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PNST (Pinstripes Holdings) Beneish M-Score : -3.37 (As of Mar. 17, 2025)


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What is Pinstripes Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pinstripes Holdings's Beneish M-Score or its related term are showing as below:

PNST' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -3.37   Max: -3.37
Current: -3.37

During the past 4 years, the highest Beneish M-Score of Pinstripes Holdings was -3.37. The lowest was -3.37. And the median was -3.37.


Pinstripes Holdings Beneish M-Score Historical Data

The historical data trend for Pinstripes Holdings's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Pinstripes Holdings Beneish M-Score Chart

Pinstripes Holdings Annual Data
Trend Apr21 Apr22 Apr23 Apr24
Beneish M-Score
- - - -

Pinstripes Holdings Quarterly Data
Apr21 Apr22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only - - - - -3.37

Competitive Comparison of Pinstripes Holdings's Beneish M-Score

For the Restaurants subindustry, Pinstripes Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Pinstripes Holdings's Beneish M-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Pinstripes Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pinstripes Holdings's Beneish M-Score falls into.



Pinstripes Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Pinstripes Holdings for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.5787+0.528 * 1.8638+0.404 * 0.5561+0.892 * 1.1037+0.115 * 0.6226
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2969+4.679 * -0.153178-0.327 * 1.186
=-3.37

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jan25) TTM:Last Year (Jan24) TTM:
Total Receivables was $1.3 Mil.
Revenue was 35.516 + 26.482 + 30.595 + 36.198 = $128.8 Mil.
Gross Profit was 6.406 + 1.321 + 1.416 + 1.347 = $10.5 Mil.
Total Current Assets was $8.1 Mil.
Total Assets was $162.9 Mil.
Property, Plant and Equipment(Net PPE) was $151.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.7 Mil.
Selling, General, & Admin. Expense(SGA) was $22.8 Mil.
Total Current Liabilities was $73.5 Mil.
Long-Term Debt & Capital Lease Obligation was $183.5 Mil.
Net Income was -8.079 + -9.31 + -10.006 + -8.708 = $-36.1 Mil.
Non Operating Income was -1.412 + 1.957 + 1.669 + 5.982 = $8.2 Mil.
Cash Flow from Operations was 7.652 + -4.343 + -5.797 + -16.864 = $-19.4 Mil.
Total Receivables was $2.1 Mil.
Revenue was 32.162 + 24.623 + 25.74 + 34.17 = $116.7 Mil.
Gross Profit was 6.227 + 1.291 + 6.576 + 3.621 = $17.7 Mil.
Total Current Assets was $44.9 Mil.
Total Assets was $177.1 Mil.
Property, Plant and Equipment(Net PPE) was $126.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.4 Mil.
Selling, General, & Admin. Expense(SGA) was $15.9 Mil.
Total Current Liabilities was $77.2 Mil.
Long-Term Debt & Capital Lease Obligation was $158.4 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1.31 / 128.791) / (2.051 / 116.695)
=0.010172 / 0.017576
=0.5787

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(17.715 / 116.695) / (10.49 / 128.791)
=0.151806 / 0.08145
=1.8638

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (8.088 + 151.804) / 162.863) / (1 - (44.948 + 126.314) / 177.07)
=0.018242 / 0.032801
=0.5561

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=128.791 / 116.695
=1.1037

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(5.417 / (5.417 + 126.314)) / (10.735 / (10.735 + 151.804))
=0.041122 / 0.066046
=0.6226

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(22.817 / 128.791) / (15.941 / 116.695)
=0.177163 / 0.136604
=1.2969

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((183.543 + 73.495) / 162.863) / ((158.426 + 77.214) / 177.07)
=1.578247 / 1.330773
=1.186

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-36.103 - 8.196 - -19.352) / 162.863
=-0.153178

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Pinstripes Holdings has a M-score of -3.37 suggests that the company is unlikely to be a manipulator.


Pinstripes Holdings Beneish M-Score Related Terms

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Pinstripes Holdings Business Description

Traded in Other Exchanges
N/A
Address
1150 Willow Road, Northbrook, IL, USA, 60062
Pinstripes Holdings Inc is an experiential dining and entertainment concept combining exceptional Italian-American cuisine with bowling, bocce, and private events. It owns and operates around 17 restaurants in the USA. The company designs and constructs large-format locations that are each 26,000 to 38,000 square feet of interior space, plus additional outdoor patio space that includes outdoor dining, bocce courts, fire-pits, and decorative fountains.