Art's-Way Manufacturing Co., Inc.
ARTW Industrials Farm & Heavy Construction Machinery
Art's-Way Manufacturing Co., Inc.’s revenue for fiscal 2025 (year ended November 2025) was $23.0 million, down 6.22% from fiscal 2024. In the quarter to August 2026, revenue fell 12.7%, EPS fell 153.8%, free cash flow grew 100.9% and total debt rose 21.4%, each against the same quarter a year earlier.
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Art's-Way Manufacturing Co., Inc. (ARTW) Beneish M-score
Art's-Way Manufacturing Co., Inc.'s Beneish M-score for fiscal 2025 is −2.12; 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 | −2.12 | 1.37 |
| FY2024 | −3.49 | (1.40) |
| FY2023 | −2.09 | 0.52 |
| FY2022 | −2.60 | (0.20) |
| FY2021 | −2.41 | (0.37) |
| FY2020 | −2.03 | 0.93 |
| FY2019 | −2.96 | 0.24 |
| FY2018 | −3.21 | (0.95) |
| FY2017 | −2.26 | 0.97 |
| FY2016 | −3.23 | (1.28) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 1.09 | — | 0.58 | |
| Asset quality index | 0.83 | — | 0.34 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 1.12 | — | 0.13 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | 0.09 | — | 0.40 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Elevated | −2.12 | ||
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 |
|---|---|
| HCAI Huachen AI Parking Management Technology Holding Co., Ltd compare | −314× |
| HYFM Hydrofarm Holdings Group, Inc. compare | −14.1× |
| XOS Xos, Inc. compare | −5.6× |
| GP GreenPower Motor Company Inc. compare | −3.1× |
| ARTW Art's-Way Manufacturing Co., Inc. | −2.1× |
| GENC Gencor Industries Inc. compare | −1.5× |
| LEVGQ The Lion Electric Company compare | — |
| BNC BNB Standard Corporation compare | — |
| SCAG Scage Future - Unsponsored ADR 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