PlaySide Studios (ASX:PLY) Beneish M-Score: -2.88 (As of Jun. 24, 2026)


ASX:PLY PlaySide Studios Ltd ASX:PLY
38 GF Score
Price A$0.12
GF Value A$0.45
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is PlaySide Studios Beneish M-Score?

PlaySide Studios ASX:PLY +4.35% 38 Beneish M-Score is -2.88 as of Jun. 24, 2026. GuruFocus rates ASX:PLY with a GF Score™ of 38/100 and a GF Value™ of A$0.45 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 532 Interactive Media companies, PlaySide Studios ranks better than 62.97% 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:PLY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88   Med: -2.56   Max: -0.85
Current: -2.88

During the past 6 years, the highest Beneish M-Score of PlaySide Studios was -0.85. The lowest was -2.88. And the median was -2.56.

PlaySide Studios Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PlaySide Studios'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.

PlaySide Studios Beneish M-Score Chart

PlaySide Studios Annual Data
Trend Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -0.85 -2.85 -2.27 -2.88

PlaySide Studios Semi-Annual Data
Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.27 0.00 -2.88 0.00

ASX:PLY vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, PlaySide Studios'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.

PlaySide Studios Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, PlaySide Studios's Beneish M-Score distribution charts can be found below:

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


ASX:PLY
38GF Score
PlaySide Studios Ltd ASX:PLY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PlaySide Studios 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 PlaySide Studios 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 * 1.1822+0.528 * 1+0.404 * 1.9988+0.892 * 0.7534+0.115 * 0.8806
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5756+4.679 * -0.130426-0.327 * 1.0758
=-2.88

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$6.69 Mil.
Revenue was A$48.70 Mil.
Gross Profit was A$48.70 Mil.
Total Current Assets was A$22.90 Mil.
Total Assets was A$55.43 Mil.
Property, Plant and Equipment(Net PPE) was A$3.27 Mil.
Depreciation, Depletion and Amortization(DDA) was A$6.51 Mil.
Selling, General, & Admin. Expense(SGA) was A$49.87 Mil.
Total Current Liabilities was A$13.28 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.23 Mil.
Net Income was A$-12.11 Mil.
Gross Profit was A$2.46 Mil.
Cash Flow from Operations was A$-7.33 Mil.
 Total Receivables was A$7.51 Mil.
Revenue was A$64.64 Mil.
Gross Profit was A$64.64 Mil.
Total Current Assets was A$46.74 Mil.
Total Assets was A$69.15 Mil.
Property, Plant and Equipment(Net PPE) was A$4.15 Mil.
Depreciation, Depletion and Amortization(DDA) was A$5.87 Mil.
Selling, General, & Admin. Expense(SGA) was A$42.02 Mil.
Total Current Liabilities was A$14.50 Mil.
Long-Term Debt & Capital Lease Obligation was A$1.17 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)
=(6.691 / 48.698) / (7.512 / 64.637)
=0.137398 / 0.116218
=1.1822

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)
=(64.637 / 64.637) / (48.698 / 48.698)
=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 - (22.903 + 3.272) / 55.426) / (1 - (46.743 + 4.146) / 69.146)
=0.527749 / 0.264036
=1.9988

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
=48.698 / 64.637
=0.7534

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))
=(5.868 / (5.868 + 4.146)) / (6.507 / (6.507 + 3.272))
=0.58598 / 0.665405
=0.8806

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)
=(49.874 / 48.698) / (42.015 / 64.637)
=1.024149 / 0.650015
=1.5756

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)
=((0.232 + 13.28) / 55.426) / ((1.172 + 14.497) / 69.146)
=0.243785 / 0.226607
=1.0758

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
=(-12.107 - 2.455 - -7.333) / 55.426
=-0.130426

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.

PlaySide Studios has a M-score of -2.88 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 -2.88 mean?
PlaySide Studios (ASX:PLY) has a Beneish M-Score of -2.88 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PlaySide Studios and its competitors. According to the industry distribution chart, PlaySide Studios ranks #197 out of 532 companies in the Interactive Media industry, placing it in the top 37%.
Is PlaySide Studios' Beneish M-Score too high?
PlaySide Studios' current Beneish M-Score is -2.88. Based on the distribution chart, PlaySide Studios ranks #197 out of 532 companies in the Interactive Media industry, which is above the industry midpoint. Overall, PlaySide Studios has a GF Score™ of 38/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does PlaySide Studios' Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, PlaySide Studios ranks #197 out of 532 companies for Beneish M-Score. This puts PlaySide Studios 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 an Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 PlaySide Studios and its competitors. PlaySide Studios's current Beneish M-Score is -2.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PlaySide Studios stock overvalued right now?
Based on GuruFocus' analysis, PlaySide Studios (ASX:PLY) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.45, compared to a current price of A$0.12 — trading 73.3% below its estimated fair value. The current Beneish M-Score is -2.88. PlaySide Studios' overall GF Score™ is 38/100 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 PlaySide Studios (ASX:PLY), the current Beneish M-Score is -2.88 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 PlaySide Studios (ASX:PLY) Overvalued in 2026?

Based on GuruFocus' analysis, PlaySide Studios stock appears to be undervalued. The current stock price of A$0.12 is trading 73.3% below its estimated GF Value™ of A$0.45. GuruFocus considers PlaySide Studios to be Possible Value Trap.

Key valuation signals for ASX:PLY:

  • Beneish M-Score: -2.88
  • GF Value™: A$0.45 vs. price of A$0.12 (73.3% below fair value)
  • GF Score™: 38/100 with 3 warning signs

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

PlaySide Studios Business Description

Other Exchanges QJ9:Germany
Address 75 Crockford Street, Level 1, Port Melbourne, Melbourne, VIC, AUS, 3207
PlaySide Studios Ltd is a video game developer in Australia. The company delivers games across four platforms: Mobile, Virtual Reality (VR), Augmented Reality (AR), and PC. Some of its games include Ghost Pop, Flush Force, Defend the Bits, Dumb Ways to Dash, and many others. The company has one reportable segment, the development and monetization of mobile, PC, and console video games.
38GF Score

Get the complete analysis for ASX:PLY

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

A$0.12
Price
A$0.45
GF Value