VISTAL Gdynia (WAR:VTL) Beneish M-Score: 0.00 (As of Aug. 24, 2026)

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WAR:VTL VISTAL Gdynia SA WAR:VTL
4 GF Score
Price zł0.60
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What is VISTAL Gdynia Beneish M-Score?

VISTAL Gdynia WAR:VTL 4 Beneish M-Score is 0.00 as of Aug. 24, 2026. GuruFocus rates WAR:VTL with a GF Score™ of 4/100.

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 VISTAL Gdynia's Beneish M-Score or its related term are showing as below:

During the past 11 years, the highest Beneish M-Score of VISTAL Gdynia was 0.00. The lowest was 0.00. And the median was 0.00.

VISTAL Gdynia Beneish M-Score Historical Data

* Premium members only.

The historical data trend for VISTAL Gdynia'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.

VISTAL Gdynia Beneish M-Score Chart

VISTAL Gdynia Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -19.02 3.80 -3.25 2.74 -32.94

VISTAL Gdynia Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
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 -4.64 -32.94 -33.48 -33.79 -34.74

WAR:VTL vs PWR, J: Beneish M-Score Comparison

For the Engineering & Construction subindustry, VISTAL Gdynia'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.

VISTAL Gdynia Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, VISTAL Gdynia's Beneish M-Score distribution charts can be found below:

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


WAR:VTL
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VISTAL Gdynia SA WAR:VTL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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VISTAL Gdynia 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 VISTAL Gdynia 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 * 1.1199+0.528 * -0.9001+0.404 * 1.0722+0.892 * 0.5873+0.115 * 1.2292
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6414+4.679 * -5.809835-0.327 * 13.0097
=-34.74

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was zł8.07 Mil.
Revenue was 7.489 + 8.477 + 11.342 + 13.072 = zł40.38 Mil.
Gross Profit was 1.519 + 0.875 + -0.217 + 2.434 = zł4.61 Mil.
Total Current Assets was zł12.77 Mil.
Total Assets was zł79.63 Mil.
Property, Plant and Equipment(Net PPE) was zł59.41 Mil.
Depreciation, Depletion and Amortization(DDA) was zł4.02 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.95 Mil.
Total Current Liabilities was zł562.49 Mil.
Long-Term Debt & Capital Lease Obligation was zł1.83 Mil.
Net Income was -5.822 + 2.374 + -4.327 + -457.525 = zł-465.30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -1.539 + -1.838 + 0.866 + -0.146 = zł-2.66 Mil.
 Total Receivables was zł12.27 Mil.
Revenue was 17.476 + 21.845 + 20.896 + 8.539 = zł68.76 Mil.
Gross Profit was 1.156 + -6.754 + 4.613 + -6.082 = zł-7.07 Mil.
Total Current Assets was zł19.53 Mil.
Total Assets was zł91.72 Mil.
Property, Plant and Equipment(Net PPE) was zł64.19 Mil.
Depreciation, Depletion and Amortization(DDA) was zł5.42 Mil.
Selling, General, & Admin. Expense(SGA) was zł5.16 Mil.
Total Current Liabilities was zł40.47 Mil.
Long-Term Debt & Capital Lease Obligation was zł9.50 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)
=(8.069 / 40.38) / (12.268 / 68.756)
=0.199827 / 0.178428
=1.1199

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)
=(-7.067 / 68.756) / (4.611 / 40.38)
=-0.102784 / 0.11419
=-0.9001

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 - (12.773 + 59.405) / 79.631) / (1 - (19.529 + 64.188) / 91.724)
=0.093594 / 0.087294
=1.0722

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
=40.38 / 68.756
=0.5873

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))
=(5.418 / (5.418 + 64.188)) / (4.016 / (4.016 + 59.405))
=0.077838 / 0.063323
=1.2292

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)
=(1.945 / 40.38) / (5.163 / 68.756)
=0.048167 / 0.075092
=0.6414

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)
=((1.828 + 562.489) / 79.631) / ((9.498 + 40.466) / 91.724)
=7.08665 / 0.544721
=13.0097

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
=(-465.3 - 0 - -2.657) / 79.631
=-5.809835

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.

VISTAL Gdynia has a M-score of -34.74 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 0.00 mean?
VISTAL Gdynia (WAR:VTL) has a Beneish M-Score of 0.00 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on VISTAL Gdynia and its competitors.
Is VISTAL Gdynia's Beneish M-Score too high?
VISTAL Gdynia's current Beneish M-Score is 0.00. Overall, VISTAL Gdynia has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.
How does VISTAL Gdynia's Beneish M-Score compare to PWR and J?
VISTAL Gdynia's Beneish M-Score of 0.00 can be compared against companies in the Construction 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 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 VISTAL Gdynia and its competitors. VISTAL Gdynia'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 VISTAL Gdynia stock overvalued right now?
VISTAL Gdynia (WAR:VTL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. VISTAL Gdynia's overall GF Score™ is 4/100. 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 VISTAL Gdynia (WAR:VTL), the current Beneish M-Score is 0.00 as of Aug. 24, 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.

VISTAL Gdynia Business Description

Address ul. Hutnicza 40, Gdynia, POL, 81-061
VISTAL Gdynia SA is a leading manufacturer of steel structures for the construction, energy, shipbuilding and offshore industries. Geographically, the company operates in Poland and abroad. The business area of ??activity of the company is prefabrication, assembly, anti-corrosion works, testing of bridge, shipbuilding, wind energy and Offshore facilities.
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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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