Alto Ingredients, Inc.
ALTO Basic Materials Specialty Chemicals
Alto Ingredients, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $917.9 million, down 4.90% from fiscal 2024. In the quarter to June 2026, revenue grew 12.5%, EPS grew 200.0%, free cash flow grew 1,443.9% and total debt fell 48.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Alto Ingredients, Inc. (ALTO) Beneish M-score
Alto Ingredients, Inc.'s Beneish M-score for fiscal 2025 is −2.81; 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) |
|---|---|---|
| FY2025 | −2.81 | 0.26 |
| FY2024 | −3.07 | 1.49 |
| FY2023 | −4.56 | (3.20) |
| FY2021 | −1.36 | 2.96 |
| FY2020 | −4.32 | (5.57) |
| FY2017 | 1.25 | 4.22 |
| FY2016 | −2.97 | (6.31) |
| FY2015 | 3.34 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.92 | |
| Gross margin index | 0.26 | — | 0.14 | |
| Asset quality index | 1.06 | — | 0.43 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 0.75 | — | −0.13 | |
| Total accruals to total assets | 0.00 | — | 0.00 | |
| Leverage index | 0.84 | — | −0.27 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.81 | ||
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 |
|---|---|
| MATV Mativ Holdings, Inc. compare | −3.7× |
| OEC Orion S.A. compare | −3.2× |
| ALTO Alto Ingredients, Inc. | −2.8× |
| MNTK Montauk Renewables, Inc. compare | −2.8× |
| CMT Core Molding Technologies Inc compare | −2.4× |
| HDSN Hudson Technologies, Inc. compare | −2.1× |
| GEVO Gevo, Inc. compare | 4.0× |
| FF FutureFuel Corp. compare | — |
| FEAM 5E Advanced Materials, Inc. 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