Rex Concepts (WAR:REX) Beneish M-Score: -2.45 (As of Jul. 27, 2026)

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WAR:REX Rex Concepts SA WAR:REX
7 GF Score
Price zł11.98
! 1 Warning Sign
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What is Rex Concepts Beneish M-Score?

Rex Concepts WAR:REX -3.70% 7 Beneish M-Score is -2.45 as of Jul. 27, 2026. GuruFocus rates WAR:REX with a GF Score™ of 7/100. The stock has 1 warning sign investors should review. Among 357 Restaurants companies, Rex Concepts ranks worse than 74.51% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:REX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.45   Med: -2.45   Max: -2.45
Current: -2.45

During the past 3 years, the highest Beneish M-Score of Rex Concepts was -2.45. The lowest was -2.45. And the median was -2.45.

Rex Concepts Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rex Concepts'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.

Rex Concepts Beneish M-Score Chart

Rex Concepts Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.45

Rex Concepts Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -2.45

WAR:REX vs MCD, SBUX, YUM: Beneish M-Score Comparison

For the Restaurants subindustry, Rex Concepts'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.

Rex Concepts Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Rex Concepts's Beneish M-Score distribution charts can be found below:

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


WAR:REX
7GF Score
Rex Concepts SA WAR:REX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Rex Concepts 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 Rex Concepts 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 * 1.0326+0.528 * 0.6334+0.404 * 0.8242+0.892 * 1.6584+0.115 * 0.987
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5487+4.679 * -0.079489-0.327 * 1.0751
=-2.45

* 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 zł19.2 Mil.
Revenue was zł594.6 Mil.
Gross Profit was zł20.1 Mil.
Total Current Assets was zł189.8 Mil.
Total Assets was zł1,127.1 Mil.
Property, Plant and Equipment(Net PPE) was zł867.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł74.4 Mil.
Selling, General, & Admin. Expense(SGA) was zł15.7 Mil.
Total Current Liabilities was zł177.9 Mil.
Long-Term Debt & Capital Lease Obligation was zł463.3 Mil.
Net Income was zł-45.6 Mil.
Gross Profit was zł0.0 Mil.
Cash Flow from Operations was zł44.0 Mil.
 Total Receivables was zł11.2 Mil.
Revenue was zł358.5 Mil.
Gross Profit was zł7.7 Mil.
Total Current Assets was zł97.3 Mil.
Total Assets was zł623.8 Mil.
Property, Plant and Equipment(Net PPE) was zł479.9 Mil.
Depreciation, Depletion and Amortization(DDA) was zł40.5 Mil.
Selling, General, & Admin. Expense(SGA) was zł17.3 Mil.
Total Current Liabilities was zł111.3 Mil.
Long-Term Debt & Capital Lease Obligation was zł218.8 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)
=(19.195 / 594.568) / (11.209 / 358.512)
=0.032284 / 0.031265
=1.0326

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)
=(7.659 / 358.512) / (20.052 / 594.568)
=0.021363 / 0.033725
=0.6334

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 - (189.848 + 867.879) / 1127.05) / (1 - (97.336 + 479.947) / 623.84)
=0.061508 / 0.07463
=0.8242

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
=594.568 / 358.512
=1.6584

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))
=(40.548 / (40.548 + 479.947)) / (74.371 / (74.371 + 867.879))
=0.077903 / 0.078929
=0.987

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)
=(15.714 / 594.568) / (17.269 / 358.512)
=0.026429 / 0.048169
=0.5487

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)
=((463.323 + 177.917) / 1127.05) / ((218.797 + 111.341) / 623.84)
=0.568954 / 0.529203
=1.0751

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
=(-45.595 - 0 - 43.993) / 1127.05
=-0.079489

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.

Rex Concepts has a M-score of -2.45 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 -2.45 mean?
Rex Concepts (WAR:REX) has a Beneish M-Score of -2.45 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rex Concepts and its competitors. According to the industry distribution chart, Rex Concepts ranks #266 out of 357 companies in the Restaurants industry, placing it in the top 74.5%.
Is Rex Concepts' Beneish M-Score too high?
Rex Concepts' current Beneish M-Score is -2.45. Based on the distribution chart, Rex Concepts ranks #266 out of 357 companies in the Restaurants industry, which is below the industry midpoint. Overall, Rex Concepts has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Rex Concepts' Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Rex Concepts ranks #266 out of 357 companies for Beneish M-Score. This places Rex Concepts 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Rex Concepts and its competitors. Rex Concepts's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rex Concepts stock overvalued right now?
Rex Concepts (WAR:REX) has a current Beneish M-Score of -2.45. The current Beneish M-Score is -2.45. Rex Concepts' overall GF Score™ is 7/100 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 Rex Concepts (WAR:REX), the current Beneish M-Score is -2.45 as of Jul. 27, 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.

Rex Concepts Business Description

Rex Concepts SA operates a chain of quick service restaurants (QSRs) in Central and Eastern Europe. The Group is the master franchisee of the Burger King and Popeyes brands in Poland, the Czech Republic, and Romania. It operates approximately 94 Burger King restaurants and 165 Popeyes restaurants in Poland, the Czech Republic, and Romania. In addition to operating its own restaurants, the Group's operations also include granting franchises to operate Burger King restaurants to third parties (sub franchisees) based on the Group's rights as master franchisee in Poland, the Czech Republic, and Romania.
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Get the complete analysis for WAR:REX

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

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