Townsquare Media, Inc.
TSQ Communication Services Advertising Agencies
Townsquare Media, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $427.4 million, down 5.23% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 2,460.0%, free cash flow fell 97.7% and total debt was flat, 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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Townsquare Media, Inc. (TSQ) Beneish M-score
Townsquare Media, Inc.'s Beneish M-score for fiscal 2025 is −2.88; 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 | −2.88 | 0.30 |
| FY2024 | −3.18 | 0.33 |
| FY2023 | −3.51 | (0.90) |
| FY2022 | −2.61 | 0.38 |
| FY2021 | −2.98 | (0.06) |
| FY2020 | −2.92 | 0.18 |
| FY2019 | −3.10 | 0.08 |
| FY2018 | −3.18 | (0.67) |
| FY2017 | −2.51 | 0.15 |
| FY2016 | −2.66 | (0.38) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.91 | — | 0.83 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 1.05 | — | 0.42 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 0.85 | — | −0.15 | |
| Total accruals to total assets | (0.08) | — | −0.36 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.88 | ||
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 |
|---|---|
| SDM Smart Digital Group Limited compare | −14.7× |
| STFS Star Fashion Culture Holdings Limited compare | −13.9× |
| FLNT FLUENT, INC. compare | −3.9× |
| MCHX Marchex, Inc. compare | −2.9× |
| TSQ Townsquare Media, Inc. | −2.9× |
| NCMI National CineMedia, Inc. compare | −2.5× |
| ACCS ACCESS Newswire Inc. compare | −2.4× |
| SWAG Stran & Company, Inc. compare | −1.9× |
| MF MindForge Inc. compare | 37.0× |
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