CuriosityStream Inc.
CURI Communication Services Broadcasting
CuriosityStream Inc.’s revenue for fiscal 2025 (year ended December 2025) was $71.7 million, up 40.1% from fiscal 2024. In the quarter to June 2026, revenue grew 22.3%, EPS grew 1,002.9% and free cash flow fell 249.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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CuriosityStream Inc. (CURI) Beneish M-score
CuriosityStream Inc.'s Beneish M-score for fiscal 2025 is −3.50; 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 | −3.50 | 0.02 |
| FY2024 | −3.52 | 1.16 |
| FY2023 | −4.67 | (1.74) |
| FY2022 | −2.93 | (2.94) |
| FY2021 | 0.01 | 0.33 |
| FY2020 | −0.33 | 2.14 |
| FY2019 | −2.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.96 | |
| Gross margin index | 0.89 | — | 0.47 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.40 | — | 1.25 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 0.87 | — | −0.15 | |
| Total accruals to total assets | (0.26) | — | −1.20 | |
| Leverage index | 1.45 | — | −0.47 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.50 | ||
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 |
|---|---|
| UONEK Radio One, Inc. compare | −3.9× |
| CURI CuriosityStream Inc. | −3.5× |
| FUBO fuboTV Inc. compare | −3.2× |
| IHRT iHeartMedia, Inc. compare | −3.1× |
| GTN.A Gray Media Inc. compare | −2.9× |
| GTN Gray Media Inc. compare | −2.9× |
| SGA Saga Communications, Inc. compare | −2.9× |
| SBGI Sinclair, Inc. compare | −2.6× |
| SSP E.W. Scripps Company (The) 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