The company's financial stability is severely compromised, with shareholder equity shifting to a deficit of $26.3 million and a current ratio of 0.76 as of 2025Q3.
| Total Current Assets | 203.11M | 353.77M | 546.9M | 476.85M | 375.63M | 203.88M | 211.67M | 216.74M | 149.44M | 146.48M |
| Cash & Short-Term Investments | 9.5M | 24.7M | 58.09M | 61.69M | 98.12M | 63.51M | 31.46M | 26.6M | 13.29M | 4.16M |
| Cash Only | 9.5M | 24.7M | 58.09M | 61.69M | 98.12M | 63.51M | 31.46M | 26.6M | 13.29M | 4.16M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 14.72M | 28.43M | 30.11M | 32.97M | 31.91M | 21.36M | 16.35M | 19.6M | 19.91M | 0 |
| Days Sales Outstanding | 15.3 | 11.91 | 10.15 | 9.07 | 9.43 | 9.54 | 9.25 | 11.76 | 11.82 | - |
| Inventory | 0 | 211.95M | 456.09M | 378.88M | 242.91M | 116.27M | 160.86M | 167.38M | 114.17M | 124.07M |
| Days Inventory Outstanding | 121.89 | 108.85 | 194.93 | 138.53 | 95.88 | 65.35 | 112.15 | 125.72 | 85.45 | 101.04 |
| Other Current Assets | 178.88M | 88.69M | 2.61M | 3.32M | 0 | 0 | 3M | 3.17M | 0 | 0 |
| Total Non-Current Assets | 130.06M | 322.06M | 390.84M | 353.87M | 322.49M | 259.86M | 213.69M | 203.08M | 113.04M | 124.36M |
| Property, Plant & Equipment | 0 | 188.14M | 292.1M | 185.97M | 152.75M | 121.79M | 86.88M | 78.04M | 45.67M | 48.45M |
| Fixed Asset Turnover | 4.30x | 4.63x | 3.71x | 7.14x | 8.09x | 6.71x | 7.42x | 7.79x | 13.46x | 11.67x |
| Goodwill | 0 | 0 | 0 | 83.46M | 80.32M | 45.09M | 38.98M | 36.76M | 25.22M | 25.22M |
| Intangible Assets | 0 | 54.96M | 80.55M | 81.67M | 87.8M | 72.76M | 68.85M | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 72.76M | 0 | 70.19M | 25.86M | 26.61M |
| Other Non-Current Assets | 130.06M | 78.96M | 2.75M | 2.77M | 1.62M | -72.28M | 255K | 358K | 219K | 395K |
| Total Assets | 333.17M | 675.83M | 937.74M | 830.72M | 698.13M | 463.74M | 425.36M | 419.83M | 262.48M | 270.83M |
| Asset Turnover | 1.12x | 1.29x | 1.15x | 1.60x | 1.77x | 1.76x | 1.52x | 1.45x | 2.34x | 2.09x |
| Asset Growth % | -165.1% | -27.93% | 12.88% | 18.99% | 50.54% | 9.02% | 1.32% | 59.95% | -3.09% | - |
| Total Current Liabilities | 267.03M | 378.87M | 499.98M | 399.63M | 266.35M | 174.18M | 174.73M | 172.4M | 134.82M | 125.39M |
| Accounts Payable | 16.64M | 22.43M | 15.14M | 10.84M | 28.36M | 18.08M | 11.23M | 10.64M | 12.39M | 18.94K |
| Days Payables Outstanding | 17.84 | 11.52 | 6.47 | 3.96 | 11.19 | 10.16 | 7.83 | 7.99 | 9.28 | 0.02 |
| Short-Term Debt | 225.5M | 317.2M | 447.92M | 352.34M | 197.73M | 129.56M | 150.88M | 148.59M | 107.44M | 101.02M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 6M | 8.51M | 6M | 0 | 1.21M | 1.54M | 0 |
| Other Current Liabilities | 24.89M | 1.53M | 0 | -6M | 8.56M | 4.31M | 10.24M | 11.96M | 3.88M | 9.56M |
| Current Ratio | 0.76x | 0.93x | 1.09x | 1.19x | 1.41x | 1.17x | 1.21x | 1.26x | 1.11x | 1.17x |
| Quick Ratio | 0.76x | 0.37x | 0.18x | 0.25x | 0.50x | 0.50x | 0.29x | 0.29x | 0.26x | 0.18x |
| Cash Conversion Cycle | 119.35 | 109.24 | 198.61 | 143.63 | 94.12 | 64.73 | 113.57 | 129.49 | 87.99 | - |
| Total Non-Current Liabilities | 92.44M | 207.36M | 224.57M | 139.1M | 170.67M | 204.04M | 175.95M | 116M | 76.82M | 88.41M |
| Long-Term Debt | 4.93M | 83.98M | 110.93M | 10.13M | 13.68M | 8.45M | 76.47M | 19.01M | 7.21M | 8.99M |
| Capital Lease Obligations | 264.54M | 86.6M | 113.64M | 112.53M | 128.03M | 90.69M | 63.56M | 60.53M | 53.68M | 54.18M |
| Deferred Tax Liabilities | 5.25M | 1.35M | 0 | 15.54M | 13.66M | 34.83M | 35.18M | 36.45M | 15.93M | 24.58M |
| Other Non-Current Liabilities | 87.02M | 35.43M | 0 | 906K | 15.29M | 89.82M | 747K | 0 | 15.93M | -87.75M |
| Total Liabilities | 359.47M | 586.23M | 724.55M | 538.72M | 437.02M | 378.22M | 350.68M | 288.39M | 211.65M | 213.8M |
| Total Debt | 230.43M | 494.28M | 680.25M | 482.35M | 347.85M | 288.3M | 290.9M | 228.14M | 168.33M | 164.19M |
| Net Debt | 220.93M | 469.58M | 622.16M | 420.67M | 249.73M | 224.79M | 259.44M | 201.53M | 155.04M | 160.03M |
| Debt / Equity | -8.76x | 5.52x | 3.19x | 1.65x | 1.33x | 3.37x | 3.90x | 1.74x | 3.31x | 2.88x |
| Debt / EBITDA | -1.60x | - | - | 4.53x | 2.48x | 4.55x | 11.63x | 8.75x | 6.00x | 6.61x |
| Net Debt / EBITDA | -1.53x | - | - | 3.95x | 1.78x | 3.55x | 10.37x | 7.73x | 5.52x | 6.45x |
| Interest Coverage | -4.97x | -2.11x | -3.06x | 5.41x | 14.80x | 6.02x | 1.38x | 1.66x | 2.52x | 2.69x |
| Total Equity | -26.3M | 89.6M | 213.19M | 292M | 261.11M | 85.52M | 74.68M | 131.43M | 50.83M | 57.03M |
| Equity Growth % | -298.39% | -57.97% | -26.99% | 11.83% | 205.33% | 14.51% | -43.18% | 158.56% | -10.87% | - |
| Book Value per Share | -7.02 | 131.08 | 471.93 | 691.40 | 404.93 | 264.16 | 231.36 | 470.14 | 181.83 | 204.01 |
| Total Shareholders' Equity | -26.3M | 89.6M | 213.19M | 292M | 261.11M | 85.52M | 74.68M | 131.43M | 50.83M | 57.03M |
| Common Stock | 0 | 10K | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 1K |
| Retained Earnings | -231.25M | -114.75M | 48.14M | 163.2M | 96.81M | 14.79M | 4.8M | -4.16M | 1.08M | 7.78M |
| Treasury Stock | 0 | -57.13M | -57.13M | -57.02M | -12.52M | -499K | -314K | 0 | -11K | -11K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insolvency and liquidity risk
As reported in recent financial statements, GORV's equity position has collapsed from a positive $271.6 million in 2023Q2 to a deficit of $26.3 million by 2025Q3, signaling a severe deterioration in the company's net worth driven by persistent operational losses and mounting accumulated deficits.
The transition into negative equity suggests that the company's liabilities now exceed its total assets, a critical development that warrants immediate investor scrutiny regarding solvency. This trajectory indicates that the business model is currently unable to generate sufficient returns to preserve capital, effectively eroding the base value for shareholders.
Based on the company's reported figures, the current ratio has declined to 0.76 as of 2025Q3, reflecting a tightening liquidity profile that leaves the firm with limited flexibility to cover short-term obligations amidst a period of significant revenue contraction and ongoing cash burn.
A current ratio below unity implies that current assets are insufficient to meet current liabilities, which may force management to rely on external financing or asset liquidation to maintain operations. This liquidity constraint appears to be a direct consequence of the company's inability to manage working capital effectively during the current cyclical downturn.
According to the balance sheet data, total assets have plummeted from $937.7 million in 2023Q4 to $333.2 million in 2025Q3, a trend that suggests aggressive asset shedding or significant write-downs as the company attempts to right-size its footprint in a challenging retail environment.
The disappearance of goodwill and the reduction in net PPE suggest that the company is either divesting assets to raise cash or recognizing that previous acquisition-led growth strategies have failed to yield expected value. Investors should monitor whether this asset liquidation is a strategic pivot or a forced response to deteriorating financial health.
As evidenced by the 2025Q3 balance sheet, the shift to a negative $231.2 million in retained earnings highlights a structural impairment of the company's capital base that may not be fully captured by headline valuation metrics or market sentiment regarding the RV sector.
The persistent accumulation of losses suggests that the company's core operations are fundamentally misaligned with its current cost structure, creating a risk of technical insolvency. This deficit implies that any future recovery will require significant capital infusion, which could lead to substantial dilution for existing shareholders.
Quick answers to the most common questions about buying GORV stock.
As of 2024, Lazydays Holdings, Inc. (GORV) had total assets of $675.8M including $353.8M in current assets.
Lazydays Holdings, Inc. (GORV) carries total debt of $494.3M, offset by $24.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lazydays Holdings, Inc. (GORV) has total shareholders' equity (book value) of $89.6M ($131.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lazydays Holdings, Inc. (GORV) reported a current ratio of 0.93x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.