WAVE (Eco Wave Power Global AB) Beneish M-Score: 0.00 (As of Jun. 29, 2026)

What is Eco Wave Power Global AB Beneish M-Score?

Eco Wave Power Global AB WAVE -5.40% 39 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates WAVE with a GF Score™ of 39/100 and a GF Value™ of $1.54 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 390 Utilities - Independent Power Producers companies, Eco Wave Power Global AB ranks worse than 256410% 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.

The historical rank and industry rank for Eco Wave Power Global AB's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Eco Wave Power Global AB was 7.09. The lowest was -4.28. And the median was -2.50.

Eco Wave Power Global AB Beneish M-Score Related Terms

Eco Wave Power Global AB Beneish M-Score Historical Data

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The historical data trend for Eco Wave Power Global AB'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.

Eco Wave Power Global AB Beneish M-Score Chart

Eco Wave Power Global AB Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

-4.22

7.09

-4.28

-2.25

Eco Wave Power Global AB Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-4.28	-2.74	-3.51	-2.25	0.00

WAVE vs NXXT, AGIG, STEM: Beneish M-Score Comparison

For the Utilities - Renewable subindustry, Eco Wave Power Global AB'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.

Eco Wave Power Global AB Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Eco Wave Power Global AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Eco Wave Power Global AB's Beneish M-Score falls into.

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39GF Score

Eco Wave Power Global AB WAVE

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

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Eco Wave Power Global AB 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 Eco Wave Power Global AB 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Dec24) TTM:

Total Receivables was $0.35 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $5.64 Mil.
Total Assets was $7.15 Mil.
Property, Plant and Equipment(Net PPE) was $0.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.78 Mil.
Total Current Liabilities was $2.32 Mil.
Long-Term Debt & Capital Lease Obligation was $0.01 Mil.
Net Income was -0.693 + 0 + -1.378 + -0.499 = $-2.57 Mil.
Non Operating Income was -0.024 + 0 + -0.017 + -0.022 = $-0.06 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0.00 Mil.

Total Receivables was $0.07 Mil.
Revenue was 0.168 + 0 + 0 + 0 = $0.17 Mil.
Gross Profit was 0.126 + 0 + 0 + 0 = $0.13 Mil.
Total Current Assets was $9.45 Mil.
Total Assets was $10.68 Mil.
Property, Plant and Equipment(Net PPE) was $0.76 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $1.97 Mil.
Total Current Liabilities was $2.24 Mil.
Long-Term Debt & Capital Lease Obligation was $0.14 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)
	=	(0.351 / 0)	/	(0.068 / 0.168)
	=		/	0.404762
	=

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)
	=	(0.126 / 0.168)	/	(0 / 0)
	=	0.75	/
	=

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 - (5.64 + 0.994) / 7.151)	/	(1 - (9.445 + 0.756) / 10.682)
	=	0.072298	/	0.045029
	=

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
	=	0	/	0.168
	=

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 / (0 + 0.756))	/	(0 / (0 + 0.994))
	=	0	/	0
	=

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)
	=	(1.782 / 0)	/	(1.972 / 0.168)
	=		/	11.738095
	=

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)
	=	((0.011 + 2.323) / 7.151)	/	((0.143 + 2.239) / 10.682)
	=	0.326388	/	0.222992
	=

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
	=	(-2.57 - -0.063	-	0)	/	7.151
	=	-0.35058

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Eco Wave Power Global AB (WAVE) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eco Wave Power Global AB and its competitors. According to the industry distribution chart, Eco Wave Power Global AB ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry.

Is Eco Wave Power Global AB's Beneish M-Score too high?

Eco Wave Power Global AB's current Beneish M-Score is 0.00. Based on the distribution chart, Eco Wave Power Global AB ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Eco Wave Power Global AB has a GF Score™ of 39/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Eco Wave Power Global AB's Beneish M-Score compare to NXXT and AGIG?

According to the Utilities - Independent Power Producers industry distribution chart, Eco Wave Power Global AB ranks #999999 out of 390 companies for Beneish M-Score. This places Eco Wave Power Global AB in the lower half of its 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 Utilities - Independent Power Producers company?

A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Eco Wave Power Global AB and its competitors. Eco Wave Power Global AB'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 Eco Wave Power Global AB stock overvalued right now?

Based on GuruFocus' analysis, Eco Wave Power Global AB (WAVE) is currently considered Significantly Overvalued. The stock's GF Value™ is $1.54, compared to a current price of $8.58 — trading 457.1% above its estimated fair value. The current Beneish M-Score is 0.00. Eco Wave Power Global AB's overall GF Score™ is 39/100 with 3 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 Eco Wave Power Global AB (WAVE), the current Beneish M-Score is 0.00 as of Jun. 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.

Is Eco Wave Power Global AB (WAVE) Overvalued in 2026?

Based on GuruFocus' analysis, Eco Wave Power Global AB stock appears to be overvalued. The current stock price of $8.58 is trading 457.1% above its estimated GF Value™ of $1.54. GuruFocus considers Eco Wave Power Global AB to be Significantly Overvalued.

Key valuation signals for WAVE:

Beneish M-Score: 0.00
GF Value™: $1.54 vs. price of $8.58 (457.1% above fair value)
GF Score™: 39/100 with 3 warning signs

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

Eco Wave Power Global AB Business Description

Industry Utilities Utilities - Independent Power Producers

Comparable Companies NXXT AGIG STEM VGAS BESS WNDW HTOO CLNV CREG BNRG SHSE:600900 SHSE:600930 OCSE:ORSTED BOM:541450 ISX:BREN SHSE:600025 WBO:VER BSP:AXIA3 OHEL:FORTUM XLIS:EDPR

Other Exchanges 1KW0:Germany

Address 52 Derech Menachem Begin Street, Tel Aviv, ISR, 6713701

Website https://www.ecowavepower.com

Eco Wave Power Global AB is a Sweden-based wave energy company engaged in the development of a smart and cost-efficient wave energy conversion, or WEC, technology that converts ocean and sea waves into clean electricity. Its WEC technology employs units of point absorber floating devices, referred to as floaters, which are installed on existing marine structures such as piers, breakwaters, and jetties, or in locations in which such marine structures are required. Geographically, it has a presence in Israel, the USA, and Mexico.

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$8.58

Price

$1.54

GF Value

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