Share count
47Mpeak FY2025
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WAVE, Eco Wave Power Global AB (publ)
We are a wave energy company primarily engaged in the development of a smart and cost-efficient WEC technology that converts ocean and sea waves into clean electricity.
Our WEC technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming waves by converting the rising and falling motion of the waves into a clean energy generation process.
We are also developing a smart Wave Power Verification, or WPV, software, intended to provide real-time production verification that is expected to allow preventative-predictive and corrective measures to be taken.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$38K
−77.4% YoY · 5% 4-yr CAGR
Vital signs · TTM
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates. Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Capital build-out. Capital spending has surged to 1382% of sales, today's earnings are charged less depreciation than tomorrow's will be.
- What moves the needle
- Operating margin has run around −8242% through the cycle on a 58% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. The cash cycle has run negative through the cycle (a median of −180 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −153%, above 15% in 0 of 4 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $31K | $26K | $306K | $168K | $38K | $38K | RevenueRevenue |
| 13% | 15% | 81% | 75% | 58% | 58% | Gross marginGross mgn |
| ($3M) | ($4M) | ($2M) | ($2M) | ($3M) | ($3M) | Operating incomeOp. inc. |
| n/m | n/m | −788.6% | n/m | n/m | n/m | Operating marginOp. mgn |
| ($2M) | ($3M) | ($2M) | ($2M) | ($4M) | ($4M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($3M) | ($2M) | ($3M) | ($2M) | ($3M) | ($2M) | Operating cash flowOp. cash |
| $248K | $209K | $170K | $134K | $254K | $254K | DepreciationDeprec. |
| ($431K) | $230K | ($1M) | $126K | $403K | $981K | Working capital & otherWC & other |
| $13K | $3K | $6K | $33K | $525K | $525K | CapexCapex |
| 41.9% | 11.5% | 2.0% | 19.6% | n/m | n/m | Capex / revenueCapex/rev |
| ($3M) | ($2M) | ($3M) | ($2M) | ($3M) | ($3M) | Owner earningsOwner earn. |
| n/m | n/m | −852.0% | n/m | n/m | n/m | Owner earnings marginOE mgn |
| ($3M) | ($2M) | ($3M) | ($2M) | ($4M) | ($3M) | Free cash flowFCF |
| n/m | n/m | −852.0% | n/m | n/m | n/m | Free cash flow marginFCF mgn |
| -244% | -62% | -53% | -311% | — | — | ROICROIC |
| -16% | -29% | -22% | -25% | -67% | -67% | Return on equityROE |
| −16% | −29% | −22% | −25% | −67% | −67% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $15M | $5M | $4M | $8M | $6M | $6M | Cash & investmentsCash+inv |
| $389K | $161K | $108K | $93K | $254K | $254K | ReceivablesReceiv. |
| $46K | $75K | $50K | $70K | $130K | $130K | Accounts payablePayables |
| $343K | $86K | $58K | $23K | $124K | $124K | Operating working capitalOper. WC |
| $15M | $11M | $9M | $9M | $7M | $7M | Current assetsCur. assets |
| $903K | $2M | $2M | $2M | $3M | $3M | Current liabilitiesCur. liab. |
| 16.7× | 5.7× | 4.1× | 4.2× | 2.5× | 2.5× | Current ratioCurr. ratio |
| $17M | $12M | $10M | $11M | $8M | $8M | Total assetsAssets |
| $882K | $32K | $62K | $138K | $163K | $163K | Total debtDebt |
| ($14M) | ($5M) | ($4M) | ($8M) | ($6M) | ($6M) | Net debt / (cash)Net debt |
| -44.5× | -61.1× | -43.9× | -11.5× | -3.6× | -3.6× | Interest coverageInt. cov. |
| $15M | $10M | $8M | $8M | $5M | $5M | Shareholders’ equityEquity |
| Per share | ||||||
| 39.8M | 44.4M | 44.4M | 44.5M | 46.7M | 46.7M | Shares out (diluted)Shares |
| $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | Revenue / shareRev/sh |
| $-0.06 | $-0.07 | $-0.04 | $-0.05 | $-0.08 | $-0.08 | EPS (diluted)EPS |
| $-0.06 | $-0.06 | $-0.06 | $-0.04 | $-0.07 | $-0.06 | Owner earnings / shareOE/sh |
| $-0.06 | $-0.06 | $-0.06 | $-0.04 | $-0.08 | $-0.06 | Free cash flow / shareFCF/sh |
| $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | Cap. spending / shareCapex/sh |
| $0.37 | $0.22 | $0.18 | $0.19 | $0.12 | $0.12 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +1.1%/yr | +1.1%/yr (4-yr) |
| Capital spending / share | +142.2%/yr | +142.2%/yr (4-yr) |
| Book value / share | −24.9%/yr | −24.9%/yr (4-yr) |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−311%low FY2024
Gross margin
58%low FY2021
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($3M)owner earningsvs.($4M)net incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($3M) of owner earnings, the operating cash left after the $254K it takes just to hold its position. It put $271K more into growth; free cash flow, after that spending, was ($4M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($4M) | ($2M) | ($2M) | ($3M) | ($2M) |
| Depreciation & amortizationnon-cash charge added back | +$254K | +$134K | +$170K | +$209K | +$248K |
| Working capital & othertiming of cash in and out, other non-cash items | +$403K | +$126K | −$1M | +$230K | −$431K |
| Cash from operations | ($3M) | ($2M) | ($3M) | ($2M) | ($3M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$254K | −$33K | −$6K | −$3K | −$13K |
| Owner earnings | ($3M) | ($2M) | ($3M) | ($2M) | ($3M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$271K | — | — | — | — |
| Free cash flow | ($4M) | ($2M) | ($3M) | ($2M) | ($3M) |
| Owner-earnings marginowner earnings ÷ revenue | -8668% | -1101% | -852% | -9481% | -8203% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $254K, roughly its depreciation, the rate its assets wear out). The other $271K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“We identified a material weakness in our internal control over financial reporting and have not remedied this weakness.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -3.6×Does not cover its interestOperating income ($3M) ÷ interest expense $863K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cashCash $6M + ST investments $74K − debt $163K
What this means
Cash and short-term investments exceed every dollar of debt by $6M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 2440 + DIO 0 − DPO 2966 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not meaningful hereInvested capital ($372K) = debt $163K + equity $5M − cashIndustry peers: median 5%
What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
- Owner-earnings margin -8203%Consumes cash through the cycle5-yr median margin, range -9481%–-852%; latest ($3M) = operating cash ($2M) − maintenance capex $254KIndustry peers: median 25%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -7147% of revenue this year, a -8203% median across 5 years.
- Loss, and burning cashNet income ($4M) · cash from operations ($2M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 2.07×ExpandingCapex $525K ÷ depreciation $254K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $38K
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.49×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $163K vs $4M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (7-yr record) · 7 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.05/share (latest year $-0.08), the averaged base the calculator's gate runs on, and book value is $0.12/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 5
What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 4 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin −11888% → −4817% (2-yr avg ends)
In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.
What this means
Through the cycle the operating margin widened — about −11888% early to −4817% lately, median −8242% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2022 · −13873.1% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
- Share count +4.1%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$7M
- Cash & short-term investments$6M
- Receivables$254K
- Other current assets$186K
Current liabilities$3M
- Debt due within a year$139K
- Accounts payable$130K
- Other current liabilities$2M
Current ratio2.49×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.49×stricter: inventory excluded
Cash ratio2.32×strictest: cash alone against what's due
Working capital$4Mthe cushion left after near-term bills
Debt due this year vs. cash$139K due · $6M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Cash runway2.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$5Mequity stripped of goodwill & intangibles
Net current asset value$4MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$302K$139K of it operating leases
From the company's latest filing.
Peers, Electric Utilities
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| NEENextEra Energy Inc. | $27.4B | — | 28.2% | 6% | — |
| DTBDTE Energy Co | $15.8B | — | 13.6% | 6% | — |
| XIFRXPLR Infrastructure LP Common | $1.2B | — | 18.1% | 1% | 35% |
| HTOH2O America | $806M | — | 22.0% | 5% | — |
| ARTNAArtesian Resources Corporation | $113M | — | 24.0% | 5% | 21% |
| YORWYork Water | $77M | — | 42.9% | 7% | 28% |
| CDZICADIZ Inc. | $16M | -7% | -2204.0% | -22% | -2458% |
| WAVEEco Wave Power Global AB (publ) | $38K | 58% | -8242.1% | -81% | -8203% |
| Group median | — | — | 20.0% | 5% | 21% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Eco Wave Power Global AB (publ) reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Eco Wave Power Global AB (publ) is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Revenue, delivered26%/yr’21→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−7861%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Eco Wave Power Global AB (publ) (WAVE), the owner's record," https://ownerscorecard.com/c/WAVE, data as of 2026-07-09.
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