Kyivstar Group Ltd.
KYIV Communication Services Telecom Services
Kyivstar Group Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 25.9% from fiscal 2024. In the quarter to June 2026, revenue grew 19.4%, EPS fell 16.7%, free cash flow grew 29.2% and total debt fell 39.1%, each against the same quarter a year earlier.
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Kyivstar Group Ltd. (KYIV) Beneish M-score
Kyivstar Group Ltd.'s Beneish M-score for fiscal 2025 is −3.63; 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 | −3.63 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.18 | — | 0.17 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.60 | — | 0.65 | |
| Sales growth index | 1.26 | — | 1.12 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.20) | — | −0.96 | |
| Leverage index | 0.73 | — | −0.24 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.63 | ||
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 |
|---|---|
| LBTYA Liberty Global Ltd compare | −4.0× |
| LBTYK Liberty Global Ltd compare | −4.0× |
| KYIV Kyivstar Group Ltd. | −3.6× |
| TKC Turkcell Iletisim Hizmetleri AS compare | −3.1× |
| IRDM Iridium Communications Inc compare | −3.1× |
| PHI PLDT Inc. compare | −3.0× |
| TDS Telephone and Data Systems, Inc. compare | −2.6× |
| IDT IDT Corporation compare | −2.2× |
| AD Array Digital Infrastructure Inc. compare | −2.0× |
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