Ambow Education Holding Ltd.
AMBO Consumer Defensive Education & Training Services
Ambow Education Holding Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $9.5 million, up 0.82% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 225.0%, free cash flow grew 277.5% and total debt rose 18.5%, each against the same quarter a year earlier.
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Ambow Education Holding Ltd. (AMBO) Beneish M-score
Ambow Education Holding Ltd.'s Beneish M-score for fiscal 2025 is −2.15; 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 | −2.15 | (5.55) |
| FY2024 | 3.40 | 6.52 |
| FY2023 | −3.12 | (9.16) |
| FY2022 | 6.04 | 8.37 |
| FY2021 | −2.33 | 0.03 |
| FY2020 | −2.36 | 0.07 |
| FY2019 | −2.43 | 0.06 |
| FY2018 | −2.49 | (0.30) |
| FY2017 | −2.19 | 0.36 |
| FY2016 | −2.55 | 1.80 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.89 | — | 0.82 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.46 | — | 0.59 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.35 | — | 0.04 | |
| SG&A index | 0.84 | — | −0.14 | |
| Total accruals to total assets | 0.06 | — | 0.27 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Elevated | −2.15 | ||
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 |
|---|---|
| MYND Mynd.ai, Inc. Unsponsored ADR compare | −2.6× |
| AMBO Ambow Education Holding Ltd. | −2.1× |
| EEIQ EpicQuest Education Group International Limited compare | −1.8× |
| WAFU Wah Fu Education & Technology Group Limited compare | −1.6× |
| GSUN Golden Sun Technology Group Limited compare | 12.7× |
| CLEUF China Liberal Education Holdings Limited compare | 68.4× |
| STG Sunlands Technology Group Sponsored ADR compare | — |
| ZME Zhangmen Education Inc. Sponsored ADR compare | — |
| LXEH Lixiang Education Holding Co., Ltd. Sponsored ADR 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