GWAV (Greenwave Technology Solutions) Beneish M-Score: -3.69 (As of Jun. 24, 2026)

What is Greenwave Technology Solutions Beneish M-Score?

Greenwave Technology Solutions GWAV +2.21% 40 Beneish M-Score is -3.69 as of Jun. 24, 2026. GuruFocus rates GWAV with a GF Score™ of 40/100 and a GF Value™ of $5.58 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 228 Waste Management companies, Greenwave Technology Solutions ranks better than 89.47% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Greenwave Technology Solutions's Beneish M-Score or its related term are showing as below:

GWAV' s Beneish M-Score Range Over the Past 10 Years
Min: -10272.6 Med: -27.77 Max: -1.97
Current: -3.69

During the past 13 years, the highest Beneish M-Score of Greenwave Technology Solutions was -1.97. The lowest was -10272.60. And the median was -27.77.

Greenwave Technology Solutions Beneish M-Score Related Terms

Greenwave Technology Solutions Beneish M-Score Historical Data

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The historical data trend for Greenwave Technology Solutions's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Greenwave Technology Solutions Beneish M-Score Chart

Greenwave Technology Solutions Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

-4.00

-2.75

-1.97

-3.69

Greenwave Technology Solutions Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-1.97	-1.51	-2.02	-3.42	-3.69

GWAV vs DXST, SNRG, SENR: Beneish M-Score Comparison

For the Waste Management subindustry, Greenwave Technology Solutions's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Greenwave Technology Solutions Beneish M-Score vs Waste Management Industry

For the Waste Management industry and Industrials sector, Greenwave Technology Solutions's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Greenwave Technology Solutions's Beneish M-Score falls into.

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40GF Score

Greenwave Technology Solutions Inc GWAV

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Greenwave Technology Solutions Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Greenwave Technology Solutions for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6366

0.528 * 1.5306

0.404 * 0.9442

0.892 * 1.3992

0.115 * 0.8207

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6826

4.679 * -0.30615

0.327 * 1.2791

-3.69

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $1.12 Mil.
Revenue was 15.611 + 12.676 + 10.996 + 7.334 = $46.62 Mil.
Gross Profit was 2.776 + 3.498 + 2.113 + 3.487 = $11.87 Mil.
Total Current Assets was $4.82 Mil.
Total Assets was $55.17 Mil.
Property, Plant and Equipment(Net PPE) was $36.34 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.22 Mil.
Selling, General, & Admin. Expense(SGA) was $17.99 Mil.
Total Current Liabilities was $23.16 Mil.
Long-Term Debt & Capital Lease Obligation was $6.07 Mil.
Net Income was -6.736 + -5.278 + -4.918 + -4.666 = $-21.60 Mil.
Non Operating Income was -0.047 + 0.265 + 0.982 + 0.066 = $1.27 Mil.
Cash Flow from Operations was -0.115 + -2.93 + 1.232 + -4.161 = $-5.97 Mil.

Total Receivables was $1.25 Mil.
Revenue was 8.424 + 8.505 + 7.882 + 8.505 = $33.32 Mil.
Gross Profit was 3.896 + 3.545 + 2.284 + 3.264 = $12.99 Mil.
Total Current Assets was $7.64 Mil.
Total Assets was $63.09 Mil.
Property, Plant and Equipment(Net PPE) was $38.48 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.66 Mil.
Selling, General, & Admin. Expense(SGA) was $18.84 Mil.
Total Current Liabilities was $21.10 Mil.
Long-Term Debt & Capital Lease Obligation was $5.04 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1.117 / 46.617)	/	(1.254 / 33.316)
	=	0.023961	/	0.03764
	=	0.6366

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(12.989 / 33.316)	/	(11.874 / 46.617)
	=	0.389873	/	0.254714
	=	1.5306

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (4.818 + 36.343) / 55.169)	/	(1 - (7.642 + 38.48) / 63.088)
	=	0.253911	/	0.268926
	=	0.9442

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	46.617	/	33.316
	=	1.3992

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(7.662 / (7.662 + 38.48))	/	(9.218 / (9.218 + 36.343))
	=	0.166053	/	0.202322
	=	0.8207

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(17.99 / 46.617)	/	(18.835 / 33.316)
	=	0.385911	/	0.565344
	=	0.6826

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((6.074 + 23.158) / 55.169)	/	((5.037 + 21.096) / 63.088)
	=	0.529863	/	0.414231
	=	1.2791

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-21.598 - 1.266	-	-5.974)	/	55.169
	=	-0.30615

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Greenwave Technology Solutions has a M-score of -3.69 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -3.69 mean?

Greenwave Technology Solutions (GWAV) has a Beneish M-Score of -3.69 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Greenwave Technology Solutions and its competitors. According to the industry distribution chart, Greenwave Technology Solutions ranks #24 out of 228 companies in the Waste Management industry, placing it in the top 10.5%.

Is Greenwave Technology Solutions' Beneish M-Score too high?

Greenwave Technology Solutions' current Beneish M-Score is -3.69. Based on the distribution chart, Greenwave Technology Solutions ranks #24 out of 228 companies in the Waste Management industry, which is in the top quartile — a strong position relative to peers. Overall, Greenwave Technology Solutions has a GF Score™ of 40/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Greenwave Technology Solutions' Beneish M-Score compare to DXST and SNRG?

According to the Waste Management industry distribution chart, Greenwave Technology Solutions ranks #24 out of 228 companies for Beneish M-Score. This places Greenwave Technology Solutions in the top 11% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Waste Management company?

A good Beneish M-Score depends on the Waste Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Greenwave Technology Solutions and its competitors. Greenwave Technology Solutions's current Beneish M-Score is -3.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Greenwave Technology Solutions stock overvalued right now?

Based on GuruFocus' analysis, Greenwave Technology Solutions (GWAV) is currently considered Possible Value Trap. The stock's GF Value™ is $5.58, compared to a current price of $3.47 — trading 37.9% below its estimated fair value. The current Beneish M-Score is -3.69. Greenwave Technology Solutions' overall GF Score™ is 40/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Greenwave Technology Solutions (GWAV), the current Beneish M-Score is -3.69 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Greenwave Technology Solutions (GWAV) Overvalued in 2026?

Based on GuruFocus' analysis, Greenwave Technology Solutions stock appears to be undervalued. The current stock price of $3.47 is trading 37.9% below its estimated GF Value™ of $5.58. GuruFocus considers Greenwave Technology Solutions to be Possible Value Trap.

Key valuation signals for GWAV:

Beneish M-Score: -3.69
GF Value™: $5.58 vs. price of $3.47 (37.9% below fair value)
GF Score™: 40/100 with 7 warning signs

No single metric tells the full story. See the GWAV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Greenwave Technology Solutions Business Description

Industry Industrials Waste Management

Comparable Companies DXST SNRG SENR AMBIQ WAST OCLN AWX AQMS WM RSG WCN XPAR:VIE CLH GFL XBRU:UMI XMAD:FCC SZSE:002340 CWST SHSE:603568 HKSE:00257

Address 4016 Raintree Road, Suite 300, Chesapeake, VA, USA, 23321

Website https://www.gwav.com

Greenwave Technology Solutions Inc through its subsidiary, is an operator of several metal recycling facilities in Virginia, Ohio, & North Carolina. At these facilities, the company collects, classifies, & processes appliances, construction materials, end-of-life vehicles, boats, & industrial machinery. The company processes these items by crushing, shearing, shredding, separating, & sorting into smaller pieces & categorizes these recycled ferrous, nonferrous, & mixed metal pieces based on density & metal type before sale. For scrap cars, it removes the catalytic converters, aluminum wheels, & batteries for separate processing & sale before shredding the vehicle. The company is organized into three operating segments: Scrap Metal Recycling, Hauling, & Other (comprised of rental income).

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$3.47

Price

$5.58

GF Value

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