Sow Good Inc.
SOWG Consumer Defensive Confectioners
In the quarter to June 2026, revenue fell 56.3%, EPS grew 96.5%, free cash flow fell 406.7% and total debt fell 92.9%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Sow Good Inc. (SOWG) Beneish M-score
Sow Good Inc.'s Beneish M-score for fiscal 2024 is −2.13; 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) |
|---|---|---|
| FY2024 | −2.13 | (32.64) |
| FY2023 | 30.50 | 32.75 |
| FY2022 | −2.25 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.09 | — | 0.08 | |
| Gross margin index | 0.50 | — | 0.27 | |
| Asset quality index | 2.63 | — | 1.06 | |
| Sales growth index | 1.99 | — | 1.78 | |
| Depreciation index | 0.31 | — | 0.04 | |
| SG&A index | 1.26 | — | −0.22 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 0.28 | — | −0.09 | |
| Beneish M-score | Elevated | −2.13 | ||
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 |
|---|---|
| RMCF Rocky Mountain Chocolate Factory, Inc. compare | −3.5× |
| HSY Hershey Company (The) compare | −2.8× |
| TR Tootsie Roll Industries, Inc. compare | −2.5× |
| MDLZ Mondelez International, Inc. compare | −2.4× |
| SOWG Sow Good Inc. | −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