Eko Export (WAR:EEX) Beneish M-Score: 0.00 (As of Jul. 05, 2026)


WAR:EEX Eko Export SA WAR:EEX
4 GF Score
Price zł1.63
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What is Eko Export Beneish M-Score?

Eko Export WAR:EEX 4 Beneish M-Score is 0.00 as of Jul. 05, 2026. GuruFocus rates WAR:EEX with a GF Score™ of 4/100.

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 Eko Export's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Eko Export was 0.00. The lowest was 0.00. And the median was 0.00.

Eko Export Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eko Export'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.

Eko Export Beneish M-Score Chart

Eko Export Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.16 -0.28 -3.71 -9.65 -1.82

Eko Export Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -9.64 -8.64 -10.66 -1.82 -2.41

WAR:EEX vs DOW, CE: Beneish M-Score Comparison

For the Chemicals subindustry, Eko Export'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.

Eko Export Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Eko Export's Beneish M-Score distribution charts can be found below:

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


WAR:EEX
4GF Score
Eko Export SA WAR:EEX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Eko Export 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 Eko Export for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 3.594+0.528 * 1.7721+0.404 * 1.2995+0.892 * 0.5441+0.115 * -4.7036
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7584+4.679 * -0.375935-0.327 * 1.1857
=-2.41

* 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.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was zł-1.49 Mil.
Revenue was 3.556 + 3.286 + 4.101 + 4.608 = zł15.55 Mil.
Gross Profit was 0.269 + 0.309 + 0.748 + 0.776 = zł2.10 Mil.
Total Current Assets was zł11.30 Mil.
Total Assets was zł23.65 Mil.
Property, Plant and Equipment(Net PPE) was zł7.09 Mil.
Depreciation, Depletion and Amortization(DDA) was zł-0.56 Mil.
Selling, General, & Admin. Expense(SGA) was zł4.05 Mil.
Total Current Liabilities was zł42.89 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -1.452 + 1.091 + -0.897 + -5.866 = zł-7.12 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 0.351 + 0.519 + -0.209 + 1.107 = zł1.77 Mil.
 Total Receivables was zł-0.76 Mil.
Revenue was 1.145 + 4.137 + 15.547 + 7.752 = zł28.58 Mil.
Gross Profit was -0.281 + 0.379 + 4.116 + 2.632 = zł6.85 Mil.
Total Current Assets was zł12.40 Mil.
Total Assets was zł23.99 Mil.
Property, Plant and Equipment(Net PPE) was zł7.48 Mil.
Depreciation, Depletion and Amortization(DDA) was zł5.11 Mil.
Selling, General, & Admin. Expense(SGA) was zł9.82 Mil.
Total Current Liabilities was zł32.67 Mil.
Long-Term Debt & Capital Lease Obligation was zł4.02 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)
=(-1.494 / 15.551) / (-0.764 / 28.581)
=-0.096071 / -0.026731
=3.594

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)
=(6.846 / 28.581) / (2.102 / 15.551)
=0.23953 / 0.135168
=1.7721

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 - (11.296 + 7.087) / 23.653) / (1 - (12.396 + 7.479) / 23.988)
=0.222805 / 0.171461
=1.2995

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
=15.551 / 28.581
=0.5441

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))
=(5.11 / (5.11 + 7.479)) / (-0.563 / (-0.563 + 7.087))
=0.40591 / -0.086297
=-4.7036

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)
=(4.052 / 15.551) / (9.819 / 28.581)
=0.260562 / 0.34355
=0.7584

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 + 42.887) / 23.653) / ((4.016 + 32.665) / 23.988)
=1.813174 / 1.52914
=1.1857

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
=(-7.124 - 0 - 1.768) / 23.653
=-0.375935

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.

Eko Export has a M-score of -2.41 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 0.00 mean?
Eko Export (WAR:EEX) has a Beneish M-Score of 0.00 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eko Export and its competitors.
Is Eko Export's Beneish M-Score too high?
Eko Export's current Beneish M-Score is 0.00. Overall, Eko Export has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.
How does Eko Export's Beneish M-Score compare to DOW and CE?
Eko Export's Beneish M-Score of 0.00 can be compared against companies in the Chemicals 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Eko Export and its competitors. Eko Export'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 Eko Export stock overvalued right now?
Eko Export (WAR:EEX) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Eko Export's overall GF Score™ is 4/100. 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 Eko Export (WAR:EEX), the current Beneish M-Score is 0.00 as of Jul. 05, 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.

Eko Export Business Description

Address st. Fireman 81, Bielsko-Biala, POL, 43-382
Eko Export SA is a Poland based company involved in purchasing, processing, and selling microspheres. The company imports raw material mainly from Russia, Kazakhstan and Ukraine and processes it into microspheres.
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Get the complete analysis for WAR:EEX

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

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