The Dust (WAR:THD) Beneish M-Score: 28.18 (As of Jun. 25, 2026) — 642% Above Median


WAR:THD The Dust SA WAR:THD
17 GF Score
Price zł0.62
! 5 Warning Signs
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What is The Dust Beneish M-Score?

The Dust WAR:THD +5.98% 17 Beneish M-Score is 28.18 as of Jun. 25, 2026, which is 642% above its 10-year median of 3.80. GuruFocus rates WAR:THD with a GF Score™ of 17/100. The stock has 5 warning signs investors should review. Among 532 Interactive Media companies, The Dust ranks worse than 99.06% 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.

Warning Sign:

Beneish M-Score 28.18 higher than -1.78, which implies that the company might have manipulated its financial results.

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

WAR:THD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.08   Med: 3.8   Max: 83.28
Current: 28.18

During the past 10 years, the highest Beneish M-Score of The Dust was 83.28. The lowest was -2.08. And the median was 3.80.

The Dust Beneish M-Score Historical Data

* Premium members only.

The historical data trend for The Dust'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.

The Dust Beneish M-Score Chart

The Dust Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 83.28 -0.79 28.18

The Dust Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 -0.79 0.00 0.00 0.00 28.18

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

For the Electronic Gaming & Multimedia subindustry, The Dust'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.

The Dust Beneish M-Score vs Interactive Media Industry

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

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


WAR:THD
17GF Score
The Dust SA WAR:THD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The Dust 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 The Dust 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 * 35.7457+0.528 * 0.5957+0.404 * 0.7743+0.892 * 0.0743+0.115 * 0.9627
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.009572-0.327 * 1.6499
=28.18

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was zł1.63 Mil.
Revenue was zł0.96 Mil.
Gross Profit was zł1.40 Mil.
Total Current Assets was zł2.52 Mil.
Total Assets was zł5.33 Mil.
Property, Plant and Equipment(Net PPE) was zł0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.78 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł1.90 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.08 Mil.
Net Income was zł-0.06 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł-0.11 Mil.
 Total Receivables was zł0.62 Mil.
Revenue was zł12.96 Mil.
Gross Profit was zł11.20 Mil.
Total Current Assets was zł1.15 Mil.
Total Assets was zł3.67 Mil.
Property, Plant and Equipment(Net PPE) was zł0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.59 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł0.83 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)
=(1.633 / 0.963) / (0.615 / 12.964)
=1.695742 / 0.047439
=35.7457

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)
=(11.203 / 12.964) / (1.397 / 0.963)
=0.864162 / 1.450675
=0.5957

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 - (2.523 + 0.009) / 5.328) / (1 - (1.151 + 0.03) / 3.665)
=0.524775 / 0.677763
=0.7743

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
=0.963 / 12.964
=0.0743

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))
=(0.591 / (0.591 + 0.03)) / (0.78 / (0.78 + 0.009))
=0.951691 / 0.988593
=0.9627

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 / 0.963) / (0 / 12.964)
=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)
=((0.082 + 1.904) / 5.328) / ((0 + 0.828) / 3.665)
=0.372748 / 0.225921
=1.6499

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
=(-0.06 - 0 - -0.111) / 5.328
=0.009572

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 Dust has a M-score of 28.18 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 28.18 mean?
The Dust (WAR:THD) has a Beneish M-Score of 28.18 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Dust and its competitors. This is 642% above median its historical median of 3.80. According to the industry distribution chart, The Dust ranks #527 out of 532 companies in the Interactive Media industry, placing it in the top 99.1%.
Is The Dust's Beneish M-Score too high?
The Dust's current Beneish M-Score of 28.18 is 642% above median its 10-year median of 3.80. Based on the distribution chart, The Dust ranks #527 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, The Dust has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does The Dust's Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, The Dust ranks #527 out of 532 companies for Beneish M-Score. This places The Dust 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 The Dust and its competitors. The Dust's current Beneish M-Score is 28.18, which is 642% above median its own 10-year median of 3.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Dust stock overvalued right now?
The Dust (WAR:THD) has a current Beneish M-Score of 28.18. The current Beneish M-Score is 28.18, which is 642% above median its 10-year median of 3.80. The Dust's overall GF Score™ is 17/100 with 5 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 The Dust (WAR:THD), the current Beneish M-Score is 28.18 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.

The Dust Business Description

Address ul. Podwale 7/5, Wroclaw, POL, 50-043
The Dust SA offers a range of tools in the field of advergaming, creating projects using AR and VR technologies and production of mobile games. The company offers Cyber Strike, Winnie Play, and others.
17GF Score

Get the complete analysis for WAR:THD

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

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