Build-A-Bear Workshop, Inc.
BBW Consumer Cyclical Specialty Retail
Build-A-Bear Workshop, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $529.8 million, up 6.73% from fiscal 2025. In the quarter to July 2026, revenue fell 7.21%, EPS fell 24.5% and free cash flow fell 557.8%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
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Build-A-Bear Workshop, Inc. (BBW) Beneish M-score
Build-A-Bear Workshop, Inc.'s Beneish M-score for fiscal 2026 is −2.32; 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 | −2.32 | (0.77) |
| FY2025 | −1.55 | 1.45 |
| FY2024 | −3.00 | (0.77) |
| FY2023 | −2.23 | (0.28) |
| FY2022 | −1.95 | 1.46 |
| FY2021 | −3.40 | (5.55) |
| FY2020 | 2.15 | 5.05 |
| FY2017 | −2.90 | 0.05 |
| FY2016 | −2.95 | (1.51) |
| FY2015 | −1.44 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.25 | — | 1.15 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.09 | — | 0.44 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 1.14 | — | 0.13 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.32 | ||
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 |
|---|---|
| CHPT ChargePoint Holdings, Inc. compare | −3.6× |
| FLWS 1-800 FLOWERS.COM, Inc. compare | −3.6× |
| EVGO EVgo Inc. compare | −3.6× |
| ONEW OneWater Marine Inc. compare | −3.3× |
| BWMX Betterware de Mexico SAPI de C compare | −3.0× |
| ARKO ARKO Corp. compare | −2.8× |
| WOOF Petco Health and Wellness Company, Inc. compare | −2.6× |
| BNED Barnes & Noble Education, Inc compare | −2.6× |
| BBW Build-A-Bear Workshop, Inc. | −2.3× |
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