Sportsman's Warehouse Holdings, Inc.
SPWH Consumer Cyclical Specialty Retail
Sportsman's Warehouse Holdings, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.2 billion, up 0.96% from fiscal 2025. In the quarter to July 2026, revenue was flat, EPS grew 38.9%, free cash flow grew 54.2% and total debt fell 12.9%, each against the same quarter a year earlier.
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Sportsman's Warehouse Holdings, Inc. (SPWH) Beneish M-score
Sportsman's Warehouse Holdings, Inc.'s Beneish M-score for fiscal 2026 is −2.26; 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) |
|---|---|---|
| FY2026 | −2.26 | 0.47 |
| FY2025 | −2.73 | (0.09) |
| FY2024 | −2.64 | (0.19) |
| FY2023 | −2.44 | (2.71) |
| FY2022 | 0.27 | 3.92 |
| FY2021 | −3.65 | (20.53) |
| FY2020 | 16.88 | 19.77 |
| FY2019 | −2.89 | 0.10 |
| FY2018 | −2.99 | (0.66) |
| FY2017 | −2.34 | 0.32 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.80 | — | 1.66 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.11) | — | −0.50 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.26 | ||
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× |
| GRWG GrowGeneration Corp. compare | −2.7× |
| NPT Texxon Holding Limited compare | −2.7× |
| BARK BARK, Inc. compare | −2.4× |
| SPWH Sportsman's Warehouse Holdings, Inc. | −2.3× |
| JBDI JBDI Holdings Limited compare | −2.0× |
| TLF Tandy Leather Factory, Inc. compare | −2.0× |
| PTLE PTL Limited compare | 2.0× |
| ZOOZ ZOOZ Strategy Ltd. 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