Gi Group Poland (WAR:GIG) Beneish M-Score: -2.18 (As of Jun. 27, 2026)


What is Gi Group Poland Beneish M-Score?

Gi Group Poland WAR:GIG Beneish M-Score is -2.18 as of Jun. 27, 2026. The stock has 5 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.

Good Sign:

Beneish M-Score -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:GIG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.25   Med: -2.29   Max: -0.5
Current: -2.18

During the past 13 years, the highest Beneish M-Score of Gi Group Poland was -0.50. The lowest was -4.25. And the median was -2.29.

Gi Group Poland Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Gi Group Poland'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.

Gi Group Poland Beneish M-Score Chart

Gi Group Poland Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.25 -0.79 -1.28 -1.87 -1.73

Gi Group Poland Quarterly Data
Mar20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25
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 -1.76 -1.87 -1.73 -1.44 -2.18

WAR:GIG vs KFY, RHI, TNET: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, Gi Group Poland'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.

Gi Group Poland Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Gi Group Poland's Beneish M-Score distribution charts can be found below:

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


Gi Group Poland 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 Gi Group Poland 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 * 0.9453+0.528 * 0.9667+0.404 * 1.019+0.892 * 0.9104+0.115 * 1.1307
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.071002-0.327 * 0.7069
=-2.18

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was zł97.9 Mil.
Revenue was 126.094 + 121.619 + 131.001 + 127.267 = zł506.0 Mil.
Gross Profit was 22.452 + 19.965 + 26.006 + 23.527 = zł92.0 Mil.
Total Current Assets was zł125.2 Mil.
Total Assets was zł191.7 Mil.
Property, Plant and Equipment(Net PPE) was zł7.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł124.9 Mil.
Long-Term Debt & Capital Lease Obligation was zł4.3 Mil.
Net Income was -5.309 + -6.21 + -0.751 + -4.04 = zł-16.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was -1.343 + -8.821 + -5.676 + -14.08 = zł-29.9 Mil.
 Total Receivables was zł113.7 Mil.
Revenue was 139.818 + 140.385 + 137.1 + 138.49 = zł555.8 Mil.
Gross Profit was 22.613 + 23.633 + 25.276 + 26.116 = zł97.6 Mil.
Total Current Assets was zł121.4 Mil.
Total Assets was zł188.5 Mil.
Property, Plant and Equipment(Net PPE) was zł10.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł6.6 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.0 Mil.
Total Current Liabilities was zł132.5 Mil.
Long-Term Debt & Capital Lease Obligation was zł47.2 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)
=(97.879 / 505.981) / (113.738 / 555.793)
=0.193444 / 0.204641
=0.9453

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)
=(97.638 / 555.793) / (91.95 / 505.981)
=0.175673 / 0.181726
=0.9667

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 - (125.201 + 7.862) / 191.686) / (1 - (121.362 + 10.541) / 188.469)
=0.305828 / 0.300134
=1.019

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
=505.981 / 555.793
=0.9104

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))
=(6.552 / (6.552 + 10.541)) / (4.032 / (4.032 + 7.862))
=0.383315 / 0.338994
=1.1307

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 / 505.981) / (0 / 555.793)
=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)
=((4.341 + 124.894) / 191.686) / ((47.223 + 132.523) / 188.469)
=0.674202 / 0.953717
=0.7069

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
=(-16.31 - 0 - -29.92) / 191.686
=0.071002

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.

Gi Group Poland has a M-score of -2.18 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 -2.18 mean?
Gi Group Poland (WAR:GIG) has a Beneish M-Score of -2.18 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gi Group Poland and its competitors.
Is Gi Group Poland's Beneish M-Score too high?
Gi Group Poland's current Beneish M-Score is -2.18.
How does Gi Group Poland's Beneish M-Score compare to KFY and RHI?
Gi Group Poland's Beneish M-Score of -2.18 can be compared against companies in the Business Services 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Gi Group Poland and its competitors. Gi Group Poland's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gi Group Poland stock overvalued right now?
Gi Group Poland (WAR:GIG) has a current Beneish M-Score of -2.18. The stock's GF Value™ is zł0.71, compared to a current price of zł2.05 — trading 188.7% above its estimated fair value. The current Beneish M-Score is -2.18. 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 Gi Group Poland (WAR:GIG), the current Beneish M-Score is -2.18 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.

Gi Group Poland Business Description

Address Sky Tower, ul. Gwiazdzista 66, Wroclaw, POL, 53-413
Gi Group Poland SA formerly Work Service SA is a Poland-based employment agency. It specializes in employment services and modern human resource solutions, providing services in the area of recruitment, the provision of skilled workers to clients, consulting and human resource management. The company has four main product lines, Temporary work, Outsourcing, Personnel Consulting and Strategic HR Consulting. The company generates a majority of its revenue from temporary work segment covering services relating to the recruitment of temporary workers directed to work for the contractor, supervising their work, reporting results, as well as the calculation of the components of remuneration and personnel record keeping and payment of wages.