DouYu International Holdings Limited Sponsored ADR
DOYU Communication Services Internet Content & Information
DouYu International Holdings Limited Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $546.1 million, down 6.67% from fiscal 2024. In the quarter to June 2026, revenue fell 1.72%, EPS fell 305.9% and free cash flow grew 59.9%, each against the same quarter a year earlier.
Follow DOYU
DouYu International Holdings Limited Sponsored ADR (DOYU) Beneish M-score
DouYu International Holdings Limited Sponsored ADR's Beneish M-score for fiscal 2025 is −2.23; 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 | −2.23 | 0.44 |
| FY2024 | −2.66 | (0.15) |
| FY2023 | −2.52 | 0.42 |
| FY2022 | −2.94 | (0.58) |
| FY2021 | −2.36 | (0.30) |
| FY2020 | −2.06 | 0.46 |
| FY2019 | −2.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.77 | — | 1.63 | |
| Gross margin index | 0.59 | — | 0.31 | |
| Asset quality index | 0.87 | — | 0.35 | |
| Sales growth index | 0.93 | — | 0.83 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 0.81 | — | −0.14 | |
| Total accruals to total assets | 0.01 | — | 0.03 | |
| Leverage index | 1.60 | — | −0.52 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.23 | ||
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 |
|---|---|
| UPXI Upexi, Inc. compare | −10.5× |
| BZFD BuzzFeed, Inc. compare | −3.6× |
| PODC PodcastOne, Inc. compare | −3.4× |
| DIBS 1stdibs.com, Inc. compare | −3.1× |
| SSTK Shutterstock, Inc. compare | −2.8× |
| TRVG Trivago N.V. ADS compare | −2.3× |
| DOYU DouYu International Holdings Limited Sponsored ADR | −2.2× |
| ZH Zhihu Inc. Sponsored ADR compare | −1.9× |
| GIBO GIBO Holdings Limited 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