Mostostal Warszawa Beneish M-Score Historical Data
The historical data trend for Mostostal Warszawa'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.
Mostostal Warszawa Beneish M-Score Chart
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Mostostal Warszawa Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.57 |
-3.54 |
-2.11 |
-3.19 |
-2.20 |
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Mostostal Warszawa Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.22 |
-2.77 |
-2.76 |
-2.20 |
-2.02 |
Competitive Comparison of Mostostal Warszawa's Beneish M-Score
For the Engineering & Construction subindustry, Mostostal Warszawa'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.
Mostostal Warszawa's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Mostostal Warszawa's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mostostal Warszawa's Beneish M-Score falls into.
Mostostal Warszawa 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 Mostostal Warszawa 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 * 1.2131 | + | 0.528 * 1.3813 | + | 0.404 * 1.2895 | + | 0.892 * 0.9745 | + | 0.115 * 0.6925 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0083 | + | 4.679 * 0.010085 | - | 0.327 * 1.1231 |
| = | -2.02 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was zł607 Mil.
Revenue was 317.012 + 454.681 + 469.228 + 365.075 = zł1,606 Mil.
Gross Profit was 19.77 + 9.338 + 37.374 + -6.162 = zł60 Mil.
Total Current Assets was zł746 Mil.
Total Assets was zł1,020 Mil.
Property, Plant and Equipment(Net PPE) was zł203 Mil.
Depreciation, Depletion and Amortization(DDA) was zł84 Mil.
Selling, General, & Admin. Expense(SGA) was zł18 Mil.
Total Current Liabilities was zł808 Mil.
Long-Term Debt & Capital Lease Obligation was zł57 Mil.
Net Income was 0.423 + -16.262 + 12.85 + -19.724 = zł-23 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -66.133 + 92.429 + -40.905 + -18.393 = zł-33 Mil.
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Total Receivables was zł513 Mil.
Revenue was 289.647 + 451.729 + 448.29 + 458.358 = zł1,648 Mil.
Gross Profit was 12.08 + 26.945 + 22.509 + 23.966 = zł86 Mil.
Total Current Assets was zł748 Mil.
Total Assets was zł1,040 Mil.
Property, Plant and Equipment(Net PPE) was zł235 Mil.
Depreciation, Depletion and Amortization(DDA) was zł60 Mil.
Selling, General, & Admin. Expense(SGA) was zł19 Mil.
Total Current Liabilities was zł706 Mil.
Long-Term Debt & Capital Lease Obligation was zł80 Mil.
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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) |
| = | (606.745 / 1605.996) | / | (513.262 / 1648.024) |
| = | 0.3778 | / | 0.311441 |
| | = | 1.2131 |
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) |
| = | (85.5 / 1648.024) | / | (60.32 / 1605.996) |
| = | 0.05188 | / | 0.037559 |
| | = | 1.3813 |
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 - (746.202 + 202.74) / 1020.257) | / | (1 - (748.356 + 234.983) / 1039.698) |
| = | 0.069899 | / | 0.054207 |
| | = | 1.2895 |
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 |
| = | 1605.996 | / | 1648.024 |
| | = | 0.9745 |
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)) |
| = | (59.916 / (59.916 + 234.983)) | / | (84.173 / (84.173 + 202.74)) |
| = | 0.203175 | / | 0.293375 |
| | = | 0.6925 |
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) |
| = | (18.424 / 1605.996) | / | (18.751 / 1648.024) |
| = | 0.011472 | / | 0.011378 |
| | = | 1.0083 |
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) |
| = | ((57.478 + 808.233) / 1020.257) | / | ((79.522 + 705.998) / 1039.698) |
| = | 0.848522 | / | 0.755527 |
| | = | 1.1231 |
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 |
| = | (-22.713 - 0 | - | -33.002) | / | 1020.257 |
| | = | 0.010085 |
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.
Mostostal Warszawa has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.
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