Birchtech Corp.
BCHT Industrials Pollution & Treatment Controls
Birchtech Corp.’s revenue for fiscal 2025 (year ended December 2025) was $17.6 million, up 1.27% from fiscal 2024. In the quarter to June 2026, revenue grew 16.5%, EPS fell 10.0%, free cash flow fell 68.0% and total debt rose 109.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Birchtech Corp. (BCHT) Altman Z-score
Birchtech Corp.'s Altman Z-score for fiscal 2025 is −7.44, 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 | −7.44 | 0.20 |
| FY2024 | −7.63 | (6.95) |
| FY2023 | −0.68 | 5.85 |
| FY2022 | −6.53 | 3.84 |
| FY2021 | −10.37 | 0.70 |
| FY2020 | −11.07 | (2.72) |
| FY2019 | −8.35 | (0.45) |
| FY2018 | −7.90 | (5.42) |
| FY2017 | −2.47 | (3.60) |
| FY2016 | 1.12 | 7.82 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.62) | — | −0.75 | |
| Retained earnings / total assets | (8.20) | — | −11.48 | |
| EBIT / total assets | (0.33) | — | −1.08 | |
| Market value of equity / total liabilities | 6.61 | — | 3.97 | |
| Sales / total assets | 1.91 | — | 1.91 | |
| Altman Z-score | Distress zone | −7.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −33.19 | ||
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 |
|---|---|
| ZONE Zone Frontier Inc. compare | 74.5× |
| CLWT Euro Tech Holdings Company Limited compare | 2.4× |
| FTEK Fuel Tech, Inc. compare | 1.3× |
| ARQ Arq, Inc. compare | 1.2× |
| LIQT LiqTech International, Inc. compare | −4.3× |
| CLIR ClearSign Technologies Corporation compare | −5.5× |
| BCHT Birchtech Corp. | −7.4× |
| SCWO 374Water Inc. compare | −8.1× |
| TOMZ TOMI Environmental Solutions, Inc. compare | −10.9× |
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