Road Studio (WAR:RST) Beneish M-Score : -3.51 (As of Mar. 30, 2025)

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What is Road Studio Beneish M-Score?

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 -3.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:RST' s Beneish M-Score Range Over the Past 10 Years
Min: -4.49 Med: -4.49 Max: -3.51
Current: -3.51

During the past 4 years, the highest Beneish M-Score of Road Studio was -3.51. The lowest was -4.49. And the median was -4.49.

Road Studio Beneish M-Score Historical Data

The historical data trend for Road 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.

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Road Studio Beneish M-Score Chart

Road Studio Annual Data

Trend

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

-4.49

-3.51

Road Studio Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial											-4.49	9.92	17.73	-3.16	-3.51

Competitive Comparison of Road Studio's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, Road 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.

Road Studio's Beneish M-Score Distribution in the Interactive Media Industry

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

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

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Road 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 Road Studio 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 * 0.0273

0.528 * 0.9722

0.404 * 1.1121

0.892 * 2.7593

0.115 * 0.9408

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.381987

0.327 * 0.8166

-3.51

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was zł0.07 Mil.
Revenue was 0.032 + 0.046 + 0.12 + 0.1 = zł0.30 Mil.
Gross Profit was 0.032 + 0.046 + 0.12 + 0.1 = zł0.30 Mil.
Total Current Assets was zł0.13 Mil.
Total Assets was zł6.58 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł2.46 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.09 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -1.091 + -0.226 + -0.138 + -0.185 = zł-1.64 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was 0.068 + 0.171 + 0.277 + 0.359 = zł0.88 Mil.

Total Receivables was zł0.86 Mil.
Revenue was 0.013 + 0.089 + 0.003 + 0.003 = zł0.11 Mil.
Gross Profit was 0.013 + 0.086 + 0.003 + 0.003 = zł0.11 Mil.
Total Current Assets was zł1.05 Mil.
Total Assets was zł9.04 Mil.
Property, Plant and Equipment(Net PPE) was zł0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.37 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł3.51 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)
	=	(0.065 / 0.298)	/	(0.864 / 0.108)
	=	0.218121	/	8
	=	0.0273

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)
	=	(0.105 / 0.108)	/	(0.298 / 0.298)
	=	0.972222	/	1
	=	0.9722

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 - (0.128 + 0.004) / 6.584)	/	(1 - (1.051 + 0.024) / 9.044)
	=	0.979951	/	0.881137
	=	1.1121

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
	=	0.298	/	0.108
	=	2.7593

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))
	=	(0.371 / (0.371 + 0.024))	/	(2.456 / (2.456 + 0.004))
	=	0.939241	/	0.998374
	=	0.9408

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 / 0.298)	/	(0 / 0.108)
	=	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 + 2.089) / 6.584)	/	((0 + 3.514) / 9.044)
	=	0.317284	/	0.388545
	=	0.8166

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
	=	(-1.64 - 0	-	0.875)	/	6.584
	=	-0.381987

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.

Road Studio has a M-score of -3.51 suggests that the company is unlikely to be a manipulator.

Road Studio Beneish M-Score Related Terms

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