The Andersons, Inc.
ANDE Consumer Defensive Food Distribution
The Andersons, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.0 billion, down 2.21% from fiscal 2024. In the quarter to June 2026, revenue fell 1.22%, EPS grew 621.7%, free cash flow grew 64.6% and total debt rose 20.6%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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The Andersons, Inc. (ANDE) Beneish M-score
The Andersons, Inc.'s Beneish M-score for fiscal 2025 is −2.73; 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 | −2.73 | (0.04) |
| FY2024 | −2.69 | 1.24 |
| FY2023 | −3.93 | (1.87) |
| FY2022 | −2.06 | 0.11 |
| FY2021 | −2.17 | 0.00 |
| FY2020 | −2.17 | (1.02) |
| FY2019 | −1.15 | 0.99 |
| FY2018 | −2.14 | 0.45 |
| FY2017 | −2.59 | (0.27) |
| FY2016 | −2.32 | 0.59 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 1.09 | — | 0.44 | |
| Sales growth index | 0.98 | — | 0.87 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 1.19 | — | −0.20 | |
| Total accruals to total assets | (0.02) | — | −0.07 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.73 | ||
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 |
|---|---|
| HFFG HF FOODS GROUP INC. compare | −2.9× |
| UNFI United Natural Foods, Inc. compare | −2.9× |
| ANDE The Andersons, Inc. | −2.7× |
| PFGC Performance Food Group Company compare | −2.7× |
| USFD US Foods Holding Corp. compare | −2.7× |
| AVO Mission Produce, Inc. compare | −2.7× |
| CHEF The Chefs' Warehouse, Inc. compare | −2.6× |
| SYY Sysco Corporation compare | −2.6× |
| WILCF G. Willi-Food International, Ltd. compare | −2.0× |
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