Starward Industries (WAR:STA) Beneish M-Score: -2.06 (As of Jun. 25, 2026)


WAR:STA Starward Industries SA WAR:STA
31 GF Score
Price zł6.96
! 4 Warning Signs
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What is Starward Industries Beneish M-Score?

Starward Industries WAR:STA 31 Beneish M-Score is -2.06 as of Jun. 25, 2026. GuruFocus rates WAR:STA with a GF Score™ of 31/100. The stock has 4 warning signs investors should review. Among 532 Interactive Media companies, Starward Industries ranks worse than 76.32% 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 -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:STA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.06   Med: -2.06   Max: -2.06
Current: -2.06

During the past 6 years, the highest Beneish M-Score of Starward Industries was -2.06. The lowest was -2.06. And the median was -2.06.

Starward Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Starward Industries'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.

Starward Industries Beneish M-Score Chart

Starward Industries Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 -2.06

Starward Industries 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

WAR:STA vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Starward Industries'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.

Starward Industries Beneish M-Score vs Interactive Media Industry

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

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


WAR:STA
31GF Score
Starward Industries SA WAR:STA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Starward Industries 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 Starward Industries 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 * 1.8686+0.528 * 1.5276+0.404 * 0.7709+0.892 * 0.7168+0.115 * 0.9769
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.024661-0.327 * 1.5852
=-2.06

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was zł0.44 Mil.
Revenue was zł2.18 Mil.
Gross Profit was zł1.77 Mil.
Total Current Assets was zł9.10 Mil.
Total Assets was zł9.65 Mil.
Property, Plant and Equipment(Net PPE) was zł0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.05 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.64 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.16 Mil.
Net Income was zł-1.09 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł-0.85 Mil.
 Total Receivables was zł0.33 Mil.
Revenue was zł3.04 Mil.
Gross Profit was zł3.77 Mil.
Total Current Assets was zł9.70 Mil.
Total Assets was zł10.52 Mil.
Property, Plant and Equipment(Net PPE) was zł0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.09 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.55 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)
=(0.438 / 2.177) / (0.327 / 3.037)
=0.201194 / 0.107672
=1.8686

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)
=(3.772 / 3.037) / (1.77 / 2.177)
=1.242015 / 0.813045
=1.5276

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 - (9.097 + 0.061) / 9.651) / (1 - (9.699 + 0.122) / 10.518)
=0.051083 / 0.066267
=0.7709

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
=2.177 / 3.037
=0.7168

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))
=(0.094 / (0.094 + 0.122)) / (0.049 / (0.049 + 0.061))
=0.435185 / 0.445455
=0.9769

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 / 2.177) / (0 / 3.037)
=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)
=((0.156 + 0.644) / 9.651) / ((0 + 0.55) / 10.518)
=0.082893 / 0.052291
=1.5852

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
=(-1.086 - 0 - -0.848) / 9.651
=-0.024661

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.

Starward Industries has a M-score of -2.06 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 -2.06 mean?
Starward Industries (WAR:STA) has a Beneish M-Score of -2.06 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Starward Industries and its competitors. According to the industry distribution chart, Starward Industries ranks #406 out of 532 companies in the Interactive Media industry, placing it in the top 76.3%.
Is Starward Industries' Beneish M-Score too high?
Starward Industries' current Beneish M-Score is -2.06. Based on the distribution chart, Starward Industries ranks #406 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Starward Industries has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Starward Industries' Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Starward Industries ranks #406 out of 532 companies for Beneish M-Score. This places Starward Industries 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 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 Starward Industries and its competitors. Starward Industries's current Beneish M-Score is -2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Starward Industries stock overvalued right now?
Starward Industries (WAR:STA) has a current Beneish M-Score of -2.06. The current Beneish M-Score is -2.06. Starward Industries' overall GF Score™ is 31/100 with 4 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 Starward Industries (WAR:STA), the current Beneish M-Score is -2.06 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.

Starward Industries Business Description

Address Przemyslowa 12, Krakow, POL, 30-701
Starward Industries SA is an independent game developer. It operates in game industry intended for personal computers and game consoles.
31GF Score

Get the complete analysis for WAR:STA

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

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