stockrowFuel Tech, Inc.
FTEK Industrials Pollution & Treatment Controls
Fuel Tech, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.7 million, up 6.14% from fiscal 2024.
- Revenue
- +16.7%
- EPS
- −100.0%
- Free cash flow
- −1,603.5%
Quarter to June 2026, against a year earlier
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Fuel Tech, Inc. (FTEK) Beneish M-score
Fuel Tech, Inc.'s Beneish M-score for fiscal 2025 is −3.59; 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 | −3.59 | (1.97) |
| FY2024 | −1.62 | 1.32 |
| FY2023 | −2.94 | (2.46) |
| FY2022 | −0.48 | 2.38 |
| FY2021 | −2.86 | 0.09 |
| FY2020 | −2.95 | 0.74 |
| FY2019 | −3.69 | (0.70) |
| FY2018 | −2.98 | (0.50) |
| FY2017 | −2.49 | 1.24 |
| FY2016 | −3.73 | 0.03 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.54 | — | 0.50 | |
| Gross margin index | 0.91 | — | 0.48 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 0.65 | — | 0.07 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.11) | — | −0.53 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.59 | ||
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. | −3.6× |
| BCHT Birchtech Corp. compare | −3.5× |
| LIQT LiqTech International, Inc. compare | −2.9× |
| CLWT Euro Tech Holdings Company Limited compare | −1.7× |
| CLIR ClearSign Technologies Corporation compare | 2.0× |
| SCWO 374Water Inc. compare | — |
| RAIN Rain Enhancement Technologies Holdco, Inc. compare | — |
| ARQ Arq, 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