LCI Industries
LCII Consumer Cyclical Recreational Vehicles
LCI Industries' revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 10.2% from fiscal 2024. In the quarter to June 2026, revenue fell 12.5%, EPS grew 20.5%, free cash flow grew 88.0% and total debt fell 10.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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LCI Industries (LCII) Beneish M-score
LCI Industries's Beneish M-score for fiscal 2025 is −2.54; 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 | −2.54 | 0.45 |
| FY2024 | −2.99 | (0.08) |
| FY2023 | −2.91 | 0.04 |
| FY2022 | −2.96 | (1.31) |
| FY2021 | −1.64 | 0.81 |
| FY2020 | −2.45 | (0.30) |
| FY2019 | −2.15 | 0.08 |
| FY2018 | −2.23 | (0.10) |
| FY2017 | −2.13 | 0.61 |
| FY2016 | −2.74 | (0.16) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.54 | ||
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 |
|---|---|
| PII Polaris Inc. compare | −3.5× |
| DOO BRP Inc. compare | −3.1× |
| BC Brunswick Corporation compare | −2.9× |
| PATK Patrick Industries, Inc. compare | −2.8× |
| LCII LCI Industries | −2.5× |
| THO Thor Industries, Inc. compare | −2.5× |
| WGO Winnebago Industries, Inc. compare | −2.5× |
| HOG Harley-Davidson, Inc. compare | −1.5× |
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. compare | −0.9× |
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