Agora, Inc. Sponsored ADR
API Technology Software Application
Agora, Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $141.1 million, up 5.85% from fiscal 2024. In the quarter to June 2026, revenue grew 18.0%, EPS grew 89.9%, free cash flow fell 94.8% and total debt rose 64.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Agora, Inc. Sponsored ADR (API) Beneish M-score
Agora, Inc. Sponsored ADR's Beneish M-score for fiscal 2025 is −2.74; 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 | −2.74 | 0.27 |
| FY2024 | −3.01 | (0.34) |
| FY2023 | −2.68 | (0.41) |
| FY2022 | −2.27 | (6.04) |
| FY2021 | 3.77 | 5.39 |
| FY2020 | −1.62 | 0.63 |
| FY2019 | −2.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.76 | — | 0.70 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.21 | — | 0.49 | |
| Sales growth index | 1.06 | — | 0.94 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.77 | — | −0.13 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 1.27 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.74 | ||
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 |
|---|---|
| CURR Currenc Group Inc. compare | −4.0× |
| CMRC Commerce.com, Inc. compare | −3.0× |
| API Agora, Inc. Sponsored ADR | −2.7× |
| EGHT 8x8 Inc compare | −2.7× |
| RBBN Ribbon Communications Inc. compare | −2.5× |
| SVCO Silvaco Group, Inc. compare | −2.2× |
| PLTS Platinum Analytics Cayman Limited compare | −1.4× |
| LAW CS Disco, Inc. compare | −0.3× |
| HKD AMTD Digital Inc. Sponsored ADR compare | 8.6× |
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