BIO-key International Inc.
BKYI Industrials Security & Protection Services
BIO-key International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 million, down 14.3% from fiscal 2024. In the quarter to June 2026, revenue grew 13.2%, EPS grew 72.0%, free cash flow grew 4.04% and total debt fell 90.1%, each against the same quarter a year earlier.
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BIO-key International Inc. (BKYI) Altman Z-score
BIO-key International Inc.'s Altman Z-score for fiscal 2025 is −24.13, 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 | −24.13 | (2.45) |
| FY2024 | −21.68 | 21.66 |
| FY2023 | −43.34 | (27.53) |
| FY2022 | −15.81 | (12.55) |
| FY2021 | −3.26 | (1.89) |
| FY2020 | −1.37 | 66.46 |
| FY2019 | −67.83 | (61.83) |
| FY2018 | −6.00 | (3.05) |
| FY2017 | −2.95 | (2.31) |
| FY2016 | −0.64 | (0.02) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.21 | |
| Retained earnings / total assets | (16.44) | — | −23.01 | |
| EBIT / total assets | (0.82) | — | −2.71 | |
| Market value of equity / total liabilities | 1.12 | — | 0.67 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Distress zone | −24.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −56.29 | ||
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 |
|---|---|
| SNT Senstar Technologies Ltd. compare | 7.3× |
| SUGP SU Group Holdings Limited compare | 6.6× |
| SPCB SuperCom, Ltd. compare | −0.1× |
| GFAI Guardforce AI Co., Limited compare | −0.5× |
| BAER Bridger Aerospace Group Holdings, Inc. compare | −1.0× |
| OPNW OpenWorld, Inc. compare | −7.0× |
| KSCP Knightscope, Inc. compare | −8.2× |
| IVDA Iveda Solutions, Inc. compare | −11.1× |
| BKYI BIO-key International Inc. | −24.1× |
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