Barnes & Noble Education, Inc
BNED Consumer Cyclical Specialty Retail
Barnes & Noble Education, Inc’s revenue for fiscal 2026 (year ended April 2026) was $1.7 billion, up 6.50% from fiscal 2025. In the quarter to July 2026, revenue was flat, EPS grew 31.5%, free cash flow grew 20.9% and total debt fell 27.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
Follow BNED
Barnes & Noble Education, Inc (BNED) Beneish M-score
Barnes & Noble Education, Inc's Beneish M-score for fiscal 2026 is −2.59; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.59 | (0.37) |
| FY2025 | −2.23 | 0.59 |
| FY2024 | −2.82 | 0.92 |
| FY2023 | −3.73 | (0.88) |
| FY2022 | −2.86 | (0.34) |
| FY2021 | −2.52 | (0.14) |
| FY2020 | −2.38 | 0.89 |
| FY2019 | −3.27 | 0.74 |
| FY2018 | −4.02 | (1.74) |
| FY2017 | −2.27 | 0.89 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.83 | — | 0.34 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.59 | ||
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× |
| BWMX Betterware de Mexico SAPI de C compare | −3.0× |
| ARKO ARKO Corp. compare | −2.8× |
| WINA Winmark Corporation compare | −2.8× |
| WOOF Petco Health and Wellness Company, Inc. compare | −2.6× |
| BNED Barnes & Noble Education, Inc | −2.6× |
| BBW Build-A-Bear Workshop, Inc. compare | −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