Punch Punk (WAR:PPG) Beneish M-Score: 0.00 (As of Jun. 29, 2026)

What is Punch Punk Beneish M-Score?

Punch Punk WAR:PPG 24 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates WAR:PPG with a GF Score™ of 24/100.

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 Punch Punk's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Punch Punk was 0.00. The lowest was 0.00. And the median was 0.00.

Punch Punk Beneish M-Score Related Terms

Punch Punk Beneish M-Score Historical Data

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The historical data trend for Punch Punk'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.

Punch Punk Beneish M-Score Chart

Punch Punk Annual Data

Trend

Dec19

Dec20

Dec21

Beneish M-Score

0.00

Punch Punk Quarterly Data
	Dec19	Mar20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Mar23
Beneish M-Score	Get a 7-Day Free Trial							0.00	4.80	0.00	23.52	0.00

WAR:PPG vs NTES, ATVI, EA: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Punch Punk'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.

Punch Punk Beneish M-Score vs Interactive Media Industry

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

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

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Punch Punk SA WAR:PPG

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

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Punch Punk 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 Punch Punk 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar23) TTM:

Last Year (Dec21) TTM:

Total Receivables was zł0.23 Mil.
Revenue was 0.026 + 0.133 + 0.24 + 0.074 = zł0.47 Mil.
Gross Profit was 0.026 + 0.133 + 0.148 + 0.27 = zł0.58 Mil.
Total Current Assets was zł3.72 Mil.
Total Assets was zł5.10 Mil.
Property, Plant and Equipment(Net PPE) was zł0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.01 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.29 Mil.
Total Current Liabilities was zł1.20 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.046 + 0 + 0.039 + -0.139 = zł-0.15 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -0.001 + 0 + 0 + -0.336 = zł-0.34 Mil.

Total Receivables was zł1.66 Mil.
Revenue was -0.06 + 0.185 + 0.104 + 0.167 = zł0.40 Mil.
Gross Profit was -0.06 + 0.185 + 0.143 + 0.213 = zł0.48 Mil.
Total Current Assets was zł5.95 Mil.
Total Assets was zł5.97 Mil.
Property, Plant and Equipment(Net PPE) was zł0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.01 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.19 Mil.
Total Current Liabilities was zł0.51 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)
	=	(0.234 / 0.473)	/	(1.66 / 0.396)
	=	0.494715	/	4.191919
	=

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)
	=	(0.481 / 0.396)	/	(0.577 / 0.473)
	=	1.214646	/	1.219873
	=

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 - (3.718 + 0.007) / 5.096)	/	(1 - (5.95 + 0.018) / 5.968)
	=	0.269035	/	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
	=	0.473	/	0.396
	=

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))
	=	(0.01 / (0.01 + 0.018))	/	(0.006 / (0.006 + 0.007))
	=	0.357143	/	0.461538
	=

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)
	=	(0.287 / 0.473)	/	(0.194 / 0.396)
	=	0.606765	/	0.489899
	=

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 + 1.202) / 5.096)	/	((0 + 0.514) / 5.968)
	=	0.235871	/	0.086126
	=

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
	=	(-0.146 - 0	-	-0.337)	/	5.096
	=	0.03748

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?

Punch Punk (WAR:PPG) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Punch Punk and its competitors.

Is Punch Punk's Beneish M-Score too high?

Punch Punk's current Beneish M-Score is 0.00. Overall, Punch Punk has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.

How does Punch Punk's Beneish M-Score compare to NTES and ATVI?

Punch Punk's Beneish M-Score of 0.00 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 Punch Punk and its competitors. Punch Punk'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 Punch Punk stock overvalued right now?

Punch Punk (WAR:PPG) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Punch Punk's overall GF Score™ is 24/100. 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 Punch Punk (WAR:PPG), the current Beneish M-Score is 0.00 as of Jun. 29, 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.

Punch Punk Business Description

Industry Communication Services Interactive Media

Comparable Companies WAR:SWT WAR:DEG WAR:BTC WAR:HYD WAR:ATJ WAR:RDS WAR:DRG WAR:PSH WAR:MET WAR:NRS NTES ATVI TSE:7974 EA TSE:3659 TTWO RBLX XKRX:259960 OSTO:EMBRAC B ZNGA

Address Ul. Aleja T. Kosciuszki, 80/82 301 Lodz, Lodzkie, POL, 90-437

Website http://www.punch-punk.com

Punch Punk SA is an independent studio from Warsaw. It creates games which original art style, story, and gameplay involving emotions. It combines games and films experience. The company has worked for Dead Island, Dying Light, Beat Cop.

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