Shoe Station Group Inc.
SHOE Consumer Cyclical Apparel Retail
Shoe Station Group Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.1 billion, down 5.62% from fiscal 2025. In the quarter to July 2026, revenue fell 7.21%, EPS fell 67.1% and free cash flow grew 197.4%, 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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Shoe Station Group Inc. (SHOE) Beneish M-score
Shoe Station Group Inc.'s Beneish M-score for fiscal 2026 is −2.93; 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 | −2.93 | (2.57) |
| FY2025 | −0.36 | 2.41 |
| FY2024 | −2.78 | 0.03 |
| FY2023 | −2.81 | (1.03) |
| FY2022 | −1.78 | (0.51) |
| FY2021 | −1.27 | (5.47) |
| FY2020 | 4.19 | 7.85 |
| FY2019 | −3.66 | (1.36) |
| FY2018 | −2.30 | (0.56) |
| FY2017 | −1.75 | 1.04 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.75 | — | 0.69 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.02) | — | −0.07 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.93 | ||
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 |
|---|---|
| CTRN Citi Trends, Inc. compare | −3.2× |
| GCO Genesco Inc. compare | −3.0× |
| SHOE Shoe Station Group Inc. | −2.9× |
| LE Lands' End, Inc. compare | −2.9× |
| CAL Caleres, Inc. compare | −2.9× |
| JILL J.Jill, Inc. compare | −2.7× |
| ZUMZ Zumiez Inc. compare | −2.7× |
| SFIX Stitch Fix, Inc. compare | — |
| CURV Torrid Holdings 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