LiqTech International, Inc.
LIQT Industrials Pollution & Treatment Controls
LiqTech International, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.5 million, up 13.0% from fiscal 2024. In the quarter to June 2026, revenue fell 12.0%, EPS grew 3.45%, free cash flow fell 99.2% and total debt fell 71.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow LIQT
LiqTech International, Inc. (LIQT) Beneish M-score
LiqTech International, Inc.'s Beneish M-score for fiscal 2025 is −2.92; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.92 | (4.09) |
| FY2024 | 1.17 | 4.19 |
| FY2023 | −3.03 | (1.19) |
| FY2022 | −1.84 | 1.66 |
| FY2021 | −3.50 | (0.15) |
| FY2020 | −3.35 | (4.82) |
| FY2019 | 1.46 | 3.94 |
| FY2018 | −2.48 | (1.97) |
| FY2017 | −0.51 | 9.91 |
| FY2016 | −10.42 | (8.35) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.27 | — | 1.17 | |
| Gross margin index | 0.23 | — | 0.12 | |
| Asset quality index | 1.26 | — | 0.51 | |
| Sales growth index | 1.13 | — | 1.01 | |
| Depreciation index | 1.06 | — | 0.12 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | (0.09) | — | −0.43 | |
| Leverage index | 1.30 | — | −0.43 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.92 | ||
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. | −2.9× |
| CLWT Euro Tech Holdings Company Limited compare | −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