Cumulus Media, Inc.
CMLSQ Communication Services Broadcasting
Cumulus Media, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $741.7 million, down 10.3% from fiscal 2024. In the quarter to June 2026, revenue fell 9.74%, EPS grew 29.7%, free cash flow grew 142.2% and total debt fell 99.8%, each against the same quarter a year earlier.
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Cumulus Media, Inc. (CMLSQ) Beneish M-score
Cumulus Media, Inc.'s Beneish M-score for fiscal 2025 is −3.61; 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 | −3.61 | 0.29 |
| FY2024 | −3.90 | (0.74) |
| FY2023 | −3.16 | (0.54) |
| FY2022 | −2.61 | (0.01) |
| FY2021 | −2.60 | 0.22 |
| FY2020 | −2.82 | (0.21) |
| FY2019 | −2.61 | (2.38) |
| FY2018 | −0.22 | 2.99 |
| FY2017 | −3.21 | 0.44 |
| FY2016 | −3.65 | 1.33 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 0.90 | — | 0.80 | |
| Depreciation index | 1.12 | — | 0.13 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.19) | — | −0.89 | |
| Leverage index | 1.22 | — | −0.40 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.61 | ||
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 |
|---|---|
| LPTVQ Loop Media, Inc. compare | −14.1× |
| BBGI Beasley Broadcast Group, Inc. compare | −5.5× |
| UONE Radio One, Inc. compare | −3.9× |
| UONEK Radio One, Inc. compare | −3.9× |
| CMLSQ Cumulus Media, Inc. | −3.6× |
| CURI CuriosityStream Inc. compare | −3.5× |
| SGA Saga Communications, Inc. compare | −2.9× |
| XHLD TEN Holdings, Inc. compare | 4.4× |
| FLZH Flash Sports & Media Holdings, Inc. 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