Wah Fu Education & Technology Group Limited
WAFU Consumer Defensive Education & Training Services
Wah Fu Education & Technology Group Limited’s revenue for fiscal 2026 (year ended March 2026) was $6.4 million, up 2.71% from fiscal 2025.
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Wah Fu Education & Technology Group Limited (WAFU) Beneish M-score
Wah Fu Education & Technology Group Limited's Beneish M-score for fiscal 2026 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) |
|---|---|---|
| FY2026 | −1.62 | 0.33 |
| FY2025 | −1.95 | (0.10) |
| FY2024 | −1.85 | 1.08 |
| FY2023 | −2.93 | (0.45) |
| FY2022 | −2.48 | (0.64) |
| FY2021 | −1.84 | 1.98 |
| FY2020 | −3.82 | (0.71) |
| FY2019 | −3.11 | (3.38) |
| FY2018 | 0.26 | 2.72 |
| FY2017 | −2.46 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.95 | |
| Gross margin index | 1.43 | — | 0.76 | |
| Asset quality index | 1.72 | — | 0.70 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 1.74 | — | 0.20 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | 0.03 | — | 0.15 | |
| Leverage index | 0.90 | — | −0.29 | |
| 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 |
|---|---|
| EDTK Skillful Craftsman Education Technology Limited compare | −18.0× |
| MYND Mynd.ai, Inc. Unsponsored ADR compare | −2.6× |
| AMBO Ambow Education Holding Ltd. compare | −2.1× |
| EEIQ EpicQuest Education Group International Limited compare | −1.8× |
| WAFU Wah Fu Education & Technology Group Limited | −1.6× |
| CLEUF China Liberal Education Holdings Limited compare | 68.4× |
| STG Sunlands Technology Group Sponsored ADR compare | — |
| ZME Zhangmen Education Inc. Sponsored ADR compare | — |
| LXEH Lixiang Education Holding Co., Ltd. Sponsored ADR 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