Abercrombie & Fitch Company
ANF Consumer Cyclical Apparel Retail
Abercrombie & Fitch Company’s revenue for fiscal 2026 (year ended January 2026) was $5.3 billion, up 6.42% from fiscal 2025. In the quarter to July 2026, revenue grew 4.81%, EPS grew 41.4% and free cash flow grew 296.6%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.
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Abercrombie & Fitch Company (ANF) Beneish M-score
Abercrombie & Fitch Company's Beneish M-score for fiscal 2026 is −2.18; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.18 | 0.14 |
| FY2025 | −2.32 | 0.92 |
| FY2024 | −3.24 | (1.36) |
| FY2023 | −1.88 | 0.85 |
| FY2022 | −2.73 | (0.04) |
| FY2021 | −2.69 | (0.85) |
| FY2020 | −1.84 | 1.23 |
| FY2019 | −3.07 | 0.10 |
| FY2018 | −3.17 | (0.96) |
| FY2017 | −2.22 | 0.74 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.31 | — | 1.20 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.08 | — | 0.44 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 1.11 | — | 0.13 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.03) | — | −0.14 | |
| Leverage index | 0.91 | — | −0.30 | |
| Beneish M-score | Elevated | −2.18 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AEO American Eagle Outfitters, Inc. compare | −2.7× |
| VSXY Victoria's Secret & Co. compare | −2.6× |
| BURL Burlington Stores, Inc. compare | −2.6× |
| URBN Urban Outfitters, Inc. compare | −2.3× |
| BOOT Boot Barn Holdings, Inc. compare | −2.2× |
| ANF Abercrombie & Fitch Company | −2.2× |
| BKE Buckle, Inc. (The) compare | −2.1× |
| LULU lululemon athletica inc. compare | −1.9× |
| GAP The Gap, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI