Canterbury Park Holding Corporation
CPHC Consumer Cyclical Resorts & Casinos
Canterbury Park Holding Corporation’s revenue for fiscal 2025 (year ended December 2025) was $59.6 million, down 3.24% from fiscal 2024. In the quarter to June 2026, revenue grew 3.21%, EPS grew 50.0%, free cash flow grew 25.7% and total debt fell 46.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Canterbury Park Holding Corporation (CPHC) Beneish M-score
Canterbury Park Holding Corporation's Beneish M-score for fiscal 2025 is −3.08; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.08 | (0.37) |
| FY2024 | −2.71 | 0.31 |
| FY2023 | −3.02 | (0.37) |
| FY2022 | −2.64 | (0.87) |
| FY2021 | −1.77 | (21.26) |
| FY2020 | 19.49 | 22.52 |
| FY2019 | −3.03 | (1.45) |
| FY2018 | −1.58 | 1.58 |
| FY2017 | −3.16 | (42.57) |
| FY2016 | 39.41 | 40.93 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.79 | — | 0.73 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 0.97 | — | 0.86 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 0.88 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.08 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SLNAF Selina Hospitality PLC compare | −3.2× |
| FLL Full House Resorts, Inc. compare | −3.1× |
| CPHC Canterbury Park Holding Corporation | −3.1× |
| MLCO Melco Resorts & Entertainment Limited compare | −3.0× |
| PENN PENN Entertainment, Inc. compare | −3.0× |
| MSC STUDIO CITY IH compare | −2.8× |
| MCRI Monarch Casino & Resort, Inc. compare | −2.7× |
| CNTY Century Casinos, Inc. compare | −2.6× |
| BALY Bally's Corporation compare | −1.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI