WAG Payment Solutions (LSE:EWG) Beneish M-Score: -2.99 (As of Jun. 26, 2026)


LSE:EWG WAG Payment Solutions PLC LSE:EWG
58 GF Score
Price £1.02
GF Value £0.52
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is WAG Payment Solutions Beneish M-Score?

WAG Payment Solutions LSE:EWG -0.78% 58 Beneish M-Score is -2.99 as of Jun. 26, 2026. GuruFocus rates LSE:EWG with a GF Score™ of 58/100 and a GF Value™ of £0.52 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,634 Software companies, WAG Payment Solutions ranks better than 76.08% 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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:EWG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06   Med: -2.89   Max: -2.17
Current: -2.99

During the past 8 years, the highest Beneish M-Score of WAG Payment Solutions was -2.17. The lowest was -3.06. And the median was -2.89.

WAG Payment Solutions Beneish M-Score Historical Data

* Premium members only.

The historical data trend for WAG Payment Solutions'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.

WAG Payment Solutions Beneish M-Score Chart

WAG Payment Solutions Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.17 -2.17 -2.82 -2.95 -2.99

WAG Payment Solutions Semi-Annual Data
Dec18 Dec19 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 Premium Member Only Premium Member Only -2.82 0.00 -2.95 0.00 -2.99

LSE:EWG vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, WAG Payment Solutions'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.

WAG Payment Solutions Beneish M-Score vs Software Industry

For the Software industry and Technology sector, WAG Payment Solutions's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where WAG Payment Solutions's Beneish M-Score falls into.


LSE:EWG
58GF Score
WAG Payment Solutions PLC LSE:EWG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

WAG Payment Solutions 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 WAG Payment Solutions 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 * 1.0694+0.528 * 0.9146+0.404 * 0.9896+0.892 * 1.0899+0.115 * 1.0229
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.12807-0.327 * 1.025
=-2.99

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was £273 Mil.
Revenue was £2,019 Mil.
Gross Profit was £289 Mil.
Total Current Assets was £440 Mil.
Total Assets was £980 Mil.
Property, Plant and Equipment(Net PPE) was £68 Mil.
Depreciation, Depletion and Amortization(DDA) was £57 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £520 Mil.
Long-Term Debt & Capital Lease Obligation was £215 Mil.
Net Income was £2 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £127 Mil.
 Total Receivables was £234 Mil.
Revenue was £1,852 Mil.
Gross Profit was £242 Mil.
Total Current Assets was £412 Mil.
Total Assets was £925 Mil.
Property, Plant and Equipment(Net PPE) was £62 Mil.
Depreciation, Depletion and Amortization(DDA) was £54 Mil.
Selling, General, & Admin. Expense(SGA) was £0 Mil.
Total Current Liabilities was £443 Mil.
Long-Term Debt & Capital Lease Obligation was £233 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)
=(273.13 / 2019.122) / (234.321 / 1852.491)
=0.135272 / 0.12649
=1.0694

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)
=(242.301 / 1852.491) / (288.743 / 2019.122)
=0.130797 / 0.143004
=0.9146

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 - (439.566 + 68.018) / 980.205) / (1 - (411.938 + 62.383) / 925.004)
=0.482165 / 0.487223
=0.9896

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
=2019.122 / 1852.491
=1.0899

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))
=(54.228 / (54.228 + 62.383)) / (56.695 / (56.695 + 68.018))
=0.465033 / 0.454604
=1.0229

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)
=(0 / 2019.122) / (0 / 1852.491)
=0 / 0
=1

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)
=((214.687 + 519.791) / 980.205) / ((233.413 + 442.83) / 925.004)
=0.749311 / 0.73107
=1.025

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
=(1.794 - 0 - 127.329) / 980.205
=-0.12807

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.

WAG Payment Solutions has a M-score of -2.99 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 -2.99 mean?
WAG Payment Solutions (LSE:EWG) has a Beneish M-Score of -2.99 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WAG Payment Solutions and its competitors. According to the industry distribution chart, WAG Payment Solutions ranks #630 out of 2634 companies in the Software industry, placing it in the top 23.9%.
Is WAG Payment Solutions' Beneish M-Score too high?
WAG Payment Solutions' current Beneish M-Score is -2.99. Based on the distribution chart, WAG Payment Solutions ranks #630 out of 2634 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, WAG Payment Solutions has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does WAG Payment Solutions' Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, WAG Payment Solutions ranks #630 out of 2634 companies for Beneish M-Score. This places WAG Payment Solutions in the top 24% 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 Software company?
A good Beneish M-Score depends on the Software 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 WAG Payment Solutions and its competitors. WAG Payment Solutions's current Beneish M-Score is -2.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is WAG Payment Solutions stock overvalued right now?
Based on GuruFocus' analysis, WAG Payment Solutions (LSE:EWG) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.52, compared to a current price of £1.02 — trading 95.4% above its estimated fair value. The current Beneish M-Score is -2.99. WAG Payment Solutions' overall GF Score™ is 58/100 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 WAG Payment Solutions (LSE:EWG), the current Beneish M-Score is -2.99 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 WAG Payment Solutions (LSE:EWG) Overvalued in 2026?

Based on GuruFocus' analysis, WAG Payment Solutions stock appears to be overvalued. The current stock price of £1.02 is trading 95.4% above its estimated GF Value™ of £0.52. GuruFocus considers WAG Payment Solutions to be Significantly Overvalued.

Key valuation signals for LSE:EWG:

  • Beneish M-Score: -2.99
  • GF Value™: £0.52 vs. price of £1.02 (95.4% above fair value)
  • GF Score™: 58/100 with 4 warning signs

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

WAG Payment Solutions Business Description

Address 1 Albemarle Street, Third Floor (East), Albemarle House, London, GBR, W1S 4HA
WAG Payment Solutions PLC operates as a pan-European payments and mobility platform focused on the commercial road transport sector. Its offerings include payment solutions and services designed to support operations in the transport industry. The company is organised into two operating segments: Payment solutions and Mobility solutions. Payment solutions represent the company's revenues, which are based on recurring and frequent transactional payments. The segment includes Energy and Toll payments. Mobility solutions represent a number of services, which are either subscription based or subsequently sold to customers using Payment solutions products. The majority of revenue is derived from the Payment solutions segment. Geographically, it generates the maximum revenue from Poland.
58GF Score

Get the complete analysis for LSE:EWG

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

£1.02
Price
£0.52
GF Value