KSG Agro (WAR:KSG) Beneish M-Score: 0.00 (As of Aug. 02, 2026)

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WAR:KSG KSG Agro SA WAR:KSG
58 GF Score
Price zł3.37
GF Value zł2.07
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is KSG Agro Beneish M-Score?

KSG Agro WAR:KSG +3.06% 58 Beneish M-Score is 0.00 as of Aug. 02, 2026. GuruFocus rates WAR:KSG with a GF Score™ of 58/100 and a GF Value™ of zł2.07 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,853 Consumer Packaged Goods companies, KSG Agro ranks worse than 53966.49% 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 KSG Agro's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of KSG Agro was 12.36. The lowest was -4.30. And the median was -2.20.


KSG Agro Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KSG Agro'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.

KSG Agro Beneish M-Score Chart

KSG Agro Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.76 -0.58 -2.08 0.32 -2.81

KSG Agro Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25
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 -0.04 -2.81 -2.44 -1.61 0.00

WAR:KSG vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, KSG Agro'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.


KSG Agro Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, KSG Agro's Beneish M-Score distribution charts can be found below:

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


WAR:KSG
58GF Score
KSG Agro SA WAR:KSG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

KSG Agro 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 KSG Agro 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was zł10.39 Mil.
Revenue was 19.688 + 19.284 + 15.812 + 19.834 = zł74.62 Mil.
Gross Profit was 20.787 + -0.576 + 5.652 + 2.108 = zł27.97 Mil.
Total Current Assets was zł85.28 Mil.
Total Assets was zł135.37 Mil.
Property, Plant and Equipment(Net PPE) was zł40.33 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.97 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.53 Mil.
Total Current Liabilities was zł92.51 Mil.
Long-Term Debt & Capital Lease Obligation was zł11.61 Mil.
Net Income was 11.487 + -10.765 + 11.352 + 11.928 = zł24.00 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 7.431 + 0.064 + -1.884 + 13.187 = zł18.80 Mil.
Total Receivables was zł0.00 Mil.
Revenue was 33.585 + 10.451 + 18.75 + 25.725 = zł88.51 Mil.
Gross Profit was 13.516 + -2.291 + 8.459 + -15.793 = zł3.89 Mil.
Total Current Assets was zł0.00 Mil.
Total Assets was zł0.00 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł3.94 Mil.
Selling, General, & Admin. Expense(SGA) was zł6.03 Mil.
Total Current Liabilities was zł0.00 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)
=(10.392 / 74.618) / (0 / 88.511)
=0.139269 / 0
=

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)
=(3.891 / 88.511) / (27.971 / 74.618)
=0.043961 / 0.374856
=

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 - (85.281 + 40.332) / 135.366) / (1 - (0 + 0) / 0)
=0.072049 /
=

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
=74.618 / 88.511
=

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))
=(3.936 / (3.936 + 0)) / (4.967 / (4.967 + 40.332))
=1 / 0.109649
=

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)
=(1.528 / 74.618) / (6.025 / 88.511)
=0.020478 / 0.068071
=

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)
=((11.614 + 92.507) / 135.366) / ((0 + 0) / 0)
=0.769181 /
=

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
=(24.002 - 0 - 18.798) / 135.366
=0.038444

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?
KSG Agro (WAR:KSG) has a Beneish M-Score of 0.00 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KSG Agro and its competitors. According to the industry distribution chart, KSG Agro ranks #999999 out of 1853 companies in the Consumer Packaged Goods industry.
Is KSG Agro's Beneish M-Score too high?
KSG Agro's current Beneish M-Score is 0.00. Based on the distribution chart, KSG Agro ranks #999999 out of 1853 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, KSG Agro has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does KSG Agro's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, KSG Agro ranks #999999 out of 1853 companies for Beneish M-Score. This places KSG Agro 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 KSG Agro and its competitors. KSG Agro'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 KSG Agro stock overvalued right now?
Based on GuruFocus' analysis, KSG Agro (WAR:KSG) is currently considered Significantly Overvalued. The stock's GF Value™ is zł2.07, compared to a current price of zł3.37 — trading 62.6% above its estimated fair value. The current Beneish M-Score is 0.00. KSG Agro's overall GF Score™ is 58/100 with 6 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 KSG Agro (WAR:KSG), the current Beneish M-Score is 0.00 as of Aug. 02, 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 KSG Agro (WAR:KSG) Overvalued in 2026?

Based on GuruFocus' analysis, KSG Agro stock appears to be overvalued. The current stock price of zł3.37 is trading 62.6% above its estimated GF Value™ of zł2.07. GuruFocus considers KSG Agro to be Significantly Overvalued.

Key valuation signals for WAR:KSG:

  • Beneish M-Score: 0.00
  • GF Value™: zł2.07 vs. price of zł3.37 (62.6% above fair value)
  • GF Score™: 58/100 with 6 warning signs

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


KSG Agro Business Description

Address 24, rue Astrid, Luxembourg, LUX, L-1143
KSG Agro SA operates in the agricultural sector with activities in Ukraine and Poland. The company operates through three main segments: Crop Farming, Pig Breeding, and Other Services. The Crop Farming segment produces various crops, including sunflower, corn, wheat, barley, and rapeseed, along with providing land cultivation services. The Pig Breeding segment focuses on breeding Danish purebred sows and the sale of pigs and piglets. The Other segment encompasses the production of fuel pellets and thermal energy, wholesale trade of crops and other goods, and offers services such as pork processing. Maximum revenue is from the Crop Farming segment. KSG Agro aims to supply agricultural products through its integrated operations and maintains a presence in multiple countries across Europe.
58GF Score

Get the complete analysis for WAR:KSG

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

zł3.37
Price
zł2.07
GF Value