Alico, Inc.
ALCO Consumer Defensive Farm Products
Alico, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $44.1 million, down 5.52% from fiscal 2024. In the quarter to June 2026, revenue grew 7.75%, EPS grew 112.1%, free cash flow fell 78.9% and total debt was flat, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Alico, Inc. (ALCO) Beneish M-score
Alico, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −2.16 | (0.26) |
| FY2021 | −1.91 | (8.64) |
| FY2020 | 6.74 | 9.84 |
| FY2019 | −3.10 | (0.70) |
| FY2018 | −2.40 | (0.48) |
| FY2017 | −1.92 | 0.88 |
| FY2016 | −2.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.52 | — | 0.48 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 1.68 | — | 0.68 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 0.07 | — | 0.01 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.83) | — | −3.89 | |
| Leverage index | 1.78 | — | −0.58 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| VFF Village Farms International, Inc. compare | −3.1× |
| AFRI Forafric Global PLC compare | −2.9× |
| DOLE Dole PLC compare | −2.3× |
| LND Brasilagro Cia Brasileira De Propriedades Agricolas compare | −2.0× |
| VITL Vital Farms, Inc. compare | −1.3× |
| PFAI Pinnacle Food Group Limited compare | −1.1× |
| LMNR Limoneira Co compare | 18.4× |
| PME Pingtan Marine Enterprise Ltd. compare | — |
| ALCO Alico, Inc. | — |
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