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Brasilagro Cia Brasileira De Propriedades Agricolas' revenue for fiscal 2026 (year ended June 2026) was $175.0 million, down 14.5% from fiscal 2025.
- Revenue
- −54.3%
- EPS
- −153.3%
- Free cash flow
- +79.3%
- Total debt
- +18.9%
Quarter to June 2026, against a year earlier
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Brasilagro Cia Brasileira De Propriedades Agricolas (LND) Beneish M-score
Brasilagro Cia Brasileira De Propriedades Agricolas's Beneish M-score for fiscal 2026 is −2.01; 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 | −2.01 | 0.47 |
| FY2025 | −2.49 | (0.25) |
| FY2024 | −2.23 | (0.13) |
| FY2023 | −2.10 | (1.15) |
| FY2022 | −0.95 | 1.45 |
| FY2021 | −2.41 | (0.39) |
| FY2020 | −2.02 | (0.15) |
| FY2019 | −1.87 | (0.35) |
| FY2018 | −1.53 | (0.07) |
| FY2017 | −1.46 | 0.88 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 2.77 | — | 1.46 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 0.86 | — | 0.76 | |
| Depreciation index | 1.10 | — | 0.13 | |
| SG&A index | 1.40 | — | −0.24 | |
| Total accruals to total assets | (0.06) | — | −0.27 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Elevated | −2.01 | ||
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× |
| DMC Del Monte Corporation compare | −2.7× |
| DOLE Dole PLC compare | −2.3× |
| AGRO Adecoagro S.A. compare | −2.0× |
| LND Brasilagro Cia Brasileira De Propriedades Agricolas | −2.0× |
| VITL Vital Farms, Inc. compare | −1.3× |
| LMNR Limoneira Co compare | 18.4× |
| ALCO Alico, 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