JD Sports Fashion (LSE:JD.) Beneish M-Score: -2.78 (As of Jun. 25, 2026)


LSE:JD. JD Sports Fashion PLC LSE:JD.
84 GF Score
Price £0.85
GF Value £1.41
Valuation Significantly Undervalued
! 5 Warning Signs
View Full Analysis

What is JD Sports Fashion Beneish M-Score?

JD Sports Fashion LSE:JD. +1.42% 84 Beneish M-Score is -2.78 as of Jun. 25, 2026. GuruFocus rates LSE:JD. with a GF Score™ of 84/100 and a GF Value™ of £1.41 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 1,087 Retail - Cyclical companies, JD Sports Fashion ranks better than 65.32% 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:JD.' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45   Med: -2.72   Max: -1.37
Current: -2.78

During the past 13 years, the highest Beneish M-Score of JD Sports Fashion was -1.37. The lowest was -3.45. And the median was -2.72.

JD Sports Fashion Beneish M-Score Historical Data

* Premium members only.

The historical data trend for JD Sports Fashion'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.

JD Sports Fashion Beneish M-Score Chart

JD Sports Fashion Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.47 -3.40 -3.11 -2.66 -2.78

JD Sports Fashion Semi-Annual Data
Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
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 Premium Member Only -3.11 0.00 -2.66 0.00 -2.78

LSE:JD. vs TJX, ROST, BURL: Beneish M-Score Comparison

For the Apparel Retail subindustry, JD Sports Fashion'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.

JD Sports Fashion Beneish M-Score vs Retail - Cyclical Industry

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

* The bar in red indicates where JD Sports Fashion's Beneish M-Score falls into.


LSE:JD.
84GF Score
JD Sports Fashion PLC LSE:JD.
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

JD Sports Fashion 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 JD Sports Fashion 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 * 1.0837+0.528 * 0.9976+0.404 * 0.9431+0.892 * 1.1051+0.115 * 0.8335
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0265+4.679 * -0.094066-0.327 * 0.9571
=-2.78

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was £97 Mil.
Revenue was £12,662 Mil.
Gross Profit was £5,951 Mil.
Total Current Assets was £3,212 Mil.
Total Assets was £9,791 Mil.
Property, Plant and Equipment(Net PPE) was £4,247 Mil.
Depreciation, Depletion and Amortization(DDA) was £966 Mil.
Selling, General, & Admin. Expense(SGA) was £4,948 Mil.
Total Current Liabilities was £2,127 Mil.
Long-Term Debt & Capital Lease Obligation was £3,132 Mil.
Net Income was £436 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £1,357 Mil.
 Total Receivables was £81 Mil.
Revenue was £11,458 Mil.
Gross Profit was £5,372 Mil.
Total Current Assets was £3,141 Mil.
Total Assets was £9,959 Mil.
Property, Plant and Equipment(Net PPE) was £4,303 Mil.
Depreciation, Depletion and Amortization(DDA) was £786 Mil.
Selling, General, & Admin. Expense(SGA) was £4,362 Mil.
Total Current Liabilities was £2,432 Mil.
Long-Term Debt & Capital Lease Obligation was £3,157 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)
=(97 / 12662) / (81 / 11458)
=0.007661 / 0.007069
=1.0837

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)
=(5372 / 11458) / (5951 / 12662)
=0.468843 / 0.469989
=0.9976

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 - (3212 + 4247) / 9791) / (1 - (3141 + 4303) / 9959)
=0.238178 / 0.252535
=0.9431

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
=12662 / 11458
=1.1051

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))
=(786 / (786 + 4303)) / (966 / (966 + 4247))
=0.154451 / 0.185306
=0.8335

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)
=(4948 / 12662) / (4362 / 11458)
=0.390776 / 0.380695
=1.0265

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)
=((3132 + 2127) / 9791) / ((3157 + 2432) / 9959)
=0.537126 / 0.561201
=0.9571

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
=(436 - 0 - 1357) / 9791
=-0.094066

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.

JD Sports Fashion has a M-score of -2.78 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 -2.78 mean?
JD Sports Fashion (LSE:JD.) has a Beneish M-Score of -2.78 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JD Sports Fashion and its competitors. According to the industry distribution chart, JD Sports Fashion ranks #377 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 34.7%.
Is JD Sports Fashion's Beneish M-Score too high?
JD Sports Fashion's current Beneish M-Score is -2.78. Based on the distribution chart, JD Sports Fashion ranks #377 out of 1087 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, JD Sports Fashion has a GF Score™ of 84/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does JD Sports Fashion's Beneish M-Score compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, JD Sports Fashion ranks #377 out of 1087 companies for Beneish M-Score. This puts JD Sports Fashion 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 JD Sports Fashion and its competitors. JD Sports Fashion'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 JD Sports Fashion stock overvalued right now?
Based on GuruFocus' analysis, JD Sports Fashion (LSE:JD.) is currently considered Significantly Undervalued. The stock's GF Value™ is £1.41, compared to a current price of £0.85 — trading 40.1% below its estimated fair value. The current Beneish M-Score is -2.78. JD Sports Fashion's overall GF Score™ is 84/100 with 5 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 JD Sports Fashion (LSE:JD.), the current Beneish M-Score is -2.78 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 JD Sports Fashion (LSE:JD.) Overvalued in 2026?

Based on GuruFocus' analysis, JD Sports Fashion stock appears to be undervalued. The current stock price of £0.85 is trading 40.1% below its estimated GF Value™ of £1.41. GuruFocus considers JD Sports Fashion to be Significantly Undervalued.

Key valuation signals for LSE:JD.:

  • Beneish M-Score: -2.78
  • GF Value™: £1.41 vs. price of £0.85 (40.1% below fair value)
  • GF Score™: 84/100 with 5 warning signs

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

JD Sports Fashion Business Description

Address Hollinsbrook Way, Pilsworth, Bury, Lancashire, GBR, BL9 8RR
JD Sports Fashion PLC is a U.K. retailer of branded sportswear and fashionwear. The company has stores in the United Kingdom, mainland Europe, and outside Europe. The offering includes international brands, such as Adidas, Nike, and The North Face, and own-brand labels, such as McKenzie, Carbrini, Supply & Demand, and The Duffer of St George. The store network consists of various shops: Size?, Footpatrol, Chausport, Sprinter, Scotts, Tessuti, Cloggs, Mainline, and Ultimate Outdoors, among others. Stores are specialized: Footpatrol is a sneaker provider; Size? offers footwear, apparel, and accessories; and Chausport operates throughout France selling international footwear brands, such as Nike.
84GF Score

Get the complete analysis for LSE:JD.

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

£0.85
Price
£1.41
GF Value