Aether Holdings, Inc.
ATHR Technology Software Application
Aether Holdings, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $1.4 million, down 4.11% from fiscal 2024. In the quarter to June 2026, revenue fell 4.00%, EPS fell 37.5% and free cash flow grew 28.2%, each against the same quarter a year earlier.
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Aether Holdings, Inc. (ATHR) Altman Z-score
Aether Holdings, Inc.'s Altman Z-score for fiscal 2025 is 74.31, 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 | 74.31 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.85 | — | 1.02 | |
| Retained earnings / total assets | (1.03) | — | −1.45 | |
| EBIT / total assets | (0.65) | — | −2.13 | |
| Market value of equity / total liabilities | 127.67 | — | 76.60 | |
| Sales / total assets | 0.27 | — | 0.27 | |
| Altman Z-score | Safe zone | 74.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.99 | ||
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 |
|---|---|
| ATHR Aether Holdings, Inc. | 74.3× |
| BMR Beamr Imaging Ltd. compare | 11.4× |
| JG Aurora Mobile Limited Sponsored ADR compare | 4.0× |
| VTSI VirTra, Inc. compare | 2.7× |
| ZENVF Zenvia Inc. compare | 0.3× |
| CREX Creative Realities, Inc. compare | −0.3× |
| NXPL NextPlat Corp. compare | −0.7× |
| PHUN Phunware compare | −2.4× |
| BZAI Blaize Holdings, Inc. compare | −9.1× |
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