CD Projekt (WAR:CDR) Beneish M-Score: -2.46 (As of Jun. 25, 2026)

What is CD Projekt Beneish M-Score?

CD Projekt WAR:CDR -1.18% 82 Beneish M-Score is -2.46 as of Jun. 25, 2026. GuruFocus rates WAR:CDR with a GF Score™ of 82/100 and a GF Value™ of zł137.19 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 532 Interactive Media companies, CD Projekt ranks worse than 62.41% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:CDR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.84 Med: -2.3 Max: 1.36
Current: -2.46

During the past 13 years, the highest Beneish M-Score of CD Projekt was 1.36. The lowest was -4.84. And the median was -2.30.

CD Projekt Beneish M-Score Related Terms

CD Projekt Beneish M-Score Historical Data

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The historical data trend for CD Projekt'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.

CD Projekt Beneish M-Score Chart

CD Projekt Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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1.36

-4.84

-2.37

-2.38

-2.64

CD Projekt Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.64	-2.14	-1.74	-1.80	-2.46

WAR:CDR vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, CD Projekt'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.

CD Projekt Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, CD Projekt's Beneish M-Score distribution charts can be found below:

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

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82GF Score

CD Projekt SA WAR:CDR

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

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CD Projekt 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 CD Projekt 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 * 0.8507

0.528 * 0.9031

0.404 * 1.3486

0.892 * 0.9982

0.115 * 3.5437

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3441

4.679 * -0.053713

0.327 * 0.7462

-2.46

This Year (Mar26) TTM:

Last Year (Dec24) TTM:

Total Receivables was zł201.5 Mil.
Revenue was 191.107 + 349.072 + 262.948 + 180.091 = zł983.2 Mil.
Gross Profit was 177.253 + 294.463 + 177.679 + 166.102 = zł815.5 Mil.
Total Current Assets was zł1,176.6 Mil.
Total Assets was zł3,643.4 Mil.
Property, Plant and Equipment(Net PPE) was zł349.3 Mil.
Depreciation, Depletion and Amortization(DDA) was zł22.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł347.9 Mil.
Total Current Liabilities was zł195.9 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.0 Mil.
Net Income was 106.2 + 193.492 + 43.161 + 111.795 = zł454.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 163.491 + 237.146 + 98.599 + 151.112 = zł650.3 Mil.

Total Receivables was zł237.3 Mil.
Revenue was 332.89 + 227.449 + 197.898 + 226.785 = zł985.0 Mil.
Gross Profit was 257.551 + 168.47 + 147.106 + 164.732 = zł737.9 Mil.
Total Current Assets was zł1,468.3 Mil.
Total Assets was zł3,042.4 Mil.
Property, Plant and Equipment(Net PPE) was zł263.0 Mil.
Depreciation, Depletion and Amortization(DDA) was zł70.1 Mil.
Selling, General, & Admin. Expense(SGA) was zł259.3 Mil.
Total Current Liabilities was zł219.2 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.0 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)
	=	(201.532 / 983.218)	/	(237.349 / 985.022)
	=	0.204972	/	0.240958
	=	0.8507

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)
	=	(737.859 / 985.022)	/	(815.497 / 983.218)
	=	0.749079	/	0.829416
	=	0.9031

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 - (1176.609 + 349.274) / 3643.417)	/	(1 - (1468.26 + 262.978) / 3042.424)
	=	0.581195	/	0.430968
	=	1.3486

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
	=	983.218	/	985.022
	=	0.9982

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))
	=	(70.064 / (70.064 + 262.978))	/	(22.044 / (22.044 + 349.274))
	=	0.210376	/	0.059367
	=	3.5437

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)
	=	(347.868 / 983.218)	/	(259.278 / 985.022)
	=	0.353806	/	0.263221
	=	1.3441

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 + 195.859) / 3643.417)	/	((0 + 219.183) / 3042.424)
	=	0.053757	/	0.072042
	=	0.7462

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
	=	(454.648 - 0	-	650.348)	/	3643.417
	=	-0.053713

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.

CD Projekt has a M-score of -2.46 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 -2.46 mean?

CD Projekt (WAR:CDR) has a Beneish M-Score of -2.46 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CD Projekt and its competitors. According to the industry distribution chart, CD Projekt ranks #332 out of 532 companies in the Interactive Media industry, placing it in the top 62.4%.

Is CD Projekt's Beneish M-Score too high?

CD Projekt's current Beneish M-Score is -2.46. Based on the distribution chart, CD Projekt ranks #332 out of 532 companies in the Interactive Media industry, which is below the industry midpoint. Overall, CD Projekt has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does CD Projekt's Beneish M-Score compare to NTES and EA?

According to the Interactive Media industry distribution chart, CD Projekt ranks #332 out of 532 companies for Beneish M-Score. This places CD Projekt 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 an Interactive Media company?

A good Beneish M-Score depends on the Interactive Media 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 CD Projekt and its competitors. CD Projekt's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CD Projekt stock overvalued right now?

Based on GuruFocus' analysis, CD Projekt (WAR:CDR) is currently considered Significantly Overvalued. The stock's GF Value™ is zł137.19, compared to a current price of zł226.00 — trading 64.7% above its estimated fair value. The current Beneish M-Score is -2.46. CD Projekt's overall GF Score™ is 82/100 with 3 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 CD Projekt (WAR:CDR), the current Beneish M-Score is -2.46 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 CD Projekt (WAR:CDR) Overvalued in 2026?

Based on GuruFocus' analysis, CD Projekt stock appears to be overvalued. The current stock price of zł226.00 is trading 64.7% above its estimated GF Value™ of zł137.19. GuruFocus considers CD Projekt to be Significantly Overvalued.

Key valuation signals for WAR:CDR:

Beneish M-Score: -2.46
GF Value™: zł137.19 vs. price of zł226.00 (64.7% above fair value)
GF Score™: 82/100 with 3 warning signs

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

CD Projekt Business Description

Industry Communication Services Interactive Media

Comparable Companies WAR:GNS WAR:PLW WAR:HUG WAR:CIG WAR:BLO WAR:CRJ WAR:11B WAR:ART WAR:OML WAR:PCF NTES TSE:7974 EA TTWO RBLX TSE:9766 SZSE:002602 TSE:3659 SZSE:300418 TSE:9697

Other Exchanges OTGLY:USA 7CD:Germany

Address ul. Jagiellonska 74, Building E, Warsaw, POL, 03-301

Website https://www.cdprojekt.com

CD Projekt SA is the holding company of the CD Projekt capital group. The firm, with its subsidiary, develops and publishes video games for hardware platforms such as Steam, PlayStation Store, Xbox Games Store, Nintendo, App Store, Humble Bundle, Origin, and its own proprietary GOG.com platform. It is also involved in international digital video game distribution. The firm has CD Projekt Red and GOG.com segments. It derives the majority of its revenues from the CD Projekt Red segment.

82GF Score

Get the complete analysis for WAR:CDR

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

zł226.00

Price

zł137.19

GF Value

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