ATA Inc.
AACG Consumer Defensive Education & Training Services
ATA Inc.’s revenue for fiscal 2025 (year ended December 2025) was $38.3 million, up 4.40% from fiscal 2024. In the quarter to December 2025, revenue was flat, EPS fell 300.0%, free cash flow grew 128.6% and total debt rose 86.9%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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ATA Inc. (AACG) Altman Z-score
ATA Inc.'s Altman Z-score for fiscal 2025 is −1.90, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.90 | (0.42) |
| FY2024 | −1.48 | (0.26) |
| FY2023 | −1.22 | (0.13) |
| FY2022 | −1.09 | (0.15) |
| FY2021 | −0.94 | 0.00 |
| FY2020 | −0.94 | (0.39) |
| FY2019 | −0.55 | (1.76) |
| FY2018 | 1.20 | (3.95) |
| FY2017 | 5.15 | 0.42 |
| FY2017 | 4.73 | (2.00) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.57) | — | −0.69 | |
| Retained earnings / total assets | (1.17) | — | −1.63 | |
| EBIT / total assets | (0.16) | — | −0.52 | |
| Market value of equity / total liabilities | 0.47 | — | 0.28 | |
| Sales / total assets | 0.66 | — | 0.66 | |
| Altman Z-score | Distress zone | −1.90 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.51 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IH iHuman Inc. Sponsored ADR compare | 2.8× |
| YOUL Youlife Group Inc. compare | 2.2× |
| JDZG JIADE Limited compare | 1.5× |
| FEDU Four Seasons Education (Cayman) Inc. Unsponsored ADR compare | 0.5× |
| RYET Ruanyun Edai Technology Inc compare | −1.1× |
| GNS Genius Group Limited compare | −1.1× |
| AACG ATA Inc. | −1.9× |
| COE 51Talk Online Education Group Sponsored ADR compare | −6.6× |
| YQ 17 Education & Technology Group Inc. Sponsored ADR compare | −25.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets