SFRGF (Salvatore Ferragamo SpA) Beneish M-Score: -3.09 (As of Jun. 25, 2026)


SFRGF Salvatore Ferragamo SpA SFRGF
63 GF Score
Price $8.90
GF Value $6.81
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Salvatore Ferragamo SpA Beneish M-Score?

Salvatore Ferragamo SpA SFRGF 63 Beneish M-Score is -3.09 as of Jun. 25, 2026. GuruFocus rates SFRGF with a GF Score™ of 63/100 and a GF Value™ of $6.81 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Salvatore Ferragamo SpA ranks better than 82.06% 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SFRGF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34   Med: -3.15   Max: -2.06
Current: -3.09

During the past 13 years, the highest Beneish M-Score of Salvatore Ferragamo SpA was -2.06. The lowest was -3.34. And the median was -3.15.

Salvatore Ferragamo SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Salvatore Ferragamo SpA'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.

Salvatore Ferragamo SpA Beneish M-Score Chart

Salvatore Ferragamo SpA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.21 -3.34 -2.66 -3.22 -3.09

Salvatore Ferragamo SpA Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -2.66 0.61 -3.22 0.00 -3.09

SFRGF vs TPR, SIG: Beneish M-Score Comparison

For the Luxury Goods subindustry, Salvatore Ferragamo SpA'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.

Salvatore Ferragamo SpA Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Salvatore Ferragamo SpA's Beneish M-Score distribution charts can be found below:

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


SFRGF
63GF Score
Salvatore Ferragamo SpA SFRGF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Salvatore Ferragamo SpA 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 Salvatore Ferragamo SpA 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 * 0.8127+0.528 * 1.0498+0.404 * 1.0882+0.892 * 1.055+0.115 * 1.0763
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9064+4.679 * -0.105518-0.327 * 0.9471
=-2.99

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $109 Mil.
Revenue was $1,143 Mil.
Gross Profit was $779 Mil.
Total Current Assets was $784 Mil.
Total Assets was $1,762 Mil.
Property, Plant and Equipment(Net PPE) was $744 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $741 Mil.
Total Current Liabilities was $467 Mil.
Long-Term Debt & Capital Lease Obligation was $545 Mil.
Net Income was $-58 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $128 Mil.
 Total Receivables was $127 Mil.
Revenue was $1,084 Mil.
Gross Profit was $775 Mil.
Total Current Assets was $795 Mil.
Total Assets was $1,781 Mil.
Property, Plant and Equipment(Net PPE) was $769 Mil.
Depreciation, Depletion and Amortization(DDA) was $187 Mil.
Selling, General, & Admin. Expense(SGA) was $775 Mil.
Total Current Liabilities was $502 Mil.
Long-Term Debt & Capital Lease Obligation was $578 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)
=(108.967 / 1143.479) / (127.097 / 1083.881)
=0.095294 / 0.117261
=0.8127

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)
=(774.877 / 1083.881) / (778.689 / 1143.479)
=0.71491 / 0.680982
=1.0498

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 - (784 + 743.864) / 1761.691) / (1 - (794.982 + 768.782) / 1780.991)
=0.132729 / 0.12197
=1.0882

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
=1143.479 / 1083.881
=1.055

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))
=(187.352 / (187.352 + 768.782)) / (165.57 / (165.57 + 743.864))
=0.195947 / 0.182058
=1.0763

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)
=(741.247 / 1143.479) / (775.155 / 1083.881)
=0.648238 / 0.715166
=0.9064

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)
=((545.179 + 466.989) / 1761.691) / ((578.371 + 502.064) / 1780.991)
=0.574543 / 0.606648
=0.9471

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
=(-57.882 - 0 - 128.008) / 1761.691
=-0.105518

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.

Salvatore Ferragamo SpA has a M-score of -2.99 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 -3.09 mean?
Salvatore Ferragamo SpA (SFRGF) has a Beneish M-Score of -3.09 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Salvatore Ferragamo SpA and its competitors. According to the industry distribution chart, Salvatore Ferragamo SpA ranks #195 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 17.9%.
Is Salvatore Ferragamo SpA's Beneish M-Score too high?
Salvatore Ferragamo SpA's current Beneish M-Score is -3.09. Based on the distribution chart, Salvatore Ferragamo SpA ranks #195 out of 1087 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Salvatore Ferragamo SpA has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Salvatore Ferragamo SpA's Beneish M-Score compare to TPR and SIG?
According to the Retail - Cyclical industry distribution chart, Salvatore Ferragamo SpA ranks #195 out of 1087 companies for Beneish M-Score. This places Salvatore Ferragamo SpA in the top 18% of its industry — outperforming the majority of peers. 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 Salvatore Ferragamo SpA and its competitors. Salvatore Ferragamo SpA's current Beneish M-Score is -3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Salvatore Ferragamo SpA stock overvalued right now?
Based on GuruFocus' analysis, Salvatore Ferragamo SpA (SFRGF) is currently considered Significantly Overvalued. The stock's GF Value™ is $6.81, compared to a current price of $8.90 — trading 30.7% above its estimated fair value. The current Beneish M-Score is -3.09. Salvatore Ferragamo SpA's overall GF Score™ is 63/100 with 7 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 Salvatore Ferragamo SpA (SFRGF), the current Beneish M-Score is -3.09 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 Salvatore Ferragamo SpA (SFRGF) Overvalued in 2026?

Based on GuruFocus' analysis, Salvatore Ferragamo SpA stock appears to be overvalued. The current stock price of $8.90 is trading 30.7% above its estimated GF Value™ of $6.81. GuruFocus considers Salvatore Ferragamo SpA to be Significantly Overvalued.

Key valuation signals for SFRGF:

  • Beneish M-Score: -3.09
  • GF Value™: $6.81 vs. price of $8.90 (30.7% above fair value)
  • GF Score™: 63/100 with 7 warning signs

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

Salvatore Ferragamo SpA Business Description

Address Via dei Tornabuoni 2, Firenze, ITA, 50123
Founded in 1927, Salvatore Ferragamo is an Italian monobrand company known for its footwear and accessories. The company generates about 45% of revenue in the fragmented footwear category, 40% in leather goods, 6% in apparel, and 7% in accessories. It was one of the pioneers in establishing a presence in Asia, where it generates 28% of sales and other emerging markets (8% of sales in Central and South America). Ferragamo generates 24% of revenue in Europe, 30% in the US, and 8% in Japan.
63GF Score

Get the complete analysis for SFRGF

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

$8.90
Price
$6.81
GF Value