Govena Lighting (WAR:GOV) Beneish M-Score: 0.00 (As of Jul. 11, 2026)


WAR:GOV Govena Lighting SA WAR:GOV
36 GF Score
Price zł0.27
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What is Govena Lighting Beneish M-Score?

Govena Lighting WAR:GOV 36 Beneish M-Score is 0.00 as of Jul. 11, 2026. GuruFocus rates WAR:GOV with a GF Score™ of 36/100.

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 Govena Lighting's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Govena Lighting was 0.00. The lowest was 0.00. And the median was 0.00.

Govena Lighting Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Govena Lighting'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.

Govena Lighting Beneish M-Score Chart

Govena Lighting Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Beneish M-Score
Get a 7-Day Free Trial -0.91 -3.44 -1.57 -2.57 -4.38

Govena Lighting Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Sep23 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 196.65 -4.38 -3.28 -3.90 -4.50

WAR:GOV vs HUBB, VRT, NVT: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Govena Lighting'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.

Govena Lighting Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Govena Lighting's Beneish M-Score distribution charts can be found below:

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


WAR:GOV
36GF Score
Govena Lighting SA WAR:GOV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Govena Lighting 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 Govena Lighting 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 * 0.7955+0.528 * 1.3622+0.404 * 1.0396+0.892 * 1.2314+0.115 * 0.3409
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8398+4.679 * -0.313718-0.327 * 0.891
=-3.73

* 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 (Sep22) TTM:
Total Receivables was zł3.50 Mil.
Revenue was 0.787 + 0.902 + 2.475 + 2.781 = zł6.95 Mil.
Gross Profit was -0.162 + 0.208 + 0.705 + 1.207 = zł1.96 Mil.
Total Current Assets was zł7.62 Mil.
Total Assets was zł16.06 Mil.
Property, Plant and Equipment(Net PPE) was zł1.33 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.95 Mil.
Selling, General, & Admin. Expense(SGA) was zł2.19 Mil.
Total Current Liabilities was zł2.59 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.343 + -0.052 + 0.03 + -4.671 = zł-5.04 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 0.147 + -0.107 + 0.043 + -0.081 = zł0.00 Mil.
 Total Receivables was zł3.58 Mil.
Revenue was 1.745 + 1.071 + 0.96 + 1.864 = zł5.64 Mil.
Gross Profit was 0.556 + 0.372 + -0.133 + 1.371 = zł2.17 Mil.
Total Current Assets was zł8.07 Mil.
Total Assets was zł21.37 Mil.
Property, Plant and Equipment(Net PPE) was zł4.20 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.70 Mil.
Selling, General, & Admin. Expense(SGA) was zł2.11 Mil.
Total Current Liabilities was zł3.86 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
=(3.504 / 6.945) / (3.577 / 5.64)
=0.504536 / 0.63422
=0.7955

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)
=(2.166 / 5.64) / (1.958 / 6.945)
=0.384043 / 0.281929
=1.3622

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 - (7.622 + 1.325) / 16.059) / (1 - (8.068 + 4.196) / 21.366)
=0.442867 / 0.426004
=1.0396

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
=6.945 / 5.64
=1.2314

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))
=(0.697 / (0.697 + 4.196)) / (0.951 / (0.951 + 1.325))
=0.142448 / 0.417838
=0.3409

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)
=(2.185 / 6.945) / (2.113 / 5.64)
=0.314615 / 0.374645
=0.8398

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 + 2.587) / 16.059) / ((0 + 3.863) / 21.366)
=0.161093 / 0.180801
=0.891

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
=(-5.036 - 0 - 0.002) / 16.059
=-0.313718

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.

Govena Lighting has a M-score of -3.73 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?
Govena Lighting (WAR:GOV) has a Beneish M-Score of 0.00 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Govena Lighting and its competitors.
Is Govena Lighting's Beneish M-Score too high?
Govena Lighting's current Beneish M-Score is 0.00. Overall, Govena Lighting has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Govena Lighting's Beneish M-Score compare to HUBB and VRT?
Govena Lighting's Beneish M-Score of 0.00 can be compared against companies in the Industrial Products 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Govena Lighting and its competitors. Govena Lighting'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 Govena Lighting stock overvalued right now?
Govena Lighting (WAR:GOV) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Govena Lighting's overall GF Score™ is 36/100. 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 Govena Lighting (WAR:GOV), the current Beneish M-Score is 0.00 as of Jul. 11, 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.

Govena Lighting Business Description

Address ul. Sluzewska 8-15, Torun, POL, 87-100
Govena Lighting SA is a manufacturer of electronics, a contractor of services and a supplier of finished and semi-finished products. It works with lighting-industry customers, manufacturers of electricity meters and cash registers, and with power-industry customers. The products offered by the company include Electronic Transformers, LED power supply, Dimmer, Switches and sockets and LED profiles.
36GF Score

Get the complete analysis for WAR:GOV

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

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