SPWH (Sportsman's Warehouse Holdings) Beneish M-Score: -3.22 (As of Jun. 25, 2026)

What is Sportsman's Warehouse Holdings Beneish M-Score?

Sportsman's Warehouse Holdings SPWH -0.40% 51 Beneish M-Score is -3.22 as of Jun. 25, 2026. GuruFocus rates SPWH with a GF Score™ of 51/100 and a GF Value™ of $2.64 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Sportsman's Warehouse Holdings ranks better than 86.11% 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 -3.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SPWH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -2.2 Max: 3.01
Current: -3.22

During the past 13 years, the highest Beneish M-Score of Sportsman's Warehouse Holdings was 3.01. The lowest was -3.63. And the median was -2.20.

Sportsman's Warehouse Holdings Beneish M-Score Related Terms

Sportsman's Warehouse Holdings Beneish M-Score Historical Data

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The historical data trend for Sportsman's Warehouse 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.

Sportsman's Warehouse Holdings Beneish M-Score Chart

Sportsman's Warehouse Holdings Annual Data

Trend

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Beneish M-Score

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0.24

-2.41

-2.78

-2.86

-2.08

Sportsman's Warehouse Holdings 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															-2.70	-2.77	-1.54	-2.08	-3.22

SPWH vs ABLV, LESL, PTLE: Beneish M-Score Comparison

For the Specialty Retail subindustry, Sportsman's Warehouse 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.

Sportsman's Warehouse Holdings Beneish M-Score vs Retail - Cyclical Industry

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

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

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51GF Score

Sportsman's Warehouse Holdings Inc SPWH

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

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Sportsman's Warehouse 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 Sportsman's Warehouse 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 * 0.5541

0.528 * 1.0077

0.404 * 1.0739

0.892 * 1.0114

0.115 * 0.9289

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9882

4.679 * -0.076797

0.327 * 1.0407

-3.22

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was $2 Mil.
Revenue was 256.078 + 334.857 + 331.323 + 293.899 = $1,216 Mil.
Gross Profit was 75.783 + 95.211 + 108.719 + 93.949 = $374 Mil.
Total Current Assets was $411 Mil.
Total Assets was $838 Mil.
Property, Plant and Equipment(Net PPE) was $426 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General, & Admin. Expense(SGA) was $321 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt & Capital Lease Obligation was $322 Mil.
Net Income was -21.848 + -21.732 + 0.008 + -7.083 = $-51 Mil.
Non Operating Income was -0.077 + -18.068 + -4.344 + 0 = $-22 Mil.
Cash Flow from Operations was -55.37 + 101.821 + 16.304 + -26.565 = $36 Mil.

Total Receivables was $3 Mil.
Revenue was 249.103 + 340.398 + 324.261 + 288.734 = $1,202 Mil.
Gross Profit was 75.643 + 103.574 + 103.088 + 90.018 = $372 Mil.
Total Current Assets was $441 Mil.
Total Assets was $930 Mil.
Property, Plant and Equipment(Net PPE) was $487 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $322 Mil.
Total Current Liabilities was $379 Mil.
Long-Term Debt & Capital Lease Obligation was $336 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)
	=	(1.644 / 1216.157)	/	(2.934 / 1202.496)
	=	0.001352	/	0.00244
	=	0.5541

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)
	=	(372.323 / 1202.496)	/	(373.662 / 1216.157)
	=	0.309625	/	0.307248
	=	1.0077

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 - (410.704 + 425.606) / 838.003)	/	(1 - (441.354 + 486.566) / 929.669)
	=	0.00202	/	0.001881
	=	1.0739

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
	=	1216.157	/	1202.496
	=	1.0114

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))
	=	(39.966 / (39.966 + 486.566))	/	(37.873 / (37.873 + 425.606))
	=	0.075904	/	0.081715
	=	0.9289

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)
	=	(321.461 / 1216.157)	/	(321.645 / 1202.496)
	=	0.264325	/	0.267481
	=	0.9882

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)
	=	((321.636 + 348.755) / 838.003)	/	((336.112 + 378.5) / 929.669)
	=	0.799986	/	0.768674
	=	1.0407

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
	=	(-50.655 - -22.489	-	36.19)	/	838.003
	=	-0.076797

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.

Sportsman's Warehouse Holdings has a M-score of -3.22 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 -3.22 mean?

Sportsman's Warehouse Holdings (SPWH) has a Beneish M-Score of -3.22 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sportsman's Warehouse Holdings and its competitors. According to the industry distribution chart, Sportsman's Warehouse Holdings ranks #151 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 13.9%.

Is Sportsman's Warehouse Holdings' Beneish M-Score too high?

Sportsman's Warehouse Holdings' current Beneish M-Score is -3.22. Based on the distribution chart, Sportsman's Warehouse Holdings ranks #151 out of 1087 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Sportsman's Warehouse Holdings has a GF Score™ of 51/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Sportsman's Warehouse Holdings' Beneish M-Score compare to ABLV and LESL?

According to the Retail - Cyclical industry distribution chart, Sportsman's Warehouse Holdings ranks #151 out of 1087 companies for Beneish M-Score. This places Sportsman's Warehouse Holdings in the top 14% 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 Sportsman's Warehouse Holdings and its competitors. Sportsman's Warehouse Holdings's current Beneish M-Score is -3.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sportsman's Warehouse Holdings stock overvalued right now?

Based on GuruFocus' analysis, Sportsman's Warehouse Holdings (SPWH) is currently considered Possible Value Trap. The stock's GF Value™ is $2.64, compared to a current price of $1.24 — trading 53% below its estimated fair value. The current Beneish M-Score is -3.22. Sportsman's Warehouse Holdings' overall GF Score™ is 51/100 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 Sportsman's Warehouse Holdings (SPWH), the current Beneish M-Score is -3.22 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 Sportsman's Warehouse Holdings (SPWH) Overvalued in 2026?

Based on GuruFocus' analysis, Sportsman's Warehouse Holdings stock appears to be undervalued. The current stock price of $1.24 is trading 53% below its estimated GF Value™ of $2.64. GuruFocus considers Sportsman's Warehouse Holdings to be Possible Value Trap.

Key valuation signals for SPWH:

Beneish M-Score: -3.22
GF Value™: $2.64 vs. price of $1.24 (53% below fair value)
GF Score™: 51/100 with 7 warning signs

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

Sportsman's Warehouse Holdings Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies ABLV LESL PTLE NPT RECT TLF BARK BWTL CGTL JBDI TSX:ATD XJAM:ASBH CASY WSM ULTA DKS SHSE:601888 TSCO BBY ADX:ADNOCDIST

Other Exchanges 0A8T:UK 06S:Germany

Address 1475 West 9000 South, Suite A, West Jordan, UT, USA, 84088

Website https://www.sportsmans.com

Sportsman's Warehouse Holdings Inc together with its subsidiaries operates as an outdoor sporting goods retailer. It provides a one-stop shopping experience that equips customers with the right quality, brand name hunting, shooting, fishing, and camping gear to maximize enjoyment of the outdoors. The company offers products in the categories of Camping, Apparel, Fishing, Footwear, Hunting and shooting, and Optics, Electronics, Accessories, and Other products. It provides products such as Backpacks, Jackets, Camp essentials, Hiking boots, GPS devices, ATV accessories and Fishing rods, among others. The company also offers an e-commerce experience, extensive in-store events and educational programming.

51GF Score

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

$1.24

Price

$2.64

GF Value

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