JRH ASI (WAR:JRH) Beneish M-Score: 0.00 (As of Jul. 06, 2026)

What is JRH ASI Beneish M-Score?

JRH ASI WAR:JRH +0.45% 31 Beneish M-Score is 0.00 as of Jul. 06, 2026. GuruFocus rates WAR:JRH with a GF Score™ of 31/100. Among 953 Asset Management companies, JRH ASI ranks worse than 104931.69% 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 JRH ASI's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of JRH ASI was 75.16. The lowest was -9.67. And the median was 0.55.

JRH ASI Beneish M-Score Related Terms

JRH ASI Beneish M-Score Historical Data

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The historical data trend for JRH 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.

JRH ASI Beneish M-Score Chart

JRH ASI Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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5.84

-1.07

0.00

JRH 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:JRH vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, JRH 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.

JRH ASI Beneish M-Score vs Asset Management Industry

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

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

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JRH ASI SA WAR:JRH

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

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JRH 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 JRH 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 (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was zł5.94 Mil.
Revenue was zł-13.58 Mil.
Gross Profit was zł-14.01 Mil.
Total Current Assets was zł218.06 Mil.
Total Assets was zł218.22 Mil.
Property, Plant and Equipment(Net PPE) was zł0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.07 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł45.92 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł31.40 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł0.47 Mil.

Total Receivables was zł11.34 Mil.
Revenue was zł12.87 Mil.
Gross Profit was zł12.39 Mil.
Total Current Assets was zł163.37 Mil.
Total Assets was zł169.22 Mil.
Property, Plant and Equipment(Net PPE) was zł0.07 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.04 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł32.61 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)
	=	(5.943 / -13.575)	/	(11.343 / 12.873)
	=		/	0.881147
	=

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)
	=	(12.39 / 12.873)	/	(-14.005 / -13.575)
	=	0.96248	/
	=

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 - (218.063 + 0.063) / 218.224)	/	(1 - (163.371 + 0.073) / 169.223)
	=	0.000449	/	0.03415
	=

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
	=	-13.575	/	12.873
	=

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))
	=	(0.038 / (0.038 + 0.073))	/	(0.066 / (0.066 + 0.063))
	=	0.342342	/	0.511628
	=

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 / -13.575)	/	(0 / 12.873)
	=		/	0
	=

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 + 45.917) / 218.224)	/	((0 + 32.607) / 169.223)
	=	0.210412	/	0.192687
	=

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
	=	(31.397 - 0	-	0.466)	/	218.224
	=	0.14174

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?

JRH ASI (WAR:JRH) has a Beneish M-Score of 0.00 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JRH ASI and its competitors. According to the industry distribution chart, JRH ASI ranks #999999 out of 953 companies in the Asset Management industry.

Is JRH ASI's Beneish M-Score too high?

JRH ASI's current Beneish M-Score is 0.00. Based on the distribution chart, JRH ASI ranks #999999 out of 953 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, JRH ASI has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.

How does JRH ASI's Beneish M-Score compare to BLK and BX?

According to the Asset Management industry distribution chart, JRH ASI ranks #999999 out of 953 companies for Beneish M-Score. This places JRH 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 JRH ASI and its competitors. JRH 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 JRH ASI stock overvalued right now?

JRH ASI (WAR:JRH) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. JRH ASI's overall GF Score™ is 31/100. 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 JRH ASI (WAR:JRH), the current Beneish M-Score is 0.00 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.

JRH ASI Business Description

Industry Financial Services Asset Management

Comparable Companies WAR:SKH WAR:ALI WAR:PRA WAR:GKI WAR:CSR WAR:CPA WAR:GRM WAR:06N WAR:AOL WAR:UNF BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT AMP LSE:III

Address ul. Wielicka 30, Krakow, POL, 30-611

Website http://www.jrinvest.pl

JRH ASI SA Formerly JR HOLDING S.A offers real estate services. It is engaged in the acquisition of commercial real estate and renting retail space, office and warehouse.

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

zł4.50

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