MGP Ingredients, Inc.
MGPI Consumer Defensive Beverages Wineries & Distilleries
MGP Ingredients, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $536.4 million, down 23.8% from fiscal 2024. In the quarter to June 2026, revenue fell 14.5%, EPS fell 17.9%, free cash flow fell 9,268.8% and total debt rose 24.4%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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MGP Ingredients, Inc. (MGPI) Altman Z-score
MGP Ingredients, Inc.'s Altman Z-score for fiscal 2025 is 1.60, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.60 | (0.93) |
| FY2024 | 2.53 | (1.71) |
| FY2023 | 4.24 | (1.16) |
| FY2022 | 5.40 | 0.96 |
| FY2021 | 4.45 | (3.28) |
| FY2020 | 7.72 | (0.83) |
| FY2019 | 8.55 | (2.46) |
| FY2018 | 11.01 | (3.25) |
| FY2017 | 14.26 | 4.64 |
| FY2016 | 9.62 | 2.82 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.31 | |
| Retained earnings / total assets | 0.36 | — | 0.50 | |
| EBIT / total assets | (0.08) | — | −0.25 | |
| Market value of equity / total liabilities | 1.00 | — | 0.60 | |
| Sales / total assets | 0.43 | — | 0.43 | |
| Altman Z-score | Distress zone | 1.60 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.82 | ||
Z and Z″ put MGP Ingredients, Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| EPSM Epsium Enterprise Limited compare | 10.7× |
| AGCC Agencia Comercial Spirits Ltd compare | 5.9× |
| BF.A Brown Forman Corporation compare | 4.1× |
| BF.B Brown-Forman Corporation compare | 4.1× |
| MGPI MGP Ingredients, Inc. | 1.6× |
| SNDL SNDL Inc. compare | 1.2× |
| WVVI Willamette Valley Vineyards, Inc. compare | 1.0× |
| YHC LQR House Inc. compare | −1.6× |
| IBG Innovation Beverage Group Limited compare | −31.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets