Selena FM (WAR:SEL) Beneish M-Score: -2.66 (As of Jun. 26, 2026)

What is Selena FM Beneish M-Score?

Selena FM WAR:SEL -0.21% 90 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates WAR:SEL with a GF Score™ of 90/100 and a GF Value™ of zł36.01 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,530 Chemicals companies, Selena FM ranks better than 63.92% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:SEL' s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.59 Max: -1.63
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Selena FM was -1.63. The lowest was -3.00. And the median was -2.59.

Selena FM Beneish M-Score Related Terms

Selena FM Beneish M-Score Historical Data

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The historical data trend for Selena FM'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.

Selena FM Beneish M-Score Chart

Selena FM Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.63

-2.80

-2.39

-2.88

-2.84

Selena FM 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															-2.71	-2.75	-2.69	-2.84	-2.66

WAR:SEL vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Selena FM'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.

Selena FM Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Selena FM's Beneish M-Score distribution charts can be found below:

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

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90GF Score

Selena FM SA WAR:SEL

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

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Selena FM 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 Selena FM 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 * 1.0964

0.528 * 0.9456

0.404 * 1.0682

0.892 * 1.0161

0.115 * 0.9411

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9744

4.679 * -0.063903

0.327 * 0.928

-2.66

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł390 Mil.
Revenue was 407.696 + 437.659 + 501.213 + 459.563 = zł1,806 Mil.
Gross Profit was 146.612 + 160.37 + 174.634 + 164.89 = zł647 Mil.
Total Current Assets was zł791 Mil.
Total Assets was zł1,467 Mil.
Property, Plant and Equipment(Net PPE) was zł418 Mil.
Depreciation, Depletion and Amortization(DDA) was zł48 Mil.
Selling, General, & Admin. Expense(SGA) was zł452 Mil.
Total Current Liabilities was zł476 Mil.
Long-Term Debt & Capital Lease Obligation was zł153 Mil.
Net Income was 21.919 + 21.534 + 50.321 + 23.663 = zł117 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -21.274 + 121.697 + 105.893 + 4.872 = zł211 Mil.

Total Receivables was zł350 Mil.
Revenue was 398.127 + 422.103 + 483.017 + 474.204 = zł1,777 Mil.
Gross Profit was 134.532 + 138.207 + 165.854 + 163.008 = zł602 Mil.
Total Current Assets was zł787 Mil.
Total Assets was zł1,446 Mil.
Property, Plant and Equipment(Net PPE) was zł421 Mil.
Depreciation, Depletion and Amortization(DDA) was zł45 Mil.
Selling, General, & Admin. Expense(SGA) was zł456 Mil.
Total Current Liabilities was zł484 Mil.
Long-Term Debt & Capital Lease Obligation was zł184 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)
	=	(390.423 / 1806.131)	/	(350.428 / 1777.451)
	=	0.216165	/	0.197152
	=	1.0964

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)
	=	(601.601 / 1777.451)	/	(646.506 / 1806.131)
	=	0.338463	/	0.357951
	=	0.9456

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 - (791.05 + 417.898) / 1467.079)	/	(1 - (786.896 + 421.166) / 1446.297)
	=	0.175949	/	0.164721
	=	1.0682

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
	=	1806.131	/	1777.451
	=	1.0161

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))
	=	(45.486 / (45.486 + 421.166))	/	(48.286 / (48.286 + 417.898))
	=	0.097473	/	0.103577
	=	0.9411

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)
	=	(451.778 / 1806.131)	/	(456.275 / 1777.451)
	=	0.250136	/	0.256702
	=	0.9744

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)
	=	((152.614 + 476.063) / 1467.079)	/	((183.691 + 484.194) / 1446.297)
	=	0.428523	/	0.46179
	=	0.928

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
	=	(117.437 - 0	-	211.188)	/	1467.079
	=	-0.063903

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.

Selena FM has a M-score of -2.66 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 -2.66 mean?

Selena FM (WAR:SEL) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Selena FM and its competitors. According to the industry distribution chart, Selena FM ranks #552 out of 1530 companies in the Chemicals industry, placing it in the top 36.1%.

Is Selena FM's Beneish M-Score too high?

Selena FM's current Beneish M-Score is -2.66. Based on the distribution chart, Selena FM ranks #552 out of 1530 companies in the Chemicals industry, which is above the industry midpoint. Overall, Selena FM has a GF Score™ of 90/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Selena FM's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, Selena FM ranks #552 out of 1530 companies for Beneish M-Score. This puts Selena FM in the upper 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 Chemicals company?

A good Beneish M-Score depends on the Chemicals 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 Selena FM and its competitors. Selena FM's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Selena FM stock overvalued right now?

Based on GuruFocus' analysis, Selena FM (WAR:SEL) is currently considered Modestly Overvalued. The stock's GF Value™ is zł36.01, compared to a current price of zł46.50 — trading 29.1% above its estimated fair value. The current Beneish M-Score is -2.66. Selena FM's overall GF Score™ is 90/100 with 3 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 Selena FM (WAR:SEL), the current Beneish M-Score is -2.66 as of Jun. 26, 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 Selena FM (WAR:SEL) Overvalued in 2026?

Based on GuruFocus' analysis, Selena FM stock appears to be overvalued. The current stock price of zł46.50 is trading 29.1% above its estimated GF Value™ of zł36.01. GuruFocus considers Selena FM to be Modestly Overvalued.

Key valuation signals for WAR:SEL:

Beneish M-Score: -2.66
GF Value™: zł36.01 vs. price of zł46.50 (29.1% above fair value)
GF Score™: 90/100 with 3 warning signs

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

Selena FM Business Description

Industry Basic Materials Chemicals

Comparable Companies WAR:SKA WAR:PCX WAR:HUB WAR:KGL WAR:PWX WAR:BPN WAR:KCH LIN XPAR:AI SHW ECL APD XSWX:GIVN SHSE:600309 XSWX:SIKA SZSE:002466 OCSE:NSIS B SHSE:603256 BOM:500820 PPG

Other Exchanges 3Z3:Germany

Address Legnicka 48A, Wroclaw, POL, 54-202

Website https://www.selena.com

Selena FM SA is a Poland-based company engaged in the construction materials sector. The core business of the group includes the production, distribution, and sale of construction chemicals, building materials for doors and windows, and general building accessories. Its products include polyurethane foams, adhesives, sealants, building insulation systems, flooring systems, interior wall systems, ceramic tile systems, construction mortars, waterproofing materials, and other products primarily under Tytan, Quilosa, Artelit, Cool-R, and Matizol brand names. The company's geographical segments include European Union; Eastern Europe and Asia, and North and South America. It derives a majority of its revenue from the European Union.

90GF Score

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

zł46.50

Price

zł36.01

GF Value

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