Inpost (WAR:INPT) Beneish M-Score: -2.11 (As of Jul. 16, 2026)

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WAR:INPT Inpost SA WAR:INPT
69 GF Score
Price zł66.70
GF Value zł94.61
Valuation Significantly Undervalued
! 9 Warning Signs
View Full Analysis

What is Inpost Beneish M-Score?

Inpost WAR:INPT -1.77% 69 Beneish M-Score is -2.11 as of Jul. 16, 2026. GuruFocus rates WAR:INPT with a GF Score™ of 69/100 and a GF Value™ of zł94.61 (Significantly Undervalued). The stock has 9 warning signs investors should review. Among 965 Transportation companies, Inpost ranks worse than 77.1% 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:INPT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.57   Max: 0.8
Current: -2.11

During the past 9 years, the highest Beneish M-Score of Inpost was 0.80. The lowest was -3.02. And the median was -2.57.


Inpost Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Inpost'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.

Inpost Beneish M-Score Chart

Inpost Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -1.05 -2.65 -3.02 -2.27 -2.49

Inpost 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 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 -2.44 -1.83 -1.86 -2.49 -2.11

WAR:INPT vs : Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, Inpost'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.


Inpost Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Inpost's Beneish M-Score distribution charts can be found below:

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


WAR:INPT
69GF Score
Inpost SA WAR:INPT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Inpost 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 Inpost 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 * 1.0022+0.528 * 2.1854+0.404 * 0.916+0.892 * 1.3626+0.115 * 0.9465
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8341+4.679 * -0.121414-0.327 * 1.0152
=-2.11

* 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 zł2,633 Mil.
Revenue was 3862.4 + 4457 + 3768.9 + 3533.4 = zł15,622 Mil.
Gross Profit was 808.8 + 835.9 + 1060 + 784.2 = zł3,489 Mil.
Total Current Assets was zł3,398 Mil.
Total Assets was zł16,936 Mil.
Property, Plant and Equipment(Net PPE) was zł8,978 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2,372 Mil.
Selling, General, & Admin. Expense(SGA) was zł317 Mil.
Total Current Liabilities was zł5,471 Mil.
Long-Term Debt & Capital Lease Obligation was zł7,531 Mil.
Net Income was 114.6 + 57.8 + 170.7 + 139.7 = zł483 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 228.2 + 814.6 + 735.6 + 760.7 = zł2,539 Mil.
Total Receivables was zł1,928 Mil.
Revenue was 2951.9 + 3361.3 + 2535.2 + 2616.3 = zł11,465 Mil.
Gross Profit was 1029.1 + 1146.8 + 868.9 + 2550.9 = zł5,596 Mil.
Total Current Assets was zł2,493 Mil.
Total Assets was zł12,864 Mil.
Property, Plant and Equipment(Net PPE) was zł6,590 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1,625 Mil.
Selling, General, & Admin. Expense(SGA) was zł279 Mil.
Total Current Liabilities was zł4,022 Mil.
Long-Term Debt & Capital Lease Obligation was zł5,707 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)
=(2633 / 15621.7) / (1928.1 / 11464.7)
=0.168548 / 0.168177
=1.0022

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)
=(5595.7 / 11464.7) / (3488.9 / 15621.7)
=0.488081 / 0.223337
=2.1854

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 - (3397.8 + 8978.2) / 16936.2) / (1 - (2492.7 + 6590.2) / 12864.4)
=0.269258 / 0.293951
=0.916

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
=15621.7 / 11464.7
=1.3626

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))
=(1624.9 / (1624.9 + 6590.2)) / (2372 / (2372 + 8978.2))
=0.197794 / 0.208983
=0.9465

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)
=(317.1 / 15621.7) / (279 / 11464.7)
=0.020299 / 0.024336
=0.8341

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)
=((7530.9 + 5470.9) / 16936.2) / ((5706.7 + 4021.5) / 12864.4)
=0.767693 / 0.756211
=1.0152

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
=(482.8 - 0 - 2539.1) / 16936.2
=-0.121414

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.

Inpost has a M-score of -2.11 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 -2.11 mean?
Inpost (WAR:INPT) has a Beneish M-Score of -2.11 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Inpost and its competitors. According to the industry distribution chart, Inpost ranks #744 out of 965 companies in the Transportation industry, placing it in the top 77.1%.
Is Inpost's Beneish M-Score too high?
Inpost's current Beneish M-Score is -2.11. Based on the distribution chart, Inpost ranks #744 out of 965 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Inpost has a GF Score™ of 69/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Inpost's Beneish M-Score compare to ?
According to the Transportation industry distribution chart, Inpost ranks #744 out of 965 companies for Beneish M-Score. This places Inpost 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 a Transportation company?
A good Beneish M-Score depends on the Transportation 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 Inpost and its competitors. Inpost's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Inpost stock overvalued right now?
Based on GuruFocus' analysis, Inpost (WAR:INPT) is currently considered Significantly Undervalued. The stock's GF Value™ is zł94.61, compared to a current price of zł66.70 — trading 29.5% below its estimated fair value. The current Beneish M-Score is -2.11. Inpost's overall GF Score™ is 69/100 with 9 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 Inpost (WAR:INPT), the current Beneish M-Score is -2.11 as of Jul. 16, 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 Inpost (WAR:INPT) Overvalued in 2026?

Based on GuruFocus' analysis, Inpost stock appears to be undervalued. The current stock price of zł66.70 is trading 29.5% below its estimated GF Value™ of zł94.61. GuruFocus considers Inpost to be Significantly Undervalued.

Key valuation signals for WAR:INPT:

  • Beneish M-Score: -2.11
  • GF Value™: zł94.61 vs. price of zł66.70 (29.5% below fair value)
  • GF Score™: 69/100 with 9 warning signs

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


Inpost Business Description

Comparable Companies
Address 70 route d’Esch, Luxembourg, LUX, L-1470
Inpost SA is a logistics company operating in the e-commerce delivery market, focused on providing out-of-home (OOH) delivery solutions through its network of Automated Parcel Machines (APMs) and pick-up and drop-off (PUDO) points. The company offers parcel delivery services, including delivery to lockers and door-to-door delivery, supported by its logistics infrastructure and digital solutions such as the InPost mobile application and InPost Logistics Solution (ILS). Its segments are Eurozone, which includes delivery of parcels in France, Spain, Belgium, the Netherlands, Italy, Luxembourg, and Portugal; UK & Ireland, which includes delivery of parcels in the United Kingdom and Ireland; and Poland, which generates the maximum revenue and includes delivery of parcels in Poland.
69GF Score

Get the complete analysis for WAR:INPT

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

zł66.70
Price
zł94.61
GF Value