Advanced Energy Industries, Inc.
AEIS Industrials Electrical Equipment & Parts
Advanced Energy Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 21.4% from fiscal 2024. In the quarter to June 2026, revenue grew 30.0%, EPS grew 107.5%, free cash flow grew 107.6% and total debt rose 123.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Advanced Energy Industries, Inc. (AEIS) Altman Z-score
Advanced Energy Industries, Inc.'s Altman Z-score for fiscal 2025 is 5.81, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.81 | 1.44 |
| FY2024 | 4.37 | 0.65 |
| FY2023 | 3.72 | (0.80) |
| FY2022 | 4.52 | 0.13 |
| FY2021 | 4.39 | (0.61) |
| FY2020 | 4.99 | 1.49 |
| FY2019 | 3.50 | (4.44) |
| FY2018 | 7.94 | (2.88) |
| FY2017 | 10.82 | 0.77 |
| FY2016 | 10.05 | 4.15 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.23 | — | 0.27 | |
| Retained earnings / total assets | 0.44 | — | 0.62 | |
| EBIT / total assets | 0.07 | — | 0.22 | |
| Market value of equity / total liabilities | 6.65 | — | 3.99 | |
| Sales / total assets | 0.71 | — | 0.71 | |
| Altman Z-score | Safe zone | 5.81 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.60 | ||
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 |
|---|---|
| POWL Powell Industries, Inc. compare | 7.7× |
| AEIS Advanced Energy Industries, Inc. | 5.8× |
| HUBB Hubbell Inc compare | 5.3× |
| ENS Enersys compare | 4.5× |
| NVT nVent Electric PLC compare | 4.5× |
| ATKR Atkore Inc. compare | 2.8× |
| HAYW Hayward Holdings, Inc. compare | 2.5× |
| PLUG Plug Power, Inc. compare | −4.8× |
| AYI Acuity, Inc. compare | — |
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