WF Holding Limited
WFF Industrials Specialty Industrial Machinery
WF Holding Limited’s revenue for fiscal 2025 (year ended December 2025) was $7.4 million, up 61.9% from fiscal 2024.
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WF Holding Limited (WFF) Beneish M-score
WF Holding Limited's Beneish M-score for fiscal 2025 is −0.58; 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 | −0.58 | 2.74 |
| FY2024 | −3.32 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.66 | — | 0.61 | |
| Gross margin index | 1.27 | — | 0.67 | |
| Asset quality index | 6.70 | — | 2.71 | |
| Sales growth index | 1.62 | — | 1.44 | |
| Depreciation index | 1.18 | — | 0.14 | |
| SG&A index | 1.39 | — | −0.24 | |
| Total accruals to total assets | (0.20) | — | −0.95 | |
| Leverage index | 0.36 | — | −0.12 | |
| Beneish M-score | Flagged by the model | −0.58 | ||
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 |
|---|---|
| XCH XCHG Limited compare | −5.0× |
| INLF INLIF Limited compare | −3.1× |
| SPPL SIMPPLE LTD. compare | −2.7× |
| JCSE JE Cleantech Holdings Limited compare | −2.0× |
| CETY Clean Energy Technologies, Inc. compare | −1.6× |
| WFF WF Holding Limited | −0.6× |
| OPTT Ocean Power Technologies, Inc. compare | — |
| VGTK Camber Energy, Inc. compare | — |
| BURU Nuburu, 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