ING Bank Slaski (WAR:ING) Beneish M-Score: -2.58 (As of Jun. 25, 2026)


WAR:ING ING Bank Slaski SA WAR:ING
72 GF Score
Price zł448.20
GF Value zł319.65
Valuation Significantly Overvalued
! 10 Warning Signs
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What is ING Bank Slaski Beneish M-Score?

ING Bank Slaski WAR:ING -0.53% 72 Beneish M-Score is -2.58 as of Jun. 25, 2026. GuruFocus rates WAR:ING with a GF Score™ of 72/100 and a GF Value™ of zł319.65 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 1,396 Banks companies, ING Bank Slaski ranks better than 78.94% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:ING' s Beneish M-Score Range Over the Past 10 Years
Min: -3.79   Med: -2.42   Max: -2.05
Current: -2.58

During the past 13 years, the highest Beneish M-Score of ING Bank Slaski was -2.05. The lowest was -3.79. And the median was -2.42.

WAR:ING
72GF Score
ING Bank Slaski SA WAR:ING
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ING Bank Slaski 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 ING Bank Slaski 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 * 1+0.528 * 1+0.404 * 1.0005+0.892 * 1.0471+0.115 * 1.0301
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0602+4.679 * -0.026803-0.327 * 1.0369
=-2.58

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was zł0 Mil.
Revenue was 3036 + 3057 + 2946 + 2909 = zł11,948 Mil.
Gross Profit was 3036 + 3057 + 2946 + 2909 = zł11,948 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł302,946 Mil.
Property, Plant and Equipment(Net PPE) was zł962 Mil.
Depreciation, Depletion and Amortization(DDA) was zł316 Mil.
Selling, General, & Admin. Expense(SGA) was zł615 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł18,553 Mil.
Net Income was 823 + 1372 + 1112 + 1135 = zł4,442 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 18648 + -1515 + -8407 + 3836 = zł12,562 Mil.
 Total Receivables was zł0 Mil.
Revenue was 2910 + 2897 + 2909 + 2695 = zł11,411 Mil.
Gross Profit was 2910 + 2897 + 2909 + 2695 = zł11,411 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł269,167 Mil.
Property, Plant and Equipment(Net PPE) was zł992 Mil.
Depreciation, Depletion and Amortization(DDA) was zł339 Mil.
Selling, General, & Admin. Expense(SGA) was zł554 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł15,898 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 / 11948) / (0 / 11411)
=0 / 0
=1

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)
=(11411 / 11411) / (11948 / 11948)
=1 / 1
=1

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 + 962) / 302946) / (1 - (0 + 992) / 269167)
=0.996825 / 0.996315
=1.0005

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
=11948 / 11411
=1.0471

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))
=(339 / (339 + 992)) / (316 / (316 + 962))
=0.254696 / 0.247261
=1.0301

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)
=(615 / 11948) / (554 / 11411)
=0.051473 / 0.04855
=1.0602

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)
=((18553 + 0) / 302946) / ((15898 + 0) / 269167)
=0.061242 / 0.059064
=1.0369

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
=(4442 - 0 - 12562) / 302946
=-0.026803

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.

ING Bank Slaski has a M-score of -2.58 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 -2.58 mean?
ING Bank Slaski (WAR:ING) has a Beneish M-Score of -2.58 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ING Bank Slaski and its competitors. According to the industry distribution chart, ING Bank Slaski ranks #294 out of 1396 companies in the Banks industry, placing it in the top 21.1%.
Is ING Bank Slaski's Beneish M-Score too high?
ING Bank Slaski's current Beneish M-Score is -2.58. Based on the distribution chart, ING Bank Slaski ranks #294 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, ING Bank Slaski has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ING Bank Slaski's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, ING Bank Slaski ranks #294 out of 1396 companies for Beneish M-Score. This places ING Bank Slaski in the top 21% 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 Banks company?
A good Beneish M-Score depends on the Banks 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 ING Bank Slaski and its competitors. ING Bank Slaski's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ING Bank Slaski stock overvalued right now?
Based on GuruFocus' analysis, ING Bank Slaski (WAR:ING) is currently considered Significantly Overvalued. The stock's GF Value™ is zł319.65, compared to a current price of zł448.20 — trading 40.2% above its estimated fair value. The current Beneish M-Score is -2.58. ING Bank Slaski's overall GF Score™ is 72/100 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 ING Bank Slaski (WAR:ING), the current Beneish M-Score is -2.58 as of Jun. 25, 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 ING Bank Slaski (WAR:ING) Overvalued in 2026?

Based on GuruFocus' analysis, ING Bank Slaski stock appears to be overvalued. The current stock price of zł448.20 is trading 40.2% above its estimated GF Value™ of zł319.65. GuruFocus considers ING Bank Slaski to be Significantly Overvalued.

Key valuation signals for WAR:ING:

  • Beneish M-Score: -2.58
  • GF Value™: zł319.65 vs. price of zł448.20 (40.2% above fair value)
  • GF Score™: 72/100 with 10 warning signs

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

ING Bank Slaski Business Description

Other Exchanges 0MNY:UK6GF:Germany
Address Sokolska Street 34, Katowice, POL, 40-086
ING Bank Slaski SA offers a broad range of banking services rendered to individual and institutional clients in line with the scope of services outlined in the Bank's charter. The Bank runs operations both in the home currency and in foreign currencies. Additionally, through subsidiaries, the Group conducts leasing and factoring activity, advisory and acts as a financial intermediary as well as provides other financial services. The Group's business model includes the division of clients into two main segments namely the retail banking segment and corporate banking segment. The Group pursues business within the territory of the Republic of Poland.
72GF Score

Get the complete analysis for WAR:ING

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

zł448.20
Price
zł319.65
GF Value