Agencja Rozwoju Innowacji (WAR:ARI) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Agencja Rozwoju Innowacji Beneish M-Score?

Agencja Rozwoju Innowacji WAR:ARI +0.49% 35 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates WAR:ARI with a GF Score™ of 35/100 and a GF Value™ of zł0.07 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,020 Business Services companies, Agencja Rozwoju Innowacji ranks worse than 98039.12% 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.

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

During the past 13 years, the highest Beneish M-Score of Agencja Rozwoju Innowacji was 160.34. The lowest was -45.93. And the median was -2.00.

Agencja Rozwoju Innowacji Beneish M-Score Related Terms

Agencja Rozwoju Innowacji Beneish M-Score Historical Data

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The historical data trend for Agencja Rozwoju Innowacji'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.

Agencja Rozwoju Innowacji Beneish M-Score Chart

Agencja Rozwoju Innowacji Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.28

-2.26

-0.62

14.66

0.00

Agencja Rozwoju Innowacji Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															30.23	160.34	0.00	0.00	0.00

WAR:ARI vs CTAS, CPRT, GPN: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Agencja Rozwoju Innowacji'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.

Agencja Rozwoju Innowacji Beneish M-Score vs Business Services Industry

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

* The bar in red indicates where Agencja Rozwoju Innowacji's Beneish M-Score falls into.

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35GF Score

Agencja Rozwoju Innowacji SA WAR:ARI

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

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Agencja Rozwoju Innowacji 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 Agencja Rozwoju Innowacji 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł0.37 Mil.
Revenue was 0 + 0 + 0 + 0 = zł0.00 Mil.
Gross Profit was 0.006 + -0.006 + 0 + 0.011 = zł0.01 Mil.
Total Current Assets was zł0.39 Mil.
Total Assets was zł0.41 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.28 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.006 + -0.029 + -0.026 + -0.011 = zł-0.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 0.004 + 0.003 + -0.001 + -0.001 = zł0.01 Mil.

Total Receivables was zł0.41 Mil.
Revenue was 0 + 0 + 0.01 + 0.059 = zł0.07 Mil.
Gross Profit was 0.007 + 0.014 + 0.01 + 0.069 = zł0.10 Mil.
Total Current Assets was zł0.42 Mil.
Total Assets was zł0.43 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.18 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(0.368 / 0)	/	(0.413 / 0.069)
	=		/	5.985507
	=

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)
	=	(0.1 / 0.069)	/	(0.011 / 0)
	=	1.449275	/
	=

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 - (0.392 + 0) / 0.406)	/	(1 - (0.418 + 0) / 0.427)
	=	0.034483	/	0.021077
	=

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
	=	0	/	0.069
	=

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 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=

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 / 0)	/	(0 / 0.069)
	=		/	0
	=

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 + 0.279) / 0.406)	/	((0 + 0.175) / 0.427)
	=	0.687192	/	0.409836
	=

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
	=	(-0.072 - 0	-	0.005)	/	0.406
	=	-0.189655

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Agencja Rozwoju Innowacji (WAR:ARI) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Agencja Rozwoju Innowacji and its competitors. According to the industry distribution chart, Agencja Rozwoju Innowacji ranks #999999 out of 1020 companies in the Business Services industry.

Is Agencja Rozwoju Innowacji's Beneish M-Score too high?

Agencja Rozwoju Innowacji's current Beneish M-Score is 0.00. Based on the distribution chart, Agencja Rozwoju Innowacji ranks #999999 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Agencja Rozwoju Innowacji has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Agencja Rozwoju Innowacji's Beneish M-Score compare to CTAS and CPRT?

According to the Business Services industry distribution chart, Agencja Rozwoju Innowacji ranks #999999 out of 1020 companies for Beneish M-Score. This places Agencja Rozwoju Innowacji 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 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 Agencja Rozwoju Innowacji and its competitors. Agencja Rozwoju Innowacji's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Agencja Rozwoju Innowacji stock overvalued right now?

Based on GuruFocus' analysis, Agencja Rozwoju Innowacji (WAR:ARI) is currently considered Significantly Overvalued. The stock's GF Value™ is zł0.07, compared to a current price of zł0.41 — trading 488.6% above its estimated fair value. The current Beneish M-Score is 0.00. Agencja Rozwoju Innowacji's overall GF Score™ is 35/100 with 1 warning sign 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 Agencja Rozwoju Innowacji (WAR:ARI), the current Beneish M-Score is 0.00 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 Agencja Rozwoju Innowacji (WAR:ARI) Overvalued in 2026?

Based on GuruFocus' analysis, Agencja Rozwoju Innowacji stock appears to be overvalued. The current stock price of zł0.41 is trading 488.6% above its estimated GF Value™ of zł0.07. GuruFocus considers Agencja Rozwoju Innowacji to be Significantly Overvalued.

Key valuation signals for WAR:ARI:

Beneish M-Score: 0.00
GF Value™: zł0.07 vs. price of zł0.41 (488.6% above fair value)
GF Score™: 35/100 with 1 warning sign

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

Agencja Rozwoju Innowacji Business Description

Industry Industrials Business Services

Comparable Companies WAR:ABK WAR:PLM WAR:DNS WAR:LGT WAR:KME WAR:MMC WAR:CTE WAR:LCN WAR:BLF CTAS LSE:REL TSX:TRI CPRT GPN ULS TSX:RBA ASX:BXB XAMS:WKL LSE:RTO ARMK

Address ul. Ksiecia Witolda 49/15, Wroclaw, POL, 54-202

Website https://www.arifinanse.pl

Agencja Rozwoju Innowacji SA offers Financial, Consulting and Training services. The services provided by the company are EU funding, grant application writing and settlement, financing new ideas, business consulting, and other related activities.

35GF Score

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

zł0.41

Price

zł0.07

GF Value

View WAR:ARI Analysis

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