Euro Tech Holdings Company Limited
CLWT Industrials Pollution & Treatment Controls
Euro Tech Holdings Company Limited’s revenue for fiscal 2025 (year ended December 2025) was $13.3 million, down 13.8% from fiscal 2024.
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Euro Tech Holdings Company Limited (CLWT) Beneish M-score
Euro Tech Holdings Company Limited's Beneish M-score for fiscal 2025 is −1.65; 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 | −1.65 | 1.40 |
| FY2024 | −3.05 | (1.94) |
| FY2023 | −1.12 | 1.96 |
| FY2022 | −3.08 | (0.74) |
| FY2021 | −2.34 | (0.27) |
| FY2020 | −2.08 | 0.80 |
| FY2019 | −2.88 | (0.99) |
| FY2018 | −1.89 | 0.84 |
| FY2017 | −2.73 | (0.22) |
| FY2016 | −2.51 | (0.73) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.67 | — | 1.54 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.86 | — | 0.77 | |
| Depreciation index | 1.10 | — | 0.13 | |
| SG&A index | 1.11 | — | −0.19 | |
| Total accruals to total assets | 0.07 | — | 0.35 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Flagged by the model | −1.65 | ||
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 |
|---|---|
| TOMZ TOMI Environmental Solutions, Inc. compare | −5.1× |
| FTEK Fuel Tech, Inc. compare | −3.6× |
| BCHT Birchtech Corp. compare | −3.5× |
| LIQT LiqTech International, Inc. compare | −2.9× |
| CLWT Euro Tech Holdings Company Limited | −1.7× |
| CLIR ClearSign Technologies Corporation compare | 2.0× |
| SCWO 374Water Inc. compare | — |
| DEVSF DevvStream Corp. compare | — |
| RAIN Rain Enhancement Technologies Holdco, Inc. 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