stockrowWinnebago Industries, Inc.
WGO Consumer Cyclical Recreational Vehicles
Winnebago Industries, Inc.’s revenue for fiscal 2026 (year ended August 2026) was $2.7 billion, down 3.37% from fiscal 2025.
- Revenue
- −17.0%
- EPS
- −30.6%
- Free cash flow
- +155.7%
- Total debt
- −18.0%
Quarter to August 2026, against a year earlier
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Winnebago Industries, Inc. (WGO) Beneish M-score
Winnebago Industries, Inc.'s Beneish M-score for fiscal 2026 is −2.94; 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 | −2.94 | (0.43) |
| FY2025 | −2.51 | 0.21 |
| FY2024 | −2.72 | 0.07 |
| FY2023 | −2.79 | (0.39) |
| FY2022 | −2.40 | (0.15) |
| FY2021 | −2.26 | 0.49 |
| FY2020 | −2.75 | (0.13) |
| FY2019 | −2.62 | (0.58) |
| FY2018 | −2.04 | (0.83) |
| FY2017 | −1.21 | 1.48 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.83 | — | 0.76 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 0.97 | — | 0.86 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.94 | ||
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× |
| WGO Winnebago Industries, Inc. | −2.9× |
| PATK Patrick Industries, Inc. compare | −2.8× |
| MBUU Malibu Boats, Inc. compare | −2.6× |
| LCII LCI Industries compare | −2.5× |
| THO Thor 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