NAII (Natural Alternatives International) Beneish M-Score: -2.70 (As of Jun. 25, 2026)

What is Natural Alternatives International Beneish M-Score?

Natural Alternatives International NAII -0.82% 49 Beneish M-Score is -2.70 as of Jun. 25, 2026. GuruFocus rates NAII with a GF Score™ of 49/100 and a GF Value™ of $5.31 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Natural Alternatives International ranks better than 65.66% on this metric.

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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Natural Alternatives International's Beneish M-Score or its related term are showing as below:

NAII' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.5 Max: -0.44
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Natural Alternatives International was -0.44. The lowest was -3.54. And the median was -2.50.

Natural Alternatives International Beneish M-Score Related Terms

Natural Alternatives International Beneish M-Score Historical Data

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The historical data trend for Natural Alternatives International'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.

Natural Alternatives International Beneish M-Score Chart

Natural Alternatives International Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.42

-2.45

-2.84

-0.44

-3.54

Natural Alternatives International Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.17	-3.54	-3.40	-3.27	-2.70

NAII vs CTGL, COOT, FAMI: Beneish M-Score Comparison

For the Packaged Foods subindustry, Natural Alternatives International'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.

Natural Alternatives International Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Natural Alternatives International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Natural Alternatives International's Beneish M-Score falls into.

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49GF Score

Natural Alternatives International Inc NAII

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Natural Alternatives International 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 Natural Alternatives International for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.4049

0.528 * 0.7505

0.404 * 0.2255

0.892 * 1.1306

0.115 * 0.9608

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9121

4.679 * -0.046849

0.327 * 1.1839

-2.70

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $20.7 Mil.
Revenue was 35.482 + 34.795 + 37.73 + 33.866 = $141.9 Mil.
Gross Profit was 0.383 + 2.491 + 4.397 + 3.535 = $10.8 Mil.
Total Current Assets was $64.0 Mil.
Total Assets was $154.9 Mil.
Property, Plant and Equipment(Net PPE) was $89.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.7 Mil.
Selling, General, & Admin. Expense(SGA) was $16.9 Mil.
Total Current Liabilities was $39.1 Mil.
Long-Term Debt & Capital Lease Obligation was $52.5 Mil.
Net Income was -4.311 + -2.553 + -0.291 + -7.216 = $-14.4 Mil.
Non Operating Income was 0.041 + -0.258 + -0.287 + -2.106 = $-2.6 Mil.
Cash Flow from Operations was 2.503 + -6.33 + -4.023 + 3.345 = $-4.5 Mil.

Total Receivables was $13.0 Mil.
Revenue was 28.766 + 34.078 + 33.15 + 29.489 = $125.5 Mil.
Gross Profit was 1.826 + 1.669 + 2.259 + 1.419 = $7.2 Mil.
Total Current Assets was $58.5 Mil.
Total Assets was $154.9 Mil.
Property, Plant and Equipment(Net PPE) was $92.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.6 Mil.
Selling, General, & Admin. Expense(SGA) was $16.4 Mil.
Total Current Liabilities was $23.3 Mil.
Long-Term Debt & Capital Lease Obligation was $54.1 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)
	=	(20.657 / 141.873)	/	(13.005 / 125.483)
	=	0.145602	/	0.10364
	=	1.4049

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)
	=	(7.173 / 125.483)	/	(10.806 / 141.873)
	=	0.057163	/	0.076167
	=	0.7505

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 - (63.995 + 89.943) / 154.88)	/	(1 - (58.519 + 92.246) / 154.944)
	=	0.006082	/	0.026971
	=	0.2255

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
	=	141.873	/	125.483
	=	1.1306

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))
	=	(4.608 / (4.608 + 92.246))	/	(4.686 / (4.686 + 89.943))
	=	0.047577	/	0.04952
	=	0.9608

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)
	=	(16.927 / 141.873)	/	(16.414 / 125.483)
	=	0.119311	/	0.130807
	=	0.9121

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)
	=	((52.496 + 39.125) / 154.88)	/	((54.109 + 23.313) / 154.944)
	=	0.591561	/	0.499677
	=	1.1839

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
	=	(-14.371 - -2.61	-	-4.505)	/	154.88
	=	-0.046849

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.

Natural Alternatives International has a M-score of -2.70 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 -2.70 mean?

Natural Alternatives International (NAII) has a Beneish M-Score of -2.70 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Natural Alternatives International and its competitors. According to the industry distribution chart, Natural Alternatives International ranks #635 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 34.3%.

Is Natural Alternatives International's Beneish M-Score too high?

Natural Alternatives International's current Beneish M-Score is -2.70. Based on the distribution chart, Natural Alternatives International ranks #635 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Natural Alternatives International has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Natural Alternatives International's Beneish M-Score compare to CTGL and COOT?

According to the Consumer Packaged Goods industry distribution chart, Natural Alternatives International ranks #635 out of 1849 companies for Beneish M-Score. This puts Natural Alternatives International in the upper half of its 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 Natural Alternatives International and its competitors. Natural Alternatives International's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Natural Alternatives International stock overvalued right now?

Based on GuruFocus' analysis, Natural Alternatives International (NAII) is currently considered Possible Value Trap. The stock's GF Value™ is $5.31, compared to a current price of $2.41 — trading 54.6% below its estimated fair value. The current Beneish M-Score is -2.70. Natural Alternatives International's overall GF Score™ is 49/100 with 5 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 Natural Alternatives International (NAII), the current Beneish M-Score is -2.70 as of Jun. 25, 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.

Is Natural Alternatives International (NAII) Overvalued in 2026?

Based on GuruFocus' analysis, Natural Alternatives International stock appears to be undervalued. The current stock price of $2.41 is trading 54.6% below its estimated GF Value™ of $5.31. GuruFocus considers Natural Alternatives International to be Possible Value Trap.

Key valuation signals for NAII:

Beneish M-Score: -2.70
GF Value™: $5.31 vs. price of $2.41 (54.6% below fair value)
GF Score™: 49/100 with 5 warning signs

No single metric tells the full story. See the NAII stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Natural Alternatives International Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies CTGL COOT FAMI LIMX DTEAF HRGN WYGC BFNH HCWC STCB XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS

Address 1535 Faraday Avenue, Carlsbad, CA, USA, 92008

Website https://www.nai-online.com

Natural Alternatives International Inc is engaged in formulating, manufacturing, and marketing nutritional supplements. It offers vitamins, minerals, herbs, and other supplements, as well as other healthcare products, to customers within the United States and internationally. Its business activity is operated through Private-Label Contract Manufacturing and Patent & Trademark Licensing segments. The company derives the majority of revenue from Private-Label Contract Manufacturing, which is engaged in providing manufacturing services to companies that market and distribute nutritional supplements and other healthcare products, whereas the Patent and Trademark Licensing segment includes royalty income from its license and supply agreements associated with the sale.

49GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$2.41

Price

$5.31

GF Value

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