Movie Games (WAR:MOV) Beneish M-Score: -1.49 (As of Jun. 24, 2026)


WAR:MOV Movie Games SA WAR:MOV
65 GF Score
Price zł7.57
GF Value zł46.21
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Movie Games Beneish M-Score?

Movie Games WAR:MOV 65 Beneish M-Score is -1.49 as of Jun. 24, 2026. GuruFocus rates WAR:MOV with a GF Score™ of 65/100 and a GF Value™ of zł46.21 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 532 Interactive Media companies, Movie Games ranks worse than 86.28% 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.

Warning Sign:

Beneish M-Score -1.49 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:MOV' s Beneish M-Score Range Over the Past 10 Years
Min: -4.25   Med: -1.49   Max: 2.61
Current: -1.49

During the past 8 years, the highest Beneish M-Score of Movie Games was 2.61. The lowest was -4.25. And the median was -1.49.


Movie Games Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Movie Games'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.

Movie Games Beneish M-Score Chart

Movie Games Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial 2.41 -1.29 -1.50 -4.25 -1.49

Movie Games Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 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 -1.49 0.00 0.00 0.00 0.00

WAR:MOV vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Movie Games'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.


Movie Games Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Movie Games's Beneish M-Score distribution charts can be found below:

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


WAR:MOV
65GF Score
Movie Games SA WAR:MOV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Movie Games 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 Movie Games 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 * 0.335+0.528 * 0.9998+0.404 * 0.9173+0.892 * 3.293+0.115 * 0.8895
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2315+4.679 * -0.105222-0.327 * 1.1164
=-1.49

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was zł4.45 Mil.
Revenue was zł14.87 Mil.
Gross Profit was zł14.87 Mil.
Total Current Assets was zł11.20 Mil.
Total Assets was zł38.21 Mil.
Property, Plant and Equipment(Net PPE) was zł0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was zł5.93 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.92 Mil.
Total Current Liabilities was zł4.47 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł1.51 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł5.53 Mil.
Total Receivables was zł4.04 Mil.
Revenue was zł4.52 Mil.
Gross Profit was zł4.51 Mil.
Total Current Assets was zł8.65 Mil.
Total Assets was zł38.92 Mil.
Property, Plant and Equipment(Net PPE) was zł0.43 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2.84 Mil.
Selling, General, & Admin. Expense(SGA) was zł2.52 Mil.
Total Current Liabilities was zł3.96 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.12 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)
=(4.453 / 14.868) / (4.037 / 4.515)
=0.299502 / 0.894131
=0.335

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)
=(4.514 / 4.515) / (14.868 / 14.868)
=0.999779 / 1
=0.9998

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 - (11.196 + 0.141) / 38.205) / (1 - (8.654 + 0.428) / 38.92)
=0.703259 / 0.76665
=0.9173

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
=14.868 / 4.515
=3.293

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))
=(2.835 / (2.835 + 0.428)) / (5.928 / (5.928 + 0.141))
=0.868832 / 0.976767
=0.8895

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)
=(1.921 / 14.868) / (2.52 / 4.515)
=0.129204 / 0.55814
=0.2315

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 + 4.468) / 38.205) / ((0.118 + 3.959) / 38.92)
=0.116948 / 0.104753
=1.1164

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
=(1.505 - 0 - 5.525) / 38.205
=-0.105222

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.

Movie Games has a M-score of -1.49 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 -1.49 mean?
Movie Games (WAR:MOV) has a Beneish M-Score of -1.49 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Movie Games and its competitors. According to the industry distribution chart, Movie Games ranks #459 out of 532 companies in the Interactive Media industry, placing it in the top 86.3%.
Is Movie Games' Beneish M-Score too high?
Movie Games' current Beneish M-Score is -1.49. Based on the distribution chart, Movie Games ranks #459 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Movie Games has a GF Score™ of 65/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Movie Games' Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Movie Games ranks #459 out of 532 companies for Beneish M-Score. This places Movie Games 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 Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 Movie Games and its competitors. Movie Games's current Beneish M-Score is -1.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Movie Games stock overvalued right now?
Based on GuruFocus' analysis, Movie Games (WAR:MOV) is currently considered Possible Value Trap. The stock's GF Value™ is zł46.21, compared to a current price of zł7.57 — trading 83.6% below its estimated fair value. The current Beneish M-Score is -1.49. Movie Games' overall GF Score™ is 65/100 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 Movie Games (WAR:MOV), the current Beneish M-Score is -1.49 as of Jun. 24, 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 Movie Games (WAR:MOV) Overvalued in 2026?

Based on GuruFocus' analysis, Movie Games stock appears to be undervalued. The current stock price of zł7.57 is trading 83.6% below its estimated GF Value™ of zł46.21. GuruFocus considers Movie Games to be Possible Value Trap.

Key valuation signals for WAR:MOV:

  • Beneish M-Score: -1.49
  • GF Value™: zł46.21 vs. price of zł7.57 (83.6% below fair value)
  • GF Score™: 65/100 with 3 warning signs

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


Movie Games Business Description

Address Jana Gawinskiego 8, Warszawa, POL, 01-645
Movie Games SA is a Polish-based developer, producer and publisher of computer games. The company creates games for Personal Computers, Xbox One, PlayStation4 and Nintendo Switch. Games developed by the company include Lust for Darkness, The Beast Inside, Soulblight, Total Alarm, Plane Mechanic Simulator, 303 Squadron: Battle of Britain, Orbital Racer, among others.
65GF Score

Get the complete analysis for WAR:MOV

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

zł7.57
Price
zł46.21
GF Value