Envela Corporation
ELA Consumer Cyclical Luxury Goods
Envela Corporation’s revenue for fiscal 2025 (year ended December 2025) was $241.0 million, up 33.6% from fiscal 2024. In the quarter to June 2026, revenue grew 3.46%, EPS grew 45.5%, free cash flow grew 136.5% and total debt fell 78.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Envela Corporation (ELA) Beneish M-score
Envela Corporation's Beneish M-score for fiscal 2025 is −0.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.60 | 2.50 |
| FY2024 | −3.10 | (0.63) |
| FY2023 | −2.46 | (0.41) |
| FY2022 | −2.05 | (1.29) |
| FY2021 | −0.76 | 1.52 |
| FY2020 | −2.27 | (23.27) |
| FY2019 | 20.99 | 24.49 |
| FY2018 | −3.49 | (5.25) |
| FY2017 | 1.75 | 5.65 |
| FY2016 | −3.90 | (0.18) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.88 | — | 1.73 | |
| Gross margin index | 1.10 | — | 0.58 | |
| Asset quality index | 1.08 | — | 0.44 | |
| Sales growth index | 1.34 | — | 1.19 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 0.73 | — | −0.13 | |
| Total accruals to total assets | 0.13 | — | 0.59 | |
| Leverage index | 0.75 | — | −0.25 | |
| Beneish M-score | Flagged by the model | −0.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LANV Lanvin Group Holdings Limited compare | −4.7× |
| REAL The RealReal, Inc. compare | −2.8× |
| MOV Movado Group Inc. compare | −2.7× |
| SIG Signet Jewelers Limited compare | −2.5× |
| CPRI Capri Holdings Limited compare | −2.4× |
| LUXE LuxExperience B.V. - Sponsored ADR compare | −2.2× |
| ELA Envela Corporation | −0.6× |
| SORA AsiaStrategy compare | 810× |
| BRLT Brilliant Earth Group, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI