Fox Factory Holding Corp.
FOXF Consumer Cyclical Auto Parts
Fox Factory Holding Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 5.27% from fiscal 2024. In the quarter to June 2026, revenue fell 4.47%, EPS grew 42.9%, free cash flow grew 13.5% and total debt fell 4.45%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Fox Factory Holding Corp. (FOXF) Beneish M-score
Fox Factory Holding Corp.'s Beneish M-score for fiscal 2025 is −4.32; 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 | −4.32 | (1.54) |
| FY2024 | −2.79 | (0.04) |
| FY2023 | −2.75 | (0.74) |
| FY2022 | −2.01 | (0.07) |
| FY2021 | −1.95 | 0.41 |
| FY2020 | −2.36 | (0.25) |
| FY2019 | −2.10 | (0.12) |
| FY2018 | −1.98 | 0.44 |
| FY2017 | −2.42 | (0.20) |
| FY2016 | −2.22 | 0.29 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.09 | — | 1.00 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 0.73 | — | 0.30 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 0.37 | — | 0.04 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.36) | — | −1.70 | |
| Leverage index | 1.29 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.32 | ||
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 |
|---|---|
| FOXF Fox Factory Holding Corp. | −4.3× |
| MLR Miller Industries, Inc. compare | −3.3× |
| GT The Goodyear Tire & Rubber Company compare | −3.3× |
| DCH Dauch Corporation compare | −2.9× |
| MNRO Monro Muffler Brake, Inc. compare | −2.7× |
| PLOW Douglas Dynamics, Inc. compare | −2.6× |
| SMP Standard Motor Products, Inc. compare | −2.4× |
| XPEL XPEL, Inc. compare | −2.2× |
| SLDP Solid Power, Inc. compare | 1.6× |
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