Wolverine World Wide, Inc.
WWW Consumer Cyclical Footwear & Accessories
Wolverine World Wide, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 6.80% from fiscal 2024. In the quarter to June 2026, revenue grew 6.79%, EPS grew 15.6%, free cash flow grew 104.4% and total debt fell 4.60%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Wolverine World Wide, Inc. (WWW) Beneish M-score
Wolverine World Wide, Inc.'s Beneish M-score for fiscal 2025 is −2.81; 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 | −2.81 | 0.04 |
| FY2024 | −2.85 | 0.02 |
| FY2023 | −2.87 | (0.01) |
| FY2022 | −2.85 | (0.56) |
| FY2021 | −2.29 | 1.43 |
| FY2020 | −3.72 | (0.95) |
| FY2019 | −2.77 | (0.89) |
| FY2018 | −1.88 | 0.98 |
| FY2017 | −2.86 | 0.11 |
| FY2016 | −2.97 | (0.28) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.72 | — | 0.67 | |
| Gross margin index | 0.94 | — | 0.49 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.81 | ||
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. | −2.8× |
| SHOO Steven Madden, Ltd. compare | −2.7× |
| FOSL Fossil Group, Inc. compare | −2.7× |
| WEYS Weyco Group, Inc. compare | −2.7× |
| DBI Designer Brands Inc. compare | −2.6× |
| FWDI Forward Industries, Inc. compare | −2.4× |
| RCKY Rocky Brands, Inc. compare | −2.3× |
| BIRK Birkenstock Holding PLC compare | −2.2× |
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