stockrowGrowGeneration Corp.
GRWG Consumer Cyclical Specialty Retail
GrowGeneration Corp.’s revenue for fiscal 2025 (year ended December 2025) was $161.7 million, down 14.4% from fiscal 2024.
- Revenue
- +5.50%
- EPS
- +62.5%
- Free cash flow
- +126.6%
Quarter to June 2026, against a year earlier
Follow GRWG
Alert me
GrowGeneration Corp. (GRWG) Beneish M-score
GrowGeneration Corp.'s Beneish M-score for fiscal 2025 is −2.67; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.67 | 1.29 |
| FY2024 | −3.96 | (0.10) |
| FY2023 | −3.87 | 1.17 |
| FY2022 | −5.03 | (3.99) |
| FY2021 | −1.04 | 0.30 |
| FY2020 | −1.34 | (1.13) |
| FY2019 | −0.21 | 1.41 |
| FY2018 | −1.62 | (0.41) |
| FY2017 | −1.21 | (4.10) |
| FY2016 | 2.89 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.67 | — | 1.54 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 0.87 | — | 0.35 | |
| Sales growth index | 0.86 | — | 0.76 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.10) | — | −0.46 | |
| Leverage index | 1.27 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.67 | ||
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 |
|---|---|
| NAAS NaaS Technology Inc. Sponsored ADR compare | −9.9× |
| ABLV Able View Global Inc. compare | −3.6× |
| FLWS 1-800 FLOWERS.COM, Inc. compare | −3.6× |
| ONEW OneWater Marine Inc. compare | −3.3× |
| GRWG GrowGeneration Corp. | −2.7× |
| BARK BARK, Inc. compare | −2.4× |
| SPWH Sportsman's Warehouse Holdings, Inc. compare | −2.3× |
| HTLM HomesToLife Ltd compare | −2.2× |
| PTLE PTL Limited compare | 2.0× |
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