Target (MEX:TGT) Beneish M-Score: -2.62 (As of Jun. 25, 2026)

What is Target Beneish M-Score?

Target MEX:TGT +3.39% 70 Beneish M-Score is -2.62 as of Jun. 25, 2026. GuruFocus rates MEX:TGT with a GF Score™ of 70/100 and a GF Value™ of MXN2,234.19 (Fairly Valued). The stock has 9 warning signs investors should review. Among 293 Retail - Defensive companies, Target ranks better than 54.61% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:TGT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.75 Max: -2.29
Current: -2.62

During the past 13 years, the highest Beneish M-Score of Target was -2.29. The lowest was -3.06. And the median was -2.75.

Target Beneish M-Score Related Terms

Target Beneish M-Score Historical Data

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The historical data trend for Target'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.

Target Beneish M-Score Chart

Target Annual Data

Trend

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Beneish M-Score

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-2.49

-2.31

-3.06

-2.66

-2.42

Target 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															-2.69	-2.68	-2.66	-2.42	-2.62

MEX:TGT vs DG, DLTR, BJ: Beneish M-Score Comparison

For the Discount Stores subindustry, Target'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.

Target Beneish M-Score vs Retail - Defensive Industry

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

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

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70GF Score

Target Corp MEX:TGT

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

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Target 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 Target 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

0.528 * 0.9952

0.404 * 1.363

0.892 * 0.9159

0.115 * 0.9691

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0477

4.679 * -0.064314

0.327 * 0.9736

-2.71

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was MXN0 Mil.
Revenue was 445662.133 + 528338.233 + 468670.055 + 473891.167 = MXN1,916,562 Mil.
Gross Profit was 129303.85 + 140702.823 + 132292.185 + 137368.476 = MXN539,667 Mil.
Total Current Assets was MXN316,428 Mil.
Total Assets was MXN1,016,109 Mil.
Property, Plant and Equipment(Net PPE) was MXN662,582 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN57,001 Mil.
Selling, General, & Admin. Expense(SGA) was MXN405,777 Mil.
Total Current Liabilities was MXN339,532 Mil.
Long-Term Debt & Capital Lease Obligation was MXN310,000 Mil.
Net Income was 13680.074 + 18130.019 + 12778.539 + 17575.195 = MXN62,164 Mil.
Non Operating Income was 262.742 + 468.431 + 482.209 + 319.549 = MXN1,533 Mil.
Cash Flow from Operations was 12541.528 + 53383.796 + 20901.906 + 39154.151 = MXN125,981 Mil.

Total Receivables was MXN0 Mil.
Revenue was 467176.524 + 637745.535 + 514165.975 + 473343.57 = MXN2,092,432 Mil.
Gross Profit was 131615.025 + 167363.077 + 145548.152 + 141824.535 = MXN586,351 Mil.
Total Current Assets was MXN347,924 Mil.
Total Assets was MXN1,100,743 Mil.
Property, Plant and Equipment(Net PPE) was MXN723,334 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN60,142 Mil.
Selling, General, & Admin. Expense(SGA) was MXN422,845 Mil.
Total Current Liabilities was MXN372,060 Mil.
Long-Term Debt & Capital Lease Obligation was MXN350,647 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)
	=	(0 / 1916561.588)	/	(0 / 2092431.604)
	=	0	/	0
	=	1

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)
	=	(586350.789 / 2092431.604)	/	(539667.334 / 1916561.588)
	=	0.280225	/	0.281581
	=	0.9952

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 - (316428.347 + 662581.515) / 1016108.962)	/	(1 - (347923.673 + 723334.079) / 1100742.809)
	=	0.036511	/	0.026787
	=	1.363

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
	=	1916561.588	/	2092431.604
	=	0.9159

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))
	=	(60141.865 / (60141.865 + 723334.079))	/	(57001.009 / (57001.009 + 662581.515))
	=	0.076763	/	0.079214
	=	0.9691

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)
	=	(405777.011 / 1916561.588)	/	(422845.117 / 2092431.604)
	=	0.211721	/	0.202083
	=	1.0477

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)
	=	((309999.938 + 339532.083) / 1016108.962)	/	((350646.877 + 372060.277) / 1100742.809)
	=	0.639235	/	0.656563
	=	0.9736

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
	=	(62163.827 - 1532.931	-	125981.381)	/	1016108.962
	=	-0.064314

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.

Target has a M-score of -2.71 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 -2.62 mean?

Target (MEX:TGT) has a Beneish M-Score of -2.62 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Target and its competitors. According to the industry distribution chart, Target ranks #133 out of 293 companies in the Retail - Defensive industry, placing it in the top 45.4%.

Is Target's Beneish M-Score too high?

Target's current Beneish M-Score is -2.62. Based on the distribution chart, Target ranks #133 out of 293 companies in the Retail - Defensive industry, which is above the industry midpoint. Overall, Target has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Target's Beneish M-Score compare to DG and DLTR?

According to the Retail - Defensive industry distribution chart, Target ranks #133 out of 293 companies for Beneish M-Score. This puts Target 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 - 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 Target and its competitors. Target's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Target stock overvalued right now?

Based on GuruFocus' analysis, Target (MEX:TGT) is currently considered Fairly Valued. The stock's GF Value™ is MXN2,234.19, compared to a current price of MXN2,440.00 — trading 9.2% above its estimated fair value. The current Beneish M-Score is -2.62. Target's overall GF Score™ is 70/100 with 9 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 Target (MEX:TGT), the current Beneish M-Score is -2.62 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 Target (MEX:TGT) Overvalued in 2026?

Based on GuruFocus' analysis, Target stock appears to be overvalued. The current stock price of MXN2,440.00 is trading 9.2% above its estimated GF Value™ of MXN2,234.19. GuruFocus considers Target to be Fairly Valued.

Key valuation signals for MEX:TGT:

Beneish M-Score: -2.62
GF Value™: MXN2,234.19 vs. price of MXN2,440.00 (9.2% above fair value)
GF Score™: 70/100 with 9 warning signs

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

Target Business Description

Industry Consumer Defensive Retail - Defensive

Comparable Companies DG DLTR BJ PSMT OLLI TBBB WMT COST MEX:WALMEX TSX:DOL BOM:540376 TSE:7532 WAR:PCO XMAD:DIA LSE:BME TSE:141A XTAE:MAXO OSL:EPR XKRX:139480 TSE:2782

Other Exchanges TGT:USA TGT:Peru 1TGT:Italy 0LD8:UK DYH:Germany TGT:Chile TGTB34:Brazil TGTC:Austria TGT:Argentina

Address 1000 Nicollet Mall, Minneapolis, MN, USA, 55403

Website https://corporate.target.com

Target's start dates back to 1962, but now it is one of the largest discount retailers in the United States (where it derives all of its sales), operating just under 2,000 stores and generating over $104 billion in fiscal 2025 sales. The company offers a broad assortment of merchandise across categories including apparel and accessories (16% of fiscal 2025 revenue), beauty and household essentials (30%), food and beverage (24%), hardlines (15%), as well as home furnishings (15%). Target's model is anchored in its physical store base, which fulfills more than 97% of sales. Around 30% of sales are derived from its own private-label brands.

70GF Score

Get the complete analysis for MEX:TGT

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

MXN2,440.00

Price

MXN2,234.19

GF Value

View MEX:TGT Analysis

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