Good Times Restaurants Inc.
GTIM Consumer Cyclical Restaurants
Good Times Restaurants Inc.’s revenue for fiscal 2025 (year ended September 2025) was $141.6 million, down 0.53% from fiscal 2024. In the quarter to June 2026, revenue fell 5.02%, EPS grew 28.6%, free cash flow grew 123.3% and total debt fell 86.5%, each against the same quarter a year earlier.
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Good Times Restaurants Inc. (GTIM) Beneish M-score
Good Times Restaurants Inc.'s Beneish M-score for fiscal 2025 is −2.55; 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 | −2.55 | 0.04 |
| FY2024 | −2.59 | (0.75) |
| FY2023 | −1.84 | 0.73 |
| FY2022 | −2.57 | (0.50) |
| FY2021 | −2.06 | 1.74 |
| FY2020 | −3.80 | 0.08 |
| FY2019 | −3.89 | (2.28) |
| FY2018 | −1.61 | 1.41 |
| FY2017 | −3.01 | (1.01) |
| FY2016 | −2.01 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.90 | — | 0.83 | |
| Gross margin index | 1.12 | — | 0.59 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.99 | — | 0.89 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.01) | — | −0.03 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.55 | ||
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 |
|---|---|
| THCH TH International Limited compare | −4.8× |
| BTBD BT Brands, Inc. compare | −3.4× |
| ARKR Ark Restaurants Corp. compare | −3.1× |
| STKS The ONE Group Hospitality, Inc. compare | −2.8× |
| GTIM Good Times Restaurants Inc. | −2.6× |
| RAVE Rave Restaurant Group, Inc. compare | −2.5× |
| CCHH CCH Holdings Ltd compare | −2.5× |
| REBN Reborn Coffee, Inc. compare | 12.6× |
| PETZ TDH Holdings, 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