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) Beneish M-score
Pinstripes Holdings, Inc.'s Beneish M-score for fiscal 2024 is −1.94; 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) |
|---|---|---|
| FY2024 | −1.94 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.75 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | 0.15 | — | 0.72 | |
| Leverage index | 1.12 | — | −0.37 | |
| Beneish M-score | Elevated | −1.94 | ||
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 |
|---|---|
| BTBD BT Brands, Inc. compare | −3.4× |
| ARKR Ark Restaurants Corp. compare | −3.1× |
| GTIM Good Times Restaurants Inc. compare | −2.6× |
| TWNPQ Twin Hospitality Group Inc. compare | −2.5× |
| PNSTQ Pinstripes Holdings, Inc. | −1.9× |
| CHSN Chanson International Holding compare | −1.6× |
| REBN Reborn Coffee, Inc. compare | 12.6× |
| VSTD Vestand Inc. compare | — |
| 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