RGFC (The Real Good Food Co) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is The Real Good Food Co Beneish M-Score?

The Real Good Food Co RGFC 14 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates RGFC with a GF Score™ of 14/100.

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.

The historical rank and industry rank for The Real Good Food Co's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of The Real Good Food Co was 0.00. The lowest was 0.00. And the median was 0.00.

The Real Good Food Co Beneish M-Score Related Terms

The Real Good Food Co Beneish M-Score Historical Data

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The historical data trend for The Real Good Food Co'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.

The Real Good Food Co Beneish M-Score Chart

The Real Good Food Co Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

0.00

0.03

The Real Good Food Co Quarterly Data
	Dec19	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial									1.18	0.03	0.56	-0.92	-1.77

RGFC vs PLAG, NAII, FARM: Beneish M-Score Comparison

For the Packaged Foods subindustry, The Real Good Food Co'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.

The Real Good Food Co Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, The Real Good Food Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The Real Good Food Co's Beneish M-Score falls into.

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The Real Good Food Co 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 The Real Good Food Co 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 * 1.433

0.528 * 0.4358

0.404 * 0.8125

0.892 * 1.1888

0.115 * 0.3611

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6934

4.679 * 0.139112

0.327 * 1.3414

-1.77

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was $29.8 Mil.
Revenue was 55.565 + 35.363 + 29.798 + 35.653 = $156.4 Mil.
Gross Profit was 11.588 + 4.812 + 4.988 + 4.883 = $26.3 Mil.
Total Current Assets was $90.6 Mil.
Total Assets was $151.7 Mil.
Property, Plant and Equipment(Net PPE) was $45.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.2 Mil.
Selling, General, & Admin. Expense(SGA) was $65.8 Mil.
Total Current Liabilities was $58.2 Mil.
Long-Term Debt & Capital Lease Obligation was $136.7 Mil.
Net Income was -4.436 + -4.173 + -3.693 + -2.88 = $-15.2 Mil.
Non Operating Income was 0 + 0 + 0.348 + 0 = $0.3 Mil.
Cash Flow from Operations was -2.265 + -10.657 + -15.943 + -7.77 = $-36.6 Mil.

Total Receivables was $17.5 Mil.
Revenue was 37.55 + 30.809 + 37.576 + 25.608 = $131.5 Mil.
Gross Profit was 1.768 + 2.351 + 4.247 + 1.264 = $9.6 Mil.
Total Current Assets was $61.0 Mil.
Total Assets was $123.5 Mil.
Property, Plant and Equipment(Net PPE) was $46.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.1 Mil.
Selling, General, & Admin. Expense(SGA) was $79.8 Mil.
Total Current Liabilities was $25.5 Mil.
Long-Term Debt & Capital Lease Obligation was $92.7 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)
	=	(29.829 / 156.379)	/	(17.51 / 131.543)
	=	0.190748	/	0.133112
	=	1.433

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)
	=	(9.63 / 131.543)	/	(26.271 / 156.379)
	=	0.073208	/	0.167996
	=	0.4358

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 - (90.614 + 45.085) / 151.712)	/	(1 - (60.975 + 46.445) / 123.459)
	=	0.105549	/	0.129914
	=	0.8125

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
	=	156.379	/	131.543
	=	1.1888

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))
	=	(2.124 / (2.124 + 46.445))	/	(6.212 / (6.212 + 45.085))
	=	0.043732	/	0.121099
	=	0.3611

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)
	=	(65.793 / 156.379)	/	(79.819 / 131.543)
	=	0.420728	/	0.60679
	=	0.6934

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)
	=	((136.695 + 58.241) / 151.712)	/	((92.734 + 25.528) / 123.459)
	=	1.284908	/	0.957905
	=	1.3414

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
	=	(-15.182 - 0.348	-	-36.635)	/	151.712
	=	0.139112

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.

The Real Good Food Co has a M-score of -1.77 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

The Real Good Food Co (RGFC) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Real Good Food Co and its competitors.

Is The Real Good Food Co's Beneish M-Score too high?

The Real Good Food Co's current Beneish M-Score is 0.00. Overall, The Real Good Food Co has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.

How does The Real Good Food Co's Beneish M-Score compare to PLAG and NAII?

The Real Good Food Co's Beneish M-Score of 0.00 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 The Real Good Food Co and its competitors. The Real Good Food Co's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is The Real Good Food Co stock overvalued right now?

The Real Good Food Co (RGFC) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. The Real Good Food Co's overall GF Score™ is 14/100. 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 The Real Good Food Co (RGFC), the current Beneish M-Score is 0.00 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.

The Real Good Food Co Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies PLAG NAII FARM SOWG TLCC UMEWF GWLL BFNH ATPC CTGL XSWX:NESN KHC XPAR:BN GIS SHSE:603288 NSE:NESTLEIND SZSE:300999 SHSE:600887 TSE:2802 LSE:ABF

Address 3 Executive Campus, Suite 155, Cherry Hill, NJ, USA, 08002

Website https://www.realgoodfoods.com

The Real Good Food Co Inc is a frozen food company that develops, markets, and manufactures foods high in protein, low in sugar, and gluten- and grain-free. The company produces breakfast sandwiches, entrees, and other products, primarily sold in the U.S. frozen food category. All of its revenue is derived from the United States.

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