TAL Education Group
TAL Consumer Defensive Education & Training Services
TAL Education Group’s revenue for fiscal 2026 (year ended February 2026) was $3.0 billion, up 33.7% from fiscal 2025. In the quarter to May 2026, revenue grew 31.9%, EPS grew 1,380.0% and free cash flow grew 37.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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TAL Education Group (TAL) Beneish M-score
TAL Education Group's Beneish M-score for fiscal 2026 is −2.11; 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) |
|---|---|---|
| FY2026 | −2.11 | 1.11 |
| FY2025 | −3.23 | 0.05 |
| FY2024 | −3.28 | (0.24) |
| FY2023 | −3.04 | (0.60) |
| FY2022 | −2.44 | 0.52 |
| FY2021 | −2.96 | 0.06 |
| FY2020 | −3.02 | (0.71) |
| FY2019 | −2.31 | (0.58) |
| FY2018 | −1.73 | 0.54 |
| FY2017 | −2.27 | 0.11 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.93 | — | 0.86 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 1.63 | — | 0.66 | |
| Sales growth index | 1.34 | — | 1.19 | |
| Depreciation index | 0.75 | — | 0.09 | |
| SG&A index | 0.86 | — | −0.15 | |
| Total accruals to total assets | (0.01) | — | −0.06 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Elevated | −2.11 | ||
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 |
|---|---|
| LOPE Grand Canyon Education, Inc. compare | −2.7× |
| CVSA Covista Inc. compare | −2.7× |
| EDU New Oriental Education & Technology Group, Inc. compare | −2.7× |
| MH McGraw Hill, Inc. compare | −2.6× |
| PRDO Perdoceo Education Corporation compare | −2.6× |
| LRN Stride, Inc. compare | −2.4× |
| LAUR Laureate Education compare | −2.4× |
| GHC Graham Holdings Company compare | −2.4× |
| TAL TAL Education Group | −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