Newell Brands Inc.
NWL Consumer Defensive Household & Personal Products
Newell Brands Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, down 4.99% from fiscal 2024. In the quarter to June 2026, revenue grew 3.05%, EPS grew 127.3%, free cash flow grew 84.6% and total debt fell 1.40%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Newell Brands Inc. (NWL) Beneish M-score
Newell Brands Inc.'s Beneish M-score for fiscal 2025 is −2.61; 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 | −2.61 | 0.52 |
| FY2024 | −3.13 | (0.13) |
| FY2023 | −3.00 | (0.51) |
| FY2022 | −2.50 | (0.08) |
| FY2021 | −2.42 | 0.90 |
| FY2020 | −3.32 | (0.59) |
| FY2019 | −2.73 | 1.70 |
| FY2018 | −4.43 | (1.84) |
| FY2017 | −2.59 | (1.02) |
| FY2016 | −1.56 | 1.16 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.09 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.61 | ||
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 |
|---|---|
| HELE Helen of Troy Limited compare | −5.2× |
| COTY Coty compare | −3.0× |
| SPB Spectrum Brands Holdings Inc. compare | −2.7× |
| NWL Newell Brands Inc. | −2.6× |
| ELF e.l.f. Beauty compare | −2.6× |
| CLX The Clorox Company compare | −2.4× |
| EPC Edgewell Personal Care Company compare | −2.4× |
| IPAR Interparfums, Inc. compare | −2.3× |
| ODD ODDITY Tech Ltd. compare | −2.1× |
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