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) Beneish M-score
MGP Ingredients, Inc.'s Beneish M-score for fiscal 2025 is −3.72; 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 | −3.72 | (0.88) |
| FY2024 | −2.84 | (0.64) |
| FY2023 | −2.20 | 0.06 |
| FY2022 | −2.26 | (5.16) |
| FY2021 | 2.90 | 5.37 |
| FY2020 | −2.46 | (1.37) |
| FY2019 | −1.10 | 1.25 |
| FY2018 | −2.35 | 0.11 |
| FY2017 | −2.46 | (0.13) |
| FY2016 | −2.33 | 0.39 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.03 | — | 0.95 | |
| Gross margin index | 1.09 | — | 0.58 | |
| Asset quality index | 0.81 | — | 0.33 | |
| Sales growth index | 0.76 | — | 0.68 | |
| Depreciation index | 0.66 | — | 0.08 | |
| SG&A index | 1.25 | — | −0.21 | |
| Total accruals to total assets | (0.19) | — | −0.87 | |
| Leverage index | 1.24 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.72 | ||
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 |
|---|---|
| IBG Innovation Beverage Group Limited compare | −17.1× |
| EPSM Epsium Enterprise Limited compare | −3.7× |
| MGPI MGP Ingredients, Inc. | −3.7× |
| SNDL SNDL Inc. compare | −2.9× |
| BF.A Brown Forman Corporation compare | −2.7× |
| BF.B Brown-Forman Corporation compare | −2.7× |
| WVVI Willamette Valley Vineyards, Inc. compare | −2.1× |
| AGCC Agencia Comercial Spirits Ltd compare | 1.4× |
| YHC LQR House Inc. compare | 18.4× |
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