BigBear.ai Holdings, Inc.
BBAI Technology Information Technology Services
BigBear.ai Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $127.7 million, down 19.3% from fiscal 2024. In the quarter to June 2026, revenue grew 13.2%, EPS grew 93.0%, free cash flow fell 347.6% and total debt fell 95.3%, each against the same quarter a year earlier.
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BigBear.ai Holdings, Inc. (BBAI) Altman Z-score
BigBear.ai Holdings, Inc.'s Altman Z-score for fiscal 2025 is 2.31, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.31 | 4.04 |
| FY2024 | −1.73 | (0.73) |
| FY2023 | −1.00 | 1.55 |
| FY2022 | −2.55 | (3.60) |
| FY2021 | 1.04 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | (0.97) | — | −1.35 | |
| EBIT / total assets | (0.24) | — | −0.79 | |
| Market value of equity / total liabilities | 6.85 | — | 4.11 | |
| Sales / total assets | 0.14 | — | 0.14 | |
| Altman Z-score | Grey zone | 2.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.42 | ||
Z and Z″ put BigBear.ai Holdings, Inc. in different zones: grey zone by Z, distress zone by Z″.
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 |
|---|---|
| MGRT Mega Fortune Company Limited compare | 12.3× |
| SHAZ SharonAI Holdings Inc. compare | 2.6× |
| BBAI BigBear.ai Holdings, Inc. | 2.3× |
| NABL N-able, Inc. compare | 1.9× |
| VYX NCR Voyix Corporation compare | 1.2× |
| KEEL Keel Infrastructure Corp compare | 0.9× |
| VNET VNET Group, Inc. - Unsponsored ADR compare | 0.2× |
| CLVT Clarivate PLC compare | −0.5× |
| TDTH Trident Digital Tech Holdings Ltd compare | −21.3× |
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