Rocky Mountain Chocolate Factory, Inc.
RMCF Consumer Defensive Confectioners
Rocky Mountain Chocolate Factory, Inc.’s revenue for fiscal 2026 (year ended February 2026) was $27.5 million, down 7.04% from fiscal 2025. In the quarter to May 2026, revenue fell 4.08%, EPS fell 200.0%, free cash flow fell 431.9% and total debt rose 10.3%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Rocky Mountain Chocolate Factory, Inc. (RMCF) Beneish M-score
Rocky Mountain Chocolate Factory, Inc.'s Beneish M-score for fiscal 2026 is −3.50; 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) |
|---|---|---|
| FY2026 | −3.50 | (1.56) |
| FY2025 | −1.94 | 1.35 |
| FY2024 | −3.29 | 0.03 |
| FY2023 | −3.32 | (0.02) |
| FY2022 | −3.31 | (0.84) |
| FY2021 | −2.47 | 0.63 |
| FY2020 | −3.10 | (0.45) |
| FY2019 | −2.64 | 0.02 |
| FY2018 | −2.67 | 0.03 |
| FY2017 | −2.70 | 0.35 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.81 | — | 0.74 | |
| Gross margin index | 0.77 | — | 0.41 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 0.93 | — | 0.83 | |
| Depreciation index | 0.66 | — | 0.08 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.14) | — | −0.64 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.50 | ||
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 |
|---|---|
| RMCF Rocky Mountain Chocolate Factory, Inc. | −3.5× |
| HSY Hershey Company (The) compare | −2.8× |
| TR Tootsie Roll Industries, Inc. compare | −2.5× |
| MDLZ Mondelez International, Inc. compare | −2.4× |
| SOWG Sow Good Inc. compare | −2.1× |
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