ASO (Academy Sports and Outdoors) Beneish M-Score: -2.51 (As of Jun. 25, 2026)

What is Academy Sports and Outdoors Beneish M-Score?

Academy Sports and Outdoors ASO -5.37% 80 Beneish M-Score is -2.51 as of Jun. 25, 2026. GuruFocus rates ASO with a GF Score™ of 80/100 and a GF Value™ of $59.39 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Academy Sports and Outdoors ranks worse than 55.38% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Academy Sports and Outdoors's Beneish M-Score or its related term are showing as below:

ASO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77 Med: -2.44 Max: -1.61
Current: -2.51

During the past 9 years, the highest Beneish M-Score of Academy Sports and Outdoors was -1.61. The lowest was -2.77. And the median was -2.44.

Academy Sports and Outdoors Beneish M-Score Related Terms

Academy Sports and Outdoors Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Academy Sports and Outdoors's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Academy Sports and Outdoors Beneish M-Score Chart

Academy Sports and Outdoors Annual Data

Trend

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Beneish M-Score

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-2.39

-2.55

-2.33

-2.77

-1.61

Academy Sports and Outdoors Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Beneish M-Score	Get a 7-Day Free Trial															-2.41	-2.16	-2.60	-1.61	-2.51

ASO vs MNSO, RH, BBWI: Beneish M-Score Comparison

For the Specialty Retail subindustry, Academy Sports and Outdoors's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Academy Sports and Outdoors Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Academy Sports and Outdoors's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Academy Sports and Outdoors's Beneish M-Score falls into.

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Academy Sports and Outdoors Inc ASO

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Academy Sports and Outdoors Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Academy Sports and Outdoors for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0095

0.528 * 0.9833

0.404 * 0.9461

0.892 * 1.0377

0.115 * 1.0363

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0272

4.679 * -0.011819

0.327 * 0.9721

-2.51

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was $18 Mil.
Revenue was 1442.003 + 1718.472 + 1383.696 + 1599.838 = $6,144 Mil.
Gross Profit was 479.348 + 576.602 + 493.409 + 576.733 = $2,126 Mil.
Total Current Assets was $2,106 Mil.
Total Assets was $5,504 Mil.
Property, Plant and Equipment(Net PPE) was $1,893 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $1,609 Mil.
Total Current Liabilities was $1,256 Mil.
Long-Term Debt & Capital Lease Obligation was $1,796 Mil.
Net Income was 52.703 + 133.688 + 71.562 + 125.434 = $383 Mil.
Non Operating Income was 3.222 + 3.18 + 2.618 + 1.48 = $11 Mil.
Cash Flow from Operations was 160.606 + 149.732 + 49.019 + 78.575 = $438 Mil.

Total Receivables was $17 Mil.
Revenue was 1351.409 + 1676.92 + 1343.33 + 1548.98 = $5,921 Mil.
Gross Profit was 458.869 + 540.229 + 456.713 + 558.725 = $2,015 Mil.
Total Current Assets was $1,922 Mil.
Total Assets was $5,180 Mil.
Property, Plant and Equipment(Net PPE) was $1,762 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General, & Admin. Expense(SGA) was $1,509 Mil.
Total Current Liabilities was $1,263 Mil.
Long-Term Debt & Capital Lease Obligation was $1,692 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(17.671 / 6144.009)	/	(16.869 / 5920.639)
	=	0.002876	/	0.002849
	=	1.0095

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(2014.536 / 5920.639)	/	(2126.092 / 6144.009)
	=	0.340257	/	0.346043
	=	0.9833

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (2106.116 + 1892.878) / 5503.6)	/	(1 - (1921.765 + 1761.7) / 5180.423)
	=	0.273386	/	0.288964
	=	0.9461

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	6144.009	/	5920.639
	=	1.0377

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(119.367 / (119.367 + 1761.7))	/	(123.473 / (123.473 + 1892.878))
	=	0.063457	/	0.061236
	=	1.0363

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1608.518 / 6144.009)	/	(1509.016 / 5920.639)
	=	0.261803	/	0.254874
	=	1.0272

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1795.91 + 1256.196) / 5503.6)	/	((1692.304 + 1262.895) / 5180.423)
	=	0.554565	/	0.570455
	=	0.9721

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(383.387 - 10.5	-	437.932)	/	5503.6
	=	-0.011819

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Academy Sports and Outdoors has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.51 mean?

Academy Sports and Outdoors (ASO) has a Beneish M-Score of -2.51 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Academy Sports and Outdoors and its competitors. According to the industry distribution chart, Academy Sports and Outdoors ranks #602 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 55.4%.

Is Academy Sports and Outdoors' Beneish M-Score too high?

Academy Sports and Outdoors' current Beneish M-Score is -2.51. Based on the distribution chart, Academy Sports and Outdoors ranks #602 out of 1087 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Academy Sports and Outdoors has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Academy Sports and Outdoors' Beneish M-Score compare to MNSO and RH?

According to the Retail - Cyclical industry distribution chart, Academy Sports and Outdoors ranks #602 out of 1087 companies for Beneish M-Score. This places Academy Sports and Outdoors in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Retail - Cyclical company?

A good Beneish M-Score depends on the Retail - Cyclical industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Academy Sports and Outdoors and its competitors. Academy Sports and Outdoors's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Academy Sports and Outdoors stock overvalued right now?

Based on GuruFocus' analysis, Academy Sports and Outdoors (ASO) is currently considered Modestly Undervalued. The stock's GF Value™ is $59.39, compared to a current price of $48.46 — trading 18.4% below its estimated fair value. The current Beneish M-Score is -2.51. Academy Sports and Outdoors' overall GF Score™ is 80/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Academy Sports and Outdoors (ASO), the current Beneish M-Score is -2.51 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Academy Sports and Outdoors (ASO) Overvalued in 2026?

Based on GuruFocus' analysis, Academy Sports and Outdoors stock appears to be undervalued. The current stock price of $48.46 is trading 18.4% below its estimated GF Value™ of $59.39. GuruFocus considers Academy Sports and Outdoors to be Modestly Undervalued.

Key valuation signals for ASO:

Beneish M-Score: -2.51
GF Value™: $59.39 vs. price of $48.46 (18.4% below fair value)
GF Score™: 80/100 with 3 warning signs

No single metric tells the full story. See the ASO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Academy Sports and Outdoors Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies MNSO RH BBWI BOBS SVV OLPX WINA EYE SBH WOOF TSX:ATD XJAM:ASBH CASY WSM ULTA DKS SHSE:601888 TSCO BBY ADX:ADNOCDIST

Other Exchanges A2SO34:Brazil

Address 1800 North Mason Road, Katy, TX, USA, 77449

Website https://www.academy.com

Academy Sports and Outdoors Inc is engaged in the full-line sporting goods and outdoor recreation retailer in the United States. The company's product categories are outdoors, apparel, sports & recreation, and footwear.

80GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$48.46

Price

$59.39

GF Value

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