Aforti Holding (WAR:AFH) Beneish M-Score: -2.78 (As of Jun. 25, 2026)

What is Aforti Holding Beneish M-Score?

Aforti Holding WAR:AFH 8 Beneish M-Score is -2.78 as of Jun. 25, 2026. GuruFocus rates WAR:AFH with a GF Score™ of 8/100 and a GF Value™ of zł7.67. The stock has 8 warning signs investors should review.

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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:AFH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76 Med: -0.97 Max: 1.36
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Aforti Holding was 1.36. The lowest was -3.76. And the median was -0.97.

Aforti Holding Beneish M-Score Related Terms

Aforti Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aforti Holding'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.

Aforti Holding Beneish M-Score Chart

Aforti Holding Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-1.10

-2.49

-3.66

0.00

-2.78

Aforti Holding Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	-2.78	0.00

WAR:AFH vs CTAS, GPN, ARMK: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Aforti Holding'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.

Aforti Holding Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Aforti Holding's Beneish M-Score distribution charts can be found below:

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

Save Embed

8GF Score

Aforti Holding SA WAR:AFH

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

View Full Analysis

Aforti Holding 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 Aforti Holding 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 * 1.3918

0.528 * 0.7172

0.404 * 1.0775

0.892 * 0.5033

0.115 * 1.7943

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.026316

0.327 * 1.2044

-2.78

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was zł26.1 Mil.
Revenue was zł252.6 Mil.
Gross Profit was zł10.5 Mil.
Total Current Assets was zł29.3 Mil.
Total Assets was zł103.5 Mil.
Property, Plant and Equipment(Net PPE) was zł0.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.3 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł183.1 Mil.
Long-Term Debt & Capital Lease Obligation was zł136.9 Mil.
Net Income was zł-1.5 Mil.
Gross Profit was zł0.0 Mil.
Cash Flow from Operations was zł1.2 Mil.

Total Receivables was zł37.2 Mil.
Revenue was zł501.9 Mil.
Gross Profit was zł15.0 Mil.
Total Current Assets was zł40.6 Mil.
Total Assets was zł121.2 Mil.
Property, Plant and Equipment(Net PPE) was zł1.0 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.7 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł171.6 Mil.
Long-Term Debt & Capital Lease Obligation was zł139.6 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)
	=	(26.068 / 252.602)	/	(37.211 / 501.866)
	=	0.103198	/	0.074145
	=	1.3918

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)
	=	(15.026 / 501.866)	/	(10.545 / 252.602)
	=	0.02994	/	0.041746
	=	0.7172

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 - (29.308 + 0.858) / 103.473)	/	(1 - (40.553 + 0.967) / 121.22)
	=	0.708465	/	0.657482
	=	1.0775

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
	=	252.602	/	501.866
	=	0.5033

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))
	=	(0.675 / (0.675 + 0.967))	/	(0.255 / (0.255 + 0.858))
	=	0.411084	/	0.229111
	=	1.7943

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 / 252.602)	/	(0 / 501.866)
	=	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)
	=	((136.857 + 183.068) / 103.473)	/	((139.619 + 171.582) / 121.22)
	=	3.091869	/	2.567241
	=	1.2044

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
	=	(-1.54 - 0	-	1.183)	/	103.473
	=	-0.026316

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.

Aforti Holding has a M-score of -2.78 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 -2.78 mean?

Aforti Holding (WAR:AFH) has a Beneish M-Score of -2.78 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aforti Holding and its competitors.

Is Aforti Holding's Beneish M-Score too high?

Aforti Holding's current Beneish M-Score is -2.78. Overall, Aforti Holding has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.

How does Aforti Holding's Beneish M-Score compare to CTAS and GPN?

Aforti Holding's Beneish M-Score of -2.78 can be compared against companies in the Business Services 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 Business Services company?

A good Beneish M-Score depends on the Business Services 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 Aforti Holding and its competitors. Aforti Holding's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Aforti Holding stock overvalued right now?

Aforti Holding (WAR:AFH) has a current Beneish M-Score of -2.78. The stock's GF Value™ is zł7.67, compared to a current price of zł2.50 — trading 67.4% below its estimated fair value. The current Beneish M-Score is -2.78. Aforti Holding's overall GF Score™ is 8/100 with 8 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 Aforti Holding (WAR:AFH), the current Beneish M-Score is -2.78 as of Jun. 25, 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 Aforti Holding (WAR:AFH) Overvalued in 2026?

Based on GuruFocus' analysis, Aforti Holding stock appears to be undervalued. The current stock price of zł2.50 is trading 67.4% below its estimated GF Value™ of zł7.67.

Key valuation signals for WAR:AFH:

Beneish M-Score: -2.78
GF Value™: zł7.67 vs. price of zł2.50 (67.4% below fair value)
GF Score™: 8/100 with 8 warning signs

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

Aforti Holding Business Description

Industry Industrials Business Services

Comparable Companies WAR:MMC WAR:MDN WAR:PLM WAR:DNS WAR:LCN WAR:MTE WAR:ABK WAR:DOW WAR:LPS WAR:ARI TSX:TRI CTAS GPN XAMS:WKL XPAR:TEP LSE:RTO ASX:BXB XPAR:SW LSE:ITRK ARMK

Address ulica Chalubinskiego 8, Warszawa, POL, 00-613

Website https://www.aforti.pl

Aforti Holding SA is a financial group that offers services in private and corporate finance. The company addresses the needs of Entrepreneurs as well as companies of the SME sector by offering a wide range of financial services that support business development, such as financing the company operations, online foreign exchange, management of liabilities, or factoring. It operates in Warsaw, Szczecin, Poznan, Cracow, Rzeszow, Rybnik, and Katowice.

8GF Score

Get the complete analysis for WAR:AFH

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

zł2.50

Price

zł7.67

GF Value

View WAR:AFH Analysis

See Beneish M-Score data for all stocks →