An adjustable draft point absorber was recently proposed as a novel approach to improve power absorption with constrained power take-off (PTO) capacities. The key feature of the novel wave energy converter (WEC) concept is to adjust the buoy draft by regulating the ballast water inside the buoy, which aims to enable variation of the natural frequency of the WEC. Although previous research has shown benefits for the energy absorption stage, the impact of the draft adjustment on the power conversion efficiency and overall performance has not been examined yet. Therefore, a wave-to-wire model is established to provide an in-depth insight into the systematic performance of the adjustable draft point absorber integrated with a linear permanent magnet generator. Both a nonlinear hydrodynamic model and an analytical generator model are derived, thus the complete process from the wave power input through the whole WEC system to the usable electricity is covered. Based on the established model, wave-to-wire responses of the novel concept are obtained and analyzed. The negative effects of the draft adjustment on the stroke and overlap between the stator and translator are demonstrated. Moreover, a comparison is made between this novel WEC and conventional fixed draft WEC, and both regular and irregular wave states are considered. The results show that the adjustable draft system could increase not only the absorbed power but also the generator conversion efficiency. In specific conditions, the delivered electrical power of the adjustable draft WEC was over 20 % and 10 % higher than a traditional fixed draft system for regular and irregular waves respectively.