Tilly's, Inc.
TLYS Consumer Cyclical Apparel Retail
Tilly's, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $553.6 million, down 2.79% from fiscal 2025. In the quarter to July 2026, revenue grew 8.10%, EPS grew 154.6% and free cash flow grew 55.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Tilly's, Inc. (TLYS) Beneish M-score
Tilly's, Inc.'s Beneish M-score for fiscal 2026 is −2.44; 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 | −2.44 | 0.48 |
| FY2025 | −2.91 | 0.17 |
| FY2024 | −3.09 | (1.29) |
| FY2023 | −1.79 | 0.82 |
| FY2022 | −2.61 | (0.19) |
| FY2021 | −2.42 | (26.18) |
| FY2020 | 23.76 | 26.40 |
| FY2019 | −2.64 | 0.37 |
| FY2018 | −3.02 | 0.25 |
| FY2017 | −3.27 | (0.65) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.53 | — | 1.41 | |
| Gross margin index | 0.88 | — | 0.47 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.44 | ||
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 |
|---|---|
| DLTH Duluth Holdings Inc. compare | −3.3× |
| LE Lands' End, Inc. compare | −2.9× |
| JILL J.Jill, Inc. compare | −2.7× |
| ZUMZ Zumiez Inc. compare | −2.7× |
| AKA a.k.a. Brands Holding Corp. compare | −2.7× |
| TLYS Tilly's, Inc. | −2.4× |
| RENT Rent the Runway, Inc. compare | — |
| 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