Quanex Building Products Corporation
NX Industrials Building Products & Equipment
Quanex Building Products Corporation’s revenue for fiscal 2025 (year ended October 2025) was $1.8 billion, up 43.8% from fiscal 2024. In the quarter to July 2026, revenue grew 1.33%, EPS grew 109.6%, free cash flow grew 3.58% and total debt fell 8.11%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Quanex Building Products Corporation (NX) Beneish M-score
Quanex Building Products Corporation's Beneish M-score for fiscal 2025 is −3.58; 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 | −3.58 | (1.67) |
| FY2024 | −1.91 | 0.88 |
| FY2023 | −2.79 | (0.23) |
| FY2022 | −2.56 | (0.18) |
| FY2021 | −2.38 | 0.28 |
| FY2020 | −2.65 | 0.99 |
| FY2019 | −3.65 | (0.74) |
| FY2018 | −2.91 | (0.09) |
| FY2017 | −2.82 | 0.18 |
| FY2016 | −3.00 | (0.28) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.65 | |
| Gross margin index | 0.88 | — | 0.46 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 1.44 | — | 1.28 | |
| Depreciation index | 0.26 | — | 0.03 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.21) | — | −0.99 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.58 | ||
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 |
|---|---|
| ASPN Aspen Aerogels, Inc. compare | −5.8× |
| ARLO Arlo Technologies, Inc. compare | −3.9× |
| NX Quanex Building Products Corporation | −3.6× |
| JBI Janus International Group, Inc. compare | −2.9× |
| NPKI NPK International Inc. compare | −2.9× |
| ROCK Gibraltar Industries, Inc. compare | −2.8× |
| APOG Apogee Enterprises, Inc. compare | −2.6× |
| SWIM Latham Group, Inc. compare | −2.5× |
| LMB Limbach Holdings, Inc. compare | −2.2× |
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