Splash Beverage Group, Inc.
EDVA Consumer Defensive Beverages Wineries & Distilleries
In the quarter to June 2026, revenue fell 99.6%, EPS grew 95.6%, free cash flow fell 95.7% and total debt fell 100.0%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
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Splash Beverage Group, Inc. (EDVA) Beneish M-score
Splash Beverage Group, Inc.'s Beneish M-score for fiscal 2025 is −100.16; 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 | −100.16 | (91.62) |
| FY2023 | −8.54 | (4.62) |
| FY2022 | −3.92 | (0.22) |
| FY2021 | −3.69 | (64.88) |
| FY2020 | 61.18 | 62.74 |
| FY2018 | −1.56 | 3.91 |
| FY2017 | −5.47 | (2.15) |
| FY2016 | −3.32 | (1.87) |
| FY2015 | −1.45 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.80 | — | 2.58 | |
| Gross margin index | (0.65) | — | −0.34 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 0.09 | — | 0.08 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 16.65 | — | −2.86 | |
| Total accruals to total assets | (20.22) | — | −94.62 | |
| Leverage index | 2.18 | — | −0.71 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −100.16 | ||
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 |
|---|---|
| EDVA Splash Beverage Group, Inc. | −100× |
| IBG Innovation Beverage Group Limited compare | −17.1× |
| EPSM Epsium Enterprise Limited compare | −3.7× |
| MGPI MGP Ingredients, Inc. compare | −3.7× |
| SNDL SNDL Inc. compare | −2.9× |
| BF.A Brown Forman Corporation compare | −2.7× |
| WVVI Willamette Valley Vineyards, Inc. compare | −2.1× |
| AGCC Agencia Comercial Spirits Ltd compare | 1.4× |
| YHC LQR House Inc. compare | 18.4× |
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