Fintech (WAR:FTH) Beneish M-Score: 2.93 (As of Jun. 24, 2026) — 24% Above Median

What is Fintech Beneish M-Score?

Fintech WAR:FTH 12 Beneish M-Score is 2.93 as of Jun. 24, 2026, which is 24% above its 10-year median of 2.36. GuruFocus rates WAR:FTH with a GF Score™ of 12/100 and a GF Value™ of zł0.49. The stock has 10 warning signs 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.

Warning Sign:

Beneish M-Score 2.93 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:FTH' s Beneish M-Score Range Over the Past 10 Years
Min: -37.1 Med: 2.36 Max: 275.16
Current: 2.93

During the past 13 years, the highest Beneish M-Score of Fintech was 275.16. The lowest was -37.10. And the median was 2.36.

Fintech Beneish M-Score Related Terms

Fintech Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fintech'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.

Fintech Beneish M-Score Chart

Fintech Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.14

2.98

11.53

-4.04

2.93

Fintech 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															0.00	0.00	0.00	2.93	0.00

WAR:FTH vs MMC, AON, AJG: Beneish M-Score Comparison

For the Insurance Brokers subindustry, Fintech'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.

Fintech Beneish M-Score vs Insurance Industry

For the Insurance industry and Financial Services sector, Fintech's Beneish M-Score distribution charts can be found below:

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

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Fintech SA WAR:FTH

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

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Fintech 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 Fintech 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 * 4.5221

0.528 * 8.067

0.404 * 0.7085

0.892 * 0.2606

0.115 * 0.8192

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.155803

0.327 * 1.119

2.93

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was zł4.05 Mil.
Revenue was zł3.65 Mil.
Gross Profit was zł0.30 Mil.
Total Current Assets was zł19.73 Mil.
Total Assets was zł24.65 Mil.
Property, Plant and Equipment(Net PPE) was zł2.27 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.45 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł16.02 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł-1.29 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł2.55 Mil.

Total Receivables was zł3.44 Mil.
Revenue was zł14.01 Mil.
Gross Profit was zł9.26 Mil.
Total Current Assets was zł12.67 Mil.
Total Assets was zł25.34 Mil.
Property, Plant and Equipment(Net PPE) was zł8.82 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.38 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł14.22 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.50 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)
	=	(4.051 / 3.651)	/	(3.438 / 14.012)
	=	1.109559	/	0.245361
	=	4.5221

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)
	=	(9.257 / 14.012)	/	(0.299 / 3.651)
	=	0.660648	/	0.081895
	=	8.067

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 - (19.731 + 2.267) / 24.653)	/	(1 - (12.667 + 8.822) / 25.341)
	=	0.107695	/	0.152007
	=	0.7085

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
	=	3.651	/	14.012
	=	0.2606

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))
	=	(1.379 / (1.379 + 8.822))	/	(0.448 / (0.448 + 2.267))
	=	0.135183	/	0.165009
	=	0.8192

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 / 3.651)	/	(0 / 14.012)
	=	0	/	0
	=	1

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 + 16.022) / 24.653)	/	((0.498 + 14.22) / 25.341)
	=	0.649901	/	0.580798
	=	1.119

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
	=	(-1.287 - 0	-	2.554)	/	24.653
	=	-0.155803

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.

Fintech has a M-score of 2.93 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 2.93 mean?

Fintech (WAR:FTH) has a Beneish M-Score of 2.93 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fintech and its competitors. This is 24% above median its historical median of 2.36.

Is Fintech's Beneish M-Score too high?

Fintech's current Beneish M-Score of 2.93 is 24% above median its 10-year median of 2.36. Overall, Fintech has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.

How does Fintech's Beneish M-Score compare to MMC and AON?

Fintech's Beneish M-Score of 2.93 can be compared against companies in the Insurance 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 Insurance company?

A good Beneish M-Score depends on the Insurance 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 Fintech and its competitors. Fintech's current Beneish M-Score is 2.93, which is 24% above median its own 10-year median of 2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fintech stock overvalued right now?

Fintech (WAR:FTH) has a current Beneish M-Score of 2.93. The stock's GF Value™ is zł0.49, compared to a current price of zł0.26 — trading 47.1% below its estimated fair value. The current Beneish M-Score is 2.93, which is 24% above median its 10-year median of 2.36. Fintech's overall GF Score™ is 12/100 with 10 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 Fintech (WAR:FTH), the current Beneish M-Score is 2.93 as of Jun. 24, 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 Fintech (WAR:FTH) Overvalued in 2026?

Based on GuruFocus' analysis, Fintech stock appears to be undervalued. The current stock price of zł0.26 is trading 47.1% below its estimated GF Value™ of zł0.49.

Key valuation signals for WAR:FTH:

Beneish M-Score: 2.93 (24% above median its 10-year median of 2.36)
GF Value™: zł0.49 vs. price of zł0.26 (47.1% below fair value)
GF Score™: 12/100 with 10 warning signs

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

Fintech Business Description

Industry Financial Services Insurance

Comparable Companies WAR:EUC MMC AON AJG WTW BRO ERIE BOM:543390 ASX:SDF CRVL NP ARX ASX:AUB SAU:8313 MEX:GPROFUT GSHD BWIN XSGO:BANVIDA CRD.A LSE:SBRE

Address Ulica O?awska 8, Czestochowa, POL, 42-200

Website http://www.jdbsa.pl

Fintech SA provides brokerage, analytical and consulting services in the field of insurance and financial risk, in the areas of property, communication, financial and employee insurance. The company's services include the development, preparation and creation of insurance programs based on the offers of insurance companies.

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

zł0.26

Price

zł0.49

GF Value

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