AQT Water (WAR:AQT) Beneish M-Score: 0.00 (As of Jul. 29, 2026)

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What is AQT Water Beneish M-Score?

AQT Water WAR:AQT 4 Beneish M-Score is 0.00 as of Jul. 29, 2026. GuruFocus rates WAR:AQT with a GF Score™ of 4/100.

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.

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

During the past 6 years, the highest Beneish M-Score of AQT Water was 0.00. The lowest was 0.00. And the median was 0.00.

AQT Water Beneish M-Score Related Terms

AQT Water Beneish M-Score Historical Data

* Premium members only.

The historical data trend for AQT Water'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.

AQT Water Beneish M-Score Chart

AQT Water Annual Data

Trend

Dec16

Dec17

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.00

-2.31

-0.56

-3.37

0.29

AQT Water Quarterly Data
	Sep19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															1.88	0.29	-5.15	-13.63	-7.10

WAR:AQT vs VLTO, ZWS, FSS: Beneish M-Score Comparison

For the Pollution & Treatment Controls subindustry, AQT Water'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.

AQT Water Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, AQT Water's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where AQT Water's Beneish M-Score falls into.

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AQT Water 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 AQT Water 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 * 2.0933

0.528 * 4.5027

0.404 * 14.215

0.892 * 0.3795

0.115 * 0.3965

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -1.015038

0.327 * 1.1588

0.29

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was zł1.71 Mil.
Revenue was zł3.17 Mil.
Gross Profit was zł0.40 Mil.
Total Current Assets was zł2.42 Mil.
Total Assets was zł5.72 Mil.
Property, Plant and Equipment(Net PPE) was zł0.84 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.30 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł1.38 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł-6.26 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł-0.45 Mil.

Total Receivables was zł2.15 Mil.
Revenue was zł8.35 Mil.
Gross Profit was zł4.69 Mil.
Total Current Assets was zł4.82 Mil.
Total Assets was zł9.09 Mil.
Property, Plant and Equipment(Net PPE) was zł3.99 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.47 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł1.89 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(1.705 / 3.17)	/	(2.146 / 8.352)
	=	0.537855	/	0.256944
	=	2.0933

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)
	=	(4.686 / 8.352)	/	(0.395 / 3.17)
	=	0.561063	/	0.124606
	=	4.5027

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 - (2.42 + 0.839) / 5.719)	/	(1 - (4.821 + 3.992) / 9.088)
	=	0.430145	/	0.03026
	=	14.215

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
	=	3.17	/	8.352
	=	0.3795

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))
	=	(0.468 / (0.468 + 3.992))	/	(0.302 / (0.302 + 0.839))
	=	0.104933	/	0.26468
	=	0.3965

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)
	=	(0 / 3.17)	/	(0 / 8.352)
	=	0	/	0
	=	1

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)
	=	((0 + 1.376) / 5.719)	/	((0 + 1.887) / 9.088)
	=	0.240602	/	0.207636
	=	1.1588

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
	=	(-6.256 - 0	-	-0.451)	/	5.719
	=	-1.015038

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.

AQT Water has a M-score of 0.29 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

AQT Water (WAR:AQT) has a Beneish M-Score of 0.00 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AQT Water and its competitors.

Is AQT Water's Beneish M-Score too high?

AQT Water's current Beneish M-Score is 0.00. Overall, AQT Water has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.

How does AQT Water's Beneish M-Score compare to VLTO and ZWS?

AQT Water's Beneish M-Score of 0.00 can be compared against companies in the Industrial Products industry. 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 AQT Water and its competitors. AQT Water's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is AQT Water stock overvalued right now?

AQT Water (WAR:AQT) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. AQT Water's overall GF Score™ is 4/100. 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 AQT Water (WAR:AQT), the current Beneish M-Score is 0.00 as of Jul. 29, 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.

AQT Water Business Description

Industry Industrials Industrial Products

Comparable Companies VLTO ZWS FSS TSE:6370 ATMU TSE:6368 OSTO:MTRS SZSE:300390 SHSE:600388 HKSE:00586 PCT SHSE:603279 SZSE:000544 TSE:6013 TSE:7004 CECO MIL:GVS SHSE:603200 ROCO:6944 BOM:500214

Address UL. BEKASOW 74, Warsaw, POL, 02-803

Website https://www.aqtwater.com

AQT Water SA is engaged in the field of decentralized sewage treatment technologies for single-family houses, public or industrial buildings. The company's services include purification cleansing, container water treatment plants, fat separators, grey water and rainwater.

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