Green Lanes (WAR:GRL) Beneish M-Score: -3.82 (As of Jul. 06, 2026)


WAR:GRL Green Lanes SA WAR:GRL
5 GF Score
Price zł19.00
! 4 Warning Signs
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What is Green Lanes Beneish M-Score?

Green Lanes WAR:GRL +3.26% 5 Beneish M-Score is -3.82 as of Jul. 06, 2026. GuruFocus rates WAR:GRL with a GF Score™ of 5/100. The stock has 4 warning signs investors should review. Among 272 Forest Products companies, Green Lanes ranks better than 93.01% 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 -3.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:GRL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.82   Med: -3.82   Max: -3.82
Current: -3.82

During the past 3 years, the highest Beneish M-Score of Green Lanes was -3.82. The lowest was -3.82. And the median was -3.82.

Green Lanes Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Green Lanes'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.

Green Lanes Beneish M-Score Chart

Green Lanes Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.82

Green Lanes Quarterly Data
Dec23 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 -3.82 0.00

WAR:GRL vs SSD, UFPI, BCC: Beneish M-Score Comparison

For the Lumber & Wood Production subindustry, Green Lanes'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.

Green Lanes Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Green Lanes's Beneish M-Score distribution charts can be found below:

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


WAR:GRL
5GF Score
Green Lanes SA WAR:GRL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Green Lanes 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 Green Lanes 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 * 0.6633+0.528 * 0.3229+0.404 * 0.0322+0.892 * 0.6355+0.115 * 8.9555
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.144211-0.327 * 1.5884
=-3.82

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was zł0.05 Mil.
Revenue was zł0.20 Mil.
Gross Profit was zł-0.37 Mil.
Total Current Assets was zł4.02 Mil.
Total Assets was zł21.52 Mil.
Property, Plant and Equipment(Net PPE) was zł16.93 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.48 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł3.98 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł-9.33 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł-6.23 Mil.
 Total Receivables was zł0.12 Mil.
Revenue was zł0.31 Mil.
Gross Profit was zł-0.19 Mil.
Total Current Assets was zł0.65 Mil.
Total Assets was zł15.87 Mil.
Property, Plant and Equipment(Net PPE) was zł1.98 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.64 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł1.35 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)
=(0.051 / 0.197) / (0.121 / 0.31)
=0.258883 / 0.390323
=0.6633

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)
=(-0.188 / 0.31) / (-0.37 / 0.197)
=-0.606452 / -1.878173
=0.3229

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 - (4.019 + 16.927) / 21.524) / (1 - (0.652 + 1.982) / 15.873)
=0.026854 / 0.834058
=0.0322

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
=0.197 / 0.31
=0.6355

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))
=(0.643 / (0.643 + 1.982)) / (0.476 / (0.476 + 16.927))
=0.244952 / 0.027352
=8.9555

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 / 0.197) / (0 / 0.31)
=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 + 3.976) / 21.524) / ((0.5 + 1.346) / 15.873)
=0.184724 / 0.116298
=1.5884

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
=(-9.333 - 0 - -6.229) / 21.524
=-0.144211

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.

Green Lanes has a M-score of -3.82 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 -3.82 mean?
Green Lanes (WAR:GRL) has a Beneish M-Score of -3.82 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Green Lanes and its competitors. According to the industry distribution chart, Green Lanes ranks #19 out of 272 companies in the Forest Products industry, placing it in the top 7%.
Is Green Lanes' Beneish M-Score too high?
Green Lanes' current Beneish M-Score is -3.82. Based on the distribution chart, Green Lanes ranks #19 out of 272 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Green Lanes has a GF Score™ of 5/100, reflecting its overall financial health beyond just this single metric.
How does Green Lanes' Beneish M-Score compare to SSD and UFPI?
According to the Forest Products industry distribution chart, Green Lanes ranks #19 out of 272 companies for Beneish M-Score. This places Green Lanes in the top 7% of its industry — outperforming the majority of peers. 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 Forest Products company?
A good Beneish M-Score depends on the Forest 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 Green Lanes and its competitors. Green Lanes's current Beneish M-Score is -3.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Green Lanes stock overvalued right now?
Green Lanes (WAR:GRL) has a current Beneish M-Score of -3.82. The current Beneish M-Score is -3.82. Green Lanes' overall GF Score™ is 5/100 with 4 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 Green Lanes (WAR:GRL), the current Beneish M-Score is -3.82 as of Jul. 06, 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.

Green Lanes Business Description

Address ul. Tomaszowska 19, Tarnawatka Sawmill, Tarnawatka, POL, 22-604
Green Lanes SA specializes in the creation and commercialization of modern, technologically advanced materials based on renewable plant-based resources, such as annual plants. The materials developed by the company create new product categories in two business lines - the wood and polymer industries, offering a more environmentally sustainable alternative to currently used solutions. It has also developed a prototype of granulate for the production of compostable polymer plastics, used in the production of foils and packaging.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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