Eco Wave Power Global AB (publ) Unsponsored ADR
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Eco Wave Power Global AB (publ) Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $38,000.00, down 77.4% from fiscal 2024. In the quarter to June 2026, EPS grew 33.3%, free cash flow fell 70.1% and total debt was flat, each against the same quarter a year earlier.
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Eco Wave Power Global AB (publ) Unsponsored ADR (WAVE) Beneish M-score
Eco Wave Power Global AB (publ) Unsponsored ADR's Beneish M-score for fiscal 2025 is 3.38; 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 | 3.38 | 6.70 |
| FY2024 | −3.32 | (9.70) |
| FY2023 | 6.38 | 9.36 |
| FY2022 | −2.98 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 9.23 | — | 8.49 | |
| Gross margin index | 1.30 | — | 0.68 | |
| Asset quality index | 1.30 | — | 0.53 | |
| Sales growth index | 0.23 | — | 0.20 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 5.30 | — | −0.91 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 1.46 | — | −0.48 | |
| Beneish M-score | Flagged by the model | 3.38 | ||
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 |
|---|---|
| NXXT NextNRG Inc. compare | −33.4× |
| AGIG Abundia Global Impact Group, Inc. compare | −4.7× |
| PBK PowerBank Corporation compare | −3.9× |
| STEM Stem, Inc. compare | −1.3× |
| WAVE Eco Wave Power Global AB (publ) Unsponsored ADR | 3.4× |
| BESS Bimergen Energy Corporation compare | — |
| SAFX XCF Global Capital, Inc. compare | — |
| HTOO Fusion Fuel Green PLC compare | — |
| VGAS Verde Clean Fuels, 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