ATM Grupa (WAR:ATG) Beneish M-Score: -2.15 (As of Jun. 27, 2026)

What is ATM Grupa Beneish M-Score?

ATM Grupa WAR:ATG -0.54% 85 Beneish M-Score is -2.15 as of Jun. 27, 2026. GuruFocus rates WAR:ATG with a GF Score™ of 85/100 and a GF Value™ of zł4.80 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 989 Media - Diversified companies, ATM Grupa ranks worse than 74.01% 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 -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:ATG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.54 Max: -2.06
Current: -2.15

During the past 13 years, the highest Beneish M-Score of ATM Grupa was -2.06. The lowest was -3.16. And the median was -2.54.

ATM Grupa Beneish M-Score Related Terms

ATM Grupa Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ATM Grupa'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.

ATM Grupa Beneish M-Score Chart

ATM Grupa Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.40

-2.84

-2.58

-2.61

-2.50

ATM Grupa 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															-2.44	-2.46	-2.36	-2.50	-2.15

WAR:ATG vs NFLX, DIS, WBD: Beneish M-Score Comparison

For the Entertainment subindustry, ATM Grupa'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.

ATM Grupa Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, ATM Grupa's Beneish M-Score distribution charts can be found below:

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

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85GF Score

ATM Grupa SA WAR:ATG

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

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ATM Grupa 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 ATM Grupa 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 * 0.8857

0.528 * 1.0423

0.404 * 1.066

0.892 * 1.3696

0.115 * 0.6444

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7873

4.679 * 0.000486

0.327 * 0.807

-2.15

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł89.8 Mil.
Revenue was 73.911 + 80.177 + 118.171 + 64.055 = zł336.3 Mil.
Gross Profit was 10.679 + 9.363 + 27.411 + 15.964 = zł63.4 Mil.
Total Current Assets was zł172.2 Mil.
Total Assets was zł459.2 Mil.
Property, Plant and Equipment(Net PPE) was zł198.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł52.7 Mil.
Selling, General, & Admin. Expense(SGA) was zł19.2 Mil.
Total Current Liabilities was zł66.6 Mil.
Long-Term Debt & Capital Lease Obligation was zł27.8 Mil.
Net Income was 6.406 + 6.724 + 18.287 + 8.855 = zł40.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was -14.49 + 32.393 + 3.87 + 18.276 = zł40.0 Mil.

Total Receivables was zł74.1 Mil.
Revenue was 61.897 + 55.803 + 76.6 + 51.256 = zł245.6 Mil.
Gross Profit was 8.455 + 8.59 + 22.479 + 8.739 = zł48.3 Mil.
Total Current Assets was zł191.7 Mil.
Total Assets was zł449.5 Mil.
Property, Plant and Equipment(Net PPE) was zł176.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł27.6 Mil.
Selling, General, & Admin. Expense(SGA) was zł17.8 Mil.
Total Current Liabilities was zł90.5 Mil.
Long-Term Debt & Capital Lease Obligation was zł23.9 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)
	=	(89.845 / 336.314)	/	(74.066 / 245.556)
	=	0.267146	/	0.301626
	=	0.8857

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)
	=	(48.263 / 245.556)	/	(63.417 / 336.314)
	=	0.196546	/	0.188565
	=	1.0423

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 - (172.197 + 198.899) / 459.196)	/	(1 - (191.693 + 176.937) / 449.534)
	=	0.191857	/	0.179973
	=	1.066

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
	=	336.314	/	245.556
	=	1.3696

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))
	=	(27.585 / (27.585 + 176.937))	/	(52.653 / (52.653 + 198.899))
	=	0.134875	/	0.209313
	=	0.6444

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)
	=	(19.201 / 336.314)	/	(17.806 / 245.556)
	=	0.057092	/	0.072513
	=	0.7873

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)
	=	((27.75 + 66.636) / 459.196)	/	((23.945 + 90.549) / 449.534)
	=	0.205546	/	0.254695
	=	0.807

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
	=	(40.272 - 0	-	40.049)	/	459.196
	=	0.000486

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.

ATM Grupa has a M-score of -2.15 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 -2.15 mean?

ATM Grupa (WAR:ATG) has a Beneish M-Score of -2.15 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ATM Grupa and its competitors. According to the industry distribution chart, ATM Grupa ranks #732 out of 989 companies in the Media - Diversified industry, placing it in the top 74%.

Is ATM Grupa's Beneish M-Score too high?

ATM Grupa's current Beneish M-Score is -2.15. Based on the distribution chart, ATM Grupa ranks #732 out of 989 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, ATM Grupa has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does ATM Grupa's Beneish M-Score compare to NFLX and DIS?

According to the Media - Diversified industry distribution chart, ATM Grupa ranks #732 out of 989 companies for Beneish M-Score. This places ATM Grupa 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 Media - Diversified company?

A good Beneish M-Score depends on the Media - Diversified 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 ATM Grupa and its competitors. ATM Grupa's current Beneish M-Score is -2.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ATM Grupa stock overvalued right now?

Based on GuruFocus' analysis, ATM Grupa (WAR:ATG) is currently considered Modestly Undervalued. The stock's GF Value™ is zł4.80, compared to a current price of zł3.66 — trading 23.8% below its estimated fair value. The current Beneish M-Score is -2.15. ATM Grupa's overall GF Score™ is 85/100 with 2 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 ATM Grupa (WAR:ATG), the current Beneish M-Score is -2.15 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 ATM Grupa (WAR:ATG) Overvalued in 2026?

Based on GuruFocus' analysis, ATM Grupa stock appears to be undervalued. The current stock price of zł3.66 is trading 23.8% below its estimated GF Value™ of zł4.80. GuruFocus considers ATM Grupa to be Modestly Undervalued.

Key valuation signals for WAR:ATG:

Beneish M-Score: -2.15
GF Value™: zł4.80 vs. price of zł3.66 (23.8% below fair value)
GF Score™: 85/100 with 2 warning signs

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

ATM Grupa Business Description

Industry Communication Services Media - Diversified

Comparable Companies WAR:RCW WAR:PLI WAR:GKS NFLX DIS WBD XAMS:UMG LYV FOXA FWONA ROKU XPAR:BOL WMG TKO NWSA PSKY SIRI LLYVA MSGS XPAR:ODET

Address Bielany Wroclawskie, ul. Dwa Swiaty 1, Kobierzyce, POL, 55-040

Website http://www.atmgrupa.pl

ATM Grupa SA is a Poland based company focused on the business of television and film production. Its production covers television series, game shows, and other television content. The company's shows are aired by Polish broadcasters including TVP1, TVP2, TVN, Polsat, TV4, as well as premium and themed channels such as HBO and FOX, Canal+ Discovery, TLC and History.

85GF Score

Get the complete analysis for WAR:ATG

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

zł3.66

Price

zł4.80

GF Value

View WAR:ATG Analysis

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