Tuniu Corporation
TOUR Consumer Cyclical Travel Services
Tuniu Corporation’s revenue for fiscal 2025 (year ended December 2025) was $82.6 million, up 17.5% from fiscal 2024. In the quarter to June 2026, revenue grew 8.76%, EPS fell 94.2%, free cash flow grew 56.1% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Tuniu Corporation (TOUR) Beneish M-score
Tuniu Corporation's Beneish M-score for fiscal 2025 is −1.62; 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 | −1.62 | 0.59 |
| FY2024 | −2.21 | 0.58 |
| FY2023 | −2.79 | 0.79 |
| FY2022 | −3.58 | (1.29) |
| FY2021 | −2.29 | 0.29 |
| FY2020 | −2.58 | (0.19) |
| FY2019 | −2.39 | 0.09 |
| FY2018 | −2.48 | (3.27) |
| FY2017 | 0.79 | 2.98 |
| FY2016 | −2.19 | (16.44) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.37 | — | 1.26 | |
| Gross margin index | 1.20 | — | 0.64 | |
| Asset quality index | 0.50 | — | 0.20 | |
| Sales growth index | 1.17 | — | 1.05 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | 0.09 | — | 0.41 | |
| Leverage index | 0.85 | — | −0.28 | |
| Beneish M-score | Flagged by the model | −1.62 | ||
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 |
|---|---|
| TRIP TripAdvisor, Inc. compare | −2.9× |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | −2.8× |
| YTRA Yatra Online, Inc. compare | −2.8× |
| TNL Travel + Leisure Co. compare | −2.7× |
| TOUR Tuniu Corporation | −1.6× |
| NTRP NextTrip, Inc. compare | −1.5× |
| MOND Mondee Holdings, Inc. compare | 0.0× |
| AHMA Ambitions Enterprise Management Co. L.L.C compare | 4.1× |
| LIND Lindblad Expeditions 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