Vera Bradley, Inc.
VRA Consumer Cyclical Footwear & Accessories
Vera Bradley, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $269.7 million, down 15.4% from fiscal 2025. In the quarter to July 2026, revenue grew 1.12%, EPS grew 194.1% and free cash flow grew 462.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Vera Bradley, Inc. (VRA) Beneish M-score
Vera Bradley, Inc.'s Beneish M-score for fiscal 2026 is −2.66; 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 | −2.66 | 0.32 |
| FY2025 | −2.97 | 0.22 |
| FY2024 | −3.19 | 0.37 |
| FY2023 | −3.56 | (0.79) |
| FY2022 | −2.76 | (0.54) |
| FY2021 | −2.22 | (1.67) |
| FY2020 | −0.55 | 2.26 |
| FY2019 | −2.80 | 0.12 |
| FY2018 | −2.92 | 0.21 |
| FY2017 | −3.13 | (9.03) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.45 | — | 1.33 | |
| Gross margin index | 1.07 | — | 0.57 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 0.85 | — | 0.75 | |
| Depreciation index | 1.09 | — | 0.13 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.66 | ||
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 |
|---|---|
| CROX Crocs, Inc. compare | −3.3× |
| WWW Wolverine World Wide, Inc. compare | −2.8× |
| SHOO Steven Madden, Ltd. compare | −2.7× |
| FOSL Fossil Group, Inc. compare | −2.7× |
| WEYS Weyco Group, Inc. compare | −2.7× |
| VRA Vera Bradley, Inc. | −2.7× |
| DBI Designer Brands Inc. compare | −2.6× |
| FWDI Forward Industries, Inc. compare | −2.4× |
| RCKY Rocky Brands, Inc. compare | −2.3× |
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