PYXUS INTERNATIONAL, INC.
PYXUS INTERNATIONAL, INC.’s revenue for fiscal 2026 (year ended March 2026) was $2.4 billion, down 2.75% from fiscal 2025. In the quarter to June 2026, revenue fell 14.0%, EPS grew 54.8%, free cash flow grew 27.2% and total debt was flat, each against the same quarter a year earlier.
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PYXUS INTERNATIONAL, INC. (PYYX) Beneish M-score
PYXUS INTERNATIONAL, INC.'s Beneish M-score for fiscal 2026 is −1.64; 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) |
|---|---|---|
| FY2026 | −1.64 | 0.53 |
| FY2025 | −2.17 | (0.17) |
| FY2024 | −2.00 | 0.30 |
| FY2023 | −2.31 | (0.28) |
| FY2022 | −2.02 | 0.06 |
| FY2021 | −2.08 | 0.62 |
| FY2020 | −2.70 | (0.61) |
| FY2019 | −2.09 | (0.92) |
| FY2018 | −1.17 | 1.94 |
| FY2017 | −3.11 | (1.78) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.31 | — | 1.20 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | 0.13 | — | 0.62 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Flagged by the model | −1.64 | ||
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.
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