Airgain, Inc.
AIRG Technology Communication Equipment
Airgain, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $51.8 million, down 14.6% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 8.33% and free cash flow fell 1,715.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Airgain, Inc. (AIRG) Altman Z-score
Airgain, Inc.'s Altman Z-score for fiscal 2025 is −0.34, 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 | −0.34 | (1.44) |
| FY2024 | 1.11 | 1.04 |
| FY2023 | 0.07 | (2.15) |
| FY2022 | 2.22 | (0.09) |
| FY2021 | 2.31 | (12.44) |
| FY2020 | 14.75 | 4.89 |
| FY2019 | 9.86 | 2.01 |
| FY2018 | 7.85 | 2.11 |
| FY2017 | 5.74 | 2.31 |
| FY2016 | 3.42 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.34 | |
| Retained earnings / total assets | (2.07) | — | −2.89 | |
| EBIT / total assets | (0.19) | — | −0.62 | |
| Market value of equity / total liabilities | 2.82 | — | 1.69 | |
| Sales / total assets | 1.14 | — | 1.14 | |
| Altman Z-score | Distress zone | −0.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.40 | ||
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 |
|---|---|
| OCC Optical Cable Corporation compare | 3.8× |
| FKWL Franklin Wireless Corp. compare | 3.0× |
| AMPG AmpliTech Group, Inc. compare | 1.5× |
| BOSC B.O.S. Better Online Solutions compare | 1.1× |
| CMTL Comtech Telecommunications Corp. compare | 0.3× |
| AIRG Airgain, Inc. | −0.3× |
| INSG Inseego compare | −10.5× |
| UTSI UTStarcom Holdings Corp compare | −30.6× |
| WATT Energous Corporation compare | −34.3× |
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