KT Corporation
KT Communication Services Telecom Services
KT Corporation’s revenue for fiscal 2025 (year ended December 2025) was $20.0 billion, up 6.82% from fiscal 2024. In the quarter to June 2026, revenue fell 10.1%, EPS fell 39.6%, free cash flow fell 46.9% and total debt rose 4.84%, each against the same quarter a year earlier.
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KT Corporation (KT) Beneish M-score
KT Corporation's Beneish M-score for fiscal 2025 is −3.18; 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 | −3.18 | (0.57) |
| FY2024 | −2.61 | (0.09) |
| FY2023 | −2.52 | 0.25 |
| FY2022 | −2.77 | 0.20 |
| FY2021 | −2.97 | 0.22 |
| FY2020 | −3.19 | (0.31) |
| FY2019 | −2.88 | 0.07 |
| FY2018 | −2.95 | (0.19) |
| FY2017 | −2.76 | (6.00) |
| FY2016 | 3.24 | 6.26 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.89 | — | 0.82 | |
| Gross margin index | 0.27 | — | 0.14 | |
| Asset quality index | 1.12 | — | 0.45 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.18 | ||
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 |
|---|---|
| LBTYB Liberty Global Ltd compare | −4.0× |
| GSAT Globalstar, Inc. compare | −3.9× |
| LUMN Lumen Technologies, Inc. compare | −3.4× |
| TIMB TIM S.A. Sponsored ADR compare | −3.3× |
| TLK PT Telekomunikasi Indonesia, Tbk compare | −3.2× |
| KT KT Corporation | −3.2× |
| SKM SK Telecom Co., Ltd. compare | −3.0× |
| VEON VEON Ltd. compare | −2.6× |
| TIGO Millicom International Cellular SA compare | −2.1× |
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