Fang Holdings Limited
SFUN Communication Services Internet Content & Information
Fang Holdings Limited’s revenue for fiscal 2024 (year ended December 2024) was $30.7 million, down 38.7% from fiscal 2023. Operating cash flow growth for three consecutive years.
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Fang Holdings Limited (SFUN) Beneish M-score
Fang Holdings Limited's Beneish M-score for fiscal 2024 is −3.01; 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) |
|---|---|---|
| FY2024 | −3.01 | 0.61 |
| FY2023 | −3.61 | (0.71) |
| FY2022 | −2.91 | 0.23 |
| FY2021 | −3.13 | (0.56) |
| FY2019 | −2.57 | 0.58 |
| FY2018 | −3.15 | (0.08) |
| FY2017 | −3.07 | 0.23 |
| FY2016 | −3.31 | (2.28) |
| FY2015 | −1.02 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 1.03 | — | 0.55 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 0.61 | — | 0.55 | |
| Depreciation index | 1.23 | — | 0.14 | |
| SG&A index | 1.17 | — | −0.20 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.01 | ||
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 |
|---|---|
| SEAT Vivid Seats Inc. compare | −7.9× |
| GIFT Giftify, Inc. compare | −3.9× |
| QTT Qutoutiao Inc. Sponsored ADR compare | −3.6× |
| SFUN Fang Holdings Limited | −3.0× |
| GETY Getty Images Holdings, Inc. compare | −2.8× |
| SOGP Sound Group Inc. - Sponsored ADR compare | −2.5× |
| CMCM Cheetah Mobile Inc. compare | −2.4× |
| MNY MoneyHero Limited compare | −1.9× |
| BODI The Beachbody Company, Inc. compare | — |
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