Retailors (XTAE:RTLS) Beneish M-Score: -2.90 (As of Jun. 25, 2026)


XTAE:RTLS Retailors Ltd XTAE:RTLS
70 GF Score
Price ₪24.00
GF Value ₪86.38
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Retailors Beneish M-Score?

Retailors XTAE:RTLS -7.41% 70 Beneish M-Score is -2.90 as of Jun. 25, 2026. GuruFocus rates XTAE:RTLS with a GF Score™ of 70/100 and a GF Value™ of ₪86.38 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Retailors ranks better than 73.51% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTAE:RTLS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.48   Max: -1.81
Current: -2.9

During the past 8 years, the highest Beneish M-Score of Retailors was -1.81. The lowest was -3.02. And the median was -2.48.


Retailors Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Retailors'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.

Retailors Beneish M-Score Chart

Retailors Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.30 -2.86 -2.15 -2.87

Retailors Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 -1.81 -2.18 -2.57 -2.87 -2.90

XTAE:RTLS vs TJX, ROST, BURL: Beneish M-Score Comparison

For the Apparel Retail subindustry, Retailors'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.


Retailors Beneish M-Score vs Retail - Cyclical Industry

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

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


XTAE:RTLS
70GF Score
Retailors Ltd XTAE:RTLS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Retailors 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 Retailors 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+0.528 * 0.9743+0.404 * 0.8549+0.892 * 1.0226+0.115 * 1.0255
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.746+4.679 * -0.083537-0.327 * 1.0811
=-2.90

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₪192 Mil.
Revenue was 496.556 + 738.15 + 707.282 + 602.036 = ₪2,544 Mil.
Gross Profit was 251.156 + 394.004 + 367.278 + 318.003 = ₪1,330 Mil.
Total Current Assets was ₪1,306 Mil.
Total Assets was ₪3,864 Mil.
Property, Plant and Equipment(Net PPE) was ₪2,282 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪369 Mil.
Selling, General, & Admin. Expense(SGA) was ₪120 Mil.
Total Current Liabilities was ₪836 Mil.
Long-Term Debt & Capital Lease Obligation was ₪2,130 Mil.
Net Income was -34.688 + 46.601 + 12.16 + 12.191 = ₪36 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was -59.403 + 217.711 + 187.092 + 13.64 = ₪359 Mil.
Total Receivables was ₪188 Mil.
Revenue was 525.876 + 703.857 + 641.699 + 616.453 = ₪2,488 Mil.
Gross Profit was 259.094 + 362.609 + 333.701 + 312.25 = ₪1,268 Mil.
Total Current Assets was ₪1,008 Mil.
Total Assets was ₪3,140 Mil.
Property, Plant and Equipment(Net PPE) was ₪1,870 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪311 Mil.
Selling, General, & Admin. Expense(SGA) was ₪157 Mil.
Total Current Liabilities was ₪846 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1,383 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)
=(191.987 / 2544.024) / (187.745 / 2487.885)
=0.075466 / 0.075464
=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)
=(1267.654 / 2487.885) / (1330.441 / 2544.024)
=0.509531 / 0.522967
=0.9743

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 - (1305.502 + 2282.135) / 3863.856) / (1 - (1007.781 + 1869.67) / 3140.029)
=0.071488 / 0.083623
=0.8549

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
=2544.024 / 2487.885
=1.0226

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))
=(311.372 / (311.372 + 1869.67)) / (369.092 / (369.092 + 2282.135))
=0.142763 / 0.139216
=1.0255

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)
=(119.783 / 2544.024) / (157.03 / 2487.885)
=0.047084 / 0.063118
=0.746

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)
=((2129.835 + 835.531) / 3863.856) / ((1382.773 + 846.295) / 3140.029)
=0.767463 / 0.709888
=1.0811

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
=(36.264 - 0 - 359.04) / 3863.856
=-0.083537

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.

Retailors has a M-score of -2.90 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 -2.90 mean?
Retailors (XTAE:RTLS) has a Beneish M-Score of -2.90 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Retailors and its competitors. According to the industry distribution chart, Retailors ranks #288 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 26.5%.
Is Retailors' Beneish M-Score too high?
Retailors' current Beneish M-Score is -2.90. Based on the distribution chart, Retailors ranks #288 out of 1087 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Retailors has a GF Score™ of 70/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Retailors' Beneish M-Score compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Retailors ranks #288 out of 1087 companies for Beneish M-Score. This puts Retailors 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 Retailors and its competitors. Retailors's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Retailors stock overvalued right now?
Based on GuruFocus' analysis, Retailors (XTAE:RTLS) is currently considered Possible Value Trap. The stock's GF Value™ is ₪86.38, compared to a current price of ₪24.00 — trading 72.2% below its estimated fair value. The current Beneish M-Score is -2.90. Retailors' overall GF Score™ is 70/100 with 3 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 Retailors (XTAE:RTLS), the current Beneish M-Score is -2.90 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 Retailors (XTAE:RTLS) Overvalued in 2026?

Based on GuruFocus' analysis, Retailors stock appears to be undervalued. The current stock price of ₪24.00 is trading 72.2% below its estimated GF Value™ of ₪86.38. GuruFocus considers Retailors to be Possible Value Trap.

Key valuation signals for XTAE:RTLS:

  • Beneish M-Score: -2.90
  • GF Value™: ₪86.38 vs. price of ₪24.00 (72.2% below fair value)
  • GF Score™: 70/100 with 3 warning signs

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


Retailors Business Description

Address Hermon 6, Airport City, ISR, 6274314
Retailors Ltd is engaged in the retail sale of footwear, clothing and sports accessories, and leisure fashion.
70GF Score

Get the complete analysis for XTAE:RTLS

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

₪24.00
Price
₪86.38
GF Value