Hydrofarm Holdings Group, Inc.
HYFM Industrials Farm & Heavy Construction Machinery
Hydrofarm Holdings Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $134.3 million, down 29.4% from fiscal 2024. In the quarter to June 2026, revenue fell 40.9%, EPS grew 38.6%, free cash flow grew 2.60% and total debt rose 2.02%, each against the same quarter a year earlier.
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Hydrofarm Holdings Group, Inc. (HYFM) Beneish M-score
Hydrofarm Holdings Group, Inc.'s Beneish M-score for fiscal 2025 is −14.06; 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 | −14.06 | (10.69) |
| FY2024 | −3.37 | (0.07) |
| FY2023 | −3.30 | 1.77 |
| FY2022 | −5.06 | (4.17) |
| FY2021 | −0.90 | 0.65 |
| FY2020 | −1.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.79 | — | 0.72 | |
| Gross margin index | 1.49 | — | 0.79 | |
| Asset quality index | 0.49 | — | 0.20 | |
| Sales growth index | 0.71 | — | 0.63 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 1.17 | — | −0.20 | |
| Total accruals to total assets | (2.23) | — | −10.42 | |
| Leverage index | 3.22 | — | −1.05 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −14.06 | ||
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 |
|---|---|
| HCAI Huachen AI Parking Management Technology Holding Co., Ltd compare | −314× |
| HYFM Hydrofarm Holdings Group, Inc. | −14.1× |
| XOS Xos, Inc. compare | −5.6× |
| GP GreenPower Motor Company Inc. compare | −3.1× |
| ARTW Art's-Way Manufacturing Co., Inc. compare | −2.1× |
| GENC Gencor Industries Inc. compare | −1.5× |
| BNC BNB Standard Corporation compare | — |
| LEVGQ The Lion Electric Company compare | — |
| SCAG Scage Future - Unsponsored ADR 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