The Marzetti Company
MZTI Consumer Defensive Packaged Foods
The Marzetti Company’s revenue for fiscal 2026 (year ended June 2026) was $1.9 billion, up 1.08% from fiscal 2025. In the quarter to June 2026, revenue fell 2.19%, EPS grew 49.2% and free cash flow fell 30.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for three; insiders bought in the last twelve months.
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The Marzetti Company (MZTI) Beneish M-score
The Marzetti Company's Beneish M-score for fiscal 2026 is −2.62; 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 | −2.62 | 0.22 |
| FY2025 | −2.84 | 0.15 |
| FY2024 | −2.99 | 0.13 |
| FY2023 | −3.13 | (1.06) |
| FY2022 | −2.07 | 0.54 |
| FY2021 | −2.61 | 0.01 |
| FY2020 | −2.62 | 0.08 |
| FY2019 | −2.70 | (0.07) |
| FY2018 | −2.63 | (0.01) |
| FY2017 | −2.62 | 0.03 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.09 | — | 1.00 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.85 | — | 0.75 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.06) | — | −0.27 | |
| Leverage index | 1.79 | — | −0.59 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.62 | ||
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 |
|---|---|
| UTZ Utz Brands, Inc. compare | −2.9× |
| JJSF J & J Snack Foods Corp. compare | −2.8× |
| CENTA Central Garden & Pet Company compare | −2.7× |
| CENT Central Garden & Pet Company compare | −2.7× |
| MZTI The Marzetti Company | −2.6× |
| NOMD Nomad Foods Limited compare | −2.5× |
| POST Post Holdings, Inc. compare | −2.5× |
| HLF Herbalife Ltd compare | −2.3× |
| FRPT Freshpet, Inc. compare | −1.9× |
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