olivLaw · US equity research
MGP Ingredients, Inc. MGPI
Wholesale-Beer, Wine & Distilled Alcoholic Beverages · SIC 5180 · Vertical: Wholesale — nondurable goods (SIC 51xx)
MGP Ingredients produces branded spirits, distilled alcohol for other producers and wheat-based ingredients, with sales that fell to in fiscal 2025. The company reported lower sales in its second quarter of 2026 and reaffirmed its fiscal 2026 guidance, while demand for brown goods whiskey remains under pressure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, MGP Ingredients, Inc. (MGPI) stock was 17.00 USD (−4.17% on the day), with market capitalisation 364.2 m USD, dividend yield 2.82%, beta 0.44, 52-week range 12.74–26.40 USD. Latest reported quarter (Q3 2026): revenue of 117.9 m USD (−9.9% YoY), net income of 6.9 m USD (−55.3% YoY), diluted EPS 0.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.0
- strong (55–70)
- Bollinger (20, 2)
- 12.94 – 17.89
- in the upper half of the band · %B 0.82 · band width 32.1%
- SMA 50 / 200
- 14.98 / 18.20
- mixed trend
- MACD (12, 26, 9)
- 0.73 / 0.46
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +32.9% | −1.1% | +34.0 pp | — |
| 3 months | −0.6% | −0.5% | −0.2 pp | — |
| 6 months | −14.9% | +4.4% | −19.3 pp | — |
| Year to date | −30.0% | +12.3% | −42.4 pp | — |
| 1 year | −29.6% | +13.5% | −43.1 pp | −0.6% |
| 3 years | −82.3% | +76.4% | −158.7 pp | +8.8% |
| 5 years | −77.1% | +63.7% | −140.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 180.8 m | 121.7 m | 145.5 m | 130.9 m | 138.3 m | 106.4 m | 124.4 m | 117.9 m |
| Cost of revenue | 106.3 m | 78.3 m | 87.1 m | 81.5 m | 90.1 m | 72.8 m | 77.9 m | 77.5 m |
| Gross profit | 74.5 m | 43.3 m | 58.4 m | 49.4 m | 48.3 m | 33.6 m | 46.5 m | 40.5 m |
| SG&A | 20.4 m | 21.2 m | 23.2 m | 18.9 m | 21.5 m | 21.1 m | 20.2 m | 21.5 m |
| Operating income | -30.4 m | -747.0 k | 20.3 m | 21.0 m | -135.2 m | -173.2 m | 17.7 m | 12.0 m |
| Depreciation & amortisation | 5.7 m | 5.8 m | 5.8 m | 6.2 m | 6.3 m | 6.3 m | 6.4 m | 6.4 m |
| Pre-tax income | -31.9 m | -2.4 m | 18.7 m | 19.7 m | -136.4 m | -174.7 m | 15.1 m | 8.9 m |
| Income tax | 10.1 m | 671.0 k | 4.3 m | 4.3 m | -1.8 m | -39.9 m | 3.1 m | 2.0 m |
| Net income | -42.0 m | -3.0 m | 14.4 m | 15.4 m | -134.6 m | -134.8 m | 12.0 m | 6.9 m |
| Diluted EPS | -1.93 ≈ | -0.14 | 0.67 | 0.71 | -6.30 ≈ | -6.30 | 0.55 | 0.32 |
| Operating cash flow | 28.8 m | 44.7 m | 11.7 m ≈ | 36.1 m ≈ | 29.1 m | 7.0 m | -47.7 m ≈ | 31.9 m ≈ |
| Capex | 18.3 m | 19.9 m | 12.2 m ≈ | 8.5 m ≈ | 4.8 m | 5.7 m | 4.5 m ≈ | 4.7 m ≈ |
| Dividends paid | 2.6 m | 2.6 m | 2.6 m ≈ | 2.6 m ≈ | 2.6 m | 2.6 m | 2.6 m ≈ | 2.6 m ≈ |
| Share repurchases | 36.5 m | 1.0 m | 0 ≈ | 0 ≈ | 0 | 886.0 k | 0 ≈ | 35.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.8 m | 362.7 m | 395.5 m | 626.7 m | 782.4 m | 836.5 m | 703.6 m | 536.4 m |
| Revenue YoY | −13.5% | +1,733.7% | +9.0% | +58.5% | +24.8% | +6.9% | −15.9% | −23.8% |
| Net income | 37.3 m | 38.8 m | 40.3 m | 91.3 m | 109.5 m | 107.5 m | 34.7 m | -107.8 m |
| Net income YoY | −10.9% | +4.0% | +4.0% | +126.3% | +19.9% | −1.8% | −67.7% | −411.0% |
| Diluted EPS | unavailable | 2.27 | 2.37 | 4.37 | 4.92 | 4.80 | 1.56 | -4.99 |
| Diluted EPS YoY | unavailable | unavailable | +4.4% | +84.4% | +12.6% | −2.4% | −67.5% | −419.9% |
| net % | 188.5% | 10.7% | 10.2% | 14.6% | 14.0% | 12.8% | 4.9% | -20.1% |
| Free cash flow | 2.4 m | 3.0 m | 33.6 m | 40.9 m | 43.6 m | 28.5 m | 31.1 m | 76.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.5 m USD
- Financial debt
- 266.5 m USD
- Net debt
- 248.0 m USD
- Equity
- 716.8 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- 0.37x
- Current ratio
- 2.61x
- ROE
- -13.9%
- ROA
- -8.2%
- FCF margin
- 14.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 395.5 m | 626.7 m | 782.4 m | 836.5 m | 703.6 m | 536.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 296.7 m | 427.8 m | 529.1 m | 531.8 m | 417.3 m | 337.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 98.8 m | 199.0 m | 253.3 m | 304.7 m | 286.3 m | 199.4 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 41.9 m | 72.8 m | 74.6 m | 91.4 m | 81.4 m | 84.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 54.2 m | 126.4 m | 149.0 m | 148.6 m | 74.4 m | -94.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 13.0 m | 19.1 m | 21.5 m | 22.1 m | 22.0 m | 24.1 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 67.2 m ≈ | 145.5 m ≈ | 170.4 m ≈ | 170.7 m ≈ | 96.4 m ≈ | -70.5 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 2.3 m | 4.0 m | 5.5 m | 6.6 m | 8.4 m | 7.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 52.6 m | 121.1 m | 140.2 m | 141.7 m | 68.4 m | -100.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 12.3 m | 30.3 m | 31.3 m | 34.6 m | 34.0 m | 7.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 40.3 m | 91.3 m | 109.5 m | 107.5 m | 34.7 m | -107.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 2.37 | 4.37 | 4.92 | 4.80 | 1.56 | -4.99 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 16.9 m | 20.7 m | 22.1 m | 22.2 m | 22.0 m | 21.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 21.7 m | 21.6 m | 47.9 m | 18.4 m | 25.3 m | 18.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 57.0 m | 92.5 m | 109.3 m | 144.3 m | 148.5 m | 116.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 222.3 m | 367.1 m | 454.2 m | 514.3 m | 546.1 m | 522.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 132.0 m | 207.3 m | 235.6 m | 262.3 m | 316.7 m | 328.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 2.7 m | 226.3 m | 226.3 m | 321.5 m | 247.8 m | 115.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 890.0 k | 218.8 m | 216.8 m | 271.7 m | 268.5 m | 244.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 366.6 m | 1.0 bn | 1.2 bn | 1.4 bn | 1.4 bn | 1.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 30.3 m | 53.7 m | 66.4 m | 73.6 m | 66.3 m | 54.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 1.6 m | 3.2 m | 5.6 m | 6.4 m | 6.4 m | 6.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 38.3 m | 35.3 m | 29.5 m | 293.9 m | 329.5 m | 260.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 53.3 m | 88.8 m | 105.4 m | 114.1 m | 92.5 m | 200.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 104.0 m | 397.2 m | 412.6 m | 543.3 m | 573.2 m | 519.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 262.5 m | 644.3 m | 745.6 m | 849.1 m | 832.5 m | 716.8 m | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 53.3 m | 88.3 m | 88.9 m | 83.8 m | 102.3 m | 121.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 19.7 m | 47.4 m | 45.3 m | 55.3 m | 71.2 m | 45.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 33.6 m ≈ | 40.9 m ≈ | 43.6 m ≈ | 28.5 m ≈ | 31.1 m ≈ | 76.0 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -19.6 m | -182.6 m | -47.8 m | -159.2 m | -71.6 m | -45.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -15.3 m | 94.3 m | -14.8 m | 45.9 m | -23.8 m | -83.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 8.2 m | 10.0 m | 10.6 m | 10.7 m | 10.6 m | 10.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 4.4 m | 767.0 k | 715.0 k | 801.0 k | 48.8 m | 1.0 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 364.2 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.54 – 8.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)3.54 – 5.19 (Mid 4.18)WACC 9.2% · starting FCFF 6.4 m USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)6.31 – 8.48 (Mid 7.24)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -32.6% | 14 (vs peers) | 19% |
| Net margin · Quality | -51.4% | 8 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -11.8% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -39.6x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 6.9x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.1% | 2 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 3.1% | 44 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 1,970.2% | 0 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality11/100 · 2/3 factors with a value
- Returns27/100 · 2/2 factors with a value
- Valuation· partial2/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MGP INGREDIENTS, INC. (MGPI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 536.4 m USD in 2025; YoY growth -23.8%; net margin -51.4%; ROE -34.5%.
The estimated value range is 4.92–6.83 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.71 USD, the price of 17.00 USD leaves a potential of -66.4% (value / price − 1) and a margin of safety of -197.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.9x
What contradicts it
- ROIC: -32.6%
- Net margin: -51.4%
- Revenue CAGR 3Y: -11.8%
- Interest coverage: -39.6x
- FCF yield: 0.1%
- Payout ratio (FCF): 1,970.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Wholesale — nondurable goods (SIC 51xx) · same major group (2-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MCKMcKESSON CORPORATION | 123.5 bn | 27.5 | — | 1.1% | +12.4% | +21% / +127% |
| CORCencora, Inc. | 67.6 bn | 26.3 | 104.3% | 0.8% | +9.3% | −4% / +74% |
| CAHCardinal Health, Inc. | 60.9 bn | 36.2 | — | 0.7% | +14.2% | +23% / +145% |
| SYYSysco Corporation | 37.9 bn | 20.5 | 59.1% | 2.1% | +3.9% | +1% / +7% |
| USFDUs Foods Holding Corp. | 23.8 bn | 33.8 | 16.4% | 1.8% | +4.1% | +40% / +151% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +68% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.3 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.6 bn | 46.5 | 16.2% | 2.3% | +9.4% | +74% / +297% |
| ASHAshland Inc. | 3.5 bn | 126.3 | 2.8% | 2.8% | −13.7% | +44% / −4% |
| SEBSeaboard Corporation | 3.3 bn | 5.9 | 10.7% | 5.3% | +7.1% | −26% / −2% |
| HWKNHawkins, Inc. | 3.2 bn | 37.9 | 16.0% | 7.5% | +11.2% | +20% / +154% |
| UNFIUnited Natural Foods, Inc. | 2.9 bn | 36.0 | 5.3% | 0.3% | −2.0% | +29% / +232% |
| VSTSVestis Corp | 2.0 bn | — | -0.6% | -0.2% | −2.5% | +128% / −19% |
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +64% / +81% |
| ANDEAndersons, Inc. | 1.9 bn | 9.3 | 16.1% | 1.8% | −2.2% | +7% / +11% |
| HLFHerbalife Ltd. | 1.6 bn | 9.1 | — | 3.4% | +0.9% | +20% / +19% |
| GLPGlobal Partners LP | 1.5 bn | 7.6 | — | 0.9% | +8.1% | −1% / +19% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| WEYSWeyco Group, Inc. | 616.9 m | 17.8 | 13.8% | 12.4% | −4.9% | +116% / +119% |
| MGPIMgp Ingredients, Inc. | 364.2 m | — | -34.5% | -51.4% | −23.8% | −30% / −82% |
| NUSNu Skin Enterprises, Inc. | 242.9 m | — | -32.5% | -15.7% | −14.3% | −50% / −71% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| HFFGHf Foods Group Inc. | 80.3 m | — | -15.5% | -2.8% | +2.2% | −41% / −69% |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| MMLPMartin Midstream Partners L.P. | 77.1 m | — | — | -1.4% | +1.2% | −25% / −24% |
1- and 3-year price returns: for MGPI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
MGP Ingredients produces branded spirits, distilled alcohol for other producers and wheat-based ingredients, with sales that fell to 1 in fiscal 2025. The company reported lower sales in its second quarter of 2026 and reaffirmed its fiscal 2026 guidance, while demand for brown goods whiskey remains under pressure.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Goodwill impairmenthigh
Repeated goodwill impairments produced large operating losses in fiscal 2025 and could further affect the financial position 1.
- Elevated leveragehigh
The net debt leverage ratio rose compared with the prior year, which could limit financial flexibility if sales do not recover 3.
- Customer credit exposuremedium
The credit loss provision in the second quarter of 2026 shows exposure to customer insolvency, which could create further losses 23.
- Customer and distributor concentrationmedium
Dependence on a few large distributors and customers could affect sales if those relationships change 1.
- Operational interruptionslow
Accidents or catastrophic events at facilities could interrupt production and affect customers' warehoused inventory 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Trend in brown goods sales in Distilling SolutionsQ3 2026
- Delivery against annual sales and adjusted EBITDA guidance2026
- Net debt leverage ratio and debt reduction progressQ3 2026
- Impact of the customer bankruptcy on collections and provisionsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
MGP Ingredients, Inc. is a leading producer of branded and distilled spirits as well as food ingredient solutions, with a history dating to 1941 in Atchison, Kansas 1. The business is organized into three segments: Branded Spirits, Distilling Solutions and Ingredient Solutions. Sales in fiscal 2025 were 536,375 thousand USD, down 24 percent from 2024 1.
Segments
Branded Spirits
The segment includes premium bourbon and rye whiskeys, tequila and brands in the mid and value tiers, and sales fell 3 percent in fiscal 2025 1. In the second quarter of 2026 segment sales were slightly lower, but growth in premium plus brands was reported as a sign of progress 23.
Market context
The company describes the US spirits market as highly competitive, with consolidation and pricing pressure, and industry-wide whiskey barrel inventories have weighed on demand 1. The wheat ingredients segment depends on consumer trends toward fiber and plant protein, while brown goods sales have weakened 12.
Trends
- Elevated whiskey barrel inventoriesheadwind
Surplus barrel whiskey has led customers to pause purchases and not honor contracts, which could prolong pressure on the Distilling Solutions segment 1.
- Growth in premium plus brandstailwind
Penelope Bourbon and Yellowstone grew in the second quarter of 2026, suggesting the premium segment could support sales over the medium term 3.
- Demand for fiber and plant proteinsmixed
Consumers seeking high fiber, plant protein and non-GMO products support the positioning of Ingredient Solutions, but shifting preferences around gluten could reduce demand 1.
- Input costs and regulationheadwind
Grain costs are volatile, and alcohol taxes and new Kansas tax rules affect results, including the revised expected effective tax rate for 2026 13.
Competitive position
The company states its products compete with those of many large and small companies, and its principal competitors have substantially greater financial and marketing resources 1. In distilling, competition is based on innovation, price and quality, and in ingredients on product characteristics and functionality 1.
- Large US spirits producers
Bigger industry companies cited in the risk factors as having larger customer bases and name recognition.
- Whiskey and tequila distillers
Competitors in premium brands and bulk distilled alcohol, competing for shelf space and promotion.
- Wheat ingredient and protein producers
Suppliers of starches and plant proteins to the food industry, competing on innovation and product characteristics.
- Beverage companies entering ready-to-drink
Beer and soft drink producers that have entered the alcoholic ready-to-drink market, expanding competition.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- MGP Ingredients launches first namesake brandYahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Oct 2026Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Material agreement · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report14 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MGP Ingredients, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MGP Ingredients, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MGP Ingredients, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.