Imperio Asi (WAR:IMP) Beneish M-Score: 0.00 (As of Jul. 01, 2026)

What is Imperio Asi Beneish M-Score?

Imperio Asi WAR:IMP 62 Beneish M-Score is 0.00 as of Jul. 01, 2026. GuruFocus rates WAR:IMP with a GF Score™ of 62/100 and a GF Value™ of zł1.27 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 949 Asset Management companies, Imperio Asi ranks worse than 105373.97% 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.

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

During the past 13 years, the highest Beneish M-Score of Imperio Asi was 11.17. The lowest was -18.15. And the median was -1.25.

Imperio Asi Beneish M-Score Related Terms

Imperio Asi Beneish M-Score Historical Data

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The historical data trend for Imperio Asi'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.

Imperio Asi Beneish M-Score Chart

Imperio Asi Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-0.61

-1.64

11.17

-2.61

0.00

Imperio Asi 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	0.00	0.00

WAR:IMP vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Imperio Asi'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.

Imperio Asi Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Imperio Asi's Beneish M-Score distribution charts can be found below:

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

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62GF Score

Imperio Asi SA WAR:IMP

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

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Imperio Asi 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 Imperio Asi 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł0.02 Mil.
Revenue was 0.003 + -0.019 + -0.022 + -0.003 = zł-0.04 Mil.
Gross Profit was 0.003 + -0.061 + -0.022 + -0.023 = zł-0.10 Mil.
Total Current Assets was zł0.84 Mil.
Total Assets was zł15.78 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.05 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 0.347 + 0.114 + 0.545 + -0.988 = zł0.02 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -0.132 + -0.162 + -0.142 + 0.254 = zł-0.18 Mil.

Total Receivables was zł1.09 Mil.
Revenue was -0.03 + 0.008 + 0.108 + -0.117 = zł-0.03 Mil.
Gross Profit was -0.03 + -0.034 + 0.107 + -0.14 = zł-0.10 Mil.
Total Current Assets was zł1.27 Mil.
Total Assets was zł15.76 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.01 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.05 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)
	=	(0.024 / -0.041)	/	(1.085 / -0.031)
	=		/
	=

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)
	=	(-0.097 / -0.031)	/	(-0.103 / -0.041)
	=		/
	=

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 - (0.84 + 0) / 15.781)	/	(1 - (1.27 + 0) / 15.759)
	=	0.946771	/	0.919411
	=

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
	=	-0.041	/	-0.031
	=

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))
	=	(0.009 / (0.009 + 0))	/	(0 / (0 + 0))
	=	1	/
	=

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 / -0.041)	/	(0.001 / -0.031)
	=		/
	=

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 + 0.051) / 15.781)	/	((0 + 0.05) / 15.759)
	=	0.003232	/	0.003173
	=

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
	=	(0.018 - 0	-	-0.182)	/	15.781
	=	0.012673

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Imperio Asi (WAR:IMP) has a Beneish M-Score of 0.00 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Imperio Asi and its competitors. According to the industry distribution chart, Imperio Asi ranks #999999 out of 949 companies in the Asset Management industry.

Is Imperio Asi's Beneish M-Score too high?

Imperio Asi's current Beneish M-Score is 0.00. Based on the distribution chart, Imperio Asi ranks #999999 out of 949 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Imperio Asi has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Imperio Asi's Beneish M-Score compare to BLK and BX?

According to the Asset Management industry distribution chart, Imperio Asi ranks #999999 out of 949 companies for Beneish M-Score. This places Imperio Asi in the lower half of its 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 Asset Management company?

A good Beneish M-Score depends on the Asset Management 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 Imperio Asi and its competitors. Imperio Asi'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 Imperio Asi stock overvalued right now?

Based on GuruFocus' analysis, Imperio Asi (WAR:IMP) is currently considered Significantly Overvalued. The stock's GF Value™ is zł1.27, compared to a current price of zł1.66 — trading 30.7% above its estimated fair value. The current Beneish M-Score is 0.00. Imperio Asi's overall GF Score™ is 62/100 with 2 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 Imperio Asi (WAR:IMP), the current Beneish M-Score is 0.00 as of Jul. 01, 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 Imperio Asi (WAR:IMP) Overvalued in 2026?

Based on GuruFocus' analysis, Imperio Asi stock appears to be overvalued. The current stock price of zł1.66 is trading 30.7% above its estimated GF Value™ of zł1.27. GuruFocus considers Imperio Asi to be Significantly Overvalued.

Key valuation signals for WAR:IMP:

Beneish M-Score: 0.00
GF Value™: zł1.27 vs. price of zł1.66 (30.7% above fair value)
GF Score™: 62/100 with 2 warning signs

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

Imperio Asi Business Description

Industry Financial Services Asset Management

Comparable Companies WAR:CTF WAR:AIN WAR:IFL WAR:SHD WAR:APC WAR:NTV WAR:FMG WAR:BPC WAR:CAI WAR:AAT BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT AMP LSE:III

Address Plac Europejski 1, Warsaw, POL, 00-844

Website https://www.imperioasi.pl

Imperio Asi SA formerly Impera Capital SA provides the investors trading in the stock exchange market with an access to direct private investments area in Poland. The company invests in the development of medium-sized companies.

62GF Score

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

zł1.66

Price

zł1.27

GF Value

View WAR:IMP Analysis

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