Ennis, Inc.
EBF Industrials Business Equipment & Supplies
Ennis, Inc.’s revenue for fiscal 2026 (year ended February 2026) was $392.4 million, down 0.56% from fiscal 2025. In the quarter to August 2026, revenue grew 3.37%, EPS fell 27.1% and free cash flow grew 21.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ennis, Inc. (EBF) Beneish M-score
Ennis, Inc.'s Beneish M-score for fiscal 2026 is −2.57; 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) |
|---|---|---|
| FY2026 | −2.57 | 0.40 |
| FY2025 | −2.97 | (0.13) |
| FY2024 | −2.84 | (0.63) |
| FY2023 | −2.21 | 0.55 |
| FY2022 | −2.76 | 0.16 |
| FY2021 | −2.92 | (0.45) |
| FY2020 | −2.47 | 0.00 |
| FY2019 | −2.47 | 0.31 |
| FY2018 | −2.78 | 0.13 |
| FY2017 | −2.91 | 0.42 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.03 | — | 0.95 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.10 | — | 0.45 | |
| Sales growth index | 0.99 | — | 0.89 | |
| Depreciation index | 1.13 | — | 0.13 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.03) | — | −0.13 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.57 | ||
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 |
|---|---|
| EHGO Eshallgo Inc. compare | −3.7× |
| XRX Xerox Holdings Corporation compare | −2.9× |
| EBF Ennis, Inc. | −2.6× |
| ACCO Acco Brands Corporation compare | −2.5× |
| ACTG Acacia Research Corporation compare | −2.2× |
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