Polaris IT Group (WAR:PIT) Beneish M-Score: 1243.23 (As of Jun. 25, 2026) — 100976% Above Median

What is Polaris IT Group Beneish M-Score?

Polaris IT Group WAR:PIT +4.42% 33 Beneish M-Score is 1243.23 as of Jun. 25, 2026, which is 100976% above its 10-year median of 1.23. GuruFocus rates WAR:PIT with a GF Score™ of 33/100 and a GF Value™ of zł0.03 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Polaris IT Group ranks worse than 100% 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 1243.23 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:PIT' s Beneish M-Score Range Over the Past 10 Years
Min: -42.69 Med: 1.23 Max: 1243.23
Current: 1243.23

During the past 13 years, the highest Beneish M-Score of Polaris IT Group was 1243.23. The lowest was -42.69. And the median was 1.23.

Polaris IT Group Beneish M-Score Related Terms

Polaris IT Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Polaris IT 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.

Polaris IT Group Beneish M-Score Chart

Polaris IT Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.20

-2.57

-3.26

-0.08

1,243.23

Polaris IT Group Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-3.26	-2.08	-3.26	-0.08	1,243.23

WAR:PIT vs TPR, SIG, CPRI: Beneish M-Score Comparison

For the Luxury Goods subindustry, Polaris IT 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.

Polaris IT Group Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Polaris IT Group's Beneish M-Score distribution charts can be found below:

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

Save Embed

33GF Score

Polaris IT Group SA WAR:PIT

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

View Full Analysis

Polaris IT 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 Polaris IT 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 * 0.0048

0.528 * 0.7886

0.404 * 0

0.892 * 0.3684

0.115 * 0.2812

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 268

0.327 * 19.9235

1,243.23

This Year (Dec25) TTM:

Last Year (Mar24) TTM:

Total Receivables was zł0.02 Mil.
Revenue was 0 + 1.411 + 6.074 + 4.696 = zł12.18 Mil.
Gross Profit was 0 + 0.064 + 6.056 + 3.847 = zł9.97 Mil.
Total Current Assets was zł0.02 Mil.
Total Assets was zł0.02 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł3.16 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.11 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.296 + -58.888 + 0.012 + -0.032 = zł-59.20 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -0.001 + -63.015 + 2.681 + -3.693 = zł-64.03 Mil.

Total Receivables was zł10.12 Mil.
Revenue was 8.06 + 5.906 + 9.37 + 9.733 = zł33.07 Mil.
Gross Profit was 6.854 + 2.89 + 7.851 + 3.743 = zł21.34 Mil.
Total Current Assets was zł21.48 Mil.
Total Assets was zł97.68 Mil.
Property, Plant and Equipment(Net PPE) was zł18.29 Mil.
Depreciation, Depletion and Amortization(DDA) was zł7.15 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł29.14 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)
	=	(0.018 / 12.181)	/	(10.123 / 33.069)
	=	0.001478	/	0.306118
	=	0.0048

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)
	=	(21.338 / 33.069)	/	(9.967 / 12.181)
	=	0.645257	/	0.818242
	=	0.7886

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 - (0.018 + 0) / 0.018)	/	(1 - (21.483 + 18.286) / 97.676)
	=	0	/	0.592848
	=	0

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
	=	12.181	/	33.069
	=	0.3684

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))
	=	(7.154 / (7.154 + 18.286))	/	(3.157 / (3.157 + 0))
	=	0.281211	/	1
	=	0.2812

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 / 12.181)	/	(0 / 33.069)
	=	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)
	=	((0 + 0.107) / 0.018)	/	((0 + 29.143) / 97.676)
	=	5.944444	/	0.298364
	=	19.9235

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
	=	(-59.204 - 0	-	-64.028)	/	0.018
	=	268

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.

Polaris IT Group has a M-score of 1,243.23 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 1243.23 mean?

Polaris IT Group (WAR:PIT) has a Beneish M-Score of 1243.23 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Polaris IT Group and its competitors. This is 100976% above median its historical median of 1.23. According to the industry distribution chart, Polaris IT Group ranks #1087 out of 1087 companies in the Retail - Cyclical industry.

Is Polaris IT Group's Beneish M-Score too high?

Polaris IT Group's current Beneish M-Score of 1243.23 is 100976% above median its 10-year median of 1.23. Based on the distribution chart, Polaris IT Group ranks #1087 out of 1087 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Polaris IT Group has a GF Score™ of 33/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Polaris IT Group's Beneish M-Score compare to TPR and SIG?

According to the Retail - Cyclical industry distribution chart, Polaris IT Group ranks #1087 out of 1087 companies for Beneish M-Score. This places Polaris IT Group 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 a Retail - Cyclical company?

A good Beneish M-Score depends on the Retail - Cyclical 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 Polaris IT Group and its competitors. Polaris IT Group's current Beneish M-Score is 1243.23, which is 100976% above median its own 10-year median of 1.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Polaris IT Group stock overvalued right now?

Based on GuruFocus' analysis, Polaris IT Group (WAR:PIT) is currently considered Significantly Overvalued. The stock's GF Value™ is zł0.03, compared to a current price of zł0.24 — trading 686.7% above its estimated fair value. The current Beneish M-Score is 1243.23, which is 100976% above median its 10-year median of 1.23. Polaris IT Group's overall GF Score™ is 33/100 with 7 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 Polaris IT Group (WAR:PIT), the current Beneish M-Score is 1243.23 as of Jun. 25, 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 Polaris IT Group (WAR:PIT) Overvalued in 2026?

Based on GuruFocus' analysis, Polaris IT Group stock appears to be overvalued. The current stock price of zł0.24 is trading 686.7% above its estimated GF Value™ of zł0.03. GuruFocus considers Polaris IT Group to be Significantly Overvalued.

Key valuation signals for WAR:PIT:

Beneish M-Score: 1243.23 (100976% above median its 10-year median of 1.23)
GF Value™: zł0.03 vs. price of zł0.24 (686.7% above fair value)
GF Score™: 33/100 with 7 warning signs

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

Polaris IT Group Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies WAR:MNS XPAR:RMS XPAR:MC XSWX:CFR XPAR:CDI NSE:TITAN XPAR:KER HKSE:06181 TPR HKSE:01929 HKSE:01913 OCSE:PNDORA XSWX:UHR MIL:BC BOM:543278 LSE:BRBY SIG SHSE:600612 CPRI SZSE:002867

Address ul. Swieradowska 47, Warsaw, POL, 02-662

Website http://www.polarisitgroup.com

Polaris IT Group SA, formerly Ark Royal SA is engaged in the field of export of goods and services. The company intends to be an information technology company providing solutions based on artificial intelligence and complex hardware and software solutions.

33GF Score

Get the complete analysis for WAR:PIT

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

zł0.24

Price

zł0.03

GF Value

View WAR:PIT Analysis

See Beneish M-Score data for all stocks →