Chunghwa Telecom Co., Ltd.
CHT Communication Services Telecom Services
Chunghwa Telecom Co., Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $7.5 billion, up 7.33% from fiscal 2024. In the quarter to June 2026, revenue grew 5.50%, EPS grew 2.33%, free cash flow grew 39.6% and total debt fell 18.3%, each against the same quarter a year earlier.
Follow CHT
Chunghwa Telecom Co., Ltd. (CHT) Beneish M-score
Chunghwa Telecom Co., Ltd.'s Beneish M-score for fiscal 2025 is −2.68; 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 | −2.68 | (0.78) |
| FY2024 | −1.90 | 0.46 |
| FY2023 | −2.36 | (0.47) |
| FY2022 | −1.88 | 1.79 |
| FY2021 | −3.67 | (6.93) |
| FY2020 | 3.25 | 6.07 |
| FY2019 | −2.82 | 0.41 |
| FY2018 | −3.23 | (8.74) |
| FY2015 | 5.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.09 | — | 1.00 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.07 | — | 0.96 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.68 | ||
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 |
|---|---|
| ECHO EchoStar Corporation compare | −4.1× |
| TELFY Telefonica SA compare | −3.2× |
| ORANY Orange compare | −3.0× |
| VIV Telefonica Brasil S.A. compare | −3.0× |
| VOD Vodafone Group PLC compare | −2.8× |
| AMX America Movil, S.A.B. de C.V. Unsponsored ADR compare | −2.8× |
| CMCSA Comcast Corporation compare | −2.7× |
| CHT Chunghwa Telecom Co., Ltd. | −2.7× |
| CHTR Charter Communications, Inc. compare | −2.6× |
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