Lumen Technologies, Inc.
LUMN Communication Services Telecom Services
Lumen Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.4 billion, down 5.39% from fiscal 2024. In the quarter to June 2026, revenue fell 9.28%, EPS grew 78.3%, free cash flow grew 124.3% and total debt fell 26.2%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Lumen Technologies, Inc. (LUMN) Beneish M-score
Lumen Technologies, Inc.'s Beneish M-score for fiscal 2025 is −3.38; 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 | −3.38 | (0.25) |
| FY2024 | −3.13 | 1.39 |
| FY2023 | −4.52 | (1.43) |
| FY2022 | −3.09 | (0.02) |
| FY2021 | −3.07 | 0.14 |
| FY2020 | −3.21 | 0.23 |
| FY2019 | −3.45 | (0.32) |
| FY2018 | −3.12 | (0.81) |
| FY2017 | −2.31 | 0.56 |
| FY2016 | −2.87 | 0.06 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 0.95 | — | 0.84 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 1.14 | — | −0.20 | |
| Total accruals to total assets | (0.19) | — | −0.88 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.38 | ||
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× |
| LUMN Lumen Technologies, Inc. | −3.4× |
| TIMB TIM S.A. Sponsored ADR compare | −3.3× |
| 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× |
| VEON VEON Ltd. compare | −2.6× |
| 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