Steven MaddenSHOO 92 Beneish M-Score is -2.72 as of Jun. 25, 2026. GuruFocus rates SHOO with a GF Score™ of 92/100 and a GF Value™ of $49.25 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,003 Manufacturing - Apparel & Accessories companies, Steven Madden ranks better than 65% 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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Steven Madden's Beneish M-Score or its related term are showing as below:
SHOO'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.44 Max: -2.04
Current: -2.72
During the past 13 years, the highest Beneish M-Score of Steven Madden was -2.04. The lowest was -2.82. And the median was -2.44.
Steven Madden Beneish M-Score Related Terms
Steven Madden Beneish M-Score Historical Data
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The historical data trend for Steven Madden'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.
SHOO vs WWW, CROX, DBI: Beneish M-Score Comparison
For the Footwear & Accessories subindustry, Steven Madden'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.
Steven Madden Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Steven Madden's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Steven Madden'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 Steven Madden 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 * 0.958
+
0.528 * 0.991
+
0.404 * 1.2951
+
0.892 * 1.11
+
0.115 * 1.0615
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.065858
-
0.327 * 1.3425
=
-2.72
* 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))
=
(20.01 / (20.01 + 197.083))
/
(33.437 / (33.437 + 351.657))
=
0.092172
/
0.086828
=
1.0615
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
=
(44.661 - 8.532
-
162.199)
/
1914.277
=
-0.065858
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.
Steven Madden has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Steven Madden (SHOO) has a Beneish M-Score of -2.72 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Steven Madden and its competitors. According to the industry distribution chart, Steven Madden ranks #351 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 35%.
Is Steven Madden's Beneish M-Score too high?
Steven Madden's current Beneish M-Score is -2.72. Based on the distribution chart, Steven Madden ranks #351 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Steven Madden has a GF Score™ of 92/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Steven Madden's Beneish M-Score compare to WWW and CROX?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Steven Madden ranks #351 out of 1003 companies for Beneish M-Score. This puts Steven Madden 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Steven Madden and its competitors. Steven Madden's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steven Madden stock overvalued right now?
Based on GuruFocus' analysis, Steven Madden (SHOO) is currently considered Modestly Undervalued. The stock's GF Value™ is $49.25, compared to a current price of $42.29 — trading 14.1% below its estimated fair value. The current Beneish M-Score is -2.72. Steven Madden's overall GF Score™ is 92/100 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 Steven Madden (SHOO), the current Beneish M-Score is -2.72 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 Steven Madden (SHOO) Overvalued in 2026?
Based on GuruFocus' analysis, Steven Madden stock appears to be undervalued.
The current stock price of $42.29 is trading 14.1% below its estimated GF Value™ of $49.25.
GuruFocus considers Steven Madden to be Modestly Undervalued.
Key valuation signals for SHOO:
Beneish M-Score: -2.72
GF Value™: $49.25 vs. price of $42.29 (14.1% below fair value)
No single metric tells the full story. See the SHOO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steven Madden Ltd and its subsidiaries design, source, and market branded and private label footwear, accessories, and apparel. Its offerings include contemporary styles and core products, known for design creativity, trend-right offerings, high quality, and accessible price points. It operates through four segments: Wholesale Footwear, which generates maximum revenue and sells footwear globally; Wholesale Accessories/Apparel, which sells handbags and apparel through wholesale channels; Direct-to-Consumer, which sells footwear, handbags, apparel, and accessories through stores, outlets, e-commerce, and concessions; and Licensing, which licenses Steve Madden, Betsey Johnson, and Kurt Geiger trademarks, with the Company generating the majority of its revenue from the USA.
92GF Score
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