Brand 24 (WAR:B24) Beneish M-Score: -3.42 (As of Jun. 27, 2026)

What is Brand 24 Beneish M-Score?

Brand 24 WAR:B24 79 Beneish M-Score is -3.42 as of Jun. 27, 2026. GuruFocus rates WAR:B24 with a GF Score™ of 79/100 and a GF Value™ of zł66.35. The stock has 1 warning sign 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 -3.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Brand 24's Beneish M-Score or its related term are showing as below:

WAR:B24' s Beneish M-Score Range Over the Past 10 Years
Min: -4.79 Med: -3.45 Max: -2.53
Current: -3.42

During the past 9 years, the highest Beneish M-Score of Brand 24 was -2.53. The lowest was -4.79. And the median was -3.45.

Brand 24 Beneish M-Score Related Terms

Brand 24 Beneish M-Score Historical Data

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The historical data trend for Brand 24'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.

Brand 24 Beneish M-Score Chart

Brand 24 Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-4.02

-3.47

-3.29

-3.06

-3.43

Brand 24 Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															-3.13	-3.43	-3.14	-3.04	-3.42

WAR:B24 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Brand 24'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.

Brand 24 Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Brand 24's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Brand 24's Beneish M-Score falls into.

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79GF Score

Brand 24 SA WAR:B24

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

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Brand 24 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 Brand 24 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 * 0.8484

0.528 * 1.0187

0.404 * 0.9919

0.892 * 1.2281

0.115 * 0.8509

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7983

4.679 * -0.224158

0.327 * 0.9453

-3.42

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was zł1.74 Mil.
Revenue was 10.809 + 9.898 + 9.905 + 9.909 = zł40.52 Mil.
Gross Profit was 5.007 + 4.902 + 4.609 + 5.35 = zł19.87 Mil.
Total Current Assets was zł12.47 Mil.
Total Assets was zł28.81 Mil.
Property, Plant and Equipment(Net PPE) was zł4.23 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.75 Mil.
Selling, General, & Admin. Expense(SGA) was zł17.01 Mil.
Total Current Liabilities was zł11.37 Mil.
Long-Term Debt & Capital Lease Obligation was zł1.81 Mil.
Net Income was 0.592 + 0.566 + 1.089 + 1.168 = zł3.42 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 4.657 + 0.31 + 2.234 + 2.672 = zł9.87 Mil.

Total Receivables was zł1.67 Mil.
Revenue was 9.041 + 8.446 + 7.884 + 7.624 = zł33.00 Mil.
Gross Profit was 4.525 + 4.214 + 3.93 + 3.811 = zł16.48 Mil.
Total Current Assets was zł9.06 Mil.
Total Assets was zł24.41 Mil.
Property, Plant and Equipment(Net PPE) was zł5.01 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.10 Mil.
Selling, General, & Admin. Expense(SGA) was zł17.35 Mil.
Total Current Liabilities was zł8.49 Mil.
Long-Term Debt & Capital Lease Obligation was zł3.32 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)
	=	(1.739 / 40.521)	/	(1.669 / 32.995)
	=	0.042916	/	0.050583
	=	0.8484

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)
	=	(16.48 / 32.995)	/	(19.868 / 40.521)
	=	0.49947	/	0.490314
	=	1.0187

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 - (12.47 + 4.23) / 28.81)	/	(1 - (9.056 + 5.007) / 24.406)
	=	0.42034	/	0.423789
	=	0.9919

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
	=	40.521	/	32.995
	=	1.2281

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))
	=	(4.096 / (4.096 + 5.007))	/	(4.747 / (4.747 + 4.23))
	=	0.449962	/	0.528796
	=	0.8509

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)
	=	(17.013 / 40.521)	/	(17.353 / 32.995)
	=	0.419856	/	0.525928
	=	0.7983

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)
	=	((1.814 + 11.365) / 28.81)	/	((3.319 + 8.491) / 24.406)
	=	0.457445	/	0.483897
	=	0.9453

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
	=	(3.415 - 0	-	9.873)	/	28.81
	=	-0.224158

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.

Brand 24 has a M-score of -3.42 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 -3.42 mean?

Brand 24 (WAR:B24) has a Beneish M-Score of -3.42 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Brand 24 and its competitors.

Is Brand 24's Beneish M-Score too high?

Brand 24's current Beneish M-Score is -3.42. Overall, Brand 24 has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.

How does Brand 24's Beneish M-Score compare to CRM and SHOP?

Brand 24's Beneish M-Score of -3.42 can be compared against companies in the Software 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 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 Brand 24 and its competitors. Brand 24's current Beneish M-Score is -3.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Brand 24 stock overvalued right now?

Brand 24 (WAR:B24) has a current Beneish M-Score of -3.42. The stock's GF Value™ is zł66.35, compared to a current price of zł59.40 — trading 10.5% below its estimated fair value. The current Beneish M-Score is -3.42. Brand 24's overall GF Score™ is 79/100 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 Brand 24 (WAR:B24), the current Beneish M-Score is -3.42 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 Brand 24 (WAR:B24) Overvalued in 2026?

Based on GuruFocus' analysis, Brand 24 stock appears to be undervalued. The current stock price of zł59.40 is trading 10.5% below its estimated GF Value™ of zł66.35.

Key valuation signals for WAR:B24:

Beneish M-Score: -3.42
GF Value™: zł66.35 vs. price of zł59.40 (10.5% below fair value)
GF Score™: 79/100 with 1 warning sign

No single metric tells the full story. See the WAR:B24 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Brand 24 Business Description

Industry Technology Software

Comparable Companies WAR:SKY WAR:SVRS WAR:LSI WAR:PRO WAR:FAB WAR:BIG WAR:LEG WAR:QNT WAR:CST WAR:SED XTER:SAP CRM SHOP UBER INTU NOW ADBE ADP CDNS SNOW

Address ul. Strzegomska 138, Wroclaw, POL, 54-429

Website https://www.brand24.pl

Brand 24 SA is a Poland based creator and supplier of Brand 24 analytics software used to monitor Internet content, including on social media such as Facebook or Twitter, on blogs, forums and on information services. The Brand 24 software collects and initially analyzes public mentions of brands, products and topics generally covered by monitored keywords in accordance with user-defined criteria.

79GF Score

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

zł59.40

Price

zł66.35

GF Value

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