XS Pro-Log (WAR:XBS) Beneish M-Score: -2.16 (As of Jun. 26, 2026)

What is XS Pro-Log Beneish M-Score?

XS Pro-Log WAR:XBS -2.36% 76 Beneish M-Score is -2.16 as of Jun. 26, 2026. GuruFocus rates WAR:XBS with a GF Score™ of 76/100 and a GF Value™ of zł85.17 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 966 Transportation companies, XS Pro-Log ranks worse than 74.64% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:XBS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.48 Max: 3.36
Current: -2.16

During the past 10 years, the highest Beneish M-Score of XS Pro-Log was 3.36. The lowest was -3.24. And the median was -2.48.

XS Pro-Log Beneish M-Score Related Terms

XS Pro-Log Beneish M-Score Historical Data

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The historical data trend for XS Pro-Log'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.

XS Pro-Log Beneish M-Score Chart

XS Pro-Log Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.21

-3.16

-2.76

-0.81

-2.16

XS Pro-Log 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															0.00	0.00	-2.16	0.00	0.00

WAR:XBS vs FDX, UPS, JBHT: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, XS Pro-Log'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.

XS Pro-Log Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, XS Pro-Log's Beneish M-Score distribution charts can be found below:

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

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76GF Score

XS Pro-Log SA WAR:XBS

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

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XS Pro-Log 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 XS Pro-Log 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 * 1.2051

0.528 * 1.0038

0.404 * 0.8496

0.892 * 0.9768

0.115 * 0.9435

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.03104

0.327 * 0.7704

-2.16

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was zł8.07 Mil.
Revenue was zł42.89 Mil.
Gross Profit was zł30.14 Mil.
Total Current Assets was zł18.53 Mil.
Total Assets was zł26.84 Mil.
Property, Plant and Equipment(Net PPE) was zł5.59 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.15 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł5.76 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł8.53 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł7.70 Mil.

Total Receivables was zł6.85 Mil.
Revenue was zł43.90 Mil.
Gross Profit was zł30.97 Mil.
Total Current Assets was zł19.66 Mil.
Total Assets was zł28.25 Mil.
Property, Plant and Equipment(Net PPE) was zł5.24 Mil.
Depreciation, Depletion and Amortization(DDA) was zł1.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł7.87 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)
	=	(8.065 / 42.885)	/	(6.851 / 43.903)
	=	0.188061	/	0.156049
	=	1.2051

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)
	=	(30.972 / 43.903)	/	(30.138 / 42.885)
	=	0.705464	/	0.702763
	=	1.0038

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 - (18.534 + 5.594) / 26.836)	/	(1 - (19.658 + 5.235) / 28.248)
	=	0.100909	/	0.118769
	=	0.8496

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
	=	42.885	/	43.903
	=	0.9768

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))
	=	(1.002 / (1.002 + 5.235))	/	(1.148 / (1.148 + 5.594))
	=	0.160654	/	0.170276
	=	0.9435

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 / 42.885)	/	(0 / 43.903)
	=	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 + 5.763) / 26.836)	/	((0 + 7.874) / 28.248)
	=	0.214749	/	0.278745
	=	0.7704

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
	=	(8.529 - 0	-	7.696)	/	26.836
	=	0.03104

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.

XS Pro-Log has a M-score of -2.16 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 -2.16 mean?

XS Pro-Log (WAR:XBS) has a Beneish M-Score of -2.16 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on XS Pro-Log and its competitors. According to the industry distribution chart, XS Pro-Log ranks #721 out of 966 companies in the Transportation industry, placing it in the top 74.6%.

Is XS Pro-Log's Beneish M-Score too high?

XS Pro-Log's current Beneish M-Score is -2.16. Based on the distribution chart, XS Pro-Log ranks #721 out of 966 companies in the Transportation industry, which is below the industry midpoint. Overall, XS Pro-Log has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does XS Pro-Log's Beneish M-Score compare to FDX and UPS?

According to the Transportation industry distribution chart, XS Pro-Log ranks #721 out of 966 companies for Beneish M-Score. This places XS Pro-Log 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 a Transportation company?

A good Beneish M-Score depends on the Transportation 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 XS Pro-Log and its competitors. XS Pro-Log's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is XS Pro-Log stock overvalued right now?

Based on GuruFocus' analysis, XS Pro-Log (WAR:XBS) is currently considered Modestly Undervalued. The stock's GF Value™ is zł85.17, compared to a current price of zł62.00 — trading 27.2% below its estimated fair value. The current Beneish M-Score is -2.16. XS Pro-Log's overall GF Score™ is 76/100 with 2 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 XS Pro-Log (WAR:XBS), the current Beneish M-Score is -2.16 as of Jun. 26, 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 XS Pro-Log (WAR:XBS) Overvalued in 2026?

Based on GuruFocus' analysis, XS Pro-Log stock appears to be undervalued. The current stock price of zł62.00 is trading 27.2% below its estimated GF Value™ of zł85.17. GuruFocus considers XS Pro-Log to be Modestly Undervalued.

Key valuation signals for WAR:XBS:

Beneish M-Score: -2.16
GF Value™: zł85.17 vs. price of zł62.00 (27.2% below fair value)
GF Score™: 76/100 with 2 warning signs

No single metric tells the full story. See the WAR:XBS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

XS Pro-Log Business Description

Industry Industrials Transportation

Comparable Companies WAR:ATA WAR:BLT WAR:FPO WAR:OTS FDX UPS XTER:DHL OCSE:DSV XSWX:KNIN JBHT SZSE:002352 FDXFw CHRW EXPD ZTO XKRX:086280 HKSE:01519 HKSE:02618 SHSE:600233 XAMS:INPST

Address 3 Maja Street 8, Pruszkow, POL, 05-800

Website http://www.pro-log.com.pl

XS Pro-Log SA, formerly Pro-Log SA is engaged in comprehensive logistical servicing of excise tax -sensitive products, such as alcoholic beverages or wine. It also operates a supply chain, which covers warehousing and logistical servicing.

76GF Score

Get the complete analysis for WAR:XBS

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

zł62.00

Price

zł85.17

GF Value

View WAR:XBS Analysis

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