Forensic Analysis · Trading Companies & Distributors · as of Sep 25, 2026
Mgp Ingredients Inc (MGPI)
A forensic read on Mgp Ingredients Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
2.9
Distress distance
Clean
Earnings quality
2
Forensic signals
-1.3
P / E (ttm)
-15.0%
ROE
$277M
Market cap
0.52%
Dividend yield
-23.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Mgp Ingredients Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7.3%
FY2025
Return on invested capital.Return on invested capital is -7.3% in the latest fiscal year and slipping across FY2023–FY2025 from 8.9%. After-tax operating profit was $112M in FY2023 and ($75M) in FY2025, with operating income at 17.8% of revenue in FY2023, 10.6% in FY2024 and -17.6% in FY2025. The capital base behind it came down -19% across FY2023–FY2025, from $1.3B to $1.0B, so this is a return struck on a smaller base rather than a record of money put to work. FY2025's operating profit carried a $132M goodwill write-off and a $20M asset write-down that alone took about 11.8 points off that year's return, so about 11.8 of the 16.2-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $74M goodwill write-off that alone took about 3.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
$206M
FY2024–FY2025
Goodwill impairments.Took $206M of goodwill writedowns across 2 years (FY2024 ($74M), FY2025 ($132M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$536.4M
Revenue Growth YoY-23.8%
Revenue CAGR (2yr)-19.9%
Net Margin-20.1%
Free Cash Flow$76.0M
Return on Equity-15.0%
Debt / Equity0.35x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mgp Ingredients Inc's actual 10-K/10-Q/8-K filings?