TIM S.A. Sponsored ADR
TIMB Communication Services Telecom Services
TIM S.A. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $4.8 billion, up 1.07% from fiscal 2024. In the quarter to June 2026, revenue grew 18.3%, EPS grew 14.3%, free cash flow grew 17.8% and total debt rose 13.6%, each against the same quarter a year earlier.
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TIM S.A. Sponsored ADR (TIMB) Beneish M-score
TIM S.A. Sponsored ADR's Beneish M-score for fiscal 2025 is −3.27; 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 | −3.27 | (0.14) |
| FY2024 | −3.13 | 0.06 |
| FY2023 | −3.18 | (0.33) |
| FY2022 | −2.85 | 0.36 |
| FY2021 | −3.21 | 0.28 |
| FY2020 | −3.49 | (0.46) |
| FY2019 | −3.03 | (0.06) |
| FY2018 | −2.97 | 0.07 |
| FY2017 | −3.04 | (0.04) |
| FY2016 | −3.00 | (0.18) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.16) | — | −0.75 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.27 | ||
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× |
| GSAT Globalstar, Inc. compare | −3.9× |
| LUMN Lumen Technologies, Inc. compare | −3.4× |
| TIMB TIM S.A. Sponsored ADR | −3.3× |
| TLK PT Telekomunikasi Indonesia, Tbk compare | −3.2× |
| KT KT Corporation compare | −3.2× |
| IRDM Iridium Communications Inc compare | −3.1× |
| SKM SK Telecom Co., Ltd. compare | −3.0× |
| TIGO Millicom International Cellular SA compare | −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