RCI Hospitality Holdings, Inc.
RICK Consumer Cyclical Restaurants
RCI Hospitality Holdings, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $279.4 million, down 5.47% from fiscal 2024. In the quarter to June 2026, revenue grew 3.93%, EPS grew 80.4%, free cash flow fell 3.55% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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RCI Hospitality Holdings, Inc. (RICK) Beneish M-score
RCI Hospitality Holdings, 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 | 0.22 |
| FY2024 | −3.33 | (0.73) |
| FY2023 | −2.60 | (0.18) |
| FY2022 | −2.42 | (0.04) |
| FY2021 | −2.38 | 0.37 |
| FY2020 | −2.75 | (0.08) |
| FY2019 | −2.67 | (1.12) |
| FY2018 | −1.55 | 1.32 |
| FY2017 | −2.87 | (1.04) |
| FY2016 | −1.83 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.71 | — | 0.66 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.95 | — | 0.84 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 1.02 | — | −0.33 | |
| 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 |
|---|---|
| HCHL Happy City Holdings Limited compare | −3.2× |
| RICK RCI Hospitality Holdings, Inc. | −3.1× |
| RRGB Red Robin Gourmet Burgers, Inc. compare | −3.1× |
| JACK Janus Henderson Sustainable & Impact Core Bond ETF compare | −2.9× |
| BDL Flanigan's Enterprises, Inc. compare | −2.7× |
| BRCB Black Rock Coffee Bar, Inc. compare | −2.6× |
| DIN DINE BRANDS GLOBAL, INC. compare | −2.6× |
| PTLO Portillo's Inc. compare | −2.5× |
| NATH Nathan's Famous, Inc. compare | −2.0× |
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