Whirlpool Corporation
WHR Consumer Cyclical Furnishings Fixtures & Appliances
Whirlpool Corporation’s revenue for fiscal 2025 (year ended December 2025) was $15.5 billion, down 6.52% from fiscal 2024. In the quarter to June 2026, revenue fell 6.79%, EPS fell 1.71%, free cash flow grew 69.8% and total debt rose 8.96%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Whirlpool Corporation (WHR) Beneish M-score
Whirlpool Corporation's Beneish M-score for fiscal 2025 is −2.50; 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) |
|---|---|---|
| FY2025 | −2.50 | 0.42 |
| FY2024 | −2.92 | (0.40) |
| FY2023 | −2.52 | 1.08 |
| FY2022 | −3.60 | (1.02) |
| FY2021 | −2.58 | (0.32) |
| FY2020 | −2.26 | 0.05 |
| FY2019 | −2.31 | 0.82 |
| FY2018 | −3.13 | (0.41) |
| FY2017 | −2.71 | (0.20) |
| FY2016 | −2.51 | 0.13 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.95 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 0.93 | — | 0.83 | |
| Depreciation index | 1.33 | — | 0.15 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.01) | — | −0.04 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.50 | ||
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 |
|---|---|
| MBC MasterBrand, Inc. compare | −2.9× |
| ETD Ethan Allen Interiors Inc. compare | −2.8× |
| LZB La-Z-Boy Incorporated compare | −2.7× |
| MLKN MillerKnoll, Inc. compare | −2.6× |
| TILE Interface, Inc. compare | −2.6× |
| ALH Alliance Laundry Holdings Inc. compare | −2.5× |
| WHR Whirlpool Corporation | −2.5× |
| HNI HNI Corporation compare | −1.5× |
| XMAX XMax Inc. compare | 23.0× |
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