Pinstripes Holdings, Inc.
PNSTQ Consumer Cyclical Restaurants
Pinstripes Holdings, Inc.’s revenue for fiscal 2024 (year ended April 2024) was $118.7 million, up 6.70% from fiscal 2023. In the quarter to January 2025, revenue grew 10.4%, EPS fell 124.5% and free cash flow grew 96.6%, each against the same quarter a year earlier.
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Pinstripes Holdings, Inc. (PNSTQ) Altman Z-score
Pinstripes Holdings, Inc.'s Altman Z-score for fiscal 2024 is −0.98, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −0.98 | (0.12) |
| FY2023 | −0.86 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.31) | — | −0.38 | |
| Retained earnings / total assets | (0.75) | — | −1.05 | |
| EBIT / total assets | (0.13) | — | −0.43 | |
| Market value of equity / total liabilities | 0.28 | — | 0.17 | |
| Sales / total assets | 0.71 | — | 0.71 | |
| Altman Z-score | Distress zone | −0.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.69 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BTBD BT Brands, Inc. compare | 2.2× |
| GTIM Good Times Restaurants Inc. compare | 1.5× |
| ARKR Ark Restaurants Corp. compare | 1.4× |
| PETZ TDH Holdings, Inc. compare | 0.6× |
| CHSN Chanson International Holding compare | 0.4× |
| VSTD Vestand Inc. compare | −0.9× |
| PNSTQ Pinstripes Holdings, Inc. | −1.0× |
| REBN Reborn Coffee, Inc. compare | −3.5× |
| TWNPQ Twin Hospitality Group Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets