True Games Syndicate (WAR:TGS) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is True Games Syndicate Beneish M-Score?

True Games Syndicate WAR:TGS -0.42% 13 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates WAR:TGS with a GF Score™ of 13/100. The stock has 3 warning signs investors should review. Among 532 Interactive Media companies, True Games Syndicate ranks worse than 187969.74% 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.

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

During the past 13 years, the highest Beneish M-Score of True Games Syndicate was 16.47. The lowest was -94.05. And the median was -2.05.

True Games Syndicate Beneish M-Score Related Terms

True Games Syndicate Beneish M-Score Historical Data

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The historical data trend for True Games Syndicate'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.

True Games Syndicate Beneish M-Score Chart

True Games Syndicate Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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9.55

0.00

True Games Syndicate 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															0.00	0.00	0.00	0.00	0.00

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

For the Electronic Gaming & Multimedia subindustry, True Games Syndicate'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.

True Games Syndicate Beneish M-Score vs Interactive Media Industry

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

* The bar in red indicates where True Games Syndicate's Beneish M-Score falls into.

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True Games Syndicate SA WAR:TGS

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

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True Games Syndicate 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 True Games Syndicate 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was zł0.00 Mil.
Revenue was zł0.05 Mil.
Gross Profit was zł0.05 Mil.
Total Current Assets was zł0.00 Mil.
Total Assets was zł5.64 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.11 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.54 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł-3.22 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł0.32 Mil.

Total Receivables was zł0.02 Mil.
Revenue was zł0.00 Mil.
Gross Profit was zł0.00 Mil.
Total Current Assets was zł0.03 Mil.
Total Assets was zł8.53 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.07 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)
	=	(0.001 / 0.05)	/	(0.017 / 0)
	=	0.02	/
	=

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 / 0)	/	(0.05 / 0.05)
	=		/	1
	=

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 - (0.004 + 0) / 5.644)	/	(1 - (0.027 + 0) / 8.531)
	=	0.999291	/	0.996835
	=

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
	=	0.05	/	0
	=

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 / (0 + 0))	/	(0.106 / (0.106 + 0))
	=		/	1
	=

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 / 0.05)	/	(0 / 0)
	=	0	/
	=

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 + 2.537) / 5.644)	/	((0 + 2.072) / 8.531)
	=	0.449504	/	0.242879
	=

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
	=	(-3.224 - 0	-	0.32)	/	5.644
	=	-0.627923

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

True Games Syndicate (WAR:TGS) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on True Games Syndicate and its competitors. According to the industry distribution chart, True Games Syndicate ranks #999999 out of 532 companies in the Interactive Media industry.

Is True Games Syndicate's Beneish M-Score too high?

True Games Syndicate's current Beneish M-Score is 0.00. Based on the distribution chart, True Games Syndicate ranks #999999 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, True Games Syndicate has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.

How does True Games Syndicate's Beneish M-Score compare to NTES and EA?

According to the Interactive Media industry distribution chart, True Games Syndicate ranks #999999 out of 532 companies for Beneish M-Score. This places True Games Syndicate 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 True Games Syndicate and its competitors. True Games Syndicate's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is True Games Syndicate stock overvalued right now?

True Games Syndicate (WAR:TGS) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. True Games Syndicate's overall GF Score™ is 13/100 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 True Games Syndicate (WAR:TGS), the current Beneish M-Score is 0.00 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.

True Games Syndicate Business Description

Industry Communication Services Interactive Media

Comparable Companies WAR:GHT WAR:MMS WAR:7LV WAR:ECC WAR:CWA WAR:CRB WAR:CLA WAR:VFA WAR:ARG WAR:IMG NTES TSE:7974 EA TTWO RBLX TSE:9766 SZSE:002602 TSE:3659 SZSE:300418 TSE:9697

Address Wernyhory 29a, Warsaw, POL, 02-727

Website https://truegamessyndicate.pl

True Games Syndicate SA is a gaming company. The goal of the company is to create a gaming brand related to criminal culture and to produce games showing life on the edge of the law.

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

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