374Water Inc.
SCWO Industrials Pollution & Treatment Controls
374Water Inc.’s revenue for fiscal 2025 (year ended December 2025) was $215,000.00, down 51.7% from fiscal 2024. In the quarter to June 2026, revenue grew 280.2%, EPS grew 50.0%, free cash flow grew 85.3% and total debt rose 7,480.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow SCWO
374Water Inc. (SCWO) Beneish M-score
374Water Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2020 | −0.28 | 38.12 |
| FY2019 | −38.40 | 2.49 |
| FY2018 | −40.89 | (40.60) |
| FY2017 | −0.29 | 4.83 |
| FY2016 | −5.12 | 3.30 |
| FY2015 | −8.42 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.73 | — | 0.67 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 1.67 | — | 0.68 | |
| Sales growth index | 0.48 | — | 0.43 | |
| Depreciation index | 0.49 | — | 0.06 | |
| SG&A index | 3.31 | — | −0.57 | |
| Total accruals to total assets | (0.58) | — | −2.73 | |
| Leverage index | 2.27 | — | −0.74 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| ZONE Zone Frontier Inc. compare | −16.5× |
| 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 compare | −1.7× |
| CLIR ClearSign Technologies Corporation compare | 2.0× |
| SCWO 374Water Inc. | — |
| 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