Military Group (WAR:MIG) Beneish M-Score: -3.91 (As of Jun. 25, 2026)

What is Military Group Beneish M-Score?

Military Group WAR:MIG +2.10% 30 Beneish M-Score is -3.91 as of Jun. 25, 2026. GuruFocus rates WAR:MIG with a GF Score™ of 30/100 and a GF Value™ of zł0.11 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Military Group ranks better than 96.94% 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 -3.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:MIG' s Beneish M-Score Range Over the Past 10 Years
Min: -17.37 Med: -2.52 Max: 2069.65
Current: -3.91

During the past 13 years, the highest Beneish M-Score of Military Group was 2069.65. The lowest was -17.37. And the median was -2.52.

Military Group Beneish M-Score Related Terms

Military Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Military Group'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.

Military Group Beneish M-Score Chart

Military Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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721.71

2,069.65

-2.76

-6.92

-8.17

Military Group 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															-3.75	0.54	2.19	-8.17	-3.91

WAR:MIG vs CVNA, PAG, ALTB: Beneish M-Score Comparison

For the Auto & Truck Dealerships subindustry, Military Group'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.

Military Group Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Military Group's Beneish M-Score distribution charts can be found below:

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

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Military Group SA WAR:MIG

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

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Military Group 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 Military Group 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 * 0.8577

0.528 * 2.3298

0.404 * 1.0255

0.892 * 0.3861

0.115 * 1.2031

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1318

4.679 * -0.079255

0.327 * 4.341

-3.91

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł1.39 Mil.
Revenue was 0.588 + 1.59 + 2.95 + 5.131 = zł10.26 Mil.
Gross Profit was -0.69 + -0.086 + 0.989 + 1.402 = zł1.62 Mil.
Total Current Assets was zł2.91 Mil.
Total Assets was zł12.57 Mil.
Property, Plant and Equipment(Net PPE) was zł1.34 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.29 Mil.
Selling, General, & Admin. Expense(SGA) was zł3.48 Mil.
Total Current Liabilities was zł10.34 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 6.759 + -13.985 + 0.445 + 6.259 = zł-0.52 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -0.348 + 1.256 + 0.385 + -0.819 = zł0.47 Mil.

Total Receivables was zł4.19 Mil.
Revenue was 3.711 + 10.589 + 7.044 + 5.226 = zł26.57 Mil.
Gross Profit was -0.133 + 4.971 + 3.206 + 1.701 = zł9.75 Mil.
Total Current Assets was zł13.28 Mil.
Total Assets was zł40.54 Mil.
Property, Plant and Equipment(Net PPE) was zł1.11 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.31 Mil.
Selling, General, & Admin. Expense(SGA) was zł7.96 Mil.
Total Current Liabilities was zł7.68 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)
	=	(1.389 / 10.259)	/	(4.194 / 26.57)
	=	0.135393	/	0.157847
	=	0.8577

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)
	=	(9.745 / 26.57)	/	(1.615 / 10.259)
	=	0.366767	/	0.157423
	=	2.3298

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 - (2.914 + 1.339) / 12.567)	/	(1 - (13.28 + 1.107) / 40.544)
	=	0.661574	/	0.645151
	=	1.0255

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
	=	10.259	/	26.57
	=	0.3861

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))
	=	(0.305 / (0.305 + 1.107))	/	(0.293 / (0.293 + 1.339))
	=	0.216006	/	0.179534
	=	1.2031

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)
	=	(3.48 / 10.259)	/	(7.963 / 26.57)
	=	0.339214	/	0.299699
	=	1.1318

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 + 10.335) / 12.567)	/	((0.001 + 7.68) / 40.544)
	=	0.822392	/	0.189449
	=	4.341

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
	=	(-0.522 - 0	-	0.474)	/	12.567
	=	-0.079255

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.

Military Group has a M-score of -3.91 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 -3.91 mean?

Military Group (WAR:MIG) has a Beneish M-Score of -3.91 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Military Group and its competitors. According to the industry distribution chart, Military Group ranks #39 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 3.1%.

Is Military Group's Beneish M-Score too high?

Military Group's current Beneish M-Score is -3.91. Based on the distribution chart, Military Group ranks #39 out of 1273 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Military Group has a GF Score™ of 30/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Military Group's Beneish M-Score compare to CVNA and PAG?

According to the Vehicles & Parts industry distribution chart, Military Group ranks #39 out of 1273 companies for Beneish M-Score. This places Military Group in the top 3% 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 Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts 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 Military Group and its competitors. Military Group's current Beneish M-Score is -3.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Military Group stock overvalued right now?

Based on GuruFocus' analysis, Military Group (WAR:MIG) is currently considered Significantly Overvalued. The stock's GF Value™ is zł0.11, compared to a current price of zł0.29 — trading 165.5% above its estimated fair value. The current Beneish M-Score is -3.91. Military Group's overall GF Score™ is 30/100 with 3 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 Military Group (WAR:MIG), the current Beneish M-Score is -3.91 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 Military Group (WAR:MIG) Overvalued in 2026?

Based on GuruFocus' analysis, Military Group stock appears to be overvalued. The current stock price of zł0.29 is trading 165.5% above its estimated GF Value™ of zł0.11. GuruFocus considers Military Group to be Significantly Overvalued.

Key valuation signals for WAR:MIG:

Beneish M-Score: -3.91
GF Value™: zł0.11 vs. price of zł0.29 (165.5% above fair value)
GF Score™: 30/100 with 3 warning signs

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

Military Group Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies WAR:ACG WAR:LES WAR:IZB WAR:HDR WAR:ERG WAR:ORL WAR:TGG WAR:SNK CVNA PAG XBRU:DIE ALTB TPE:2207 LAD KMX AN RUSHA TSE:4732 VVV ASX:APE

Address ul. Grunwaldzka 13, Ilawa, POL

Website http://www.rsy-ilawa.com.pl

Military Group SA offers repair of diesel engines for commercial vehicles and trucks, construction machinery, and agricultural vehicles.

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

zł0.29

Price

zł0.11

GF Value

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