GORV (Lazydays Holdings) Beneish M-Score: -3.12 (As of Jun. 25, 2026)

What is Lazydays Holdings Beneish M-Score?

Lazydays Holdings GORV -45.31% 35 Beneish M-Score is -3.12 as of Jun. 25, 2026. GuruFocus rates GORV with a GF Score™ of 35/100 and a GF Value™ of $15.30. The stock has 6 warning signs investors should review.

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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GORV' s Beneish M-Score Range Over the Past 10 Years
Min: -4.17 Med: -2.65 Max: -1.17
Current: -3.12

During the past 9 years, the highest Beneish M-Score of Lazydays Holdings was -1.17. The lowest was -4.17. And the median was -2.65.

Lazydays Holdings Beneish M-Score Related Terms

Lazydays Holdings Beneish M-Score Historical Data

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The historical data trend for Lazydays Holdings'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.

Lazydays Holdings Beneish M-Score Chart

Lazydays Holdings Annual Data

Trend

Nov15

Nov16

Nov17

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.07

-1.55

-1.82

-2.46

-3.68

Lazydays Holdings Quarterly Data
	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															-3.28	-3.68	-4.17	-3.81	-3.12

GORV vs AZI, CVNA, PAG: Beneish M-Score Comparison

For the Auto & Truck Dealerships subindustry, Lazydays Holdings'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.

Lazydays Holdings Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Lazydays Holdings's Beneish M-Score distribution charts can be found below:

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

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Lazydays Holdings Inc GORV

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

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Lazydays Holdings 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 Lazydays Holdings 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 * 0.8076

0.528 * 0.8306

0.404 * 3.68

0.892 * 0.6138

0.115 * 0.0644

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3426

4.679 * -0.195149

0.327 * 1.1049

-3.12

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was $15.3 Mil.
Revenue was 101.434 + 131.297 + 165.815 + 159.879 = $558.4 Mil.
Gross Profit was 19.576 + 34.189 + 43.842 + 30.372 = $128.0 Mil.
Total Current Assets was $203.1 Mil.
Total Assets was $333.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.9 Mil.
Selling, General, & Admin. Expense(SGA) was $158.8 Mil.
Total Current Liabilities was $267.0 Mil.
Long-Term Debt & Capital Lease Obligation was $32.1 Mil.
Net Income was -82.381 + -24.589 + -9.533 + -79.846 = $-196.3 Mil.
Non Operating Income was -62.256 + -9.221 + 0.923 + -40.534 = $-111.1 Mil.
Cash Flow from Operations was -23.388 + -18.674 + 26.032 + -4.213 = $-20.2 Mil.

Total Receivables was $30.9 Mil.
Revenue was 205.961 + 235.602 + 270.12 + 198.029 = $909.7 Mil.
Gross Profit was 45.313 + 47.404 + 37.766 + 42.686 = $173.2 Mil.
Total Current Assets was $358.6 Mil.
Total Assets was $735.9 Mil.
Property, Plant and Equipment(Net PPE) was $299.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.6 Mil.
Selling, General, & Admin. Expense(SGA) was $192.7 Mil.
Total Current Liabilities was $392.0 Mil.
Long-Term Debt & Capital Lease Obligation was $206.0 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)
	=	(15.317 / 558.425)	/	(30.896 / 909.712)
	=	0.027429	/	0.033962
	=	0.8076

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)
	=	(173.169 / 909.712)	/	(127.979 / 558.425)
	=	0.190356	/	0.229178
	=	0.8306

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 - (203.106 + 0) / 333.171)	/	(1 - (358.57 + 299.304) / 735.946)
	=	0.390385	/	0.106084
	=	3.68

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
	=	558.425	/	909.712
	=	0.6138

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))
	=	(20.606 / (20.606 + 299.304))	/	(16.918 / (16.918 + 0))
	=	0.064412	/	1
	=	0.0644

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)
	=	(158.844 / 558.425)	/	(192.741 / 909.712)
	=	0.28445	/	0.21187
	=	1.3426

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)
	=	((32.131 + 267.029) / 333.171)	/	((206.038 + 392.018) / 735.946)
	=	0.897917	/	0.812636
	=	1.1049

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
	=	(-196.349 - -111.088	-	-20.243)	/	333.171
	=	-0.195149

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.

Lazydays Holdings has a M-score of -3.12 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 -3.12 mean?

Lazydays Holdings (GORV) has a Beneish M-Score of -3.12 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lazydays Holdings and its competitors.

Is Lazydays Holdings' Beneish M-Score too high?

Lazydays Holdings' current Beneish M-Score is -3.12. Overall, Lazydays Holdings has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.

How does Lazydays Holdings' Beneish M-Score compare to AZI and CVNA?

Lazydays Holdings' Beneish M-Score of -3.12 can be compared against companies in the Vehicles & Parts 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 Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts 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 Lazydays Holdings and its competitors. Lazydays Holdings's current Beneish M-Score is -3.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Lazydays Holdings stock overvalued right now?

Lazydays Holdings (GORV) has a current Beneish M-Score of -3.12. The stock's GF Value™ is $15.30, compared to a current price of $0.42 — trading 97.2% below its estimated fair value. The current Beneish M-Score is -3.12. Lazydays Holdings' overall GF Score™ is 35/100 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 Lazydays Holdings (GORV), the current Beneish M-Score is -3.12 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 Lazydays Holdings (GORV) Overvalued in 2026?

Based on GuruFocus' analysis, Lazydays Holdings stock appears to be undervalued. The current stock price of $0.42 is trading 97.2% below its estimated GF Value™ of $15.30.

Key valuation signals for GORV:

Beneish M-Score: -3.12
GF Value™: $15.30 vs. price of $0.42 (97.2% below fair value)
GF Score™: 35/100 with 6 warning signs

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

Lazydays Holdings Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies AZI CVNA TPE:2207 PAG XBRU:DIE LAD AN KMX ASX:APE TSE:4732 GPI TSX:BYD ABG RUSHA VVV LSE:INCH HKSE:00881 CARG HKSE:02418 KAR

Address 4042 Park Oaks Boulevard, Suite 350, Tampa, FL, USA, 33610

Website https://www.lazydays.com

Lazydays Holdings Inc operates recreational vehicle dealerships. It provides products and services for RV owners and outdoor enthusiasts. The company generates revenue by providing a full spectrum of RV products: New and pre-owned RV sales, RV parts and services, financing and insurance products, third-party protection plans, after-market parts and accessories, and RV camping facilities.

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$0.42

Price

$15.30

GF Value

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