Travelzoo
TZOO Communication Services Internet Content & Information
Travelzoo’s revenue for fiscal 2025 (year ended December 2025) was $91.7 million, up 9.32% from fiscal 2024. In the quarter to June 2026, revenue fell 2.92%, EPS fell 261.5% and free cash flow fell 230.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Travelzoo (TZOO) Beneish M-score
Travelzoo's Beneish M-score for fiscal 2025 is −2.61; 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 | −2.61 | 0.58 |
| FY2024 | −3.19 | (0.78) |
| FY2023 | −2.42 | (2.10) |
| FY2022 | −0.32 | (0.14) |
| FY2021 | −0.17 | 5.58 |
| FY2020 | −5.75 | (3.61) |
| FY2019 | −2.15 | (0.03) |
| FY2018 | −2.12 | 0.48 |
| FY2017 | −2.60 | 0.26 |
| FY2016 | −2.86 | (0.55) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.76 | — | 0.70 | |
| Gross margin index | 1.09 | — | 0.58 | |
| Asset quality index | 1.16 | — | 0.47 | |
| Sales growth index | 1.09 | — | 0.98 | |
| Depreciation index | 1.20 | — | 0.14 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.02) | — | −0.07 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.61 | ||
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 |
|---|---|
| SJ Scienjoy Holding Corporation compare | −7.9× |
| TEAD Teads Holding Co. compare | −3.6× |
| PODC PodcastOne, Inc. compare | −3.4× |
| ZDGE Zedge, Inc. compare | −3.4× |
| IZEA IZEA WORLDWIDE, INC. compare | −3.1× |
| LVO LiveOne, Inc. compare | −3.0× |
| PAAI Paradigm AI, Inc. compare | −3.0× |
| GETY Getty Images Holdings, Inc. compare | −2.8× |
| TZOO Travelzoo | −2.6× |
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