Xcel Brands, Inc
XELB Consumer Cyclical Apparel Manufacturing
Xcel Brands, Inc’s revenue for fiscal 2025 (year ended December 2025) was $4.9 million, down 40.2% from fiscal 2024. In the quarter to June 2026, revenue fell 15.1%, EPS grew 75.9%, free cash flow grew 21.4% and total debt fell 1.31%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow XELB
Xcel Brands, Inc (XELB) Beneish M-score
Xcel Brands, Inc's Beneish M-score for fiscal 2025 is −4.56; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −4.56 | (0.08) |
| FY2024 | −4.48 | (0.60) |
| FY2023 | −3.88 | (1.66) |
| FY2022 | −2.22 | 0.70 |
| FY2021 | −2.92 | 0.41 |
| FY2020 | −3.33 | (0.74) |
| FY2019 | −2.58 | (0.38) |
| FY2018 | −2.21 | 0.58 |
| FY2017 | −2.79 | (0.22) |
| FY2016 | −2.57 | (1.00) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.70 | — | 0.65 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.60 | — | 0.53 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.27) | — | −1.27 | |
| Leverage index | 1.38 | — | −0.45 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.56 | ||
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 |
|---|---|
| XELB Xcel Brands, Inc | −4.6× |
| NCI Neo-Concept International Group Holdings Limited compare | −4.5× |
| PLCE The Children's Place, Inc. compare | −3.4× |
| JL J-Long Group Limited compare | −3.0× |
| DLAPQ Delta Apparel, Inc. compare | −2.9× |
| JXG Aquaron Acquisition Corp. compare | −2.7× |
| LAKE Lakeland Industries, Inc. compare | −2.5× |
| JRSH Jerash Holdings (US), Inc. compare | −1.7× |
| PMNT Perfect Moment Ltd. compare | 7.6× |
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