National Presto Industries, Inc.
NPK Industrials Aerospace & Defense
National Presto Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $503.5 million, up 29.7% from fiscal 2024. In the quarter to June 2026, revenue grew 21.7%, EPS grew 206.9% and free cash flow grew 169.5%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three.
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National Presto Industries, Inc. (NPK) Beneish M-score
National Presto Industries, Inc.'s Beneish M-score for fiscal 2025 is −1.69; 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 | −1.69 | (0.47) |
| FY2024 | −1.22 | 1.91 |
| FY2023 | −3.13 | (1.27) |
| FY2022 | −1.86 | 0.61 |
| FY2021 | −2.46 | (0.22) |
| FY2020 | −2.24 | (0.25) |
| FY2019 | −1.99 | 1.10 |
| FY2018 | −3.09 | (0.91) |
| FY2017 | −2.18 | 0.72 |
| FY2016 | −2.90 | (0.61) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 1.27 | — | 0.67 | |
| Asset quality index | 0.70 | — | 0.28 | |
| Sales growth index | 1.30 | — | 1.16 | |
| Depreciation index | 1.41 | — | 0.16 | |
| SG&A index | 0.87 | — | −0.15 | |
| Total accruals to total assets | 0.08 | — | 0.39 | |
| Leverage index | 1.16 | — | −0.38 | |
| Beneish M-score | Flagged by the model | −1.69 | ||
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 |
|---|---|
| SWBI Smith & Wesson Brands, Inc. compare | −3.5× |
| RGR Sturm, Ruger & Company, Inc. compare | −3.1× |
| PKE Park Aerospace Corp. compare | −2.5× |
| CDRE Cadre Holdings, Inc. compare | −2.4× |
| NPK National Presto Industries, Inc. | −1.7× |
| VOYG Voyager Technologies, Inc. compare | −1.6× |
| SATL Satellogic Inc. compare | 1.7× |
| RCAT Red Cat Holdings, Inc. compare | 4.1× |
| EVEX Eve Holding, 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