207.221 + 1043.761 = $4,544 Mil.
Gross Profit was 442.921 + 389.706 + 434.082 + 390.9 = $1,658 Mil.
Total Current Assets was $2,970 Mil.
Total Assets was $7,938 Mil.
Property, Plant and Equipment(Net PPE) was $851 Mil.
Depreciation, Depletion and Amortization(DDA) was $22 Mil.
Selling, General, & Admin. Expense(SGA) was $486 Mil.
Total Current Liabilities was $716 Mil.
Long-Term Debt & Capital Lease Obligation was $2,802 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)
	=	(723.336 / 4593.59)	/	(713.001 / 4543.734)
	=	0.157466	/	0.15692
	=	1.0035

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)
	=	(1657.609 / 4543.734)	/	(1600.541 / 4593.59)
	=	0.364812	/	0.348429
	=	1.047

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 - (3243.798 + 933.339) / 8278.696)	/	(1 - (2969.63 + 851.355) / 7938.12)
	=	0.495435	/	0.518654
	=	0.9552

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
	=	4593.59	/	4543.734
	=	1.011

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))
	=	(22.192 / (22.192 + 851.355))	/	(21.529 / (21.529 + 933.339))
	=	0.025404	/	0.022547
	=	1.1267

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)
	=	(471.003 / 4593.59)	/	(485.896 / 4543.734)
	=	0.102535	/	0.106938
	=	0.9588

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)
	=	((2782.62 + 767.979) / 8278.696)	/	((2801.631 + 716.059) / 7938.12)
	=	0.428884	/	0.443139
	=	0.9678

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
	=	(550.516 - 0	-	761.766)	/	8278.696
	=	-0.025517

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 Indofood CBP Sukses Makmur Tbk has a M-score of -2.55 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 -2.52 mean?

PT Indofood CBP Sukses Makmur Tbk (PIFFY) has a Beneish M-Score of -2.52 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Indofood CBP Sukses Makmur Tbk and its competitors. According to the industry distribution chart, PT Indofood CBP Sukses Makmur Tbk ranks #933 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 50.5%.

Is PT Indofood CBP Sukses Makmur Tbk's Beneish M-Score too high?

PT Indofood CBP Sukses Makmur Tbk's current Beneish M-Score is -2.52. Based on the distribution chart, PT Indofood CBP Sukses Makmur Tbk ranks #933 out of 1849 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, PT Indofood CBP Sukses Makmur Tbk has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Indofood CBP Sukses Makmur Tbk's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, PT Indofood CBP Sukses Makmur Tbk ranks #933 out of 1849 companies for Beneish M-Score. This places PT Indofood CBP Sukses Makmur 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Indofood CBP Sukses Makmur Tbk and its competitors. PT Indofood CBP Sukses Makmur Tbk's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Indofood CBP Sukses Makmur Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Indofood CBP Sukses Makmur Tbk (PIFFY) is currently considered Significantly Undervalued. The stock's GF Value™ is $13.46, compared to a current price of $7.41 — trading 44.9% below its estimated fair value. The current Beneish M-Score is -2.52. PT Indofood CBP Sukses Makmur Tbk's overall GF Score™ is 70/100 with 1 warning sign 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 Indofood CBP Sukses Makmur Tbk (PIFFY), the current Beneish M-Score is -2.52 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 Indofood CBP Sukses Makmur Tbk (PIFFY) Overvalued in 2026?

Based on GuruFocus' analysis, PT Indofood CBP Sukses Makmur Tbk stock appears to be undervalued. The current stock price of $7.41 is trading 44.9% below its estimated GF Value™ of $13.46. GuruFocus considers PT Indofood CBP Sukses Makmur Tbk to be Significantly Undervalued.

Key valuation signals for PIFFY:

Beneish M-Score: -2.52
GF Value™: $13.46 vs. price of $7.41 (44.9% below fair value)
GF Score™: 70/100 with 1 warning sign

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

PT Indofood CBP Sukses Makmur Tbk Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies ISX:INDF ISX:MYOR ISX:CMRY ISX:STTP ISX:GOOD ISX:SIDO ISX:SIMP ISX:DMND ISX:TBLA ISX:KEJU XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS

Other Exchanges PNDFF:USA IICD:Singapore ICBP:Indonesia 48I:Germany

Address Jalan Jenderal Sudirman, Kav. 76 - 78, Sudirman Plaza, Indofood Tower, 23rd Floor, Jakarta, IDN, 12910

Website https://www.indofoodcbp.com

PT Indofood CBP Sukses Makmur Tbk operates in the consumer-branded products sector, offering products like noodles, milk, butter, biscuits, chips, chili sauce, syrups, ready-to-drink tea, condiments, etc. These are marketed under various brands such as Indomie, Supermi, Indomilk, Cap Enaak, Chitato, Sambal Indofood, Bumbu Racik, Govit, Sun, Ichi Ocha, Club, and others. The Group also operates a packaging business that produces flexible and corrugated packaging for its products. It classifies its business into the following divisions: Noodles, which generates maximum revenue, Dairy (dairy products), Food Seasonings, Snack Foods, Nutrition and Special Foods, and Beverages. Geographically, the Group derives maximum revenue from Indonesia, and the rest from Asia and Africa, and other regions.

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$7.41

Price

$13.46

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