PLBY Group, Inc.
PLBY Consumer Cyclical Leisure
PLBY Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $120.9 million, up 4.13% from fiscal 2024. In the quarter to June 2026, revenue grew 10.9%, EPS grew 102.1%, free cash flow grew 86.7% and total debt fell 12.1%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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PLBY Group, Inc. (PLBY) Beneish M-score
PLBY Group, Inc.'s Beneish M-score for fiscal 2025 is −3.11; 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 | −3.11 | 0.42 |
| FY2024 | −3.53 | 1.67 |
| FY2023 | −5.19 | (0.95) |
| FY2022 | −4.24 | (1.78) |
| FY2021 | −2.45 | 0.18 |
| FY2020 | −2.63 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.54 | — | 0.50 | |
| Gross margin index | 0.90 | — | 0.48 | |
| Asset quality index | 0.98 | — | 0.39 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | (0.04) | — | −0.20 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.11 | ||
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 |
|---|---|
| XPOF Xponential Fitness, Inc. compare | −4.1× |
| CLAR Clarus Corporation compare | −3.4× |
| PLBY PLBY Group, Inc. | −3.1× |
| AOUT American Outdoor Brands, Inc. compare | −3.1× |
| ESCA Escalade, Incorporated compare | −2.9× |
| KBSX FST Corp. compare | −2.3× |
| PUSA Powerus Corporation compare | −1.9× |
| GDHG Golden Heaven Group Holdings Ltd. compare | −0.6× |
| HERE Here Group Limited 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