Lee Enterprises, Incorporated
LEE Communication Services Publishing
Lee Enterprises, Incorporated’s revenue for fiscal 2025 (year ended September 2025) was $562.3 million, down 8.02% from fiscal 2024. In the quarter to June 2026, revenue fell 10.9%, EPS grew 167.7%, free cash flow fell 36.2% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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Lee Enterprises, Incorporated (LEE) Beneish M-score
Lee Enterprises, Incorporated's Beneish M-score for fiscal 2025 is −2.83; 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 | −2.83 | (0.02) |
| FY2024 | −2.81 | (0.31) |
| FY2023 | −2.50 | (0.02) |
| FY2022 | −2.48 | (0.10) |
| FY2021 | −2.38 | 0.09 |
| FY2020 | −2.47 | 0.37 |
| FY2019 | −2.83 | (0.16) |
| FY2018 | −2.67 | 0.14 |
| FY2017 | −2.81 | 0.08 |
| FY2016 | −2.90 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.90 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 0.92 | — | 0.82 | |
| Depreciation index | 1.05 | — | 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 | (0.05) | — | −0.23 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.83 | ||
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 |
|---|---|
| TNMG TNL Mediagene compare | −6.3× |
| TDAY USA TODAY Co., Inc. compare | −2.8× |
| LEE Lee Enterprises, Incorporated | −2.8× |
| NYT The New York Times Company compare | −2.7× |
| PSO Pearson, PLC compare | −2.7× |
| WLYB John Wiley & Sons, Inc. compare | −2.5× |
| WLY John Wiley & Sons, Inc. compare | −2.5× |
| EDUC Educational Development Corporation compare | −2.4× |
| SCHL Scholastic Corporation compare | −2.4× |
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