Four Seasons Education (Cayman) Inc. Unsponsored ADR
FEDU Consumer Defensive Education & Training Services
Four Seasons Education (Cayman) Inc. Unsponsored ADR’s revenue for fiscal 2026 (year ended February 2026) was $37.1 million, up 7.62% from fiscal 2025. Revenue growth for three consecutive years, operating cash flow growth for three.
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Four Seasons Education (Cayman) Inc. Unsponsored ADR (FEDU) Beneish M-score
Four Seasons Education (Cayman) Inc. Unsponsored ADR's Beneish M-score for fiscal 2026 is −2.80; 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) |
|---|---|---|
| FY2026 | −2.80 | (1.07) |
| FY2025 | −1.73 | (2.10) |
| FY2024 | 0.36 | (2.63) |
| FY2023 | 2.99 | 5.20 |
| FY2022 | −2.21 | 0.72 |
| FY2021 | −2.92 | 0.95 |
| FY2020 | −3.87 | (2.37) |
| FY2019 | −1.50 | (2.31) |
| FY2018 | 0.81 | 4.45 |
| FY2017 | −3.64 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.68 | — | 0.63 | |
| Gross margin index | 0.73 | — | 0.38 | |
| Asset quality index | 1.17 | — | 0.47 | |
| Sales growth index | 1.08 | — | 0.96 | |
| Depreciation index | 0.68 | — | 0.08 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | 0.00 | — | −0.01 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.80 | ||
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 |
|---|---|
| EDTK Skillful Craftsman Education Technology Limited compare | −18.0× |
| YQ 17 Education & Technology Group Inc. Sponsored ADR compare | −4.6× |
| GNS Genius Group Limited compare | −4.0× |
| AACG ATA Inc. compare | −3.7× |
| JDZG JIADE Limited compare | −3.4× |
| FEDU Four Seasons Education (Cayman) Inc. Unsponsored ADR | −2.8× |
| IH iHuman Inc. Sponsored ADR compare | −2.3× |
| RYET Ruanyun Edai Technology Inc compare | −2.2× |
| YOUL Youlife Group Inc. compare | −1.7× |
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