Chicken Soup for the Soul Entertainment, Inc.
CSSEQ Communication Services Entertainment
Chicken Soup for the Soul Entertainment, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $294.4 million, up 16.5% from fiscal 2022. Revenue growth for five consecutive years, operating cash flow growth for three.
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Chicken Soup for the Soul Entertainment, Inc. (CSSEQ) Beneish M-score
Chicken Soup for the Soul Entertainment, Inc.'s Beneish M-score for fiscal 2023 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −1.74 | 0.09 |
| FY2021 | −1.83 | 1.42 |
| FY2020 | −3.25 | (1.80) |
| FY2019 | −1.45 | (0.47) |
| FY2018 | −0.98 | (4.37) |
| FY2017 | 3.39 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.07 | — | 0.98 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.16 | — | 1.04 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (1.42) | — | −6.64 | |
| Leverage index | 2.48 | — | −0.81 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| MMVVF MultiMetaVerse Holdings Limited compare | −20.0× |
| MPU Mega Matrix Inc. compare | −7.2× |
| KUKEY Kuke Music Holding Limited Sponsored ADR compare | −2.1× |
| KUST Kustom Entertainment Inc. compare | −1.2× |
| CPOP Pop Culture Group Co., Ltd. compare | 7.0× |
| CSSEQ Chicken Soup for the Soul Entertainment, Inc. | — |
| FTRKF FAST TRACK GROUP compare | — |
| ZNB Zeta Network Group compare | — |
| NXAT Nexus Advanced Technologies Inc. compare | — |
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