The Scotts Miracle-Gro Company
SMG Basic Materials Agricultural Inputs
The Scotts Miracle-Gro Company’s revenue for fiscal 2025 (year ended September 2025) was $3.4 billion, down 3.93% from fiscal 2024. In the quarter to June 2026, revenue grew 1.10%, EPS fell 25.2%, free cash flow fell 26.6% and total debt fell 3.43%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
Follow SMG
The Scotts Miracle-Gro Company (SMG) Beneish M-score
The Scotts Miracle-Gro Company's Beneish M-score for fiscal 2025 is −2.95; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.95 | 1.15 |
| FY2024 | −4.10 | (0.28) |
| FY2023 | −3.82 | (0.84) |
| FY2022 | −2.98 | (0.82) |
| FY2021 | −2.17 | 0.07 |
| FY2020 | −2.23 | (0.10) |
| FY2019 | −2.13 | 0.58 |
| FY2018 | −2.71 | 0.09 |
| FY2017 | −2.80 | (0.36) |
| FY2016 | −2.43 | — |
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 | 0.78 | — | 0.41 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 1.10 | — | 0.13 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.95 | ||
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 |
|---|---|
| FMC FMC Corporation compare | −4.0× |
| SMG The Scotts Miracle-Gro Company | −3.0× |
| UAN CVR Partners, LP compare | −2.8× |
| IPI Intrepid Potash, Inc compare | −2.8× |
| CTVA Corteva, Inc. compare | −2.7× |
| CF CF Industries Holdings, Inc. compare | −2.7× |
| ICL ICL Group Ltd. compare | −2.7× |
| MOS The Mosaic Company compare | −2.7× |
| NTR Nutrien Ltd. compare | −2.6× |
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