Vestand Inc.
VSTD Consumer Cyclical Restaurants
Vestand Inc.’s revenue for fiscal 2024 (year ended December 2024) was $12.8 million, up 39.3% from fiscal 2023. In the quarter to June 2025, revenue grew 10.9%, EPS fell 23.9% and free cash flow fell 217.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Vestand Inc. (VSTD) Beneish M-score
Vestand Inc.'s Beneish M-score for fiscal 2024 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 0.33 | — | 0.18 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 1.39 | — | 1.24 | |
| Depreciation index | 0.82 | — | 0.09 | |
| SG&A index | 0.80 | — | −0.14 | |
| Total accruals to total assets | (0.20) | — | −0.94 | |
| Leverage index | 1.58 | — | −0.52 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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. compare | −1.9× |
| CHSN Chanson International Holding compare | −1.6× |
| REBN Reborn Coffee, Inc. compare | 12.6× |
| VSTD Vestand Inc. | — |
| 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