NTIC (Northern Technologies International) Beneish M-Score: -2.73 (As of Jul. 05, 2026)

What is Northern Technologies International Beneish M-Score?

Northern Technologies International NTIC -1.71% 56 Beneish M-Score is -2.73 as of Jul. 05, 2026. GuruFocus rates NTIC with a GF Score™ of 56/100 and a GF Value™ of $13.76 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 1,524 Chemicals companies, Northern Technologies International ranks better than 69.95% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NTIC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.92 Med: -3.11 Max: -2.73
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Northern Technologies International was -2.73. The lowest was -3.92. And the median was -3.11.

Northern Technologies International Beneish M-Score Related Terms

Northern Technologies International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Northern Technologies 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.

Northern Technologies International Beneish M-Score Chart

Northern Technologies International Annual Data

Trend

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

Get a 7-Day Free Trial

-2.76

-2.95

-3.12

-2.98

-3.10

Northern Technologies International Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-3.06	-2.88	-3.10	-2.87	-2.73

NTIC vs FSI, FEAM, KBLB: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Northern Technologies 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.

Northern Technologies International Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Northern Technologies International's Beneish M-Score distribution charts can be found below:

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

Save Embed

56GF Score

Northern Technologies International Corp NTIC

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

View Full Analysis

Northern Technologies 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 Northern Technologies 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 * 1.0762

0.528 * 1.0591

0.404 * 0.9941

0.892 * 1.0555

0.115 * 0.9637

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0111

4.679 * -0.066827

0.327 * 1.2495

-2.73

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was $19.64 Mil.
Revenue was 21.997 + 23.309 + 22.315 + 21.509 = $89.13 Mil.
Gross Profit was 7.858 + 8.384 + 8.459 + 8.259 = $32.96 Mil.
Total Current Assets was $45.22 Mil.
Total Assets was $104.90 Mil.
Property, Plant and Equipment(Net PPE) was $16.32 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.90 Mil.
Selling, General, & Admin. Expense(SGA) was $33.80 Mil.
Total Current Liabilities was $25.02 Mil.
Long-Term Debt & Capital Lease Obligation was $0.64 Mil.
Net Income was -0.035 + 0.238 + -1.1 + 0.122 = $-0.78 Mil.
Non Operating Income was 2.027 + 2.291 + 1.781 + 2.273 = $8.37 Mil.
Cash Flow from Operations was -1.724 + 0.342 + -1.365 + 0.61 = $-2.14 Mil.

Total Receivables was $17.29 Mil.
Revenue was 19.072 + 21.338 + 23.349 + 20.686 = $84.45 Mil.
Gross Profit was 6.796 + 8.163 + 10.22 + 7.893 = $33.07 Mil.
Total Current Assets was $39.63 Mil.
Total Assets was $93.70 Mil.
Property, Plant and Equipment(Net PPE) was $15.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.69 Mil.
Selling, General, & Admin. Expense(SGA) was $31.67 Mil.
Total Current Liabilities was $18.21 Mil.
Long-Term Debt & Capital Lease Obligation was $0.14 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)
	=	(19.636 / 89.13)	/	(17.287 / 84.445)
	=	0.220307	/	0.204713
	=	1.0762

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)
	=	(33.072 / 84.445)	/	(32.96 / 89.13)
	=	0.39164	/	0.369797
	=	1.0591

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 - (45.22 + 16.317) / 104.898)	/	(1 - (39.625 + 15.111) / 93.695)
	=	0.413363	/	0.415807
	=	0.9941

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
	=	89.13	/	84.445
	=	1.0555

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))
	=	(1.686 / (1.686 + 15.111))	/	(1.897 / (1.897 + 16.317))
	=	0.100375	/	0.104151
	=	0.9637

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)
	=	(33.802 / 89.13)	/	(31.673 / 84.445)
	=	0.379244	/	0.375073
	=	1.0111

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)
	=	((0.643 + 25.018) / 104.898)	/	((0.136 + 18.208) / 93.695)
	=	0.244628	/	0.195784
	=	1.2495

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
	=	(-0.775 - 8.372	-	-2.137)	/	104.898
	=	-0.066827

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.

Northern Technologies International has a M-score of -2.73 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 -2.73 mean?

Northern Technologies International (NTIC) has a Beneish M-Score of -2.73 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Northern Technologies International and its competitors. According to the industry distribution chart, Northern Technologies International ranks #458 out of 1524 companies in the Chemicals industry, placing it in the top 30.1%.

Is Northern Technologies International's Beneish M-Score too high?

Northern Technologies International's current Beneish M-Score is -2.73. Based on the distribution chart, Northern Technologies International ranks #458 out of 1524 companies in the Chemicals industry, which is above the industry midpoint. Overall, Northern Technologies International has a GF Score™ of 56/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Northern Technologies International's Beneish M-Score compare to FSI and FEAM?

According to the Chemicals industry distribution chart, Northern Technologies International ranks #458 out of 1524 companies for Beneish M-Score. This puts Northern Technologies 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 Chemicals company?

A good Beneish M-Score depends on the Chemicals 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 Northern Technologies International and its competitors. Northern Technologies International's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Northern Technologies International stock overvalued right now?

Based on GuruFocus' analysis, Northern Technologies International (NTIC) is currently considered Possible Value Trap. The stock's GF Value™ is $13.76, compared to a current price of $8.63 — trading 37.3% below its estimated fair value. The current Beneish M-Score is -2.73. Northern Technologies International's overall GF Score™ is 56/100 with 4 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 Northern Technologies International (NTIC), the current Beneish M-Score is -2.73 as of Jul. 05, 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 Northern Technologies International (NTIC) Overvalued in 2026?

Based on GuruFocus' analysis, Northern Technologies International stock appears to be undervalued. The current stock price of $8.63 is trading 37.3% below its estimated GF Value™ of $13.76. GuruFocus considers Northern Technologies International to be Possible Value Trap.

Key valuation signals for NTIC:

Beneish M-Score: -2.73
GF Value™: $13.76 vs. price of $8.63 (37.3% below fair value)
GF Score™: 56/100 with 4 warning signs

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

Northern Technologies International Business Description

Industry Basic Materials Chemicals

Comparable Companies FSI FEAM KBLB AMTX LOOP BIOF NNUP YMAT BON SNES LIN XPAR:AI SHW ECL APD SHSE:603256 XSWX:GIVN TPE:1303 XSWX:SIKA SHSE:600309

Address 4201 Woodland Road, P.O. Box 69, Circle Pines, MN, USA, 55014

Website https://www.ntic.com

Northern Technologies International Corp is a United States-based firm that develops and markets proprietary, environmentally beneficial products and services world wide either directly or through a network of joint ventures, distributors, and agents. It operates through two segments, which include ZERUST products and services and Nature-Tec products. Its main business is providing corrosion prevention solutions that are marketed under the ZERUST brand. The company also sells a portfolio of bio-based and biodegradable (compostable) polymer resin compounds and finished products marketed under the Nature-Tec brand. The ZERUST brand generates a vast majority of the revenue for the company. The company generates the majority of its revenue in the United States.

56GF Score

Get the complete analysis for NTIC

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

$8.63

Price

$13.76

GF Value

View NTIC Analysis

See Beneish M-Score data for all stocks →