FREEW (Whole Earth Brands) Beneish M-Score: -2.71 (As of Sep. 09, 2026)

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FREEW Whole Earth Brands Inc FREEW
12 GF Score
Price $0.07
! 6 Warning Signs
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What is Whole Earth Brands Beneish M-Score?

Whole Earth Brands FREEW +3.82% 12 Beneish M-Score is -2.71 as of Sep. 09, 2026. GuruFocus rates FREEW with a GF Score™ of 12/100. The stock has 6 warning signs investors should review.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Whole Earth Brands's Beneish M-Score or its related term are showing as below:

FREEW' s Beneish M-Score Range Over the Past 10 Years
Min: -125.93   Med: -2.58   Max: -1.94
Current: -2.71

During the past 6 years, the highest Beneish M-Score of Whole Earth Brands was -1.94. The lowest was -125.93. And the median was -2.58.

Whole Earth Brands Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Whole Earth Brands's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Whole Earth Brands Beneish M-Score Chart

Whole Earth Brands Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.54 -2.11 -2.42 -2.70

Whole Earth Brands Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.64 -2.81 -2.70 -2.69 -2.71

FREEW vs MAMA, LWAY, FTLF: Beneish M-Score Comparison

For the Packaged Foods subindustry, Whole Earth Brands's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Whole Earth Brands Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Whole Earth Brands's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Whole Earth Brands's Beneish M-Score falls into.


FREEW
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Whole Earth Brands Inc FREEW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Whole Earth Brands Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Whole Earth Brands for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0157+0.528 * 0.8484+0.404 * 0.9681+0.892 * 1.0214+0.115 * 1.1021
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0785+4.679 * -0.03394-0.327 * 1.0259
=-2.71

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $73.11 Mil.
Revenue was 135.927 + 129.5 + 151.164 + 134.43 = $551.02 Mil.
Gross Profit was 40.116 + 37.307 + 40.428 + 37.528 = $155.38 Mil.
Total Current Assets was $307.60 Mil.
Total Assets was $809.13 Mil.
Property, Plant and Equipment(Net PPE) was $89.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.18 Mil.
Selling, General, & Admin. Expense(SGA) was $107.19 Mil.
Total Current Liabilities was $77.86 Mil.
Long-Term Debt & Capital Lease Obligation was $456.34 Mil.
Net Income was -2.213 + -9.396 + -7.352 + -5.43 = $-24.39 Mil.
Non Operating Income was -0.156 + 0.23 + -9.085 + -0.448 = $-9.46 Mil.
Cash Flow from Operations was 1.716 + -9.564 + 14.703 + 5.675 = $12.53 Mil.
 Total Receivables was $70.48 Mil.
Revenue was 132.902 + 132.417 + 138.897 + 135.28 = $539.50 Mil.
Gross Profit was 33.38 + 32.341 + 28.323 + 35.017 = $129.06 Mil.
Total Current Assets was $319.35 Mil.
Total Assets was $840.11 Mil.
Property, Plant and Equipment(Net PPE) was $78.80 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.16 Mil.
Selling, General, & Admin. Expense(SGA) was $97.31 Mil.
Total Current Liabilities was $96.07 Mil.
Long-Term Debt & Capital Lease Obligation was $444.60 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(73.113 / 551.021) / (70.475 / 539.496)
=0.132686 / 0.130631
=1.0157

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(129.061 / 539.496) / (155.379 / 551.021)
=0.239225 / 0.281984
=0.8484

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (307.596 + 89.469) / 809.131) / (1 - (319.352 + 78.801) / 840.112)
=0.50927 / 0.526072
=0.9681

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=551.021 / 539.496
=1.0214

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(25.16 / (25.16 + 78.801)) / (25.175 / (25.175 + 89.469))
=0.242014 / 0.219593
=1.1021

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(107.188 / 551.021) / (97.31 / 539.496)
=0.194526 / 0.180372
=1.0785

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((456.338 + 77.855) / 809.131) / ((444.6 + 96.067) / 840.112)
=0.660206 / 0.643565
=1.0259

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-24.391 - -9.459 - 12.53) / 809.131
=-0.03394

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Whole Earth Brands has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.71 mean?
Whole Earth Brands (FREEW) has a Beneish M-Score of -2.71 as of Sep. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Whole Earth Brands and its competitors.
Is Whole Earth Brands' Beneish M-Score too high?
Whole Earth Brands' current Beneish M-Score is -2.71. Overall, Whole Earth Brands has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Whole Earth Brands' Beneish M-Score compare to MAMA and LWAY?
Whole Earth Brands' Beneish M-Score of -2.71 can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Whole Earth Brands and its competitors. Whole Earth Brands's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Whole Earth Brands stock overvalued right now?
Whole Earth Brands (FREEW) has a current Beneish M-Score of -2.71. The current Beneish M-Score is -2.71. Whole Earth Brands' overall GF Score™ is 12/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Whole Earth Brands (FREEW), the current Beneish M-Score is -2.71 as of Sep. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Whole Earth Brands Business Description

Address 125 South Wacker Drive, Suite 1250, Chicago, IL, USA, 60606
Whole Earth Brands Inc is a food company that provides access to high-quality, plant-based sweeteners, flavor enhancers and other foods through diverse portfolio of brands and products. The company operates in two segments namely, Branded CPG and Flavors & Ingredients. Its portfolio consists of three main product groups: sweeteners, adjacencies, and ingredients. Majority of the revenue is generated from the Branded CPG segment which provides a variety of sweetener formulations under brands such as Whole Earth, Pure Via, Wholesome, Swerve, Canderel, and Equal. Geographically, the company derives key revenue from North America and rest from Europe, Latin America, India, Middle East and Africa and other markets.
12GF Score

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