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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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PetroChina Co's Beneish M-Score or its related term are showing as below:
SHSE:601857'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.59 Med: -2.84 Max: -1.69
Current: -2.41
During the past 13 years, the highest Beneish M-Score of PetroChina Co was -1.69. The lowest was -3.59. And the median was -2.84.
PetroChina Co Beneish M-Score Related Terms
PetroChina Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PetroChina Co'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.
SHSE:601857 vs XOM, CVX: Beneish M-Score Comparison
For the Oil & Gas Integrated subindustry, PetroChina Co'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.
PetroChina Co Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PetroChina Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PetroChina Co's Beneish M-Score falls into.
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 PetroChina Co 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 * 1.3121
+
0.528 * 1.0354
+
0.404 * 0.983
+
0.892 * 0.9894
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.4077
+
4.679 * -0.065591
-
0.327 * 1.0562
=
-2.41
* 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.
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.
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 + 1669203))
/
(0 / (0 + 1779739))
=
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
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
=
(158184 - 0
-
357486)
/
3038549
=
-0.065591
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.
PetroChina Co has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
PetroChina Co (SHSE:601857) has a Beneish M-Score of -2.41 as of Jul. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PetroChina Co and its competitors. According to the industry distribution chart, PetroChina Co ranks #547 out of 821 companies in the Oil & Gas industry, placing it in the top 66.6%.
Is PetroChina Co's Beneish M-Score too high?
PetroChina Co's current Beneish M-Score is -2.41. Based on the distribution chart, PetroChina Co ranks #547 out of 821 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, PetroChina Co has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PetroChina Co's Beneish M-Score compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, PetroChina Co ranks #547 out of 821 companies for Beneish M-Score. This places PetroChina Co 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 PetroChina Co and its competitors. PetroChina Co's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PetroChina Co stock overvalued right now?
Based on GuruFocus' analysis, PetroChina Co (SHSE:601857) is currently considered Modestly Overvalued. The stock's GF Value™ is ¥8.58, compared to a current price of ¥11.10 — trading 29.4% above its estimated fair value. The current Beneish M-Score is -2.41. PetroChina Co's overall GF Score™ is 61/100 with 2 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 PetroChina Co (SHSE:601857), the current Beneish M-Score is -2.41 as of Jul. 28, 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 PetroChina Co (SHSE:601857) Overvalued in 2026?
Based on GuruFocus' analysis, PetroChina Co stock appears to be overvalued.
The current stock price of ¥11.10 is trading 29.4% above its estimated GF Value™ of ¥8.58.
GuruFocus considers PetroChina Co to be Modestly Overvalued.
Key valuation signals for SHSE:601857:
Beneish M-Score: -2.41
GF Value™: ¥8.58 vs. price of ¥11.10 (29.4% above fair value)
No single metric tells the full story. See the SHSE:601857 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. In 2025, it produced more than 1.8 billion barrels of oil equivalent of oil and gas, and processed 1.4 billion barrels of crude oil. It also has more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina's revenue. State-owned China National Petroleum Corp is PetroChina's controlling shareholder with a stake of more than 82%.
61GF Score
Get the complete analysis for SHSE:601857
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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