Aqua Metals, Inc.
AQMS Industrials Waste Management
Aqua Metals, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $25,000.00, up 525.0% from fiscal 2022. In the quarter to June 2026, EPS grew 82.4% and free cash flow fell 257.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Aqua Metals, Inc. (AQMS) Altman Z-score
Aqua Metals, Inc.'s Altman Z-score for fiscal 2023 is −5.53, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −5.53 | (0.58) |
| FY2022 | −4.95 | (4.80) |
| FY2021 | −0.16 | (19.67) |
| FY2020 | 19.52 | 22.71 |
| FY2019 | −3.19 | (1.61) |
| FY2018 | −1.58 | (1.50) |
| FY2017 | −0.08 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.49 | |
| Retained earnings / total assets | (6.64) | — | −9.30 | |
| EBIT / total assets | (0.73) | — | −2.40 | |
| Market value of equity / total liabilities | 9.47 | — | 5.68 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −5.53 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −20.25 | ||
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 |
|---|---|
| DXST Decent Holding Inc. compare | 2.7× |
| AMBIQ Ambipar Emergency Response compare | 1.2× |
| AWX Avalon Holdings Corporation compare | 0.8× |
| QRHC Quest Resource Holding Corporation. compare | 0.5× |
| CDTG CDT Environmental Technology Investment Holdings Limited compare | 0.4× |
| LICYQ Li-Cycle Holdings Corp. compare | −1.2× |
| AQMS Aqua Metals, Inc. | −5.5× |
| GWAV Greenwave Technology Solutions, Inc. compare | −13.9× |
| LNZA LanzaTech Global, Inc. compare | −16.0× |
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