NACCO Industries, Inc.
NACCO Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $277.2 million, up 16.6% from fiscal 2024. In the quarter to June 2026, revenue grew 5.97%, EPS fell 129.6%, free cash flow grew 98.2% and total debt rose 25.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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NACCO Industries, Inc. (NC) Beneish M-score
NACCO Industries, Inc.'s Beneish M-score for fiscal 2025 is −2.64; 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 | −2.64 | (0.12) |
| FY2024 | −2.52 | (0.40) |
| FY2023 | −2.12 | 0.19 |
| FY2022 | −2.31 | 0.35 |
| FY2021 | −2.67 | (1.65) |
| FY2020 | −1.01 | 1.94 |
| FY2019 | −2.95 | (0.20) |
| FY2018 | −2.76 | (0.73) |
| FY2017 | −2.03 | 2.94 |
| FY2016 | −4.97 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.77 | — | 0.71 | |
| Gross margin index | 0.90 | — | 0.48 | |
| Asset quality index | 1.41 | — | 0.57 | |
| Sales growth index | 1.17 | — | 1.04 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 0.96 | — | −0.16 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.64 | ||
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 |
|---|---|
| ARLP Alliance Resource Partners, L.P. compare | −3.2× |
| BTU Peabody Energy Corporation compare | −2.7× |
| NC NACCO Industries, Inc. | −2.6× |
| NRP Natural Resource Partners LP compare | −2.5× |
| CNR Core Natural Resources, Inc. compare | −1.0× |
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