PCF Group (WAR:PCF) Beneish M-Score: -6.55 (As of Jul. 03, 2026)

What is PCF Group Beneish M-Score?

PCF Group WAR:PCF -0.47% 61 Beneish M-Score is -6.55 as of Jul. 03, 2026. GuruFocus rates WAR:PCF with a GF Score™ of 61/100 and a GF Value™ of zł10.78 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 531 Interactive Media companies, PCF Group ranks better than 96.23% 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 -6.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:PCF' s Beneish M-Score Range Over the Past 10 Years
Min: -7.86 Med: -2.8 Max: 2.14
Current: -6.55

During the past 9 years, the highest Beneish M-Score of PCF Group was 2.14. The lowest was -7.86. And the median was -2.80.

PCF Group Beneish M-Score Related Terms

PCF Group Beneish M-Score Historical Data

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The historical data trend for PCF 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.

PCF Group Beneish M-Score Chart

PCF Group Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-0.23

-2.80

-2.85

-5.10

-4.78

PCF 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															-4.25	-4.88	-7.86	-4.78	-6.55

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

For the Electronic Gaming & Multimedia subindustry, PCF 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.

PCF Group Beneish M-Score vs Interactive Media Industry

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

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

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61GF Score

PCF Group SA WAR:PCF

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

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PCF 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 PCF 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 * 0.8922

0.528 * 1.0823

0.404 * 0.6266

0.892 * 0.927

0.115 * 0.8013

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7821

4.679 * -0.803987

0.327 * 1.142

-6.55

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł79.4 Mil.
Revenue was 45.566 + 47.503 + 36.789 + 52.314 = zł182.2 Mil.
Gross Profit was 13.727 + -0.32 + 11.396 + 7.308 = zł32.1 Mil.
Total Current Assets was zł96.3 Mil.
Total Assets was zł184.5 Mil.
Property, Plant and Equipment(Net PPE) was zł24.4 Mil.
Depreciation, Depletion and Amortization(DDA) was zł34.4 Mil.
Selling, General, & Admin. Expense(SGA) was zł46.2 Mil.
Total Current Liabilities was zł55.7 Mil.
Long-Term Debt & Capital Lease Obligation was zł10.8 Mil.
Net Income was -23.087 + -6.949 + -95.412 + -17.293 = zł-142.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 9.463 + -9.354 + 19.505 + -14.025 = zł5.6 Mil.

Total Receivables was zł96.0 Mil.
Revenue was 62.992 + 58.515 + 55.577 + 19.428 = zł196.5 Mil.
Gross Profit was 9.492 + 22.658 + 20.606 + -15.265 = zł37.5 Mil.
Total Current Assets was zł130.1 Mil.
Total Assets was zł367.5 Mil.
Property, Plant and Equipment(Net PPE) was zł34.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł30.4 Mil.
Selling, General, & Admin. Expense(SGA) was zł63.7 Mil.
Total Current Liabilities was zł98.1 Mil.
Long-Term Debt & Capital Lease Obligation was zł18.0 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)
	=	(79.411 / 182.172)	/	(96.009 / 196.512)
	=	0.435912	/	0.488566
	=	0.8922

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)
	=	(37.491 / 196.512)	/	(32.111 / 182.172)
	=	0.190782	/	0.176267
	=	1.0823

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 - (96.26 + 24.402) / 184.493)	/	(1 - (130.14 + 34.451) / 367.527)
	=	0.345981	/	0.552166
	=	0.6266

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
	=	182.172	/	196.512
	=	0.927

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))
	=	(30.366 / (30.366 + 34.451))	/	(34.355 / (34.355 + 24.402))
	=	0.468488	/	0.584696
	=	0.8013

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)
	=	(46.153 / 182.172)	/	(63.656 / 196.512)
	=	0.253348	/	0.323929
	=	0.7821

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)
	=	((10.817 + 55.733) / 184.493)	/	((18.008 + 98.076) / 367.527)
	=	0.360718	/	0.315852
	=	1.142

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
	=	(-142.741 - 0	-	5.589)	/	184.493
	=	-0.803987

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.

PCF Group has a M-score of -6.55 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 -6.55 mean?

PCF Group (WAR:PCF) has a Beneish M-Score of -6.55 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PCF Group and its competitors. According to the industry distribution chart, PCF Group ranks #20 out of 531 companies in the Interactive Media industry, placing it in the top 3.8%.

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

PCF Group's current Beneish M-Score is -6.55. Based on the distribution chart, PCF Group ranks #20 out of 531 companies in the Interactive Media industry, which is in the top quartile — a strong position relative to peers. Overall, PCF Group has a GF Score™ of 61/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does PCF Group's Beneish M-Score compare to NTES and EA?

According to the Interactive Media industry distribution chart, PCF Group ranks #20 out of 531 companies for Beneish M-Score. This places PCF Group in the top 4% 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 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 PCF Group and its competitors. PCF Group's current Beneish M-Score is -6.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PCF Group stock overvalued right now?

Based on GuruFocus' analysis, PCF Group (WAR:PCF) is currently considered Possible Value Trap. The stock's GF Value™ is zł10.78, compared to a current price of zł3.19 — trading 70.5% below its estimated fair value. The current Beneish M-Score is -6.55. PCF Group's overall GF Score™ is 61/100 with 6 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 PCF Group (WAR:PCF), the current Beneish M-Score is -6.55 as of Jul. 03, 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 PCF Group (WAR:PCF) Overvalued in 2026?

Based on GuruFocus' analysis, PCF Group stock appears to be undervalued. The current stock price of zł3.19 is trading 70.5% below its estimated GF Value™ of zł10.78. GuruFocus considers PCF Group to be Possible Value Trap.

Key valuation signals for WAR:PCF:

Beneish M-Score: -6.55
GF Value™: zł10.78 vs. price of zł3.19 (70.5% below fair value)
GF Score™: 61/100 with 6 warning signs

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

PCF Group Business Description

Industry Communication Services Interactive Media

Comparable Companies WAR:PRH WAR:OML WAR:PRE WAR:PGG WAR:TCR WAR:RND WAR:BBT WAR:ULG WAR:GOP WAR:AAS NTES EA TSE:7974 TTWO RBLX SZSE:002602 TSE:9766 TSE:3659 TSE:9697 SZSE:002558

Address al. Solidarnosci 171, Warsaw, POL, 00-877

Website https://www.peoplecanfly.com

PCF Group SA is engaged in the development of games. Some of the games of the company include Outriders, Bullet Storm, Gears of war, Fortnite and Pain Killer.

61GF Score

Get the complete analysis for WAR:PCF

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

zł3.19

Price

zł10.78

GF Value

View WAR:PCF Analysis

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