iQIYI, Inc. Sponsored ADR
IQ Communication Services Entertainment
iQIYI, Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $3.9 billion, down 2.53% from fiscal 2024. In the quarter to June 2026, revenue grew 1.15%, EPS fell 100.0%, free cash flow fell 86.8% and total debt rose 4.44%, each against the same quarter a year earlier.
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iQIYI, Inc. Sponsored ADR (IQ) Beneish M-score
iQIYI, Inc. Sponsored ADR's Beneish M-score for fiscal 2025 is −2.30; 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 | −2.30 | 0.59 |
| FY2024 | −2.89 | (0.66) |
| FY2023 | −2.22 | 0.72 |
| FY2022 | −2.95 | (0.27) |
| FY2021 | −2.67 | 0.93 |
| FY2020 | −3.60 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.19 | — | 1.09 | |
| Gross margin index | 1.18 | — | 0.62 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.01) | — | −0.03 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.30 | ||
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 |
|---|---|
| EMWP Eros Media World PLC compare | −7.3× |
| MCS Marcus Corporation (The) compare | −2.9× |
| AMCX AMC Global Media Inc. compare | −2.7× |
| ANGX Angel Studios, Inc. compare | −2.7× |
| RSVR Reservoir Media, Inc. compare | −2.6× |
| IQ iQIYI, Inc. Sponsored ADR | −2.3× |
| AENT Alliance Entertainment Holding Corporation compare | −2.2× |
| PLAY Dave & Buster's Entertainment, Inc. compare | −2.1× |
| STRZ Starz Entertainment Corp. compare | −1.4× |
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