RH
RH Consumer Cyclical Specialty Retail
RH’s revenue for fiscal 2026 (year ended January 2026) was $3.4 billion, up 8.14% from fiscal 2025. In the quarter to July 2026, revenue grew 2.56%, EPS grew 15.2%, free cash flow grew 23.8% and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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RH (RH) Beneish M-score
RH's Beneish M-score for fiscal 2026 is −2.72; 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 | −2.72 | (0.43) |
| FY2025 | −2.30 | 0.17 |
| FY2024 | −2.47 | (0.05) |
| FY2023 | −2.42 | 0.15 |
| FY2022 | −2.57 | 0.09 |
| FY2021 | −2.66 | (0.25) |
| FY2020 | −2.41 | (0.32) |
| FY2019 | −2.09 | 2.08 |
| FY2018 | −4.17 | (1.91) |
| FY2017 | −2.26 | 0.32 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.85 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 1.08 | — | 0.96 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.96 | — | −0.16 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.72 | ||
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 |
|---|---|
| ARHS Arhaus, Inc. compare | −3.1× |
| BBWI Bath & Body Works, Inc. compare | −3.0× |
| SVV Savers Value Village, Inc. compare | −2.7× |
| RH RH | −2.7× |
| HZO MarineMax, Inc. compare | −2.7× |
| EYE National Vision Holdings, Inc. compare | −2.6× |
| SBH Sally Beauty Holdings, Inc. compare | −2.3× |
| MNSO MINISO Group Holding Limited Unsponsored ADR compare | −2.2× |
| ASO Academy Sports and Outdoors, Inc. compare | −1.6× |
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