Baidu, Inc.
BIDU Communication Services Internet Content & Information
Baidu, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.5 billion, up 1.21% from fiscal 2024. In the quarter to June 2026, revenue grew 1.09%, EPS fell 69.2%, free cash flow fell 128.9% and total debt rose 18.6%, each against the same quarter a year earlier.
Follow BIDU
Baidu, Inc. (BIDU) Beneish M-score
Baidu, Inc.'s Beneish M-score for fiscal 2025 is −2.03; 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 | −2.03 | 0.32 |
| FY2024 | −2.35 | 0.60 |
| FY2023 | −2.95 | (0.72) |
| FY2022 | −2.23 | 0.22 |
| FY2021 | −2.45 | 0.07 |
| FY2020 | −2.52 | 0.10 |
| FY2019 | −2.62 | (0.34) |
| FY2018 | −2.28 | 0.34 |
| FY2017 | −2.62 | 0.34 |
| FY2016 | −2.96 | (1.56) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.30 | — | 1.20 | |
| Gross margin index | 1.15 | — | 0.61 | |
| Asset quality index | 1.13 | — | 0.46 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 1.13 | — | −0.19 | |
| Total accruals to total assets | 0.02 | — | 0.09 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Elevated | −2.03 | ||
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 |
|---|---|
| PINS Pinterest, Inc. compare | −3.5× |
| BILI Bilibili Inc. Sponsored ADR compare | −3.2× |
| SNAP Snap Inc. compare | −3.1× |
| MTCH Match Group Inc. compare | −3.0× |
| BZ KANZHUN LIMITED Sponsored ADR compare | −2.9× |
| Z Zillow Group, Inc. compare | −2.3× |
| ZG Zillow Group, Inc. compare | −2.3× |
| RDDT Reddit Inc. compare | −2.2× |
| BIDU Baidu, Inc. | −2.0× |
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