Natural Alternatives International, Inc.
NAII Consumer Defensive Packaged Foods
Natural Alternatives International, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $142.5 million, up 9.75% from fiscal 2025. In the quarter to June 2026, revenue grew 1.90%, EPS fell 87.0%, free cash flow fell 190.1% and total debt rose 70.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Natural Alternatives International, Inc. (NAII) Beneish M-score
Natural Alternatives International, Inc.'s Beneish M-score for fiscal 2026 is −2.81; 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 | −2.81 | 0.55 |
| FY2025 | −3.36 | (3.12) |
| FY2024 | −0.24 | 2.62 |
| FY2023 | −2.85 | (0.49) |
| FY2022 | −2.36 | 0.29 |
| FY2021 | −2.66 | (5.22) |
| FY2020 | 2.56 | 4.69 |
| FY2019 | −2.13 | (0.08) |
| FY2018 | −2.05 | 1.09 |
| FY2017 | −3.14 | (0.82) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.28 | — | 1.18 | |
| Gross margin index | 1.13 | — | 0.60 | |
| Asset quality index | 0.73 | — | 0.30 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 0.70 | — | 0.08 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.09) | — | −0.44 | |
| Leverage index | 1.54 | — | −0.50 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.81 | ||
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 |
|---|---|
| FAMI Farmmi, Inc. compare | −5.5× |
| SNAX Stryve Foods, Inc. compare | −4.9× |
| NAII Natural Alternatives International, Inc. | −2.8× |
| DDC DDC Enterprise Limited compare | −1.9× |
| UCFI CN Healthy Food Tech Group Corp compare | 0.0× |
| PAVS Paranovus Entertainment Technology Ltd. compare | — |
| NCRA Nocera, Inc. compare | — |
| CIMG CIMG Inc. compare | — |
| ABVEF Above Food Ingredients 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