Universal Corporation
UVV Consumer Defensive Tobacco
Universal Corporation’s revenue for fiscal 2026 (year ended March 2026) was $2.9 billion, down 0.77% from fiscal 2025. In the quarter to June 2026, revenue fell 11.8%, EPS fell 158.8%, free cash flow grew 38.8% and total debt was flat, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
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Universal Corporation (UVV) Beneish M-score
Universal Corporation's Beneish M-score for fiscal 2026 is −2.67; 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 | −2.67 | (0.04) |
| FY2025 | −2.63 | (0.57) |
| FY2024 | −2.05 | 0.07 |
| FY2023 | −2.12 | 0.27 |
| FY2022 | −2.38 | 0.29 |
| FY2021 | −2.67 | (0.33) |
| FY2020 | −2.34 | 0.24 |
| FY2019 | −2.58 | (0.09) |
| FY2018 | −2.49 | 0.30 |
| FY2017 | −2.79 | (0.12) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.84 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 0.99 | — | 0.89 | |
| Depreciation index | 0.68 | — | 0.08 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 0.93 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.67 | ||
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 |
|---|---|
| ISPR Ispire Technology Inc. compare | −5.2× |
| RLX RLX Technology Inc. Sponsored ADR compare | −2.7× |
| UVV Universal Corporation | −2.7× |
| MO Altria Group, Inc. compare | −2.5× |
| PM Philip Morris International Inc. compare | −2.3× |
| BTI British American Tobacco p.l.c. compare | −2.2× |
| TPB Turning Point Brands, Inc. compare | −1.2× |
| AIIR Air Global PLC compare | — |
| RYM RYTHM, 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