United-Guardian, Inc.
UG Consumer Defensive Household & Personal Products
United-Guardian, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.5 million, down 13.4% from fiscal 2024. In the quarter to June 2026, revenue grew 9.52%, EPS grew 14.3% and free cash flow grew 428.4%, each against the same quarter a year earlier.
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United-Guardian, Inc. (UG) Beneish M-score
United-Guardian, Inc.'s Beneish M-score for fiscal 2025 is −2.64; 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) |
|---|---|---|
| FY2025 | −2.64 | (0.90) |
| FY2024 | −1.74 | 0.97 |
| FY2023 | −2.71 | (0.20) |
| FY2022 | −2.51 | 0.17 |
| FY2021 | −2.68 | 0.67 |
| FY2020 | −3.35 | (1.03) |
| FY2019 | −2.32 | 0.70 |
| FY2018 | −3.02 | (0.46) |
| FY2017 | −2.56 | (1.07) |
| FY2016 | −1.49 | 1.53 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.28 | — | 1.18 | |
| Gross margin index | 1.09 | — | 0.57 | |
| Asset quality index | 0.00 | — | 0.00 | |
| Sales growth index | 0.87 | — | 0.77 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | 0.01 | — | 0.05 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.64 | ||
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.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TANH Tantech Holdings Ltd. compare | −4.0× |
| MLKMF Waldencast PLC compare | −4.0× |
| SKIN SkinHealth Systems Inc. compare | −3.0× |
| UG United-Guardian, Inc. | −2.6× |
| SLSN Solesence, Inc. compare | −1.1× |
| ATTT Atlas Trinity Tech Limited compare | 2.0× |
| DSY Big Tree Cloud Holdings Limited compare | 32.4× |
| GROV Grove Collaborative Holdings, Inc. compare | — |
| BRSHF Bruush Oral Care Inc. compare | — |
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