AdatexWAR:ADX +10.24%48 Beneish M-Score is -2.19 as of Jun. 27, 2026. GuruFocus rates WAR:ADX with a GF Score™ of 48/100 and a GF Value™ of zł1.38 (Fairly Valued). The stock has 10 warning signs investors should review. Among 89 Homebuilding & Construction companies, Adatex ranks better than 51.69% 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Adatex's Beneish M-Score or its related term are showing as below:
WAR:ADX'
s Beneish M-Score Range Over the Past 10 Years
Min: -15.07 Med: -1.25 Max: 1897.79
Current: -2.19
During the past 13 years, the highest Beneish M-Score of Adatex was 1897.79. The lowest was -15.07. And the median was -1.25.
Adatex Beneish M-Score Related Terms
Adatex Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Adatex'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.
WAR:ADX vs DHI, PHM, LEN: Beneish M-Score Comparison
For the Residential Construction subindustry, Adatex'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.
Adatex Beneish M-Score vs Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Adatex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adatex'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 Adatex 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 * 0.626
+
0.528 * 0.9378
+
0.404 * 0.8625
+
0.892 * 1.0188
+
0.115 * 0.949
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * 0.156298
-
0.327 * 1.0573
=
-2.19
* 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))
=
(0.301 / (0.301 + 3.002))
/
(0.285 / (0.285 + 2.683))
=
0.091129
/
0.096024
=
0.949
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
=
(7.41 - 0
-
-30.875)
/
244.948
=
0.156298
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.
Adatex has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
Adatex (WAR:ADX) has a Beneish M-Score of -2.19 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Adatex and its competitors. According to the industry distribution chart, Adatex ranks #43 out of 89 companies in the Homebuilding & Construction industry, placing it in the top 48.3%.
Is Adatex's Beneish M-Score too high?
Adatex's current Beneish M-Score is -2.19. Based on the distribution chart, Adatex ranks #43 out of 89 companies in the Homebuilding & Construction industry, which is above the industry midpoint. Overall, Adatex has a GF Score™ of 48/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Adatex's Beneish M-Score compare to DHI and PHM?
According to the Homebuilding & Construction industry distribution chart, Adatex ranks #43 out of 89 companies for Beneish M-Score. This puts Adatex 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 a Homebuilding & Construction company?
A good Beneish M-Score depends on the Homebuilding & Construction 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 Adatex and its competitors. Adatex's current Beneish M-Score is -2.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Adatex stock overvalued right now?
Based on GuruFocus' analysis, Adatex (WAR:ADX) is currently considered Fairly Valued. The stock's GF Value™ is zł1.38, compared to a current price of zł1.40 — trading 1.4% above its estimated fair value. The current Beneish M-Score is -2.19. Adatex's overall GF Score™ is 48/100 with 10 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 Adatex (WAR:ADX), the current Beneish M-Score is -2.19 as of Jun. 27, 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 Adatex (WAR:ADX) Overvalued in 2026?
Based on GuruFocus' analysis, Adatex stock appears to be overvalued.
The current stock price of zł1.40 is trading 1.4% above its estimated GF Value™ of zł1.38.
GuruFocus considers Adatex to be Fairly Valued.
Key valuation signals for WAR:ADX:
Beneish M-Score: -2.19
GF Value™: zł1.38 vs. price of zł1.40 (1.4% above fair value)
No single metric tells the full story. See the WAR:ADX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
WAR:ADX has been successfully added to your 
