Boot Barn Holdings, Inc.
BOOT Consumer Cyclical Apparel Retail
Boot Barn Holdings, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $2.3 billion, up 17.9% from fiscal 2025. In the quarter to June 2026, revenue grew 17.8%, EPS grew 32.0% and free cash flow fell 22.7%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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Boot Barn Holdings, Inc. (BOOT) Beneish M-score
Boot Barn Holdings, Inc.'s Beneish M-score for fiscal 2026 is −2.21; 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 | −2.21 | 0.17 |
| FY2025 | −2.37 | 0.52 |
| FY2024 | −2.90 | (1.15) |
| FY2023 | −1.75 | 0.32 |
| FY2022 | −2.07 | 0.69 |
| FY2021 | −2.76 | (0.75) |
| FY2020 | −2.02 | (0.02) |
| FY2019 | −1.99 | 0.60 |
| FY2018 | −2.59 | 0.05 |
| FY2017 | −2.64 | (0.15) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.26 | — | 1.16 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.18 | — | 1.05 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 0.91 | — | −0.30 | |
| Beneish M-score | Elevated | −2.21 | ||
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× |
| CRI Carter's, Inc. compare | −2.6× |
| URBN Urban Outfitters, Inc. compare | −2.3× |
| BOOT Boot Barn Holdings, Inc. | −2.2× |
| ANF Abercrombie & Fitch Company compare | −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