Fairway Group Holdings (FRA:FGWA) Beneish M-Score: -3.49 (As of Jun. 26, 2026)


What is Fairway Group Holdings Beneish M-Score?

Fairway Group Holdings FRA:FGWA -96.67% Beneish M-Score is -3.49 as of Jun. 26, 2026. The stock has 1 warning sign investors should review.

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.

The historical rank and industry rank for Fairway Group Holdings's Beneish M-Score or its related term are showing as below:

FRA:FGWA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Med: -3.49   Max: -2.56
Current: -3.49

During the past 6 years, the highest Beneish M-Score of Fairway Group Holdings was -2.56. The lowest was -3.77. And the median was -3.49.

Fairway Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fairway Group Holdings'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.

Fairway Group Holdings Beneish M-Score Chart

Fairway Group Holdings Annual Data
Trend Mar10 Mar11 Mar12 Mar13 Mar14 Mar15
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 -2.56 -3.52

Fairway Group Holdings Quarterly Data
Mar10 Mar11 Jun11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.18 -3.52 -3.73 -3.77 -3.49

FRA:FGWA vs IFMK: Beneish M-Score Comparison

For the Grocery Stores subindustry, Fairway Group Holdings'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.

Fairway Group Holdings Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Fairway Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fairway Group Holdings's Beneish M-Score falls into.


Fairway Group Holdings 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 Fairway Group Holdings for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.6489+0.528 * 0.9972+0.404 * 1.0565+0.892 * 1.1386+0.115 * 0.8633
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9863+4.679 * -0.157288-0.327 * 1.0848
=-3.44

* 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.

This Year (Dec15) TTM:Last Year (Dec14) TTM:
Total Receivables was €4.9 Mil.
Revenue was 175.965 + 160.228 + 172.653 + 183.958 = €692.8 Mil.
Gross Profit was 54.783 + 49.459 + 54.301 + 59.251 = €217.8 Mil.
Total Current Assets was €71.6 Mil.
Total Assets was €317.6 Mil.
Property, Plant and Equipment(Net PPE) was €123.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €25.6 Mil.
Selling, General, & Admin. Expense(SGA) was €235.7 Mil.
Total Current Liabilities was €63.2 Mil.
Long-Term Debt & Capital Lease Obligation was €233.9 Mil.
Net Income was -8.945 + -10.708 + -12.415 + -7.896 = €-40.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 8.199 + 1.361 + -0.676 + 1.105 = €10.0 Mil.
 Total Receivables was €6.7 Mil.
Revenue was 167.244 + 150.528 + 145.925 + 144.789 = €608.5 Mil.
Gross Profit was 52.603 + 46.019 + 45.187 + 46.944 = €190.8 Mil.
Total Current Assets was €68.2 Mil.
Total Assets was €301.9 Mil.
Property, Plant and Equipment(Net PPE) was €123.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €21.5 Mil.
Selling, General, & Admin. Expense(SGA) was €209.9 Mil.
Total Current Liabilities was €53.7 Mil.
Long-Term Debt & Capital Lease Obligation was €206.7 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)
=(4.928 / 692.804) / (6.67 / 608.486)
=0.007113 / 0.010962
=0.6489

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)
=(190.753 / 608.486) / (217.794 / 692.804)
=0.313488 / 0.314366
=0.9972

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 - (71.632 + 123.367) / 317.589) / (1 - (68.201 + 123.384) / 301.872)
=0.386002 / 0.365344
=1.0565

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
=692.804 / 608.486
=1.1386

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))
=(21.519 / (21.519 + 123.384)) / (25.63 / (25.63 + 123.367))
=0.148506 / 0.172017
=0.8633

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)
=(235.677 / 692.804) / (209.863 / 608.486)
=0.340178 / 0.344894
=0.9863

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)
=((233.933 + 63.22) / 317.589) / ((206.696 + 53.674) / 301.872)
=0.935653 / 0.862518
=1.0848

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
=(-39.964 - 0 - 9.989) / 317.589
=-0.157288

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.

Fairway Group Holdings has a M-score of -3.44 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 -3.49 mean?
Fairway Group Holdings (FRA:FGWA) has a Beneish M-Score of -3.49 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fairway Group Holdings and its competitors.
Is Fairway Group Holdings' Beneish M-Score too high?
Fairway Group Holdings' current Beneish M-Score is -3.49.
How does Fairway Group Holdings' Beneish M-Score compare to IFMK?
Fairway Group Holdings' Beneish M-Score of -3.49 can be compared against companies in the Retail - Defensive 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 - Defensive company?
A good Beneish M-Score depends on the Retail - Defensive 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 Fairway Group Holdings and its competitors. Fairway Group Holdings's current Beneish M-Score is -3.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fairway Group Holdings stock overvalued right now?
Fairway Group Holdings (FRA:FGWA) has a current Beneish M-Score of -3.49. The current Beneish M-Score is -3.49. 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 Fairway Group Holdings (FRA:FGWA), the current Beneish M-Score is -3.49 as of Jun. 26, 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.

Fairway Group Holdings Business Description

Fairway Group Holdings Corp along with its subsidiaries operates in the retail food industry. The company sells fresh, natural and organic products, prepared foods and hard to find specialty and gourmet offerings, along with a full assortment of conventional groceries. Its perishable product categories, which include producing, natural and organic, deli, specialty, cheese, butcher, seafood, bakery, coffee and kosher foods. The non-perishable product categories consist of conventional groceries as well as specialty foods.