Flash Sports & Media Holdings, Inc.
FLZH Communication Services Broadcasting
In the quarter to June 2026, revenue fell 99.5%, EPS grew 91.5% and free cash flow fell 738.5%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Flash Sports & Media Holdings, Inc. (FLZH) Beneish M-score
Flash Sports & Media Holdings, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −3.52 | (1.67) |
| FY2022 | −1.85 | (5.00) |
| FY2021 | 3.15 | 6.73 |
| FY2020 | −3.58 | 1.05 |
| FY2019 | −4.63 | (1.45) |
| FY2018 | −3.18 | (3.96) |
| FY2017 | 0.78 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | (1.24) | — | −0.66 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 0.56 | — | 0.50 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 1.47 | — | −0.25 | |
| Total accruals to total assets | (67.85) | — | −317.48 | |
| Leverage index | 61.85 | — | −20.23 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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. compare | −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. | — |
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