Aeva Technologies, Inc.
AEVA Technology Software Infrastructure
Aeva Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.1 million, up 99.4% from fiscal 2024. In the quarter to June 2026, revenue grew 11.3%, EPS grew 64.8% and free cash flow was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Aeva Technologies, Inc. (AEVA) Altman Z-score
Aeva Technologies, Inc.'s Altman Z-score for fiscal 2025 is −4.63, 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 | −4.63 | 0.82 |
| FY2024 | −5.45 | (5.62) |
| FY2023 | 0.17 | (4.91) |
| FY2022 | 5.08 | (34.79) |
| FY2021 | 39.88 | (172.20) |
| FY2020 | 212.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.65 | — | 0.79 | |
| Retained earnings / total assets | (4.21) | — | −5.90 | |
| EBIT / total assets | (0.71) | — | −2.34 | |
| Market value of equity / total liabilities | 4.55 | — | 2.73 | |
| Sales / total assets | 0.10 | — | 0.10 | |
| Altman Z-score | Distress zone | −4.63 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −14.13 | ||
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 |
|---|---|
| CCSI Consensus Cloud Solutions, Inc. compare | 1.8× |
| PAYS Paysign, Inc. compare | 1.3× |
| YEXT Yext compare | 0.6× |
| RPD Rapid7, Inc. compare | 0.2× |
| RZLV Rezolve AI PLC compare | −0.3× |
| SABR Sabre Corporation compare | −0.3× |
| RXT Rackspace Technology, Inc. compare | −1.2× |
| AEVA Aeva Technologies, Inc. | −4.6× |
| HQ Horizon Quantum Holdings Ltd. 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