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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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Stalexport Autostrady's Beneish M-Score or its related term are showing as below:
WAR:STX'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.42 Med: -2.62 Max: -2.02
Current: -2.95
During the past 13 years, the highest Beneish M-Score of Stalexport Autostrady was -2.02. The lowest was -3.42. And the median was -2.62.
Stalexport Autostrady Beneish M-Score Related Terms
Stalexport Autostrady Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Stalexport Autostrady'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.
For the Infrastructure Operations subindustry, Stalexport Autostrady'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.
Stalexport Autostrady Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Stalexport Autostrady's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stalexport Autostrady's Beneish M-Score falls into.
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 Stalexport Autostrady 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 * 1.0581
+
0.528 * 1.0764
+
0.404 * 0.5486
+
0.892 * 1.0946
+
0.115 * 0.9467
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0098
+
4.679 * -0.079151
-
0.327 * 1.2689
=
-2.95
* 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.
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.
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))
=
(101.78 / (101.78 + 30.77))
/
(97.629 / (97.629 + 22.744))
=
0.767861
/
0.811054
=
0.9467
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
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
=
(87.416 - 0
-
179.172)
/
1159.246
=
-0.079151
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.
Stalexport Autostrady has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
Stalexport Autostrady (WAR:STX) has a Beneish M-Score of -2.95 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Stalexport Autostrady and its competitors. According to the industry distribution chart, Stalexport Autostrady ranks #340 out of 1699 companies in the Construction industry, placing it in the top 20%.
Is Stalexport Autostrady's Beneish M-Score too high?
Stalexport Autostrady's current Beneish M-Score is -2.95. Based on the distribution chart, Stalexport Autostrady ranks #340 out of 1699 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Stalexport Autostrady has a GF Score™ of 83/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Stalexport Autostrady's Beneish M-Score compare to competitors?
According to the Construction industry distribution chart, Stalexport Autostrady ranks #340 out of 1699 companies for Beneish M-Score. This places Stalexport Autostrady in the top 20% of its industry — outperforming the majority of peers. 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Stalexport Autostrady and its competitors. Stalexport Autostrady's current Beneish M-Score is -2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Stalexport Autostrady stock overvalued right now?
Based on GuruFocus' analysis, Stalexport Autostrady (WAR:STX) is currently considered Significantly Undervalued. The stock's GF Value™ is zł3.04, compared to a current price of zł1.96 — trading 35.5% below its estimated fair value. The current Beneish M-Score is -2.95. Stalexport Autostrady's overall GF Score™ is 83/100 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 Stalexport Autostrady (WAR:STX), the current Beneish M-Score is -2.95 as of Jul. 15, 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 Stalexport Autostrady (WAR:STX) Overvalued in 2026?
Based on GuruFocus' analysis, Stalexport Autostrady stock appears to be undervalued.
The current stock price of zł1.96 is trading 35.5% below its estimated GF Value™ of zł3.04.
GuruFocus considers Stalexport Autostrady to be Significantly Undervalued.
Key valuation signals for WAR:STX:
Beneish M-Score: -2.95
GF Value™: zł3.04 vs. price of zł1.96 (35.5% below fair value)
No single metric tells the full story. See the WAR:STX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Stalexport Autostrady SA is an engineering and infrastructure company based in Poland. It operates under two divisions; Management of motorways and provision of advisory and rental services. Its core business is the construction and maintenance of motorways throughout the country, especially Katowice-Krakow section of the A4 motorway. The company manufactures metal structures, installs industrial machinery, repairs fabricated metal products, constructs bridges and tunnels and underground railways and provides for electrical installations for infrastructure. Its other businesses comprise of the leasing office, parking spaces and provision of management and business advisory services.
83GF Score
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