MGP INGREDIENTS INC MGPI
MGP Ingredients, Inc. was incorporated in 2011 in Kansas, continuing a business originally founded by Cloud L. Cray, Sr. in Atchison, Kansas in 1941. As used herein, the terms "MGP," "Company," "we," "our," "us," and words of similar import, refer to MGP Ingredients, Inc. and its consolidated subsidiaries unless the context otherwise indicates. In this Annual Report on Form 10-K (this "Report"), for any references to Note 1 through Note 16 refer to the Notes to Consolidated Financial Statements in Item 8.
All amounts in this Report, except for shares, par values, bushels, gallons, pounds, mmbtu, proof gallons, 9-liter cases, per share, per bushel, per gallon, per pound, per mmbtu, per proof gallon, per 9-liter case, and percentages, are shown in thousands unless otherwise noted.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $536.4M | $703.6M | $836.5M | $782.4M | $626.7M | $395.5M | $362.7M | $376.1M | $347.4M | $318.3M |
| Cost of revenue | $337.0M | $417.3M | $531.8M | $529.1M | $427.8M | $296.7M | $286.2M | $292.5M | $271.4M | $253.0M |
| Gross profit | $199.4M | $286.3M | $304.7M | $253.3M | $199.0M | $98.8M | $76.5M | $83.6M | $76.0M | $65.3M |
| R&D | — | — | — | — | — | — | — | — | — | $916.0K |
| SG&A | $84.8M | $81.4M | $91.4M | $74.6M | $72.8M | $41.9M | $26.5M | $33.5M | $33.1M | $26.7M |
| Operating income | -$94.6M | $74.4M | $148.6M | $149.0M | $126.4M | $54.2M | $47.2M | $50.1M | $42.9M | $42.0M |
| Interest expense | $7.0M | $8.4M | $6.6M | $5.5M | $4.0M | $2.3M | $1.3M | $1.2M | $1.2M | $1.3M |
| Pre-tax income | -$100.3M | $68.4M | $141.7M | $140.2M | $121.1M | $52.6M | $45.9M | $49.0M | $52.8M | $44.7M |
| Income tax | $7.5M | $34.0M | $34.6M | $31.3M | $30.3M | $12.3M | $7.1M | $11.7M | $10.9M | $13.5M |
| Net income | -$107.8M | $34.5M | $107.1M | $108.9M | $90.8M | $40.3M | $38.8M | $37.3M | $41.8M | $31.2M |
| EPS, basic | -4.99 | 1.56 | 4.82 | 4.94 | 4.37 | 2.37 | 2.27 | — | — | — |
| EPS, diluted | -4.99 | 1.56 | 4.80 | 4.92 | 4.37 | 2.37 | 2.27 | 2.17 | 2.44 | 1.82 |
| Shares, diluted (wtd. avg.) | $21.4M | $22.0M | $22.2M | $22.1M | $20.7M | $16.9M | $17.0M | — | — | $16.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.5M | $25.3M | $18.4M | $47.9M | $21.6M | $21.7M | $3.3M | $5.0M | $3.1M | $1.6M |
| Receivables | $116.2M | $148.5M | $144.3M | $109.3M | $92.5M | $57.0M | $40.9M | $38.8M | $34.3M | $26.1M |
| Total current assets | $522.7M | $546.1M | $514.3M | $454.2M | $367.1M | $222.3M | $184.2M | $154.6M | $134.7M | $110.9M |
| Property, plant and equipment | $328.0M | $316.7M | $262.3M | $235.6M | $207.3M | $132.0M | $128.4M | $120.8M | $103.1M | $92.8M |
| Goodwill | $115.7M | $247.8M | $321.5M | $226.3M | $226.3M | $2.7M | — | — | $1.5M | $1.5M |
| Other intangibles | $244.7M | $268.5M | $271.7M | $216.8M | $218.8M | $890.0K | — | — | — | — |
| Total assets | $1.24B | $1.41B | $1.39B | $1.16B | $1.04B | $366.6M | $322.6M | $277.9M | $240.3M | $225.3M |
| Accounts payable | $54.6M | $66.3M | $73.6M | $66.4M | $53.7M | $30.3M | $29.5M | $25.4M | $30.0M | $20.3M |
| Total current liabilities | $200.1M | $92.5M | $114.1M | $105.4M | $88.8M | $53.3M | $39.3M | $37.5M | $41.6M | $37.0M |
| Long-term debt | $260.1M | $329.4M | $293.9M | $29.5M | $35.3M | $38.3M | $40.7M | $21.0M | $21.4M | $36.6M |
| Total liabilities | $519.1M | $573.2M | $543.3M | $412.6M | $397.2M | $104.0M | $91.6M | $76.5M | $71.6M | $79.0M |
| Retained earnings | $445.7M | $563.9M | $539.9M | $443.1M | $344.2M | $262.9M | $230.8M | $198.9M | $167.1M | $142.7M |
| Total equity | $718.4M | $834.2M | $849.1M | $745.6M | $644.3M | $262.5M | $231.0M | $201.4M | $168.7M | $146.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $121.5M | $102.3M | $83.8M | $88.9M | $88.3M | $53.3M | $19.7M | $33.5M | $33.5M | $19.7M |
| Depreciation and amortisation | $24.1M | $22.0M | $22.1M | $21.5M | $19.1M | $13.0M | $11.6M | $11.4M | $11.3M | $11.3M |
| Stock-based compensation | $4.7M | $4.0M | $10.6M | $5.5M | $5.6M | $3.0M | $3.3M | $3.1M | $2.6M | $2.4M |
| Capital expenditure | $45.5M | $71.2M | $55.3M | $45.3M | $47.4M | $19.7M | $16.7M | $31.0M | $21.1M | $17.9M |
| Investing cash flow | -$45.5M | -$71.6M | -$159.2M | -$47.8M | -$182.6M | -$19.6M | -$17.9M | -$31.0M | $1.8M | -$17.7M |
| Financing cash flow | -$83.5M | -$23.8M | $45.9M | -$14.8M | $94.3M | -$15.3M | -$3.5M | -$494.0K | -$33.7M | -$1.2M |
| Dividends paid | $10.3M | $10.6M | $10.7M | $10.6M | $10.0M | $8.2M | $6.9M | $5.5M | $17.4M | $2.1M |
| Buybacks | $1.0M | $48.8M | $801.0K | $715.0K | $767.0K | $4.4M | $5.5M | $2.3M | $4.7M | $1.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000835011-26-000058.
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