Walmart Inc. WMT
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Walmart Inc. (WMT) Beneish M-score
Walmart Inc.'s Beneish M-score for fiscal 2026 is −2.71; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Annual
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.07 | — | 0.98 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 1.05 | — | 0.93 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.71 | ||
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 |
|---|---|
| COST Costco Wholesale Corporation compare | — |
| DLTR Dollar Tree, Inc. compare | — |
| TGT Target Corporation compare | — |
| WMT Walmart Inc. | — |
| BJ BJ's Wholesale Club Holdings, Inc. compare | — |
| PSMT PriceSmart, Inc. compare | — |
| OLLI Ollie's Bargain Outlet Holdings, Inc. compare | — |
| DG Dollar General Corporation compare | — |
| TBBB BBB Foods 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
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