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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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Wayfair's Beneish M-Score or its related term are showing as below:
HAM:1WF'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.64 Med: -3.48 Max: -1.37
Current: -2.78
During the past 13 years, the highest Beneish M-Score of Wayfair was -1.37. The lowest was -4.64. And the median was -3.48.
The historical data trend for Wayfair'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.
HAM:1WF vs CART, CHWY, ETSY: Beneish M-Score Comparison
For the Internet Retail subindustry, Wayfair'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.
Wayfair Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Wayfair's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wayfair's Beneish M-Score falls into.
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 Wayfair 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 * 1.6516
+
0.528 * 1.0074
+
0.404 * 1.0824
+
0.892 * 1.014
+
0.115 * 1.1229
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8783
+
4.679 * -0.195977
-
0.327 * 1.0596
=
-2.73
* 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.
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.
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))
=
(313.195 / (313.195 + 1220.736))
/
(238.041 / (238.041 + 1071.112))
=
0.204178
/
0.181828
=
1.1229
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
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
=
(-275.105 - -340.592
-
572.068)
/
2584.904
=
-0.195977
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.
Wayfair has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
Wayfair (HAM:1WF) has a Beneish M-Score of -2.78 as of Aug. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wayfair and its competitors. According to the industry distribution chart, Wayfair ranks #374 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 34.4%.
Is Wayfair's Beneish M-Score too high?
Wayfair's current Beneish M-Score is -2.78. Based on the distribution chart, Wayfair ranks #374 out of 1087 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Wayfair has a GF Score™ of 53/100, reflecting its overall financial health beyond just this single metric.
How does Wayfair's Beneish M-Score compare to CART and CHWY?
According to the Retail - Cyclical industry distribution chart, Wayfair ranks #374 out of 1087 companies for Beneish M-Score. This puts Wayfair in the upper 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 Wayfair and its competitors. Wayfair's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wayfair stock overvalued right now?
Wayfair (HAM:1WF) has a current Beneish M-Score of -2.78. The stock's GF Value™ is €49.90, compared to a current price of €88.52 — trading 77.4% above its estimated fair value. The current Beneish M-Score is -2.78. Wayfair's overall GF Score™ is 53/100 with 6 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 Wayfair (HAM:1WF), the current Beneish M-Score is -2.78 as of Aug. 08, 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 Wayfair (HAM:1WF) Overvalued in 2026?
Based on GuruFocus' analysis, Wayfair stock appears to be overvalued.
The current stock price of €88.52 is trading 77.4% above its estimated GF Value™ of €49.90.
Key valuation signals for HAM:1WF:
Beneish M-Score: -2.78
GF Value™: €49.90 vs. price of €88.52 (77.4% above fair value)
No single metric tells the full story. See the HAM:1WF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Wayfair engages in e-commerce in the United States (88% of 2025 sales), Canada, the United Kingdom, and Ireland. It's also embarked on expansion into the brick-and-mortar landscape, with 13 stores (excluding outlets) between the AllModern, Birch Lane, Joss & Main, and Wayfair banners. At the end of 2025, the firm offered more than 40 million products from more than 20,000 suppliers under the brands Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold. Its offerings include furniture, everyday and seasonal decor, decorative accents, housewares, as well as advertising and logistics services. Wayfair was founded in 2002 and began trading publicly in 2014.
53GF Score
Get the complete analysis for HAM:1WF
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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