Neurone Studio (WAR:NRS) Beneish M-Score: 0.00 (As of Jul. 01, 2026)


WAR:NRS Neurone Studio SA WAR:NRS
22 GF Score
Price zł0.74
! 1 Warning Sign
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What is Neurone Studio Beneish M-Score?

Neurone Studio WAR:NRS 22 Beneish M-Score is 0.00 as of Jul. 01, 2026. GuruFocus rates WAR:NRS with a GF Score™ of 22/100. The stock has 1 warning sign investors should review. Among 532 Interactive Media companies, Neurone Studio ranks worse than 187969.74% 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 Neurone Studio's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Neurone Studio was 79.39. The lowest was 79.39. And the median was 79.39.

Neurone Studio Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Neurone 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.

Neurone Studio Beneish M-Score Chart

Neurone Studio Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 0.00

Neurone Studio 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 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 0.00 0.00 0.00 0.00 0.00

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

For the Electronic Gaming & Multimedia subindustry, Neurone 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.

Neurone Studio Beneish M-Score vs Interactive Media Industry

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

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


WAR:NRS
22GF Score
Neurone Studio SA WAR:NRS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Neurone 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 Neurone Studio 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was zł0.00 Mil.
Revenue was zł0.00 Mil.
Gross Profit was zł0.00 Mil.
Total Current Assets was zł0.08 Mil.
Total Assets was zł0.09 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.02 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.19 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł-0.21 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł-0.12 Mil.
 Total Receivables was zł0.01 Mil.
Revenue was zł0.00 Mil.
Gross Profit was zł0.00 Mil.
Total Current Assets was zł0.13 Mil.
Total Assets was zł0.16 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.01 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.61 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 / 0) / (0.011 / 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)
=(0 / 0) / (0 / 0)
= /
=

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 - (0.082 + 0) / 0.094) / (1 - (0.128 + 0) / 0.16)
=0.12766 / 0.2
=

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
=0 / 0
=

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))
=(0.008 / (0.008 + 0)) / (0.02 / (0.02 + 0))
=1 / 1
=

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 / 0) / (0 / 0)
= /
=

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 + 0.194) / 0.094) / ((0 + 0.611) / 0.16)
=2.06383 / 3.81875
=

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
=(-0.213 - 0 - -0.124) / 0.094
=-0.946809

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?
Neurone Studio (WAR:NRS) has a Beneish M-Score of 0.00 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Neurone Studio and its competitors. Over the past decade, Neurone Studio's Beneish M-Score has ranged from 79.39 to 79.39. According to the industry distribution chart, Neurone Studio ranks #999999 out of 532 companies in the Interactive Media industry.
Is Neurone Studio's Beneish M-Score too high?
Neurone Studio's current Beneish M-Score is 0.00. Over the past 10 years, this metric has ranged from a low of 79.39 to a high of 79.39. Based on the distribution chart, Neurone Studio ranks #999999 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Neurone Studio has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Neurone Studio's Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Neurone Studio ranks #999999 out of 532 companies for Beneish M-Score. This places Neurone Studio in the lower half of its industry. Historically, Neurone Studio's own Beneish M-Score has ranged from 79.39 to 79.39 over the past decade. 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 Neurone Studio and its competitors. Neurone Studio'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 Neurone Studio stock overvalued right now?
Neurone Studio (WAR:NRS) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Neurone Studio's overall GF Score™ is 22/100 with 1 warning sign 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 Neurone Studio (WAR:NRS), the current Beneish M-Score is 0.00 as of Jul. 01, 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.

Neurone Studio Business Description

Address Grunwaldzka 43/3, Poznan, POL, 60-784
Neurone Studio SA, formerly Huckleberry Games SA is a Poland based gaming company. It creates, develops, and distributes massively multiplayer online role-playing games.
22GF Score

Get the complete analysis for WAR:NRS

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

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