Free cash flow remains under intense pressure, evidenced by a -23.1% FCF margin in 2025Q3 and an OCF/NI ratio of 0.28 that highlights poor earnings quality.
| Cash from Operations | -20.24M | 94.35M | -36.48M | -71.96M | 2.77M | 111.07M | 38.92M | -5.34M | 24.06M | -7.61M |
| Operating CF Margin % | - | 10.83% | -3.37% | -5.42% | 0.22% | 13.59% | 6.04% | -0.88% | 3.91% | -1.35% |
| Operating CF Growth % | -912.73% | 358.65% | 49.31% | -2696.9% | -97.51% | 185.36% | 828.47% | -122.21% | 416.15% | - |
| Net Income | -212.6M | -163.71M | -110.27M | 66.39M | 82.02M | 14.63M | 4.46M | -284K | 8.3M | 7.78M |
| Depreciation & Amortization | 16.92M | 20.63M | 18.51M | 16.76M | 14.41M | 14.89M | 10.81M | 9.42M | 6.03M | 5.26M |
| Stock-Based Compensation | 727K | 1.75M | 2.25M | 2.81M | 750K | 1.57M | 4.86M | 0 | 0 | 0 |
| Deferred Taxes | -766K | 16.79M | -30.98M | 1.87M | -1.43M | -1.36M | -2.27M | -1.14M | -1.03M | -1.45M |
| Other Non-Cash Items | 136.31M | 43.99M | 118.39M | -12.39M | 5.64M | 15.12M | -3.2M | 47.59M | 10.08M | 18.96M |
| Working Capital Changes | 39.17M | 174.91M | -34.39M | -147.4M | -98.63M | 66.22M | 24.25M | -23.42M | 9.56M | -19.72M |
| Change in Receivables | 13.69M | -31K | 2.35M | 6.51M | -8.47M | -2.4M | 629K | 2.46M | -6.65M | 1.58M |
| Change in Inventory | 35.38M | 157.36M | -42.9M | -127.59M | -105.51M | 63.36M | 21.48M | -17.46M | 9.82M | -9.51M |
| Change in Payables | -4.68M | 16.05M | 5.42M | -17.84M | 15.86M | 10.19M | -554K | -3.67M | 0 | 0 |
| Cash from Investing | 194.79M | -8.13M | -192.96M | -54.54M | -84.13M | -30.32M | -19.41M | -96.57M | -2.33M | -6.48M |
| Capital Expenditures | 230K | -19.02M | -95.24M | -39.88M | -21.26M | -18.64M | -16.88M | -4.32M | -2.58M | -6.48M |
| CapEx % of Revenue | 0.04% | 2.18% | 8.8% | 3.01% | 1.72% | 2.28% | 2.62% | 0.71% | 0.42% | 1.15% |
| Acquisitions | 186.62M | 0 | -97.73M | -14.69M | -63.04M | -16.65M | -2.57M | -92.25M | 249K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 7.94M | 10.89M | 0 | 36K | 174K | 4.97M | 37K | 0 | 0 | 0 |
| Cash from Financing | -178.13M | -119.61M | 225.84M | 90.07M | 115.96M | -48.69M | -14.66M | 113.74M | -12.59M | -49.95M |
| Debt Issued (Net) | -216.41M | -155.55M | 200.91M | 130.21M | 66.35M | -50.01M | -15.98M | 26.67M | 3.75M | 0 |
| Equity Issued (Net) | 1000K | 1000K | -109K | -1000K | -1000K | -185K | -314K | 1000K | 0 | 1000K |
| Dividends Paid | 0 | 0 | -4.8M | -4.8M | -4.8M | -10.98M | -1.21M | -2.63M | -15M | -44.5M |
| Share Repurchases | 0 | 0 | -109K | -44.5M | -12.02M | -185K | -314K | 0 | 0 | 0 |
| Other Financing | 10.02M | 7.68M | 29.85M | 9.16M | 66.43M | 12.49M | 2.84M | -667K | -1.33M | -91.75M |
| Net Change in Cash | -3.58M | -33.38M | -3.6M | -36.43M | 34.61M | 32.05M | 4.86M | 13.31M | 9.13M | -64.03M |
| Free Cash Flow | -20.01M | 75.33M | -131.72M | -111.84M | -18.49M | 92.43M | 22.05M | -9.66M | 21.47M | -14.09M |
| FCF Margin % | -3.66% | 8.64% | -12.17% | -8.43% | -1.5% | 11.31% | 3.42% | -1.59% | 3.49% | -2.49% |
| FCF Growth % | -7.91% | 157.19% | -17.77% | -504.79% | -120.01% | 319.22% | 328.14% | -145.01% | 252.45% | - |
| FCF per Share | -5.34 | 110.21 | -291.58 | -264.83 | -28.68 | 285.51 | 68.30 | -34.57 | 76.81 | -50.38 |
| FCF Conversion (FCF/Net Income) | 0.09x | -0.58x | 0.33x | -1.08x | 0.05x | 7.59x | 8.72x | 18.81x | 2.90x | -0.98x |
| Interest Paid | 13.16M | 37.95M | 11.04M | 15.56M | 7.3M | 8.18M | 10.12M | 0 | 8.33M | 0 |
| Taxes Paid | 0 | 0 | 620K | 23.92M | 29.07M | 13.3M | 1.06M | 0 | 3.33M | 0 |
Liquidity and solvency pressure
As reported in recent financial statements, GORV's operating cash flow frequently decouples from net income, with the 2025Q3 OCF/NI ratio of 0.28 highlighting a persistent inability to convert accounting losses into meaningful cash generation, suggesting that accruals and non-cash items are masking deeper operational cash flow volatility.
The wide variance between net income and operating cash flow suggests that the company's earnings are heavily influenced by non-cash charges and working capital swings rather than core operational efficiency. Investors should monitor this disconnect, as it implies that the reported bottom-line figures may not fully capture the cash-burning nature of the current dealership model.
Based on GORV's reported figures, the free cash flow trajectory has deteriorated sharply, culminating in a -23.1% FCF margin in 2025Q3, which underscores the company's struggle to maintain positive cash flow as revenue contracts and fixed costs remain stubbornly high across its dealership network.
The consistent failure to generate positive free cash flow over the last several quarters indicates that the business model is currently consuming capital rather than producing it. This trend warrants further investigation into whether the company can achieve a sustainable cash-flow-positive state without significant structural changes to its cost base.
According to recent SEC filings, GORV's working capital management has become increasingly erratic, with a $6.4 million outflow in 2025Q3 following significant fluctuations in prior periods, suggesting that inventory and receivables management are failing to provide the necessary cash cushion during this period of declining sales.
The volatility in working capital changes suggests that the company is struggling to align its inventory levels with current demand, leading to inefficient cash usage. This instability appears to exacerbate the liquidity pressure, as the company is unable to rely on working capital as a consistent source of cash during downturns.
As evidenced by the company's recent financial data, GORV has shifted from dividend payments to net acquisition activity, with $14.6 million deployed toward acquisitions in 2025Q3 despite negative operating cash flows, which may indicate a high-risk strategy of growth-at-all-costs during a period of severe cyclical contraction.
The decision to prioritize acquisitions while operating cash flow is negative appears to be a significant capital allocation risk that could further strain the balance sheet. Investors should monitor whether these investments provide any immediate accretion or if they are merely adding to the fixed-cost burden in an already challenging environment.
Quick answers to the most common questions about buying GORV stock.
Lazydays Holdings, Inc. (GORV) generated $94.4M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Lazydays Holdings, Inc. (GORV) generated $75.3M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Lazydays Holdings, Inc. (GORV) spent $19.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.