Urban Outfitters, Inc.
URBN Consumer Cyclical Apparel Retail
Urban Outfitters, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $6.2 billion, up 11.1% from fiscal 2025. In the quarter to July 2026, revenue grew 10.4%, EPS grew 75.6% and free cash flow grew 92.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Urban Outfitters, Inc. (URBN) Beneish M-score
Urban Outfitters, Inc.'s Beneish M-score for fiscal 2026 is −2.34; 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 | −2.34 | 0.18 |
| FY2025 | −2.52 | 0.27 |
| FY2024 | −2.78 | (0.47) |
| FY2023 | −2.31 | 0.50 |
| FY2022 | −2.81 | (0.03) |
| FY2021 | −2.79 | (2.10) |
| FY2020 | −0.68 | 2.11 |
| FY2019 | −2.80 | (0.27) |
| FY2018 | −2.52 | 0.56 |
| FY2017 | −3.09 | 0.06 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.16 | — | 1.07 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.02) | — | −0.10 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.34 | ||
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× |
| BURL Burlington Stores, Inc. compare | −2.6× |
| URBN Urban Outfitters, Inc. | −2.3× |
| BOOT Boot Barn Holdings, Inc. compare | −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