Baidu, Inc.
BIDU Communication Services Internet Content & Information
Baidu, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.5 billion, up 1.21% from fiscal 2024. In the quarter to June 2026, revenue grew 1.09%, EPS fell 69.2%, free cash flow fell 128.9% and total debt rose 18.6%, each against the same quarter a year earlier.
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Baidu, Inc. (BIDU) Altman Z-score
Baidu, Inc.'s Altman Z-score for fiscal 2025 is 2.06, 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 | 2.06 | (0.09) |
| FY2024 | 2.15 | (0.53) |
| FY2023 | 2.68 | 0.27 |
| FY2022 | 2.41 | (0.18) |
| FY2021 | 2.59 | (0.86) |
| FY2020 | 3.46 | 0.59 |
| FY2019 | 2.86 | (0.52) |
| FY2018 | 3.38 | (0.46) |
| FY2017 | 3.84 | (0.39) |
| FY2016 | 4.23 | (1.41) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | 0.40 | — | 0.55 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 1.80 | — | 1.08 | |
| Sales / total assets | 0.29 | — | 0.29 | |
| Altman Z-score | Grey zone | 2.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.84 | ||
Z and Z″ put Baidu, Inc. in different zones: grey zone by Z, safe 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 |
|---|---|
| RDDT Reddit Inc. compare | 84.8× |
| PINS Pinterest, Inc. compare | 15.7× |
| ZG Zillow Group, Inc. compare | 12.6× |
| Z Zillow Group, Inc. compare | 12.6× |
| BZ KANZHUN LIMITED Sponsored ADR compare | 10.1× |
| BIDU Baidu, Inc. | 2.1× |
| BILI Bilibili Inc. Sponsored ADR compare | 1.8× |
| MTCH Match Group Inc. compare | 0.7× |
| SNAP Snap Inc. compare | 0.0× |
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