SNDL Inc.
SNDL Consumer Defensive Beverages Wineries & Distilleries
SNDL Inc.’s revenue for fiscal 2025 (year ended December 2025) was $677.3 million, up 0.83% from fiscal 2024. In the quarter to June 2026, revenue fell 3.77%, EPS fell 300.0%, free cash flow fell 15.8% and total debt rose 11.1%, each against the same quarter a year earlier.
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SNDL Inc. (SNDL) Beneish M-score
SNDL Inc.'s Beneish M-score for fiscal 2025 is −2.86; 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 | −2.86 | 0.24 |
| FY2024 | −3.10 | (0.18) |
| FY2023 | −2.91 | (7.08) |
| FY2022 | 4.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 0.96 | — | 0.50 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.86 | ||
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 |
|---|---|
| IBG Innovation Beverage Group Limited compare | −17.1× |
| EPSM Epsium Enterprise Limited compare | −3.7× |
| MGPI MGP Ingredients, Inc. compare | −3.7× |
| SNDL SNDL Inc. | −2.9× |
| BF.B Brown-Forman Corporation compare | −2.7× |
| BF.A Brown Forman Corporation compare | −2.7× |
| WVVI Willamette Valley Vineyards, Inc. compare | −2.1× |
| AGCC Agencia Comercial Spirits Ltd compare | 1.4× |
| YHC LQR House Inc. compare | 18.4× |
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