GameStop Corp.
GME Consumer Cyclical Specialty Retail
GameStop Corp.’s revenue for fiscal 2026 (year ended January 2026) was $3.6 billion, down 5.05% from fiscal 2025. In the quarter to July 2026, revenue fell 18.7%, EPS grew 76.3%, free cash flow grew 115.7% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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GameStop Corp. (GME) Beneish M-score
GameStop Corp.'s Beneish M-score for fiscal 2026 is 1.84; 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 | 1.84 | 4.81 |
| FY2025 | −2.97 | (0.53) |
| FY2024 | −2.44 | 0.64 |
| FY2023 | −3.08 | (1.01) |
| FY2022 | −2.07 | 1.27 |
| FY2021 | −3.34 | (1.36) |
| FY2020 | −1.98 | 2.09 |
| FY2019 | −4.07 | (0.96) |
| FY2018 | −3.10 | (0.70) |
| FY2017 | −2.40 | (0.14) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 7.15 | — | 6.58 | |
| Gross margin index | 0.88 | — | 0.47 | |
| Asset quality index | 0.41 | — | 0.17 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.56 | — | 0.18 | |
| SG&A index | 0.85 | — | −0.15 | |
| Total accruals to total assets | (0.02) | — | −0.09 | |
| Leverage index | 4.06 | — | −1.33 | |
| Beneish M-score | Flagged by the model | 1.84 | ||
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 |
|---|---|
| MUSA Murphy USA Inc. compare | −2.9× |
| BBY Best Buy Co., Inc. compare | −2.8× |
| WSM Williams-Sonoma, Inc. compare | −2.6× |
| CASY Casey's General Stores, Inc. compare | −2.5× |
| TSCO Tractor Supply Company compare | −2.5× |
| ULTA Ulta Beauty Inc. compare | −2.4× |
| DKS DICK'S Sporting Goods, Inc. compare | −1.3× |
| GME GameStop Corp. | 1.8× |
| FIVE Five Below, 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