Megapixel Studio (WAR:MPS) Beneish M-Score: -1.45 (As of Jun. 26, 2026)

What is Megapixel Studio Beneish M-Score?

Megapixel Studio WAR:MPS 65 Beneish M-Score is -1.45 as of Jun. 26, 2026. GuruFocus rates WAR:MPS with a GF Score™ of 65/100 and a GF Value™ of zł2.14. The stock has 9 warning signs investors should review.

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 -1.45 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:MPS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -1.18 Max: 3.7
Current: -1.45

During the past 6 years, the highest Beneish M-Score of Megapixel Studio was 3.70. The lowest was -3.46. And the median was -1.18.

Megapixel Studio Beneish M-Score Related Terms

Megapixel Studio Beneish M-Score Historical Data

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The historical data trend for Megapixel Studio'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.

Megapixel Studio Beneish M-Score Chart

Megapixel Studio Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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0.00

-2.16

1.47

-0.89

-1.45

Megapixel Studio 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															0.00	-1.45	0.00	0.00	0.00

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

For the Electronic Gaming & Multimedia subindustry, Megapixel Studio'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.

Megapixel Studio Beneish M-Score vs Interactive Media Industry

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

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

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65GF Score

Megapixel Studio SA WAR:MPS

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

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Megapixel Studio 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 Megapixel Studio 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 * 0.442

0.528 * 0.8448

0.404 * 6.4101

0.892 * 0.438

0.115 * 0.9336

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.177958

0.327 * 3.6933

-1.45

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was zł0.64 Mil.
Revenue was zł1.40 Mil.
Gross Profit was zł2.95 Mil.
Total Current Assets was zł2.69 Mil.
Total Assets was zł6.17 Mil.
Property, Plant and Equipment(Net PPE) was zł0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.12 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.83 Mil.
Long-Term Debt & Capital Lease Obligation was zł4.82 Mil.
Net Income was zł-0.69 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł-1.79 Mil.

Total Receivables was zł3.32 Mil.
Revenue was zł3.19 Mil.
Gross Profit was zł5.68 Mil.
Total Current Assets was zł4.10 Mil.
Total Assets was zł4.70 Mil.
Property, Plant and Equipment(Net PPE) was zł0.20 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.17 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł1.58 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)
	=	(0.643 / 1.396)	/	(3.321 / 3.187)
	=	0.460602	/	1.042046
	=	0.442

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)
	=	(5.682 / 3.187)	/	(2.946 / 1.396)
	=	1.782868	/	2.110315
	=	0.8448

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 - (2.693 + 0.118) / 6.17)	/	(1 - (4.104 + 0.195) / 4.698)
	=	0.544408	/	0.08493
	=	6.4101

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
	=	1.396	/	3.187
	=	0.438

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))
	=	(0.168 / (0.168 + 0.195))	/	(0.116 / (0.116 + 0.118))
	=	0.46281	/	0.495726
	=	0.9336

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 / 1.396)	/	(0 / 3.187)
	=	0	/	0
	=	1

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)
	=	((4.82 + 2.834) / 6.17)	/	((0 + 1.578) / 4.698)
	=	1.240519	/	0.335888
	=	3.6933

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
	=	(-0.691 - 0	-	-1.789)	/	6.17
	=	0.177958

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.

Megapixel Studio has a M-score of -1.45 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 -1.45 mean?

Megapixel Studio (WAR:MPS) has a Beneish M-Score of -1.45 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Megapixel Studio and its competitors.

Is Megapixel Studio's Beneish M-Score too high?

Megapixel Studio's current Beneish M-Score is -1.45. Overall, Megapixel Studio has a GF Score™ of 65/100, reflecting its overall financial health beyond just this single metric.

How does Megapixel Studio's Beneish M-Score compare to NTES and EA?

Megapixel Studio's Beneish M-Score of -1.45 can be compared against companies in the Interactive Media 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 Megapixel Studio and its competitors. Megapixel Studio's current Beneish M-Score is -1.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Megapixel Studio stock overvalued right now?

Megapixel Studio (WAR:MPS) has a current Beneish M-Score of -1.45. The stock's GF Value™ is zł2.14, compared to a current price of zł1.70 — trading 20.6% below its estimated fair value. The current Beneish M-Score is -1.45. Megapixel Studio's overall GF Score™ is 65/100 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 Megapixel Studio (WAR:MPS), the current Beneish M-Score is -1.45 as of Jun. 26, 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 Megapixel Studio (WAR:MPS) Overvalued in 2026?

Based on GuruFocus' analysis, Megapixel Studio stock appears to be undervalued. The current stock price of zł1.70 is trading 20.6% below its estimated GF Value™ of zł2.14.

Key valuation signals for WAR:MPS:

Beneish M-Score: -1.45
GF Value™: zł2.14 vs. price of zł1.70 (20.6% below fair value)
GF Score™: 65/100 with 9 warning signs

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

Megapixel Studio Business Description

Industry Communication Services Interactive Media

Comparable Companies WAR:ATJ WAR:THD WAR:GDS WAR:DRG WAR:IMG WAR:PBT WAR:IWS WAR:NRS WAR:LMG WAR:END NTES TSE:7974 EA TTWO RBLX TSE:9766 SZSE:002602 TSE:3659 SZSE:300418 TSE:9697

Address ul. Batorego 7, Gdynia, POL, 81-365

Website https://www.megapixel-studio.com

Megapixel Studio SA is engaged in producing video games. The main goal of the studio is to create playable and recognizable games for all important platforms, with particular emphasis on consoles: Nintendo Switch, Xbox and PS4.

65GF Score

Get the complete analysis for WAR:MPS

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

zł1.70

Price

zł2.14

GF Value

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