Blaize Holdings, Inc.
BZAI Technology Software Application
Blaize Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $38.6 million, up 2,386.0% from fiscal 2024. In the quarter to June 2026, revenue grew 504.7%, EPS grew 25.0%, free cash flow fell 77.5% and total debt was flat, each against the same quarter a year earlier.
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Blaize Holdings, Inc. (BZAI) Altman Z-score
Blaize Holdings, Inc.'s Altman Z-score for fiscal 2025 is −9.13, 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 | −9.13 | 1.42 |
| FY2024 | −10.56 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.52 | — | 0.62 | |
| Retained earnings / total assets | (6.22) | — | −8.71 | |
| EBIT / total assets | (1.02) | — | −3.35 | |
| Market value of equity / total liabilities | 3.22 | — | 1.93 | |
| Sales / total assets | 0.38 | — | 0.38 | |
| Altman Z-score | Distress zone | −9.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −23.05 | ||
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. compare | 74.3× |
| JG Aurora Mobile Limited Sponsored ADR compare | 4.0× |
| VTSI VirTra, Inc. compare | 2.7× |
| MAPS WM Technology, Inc. compare | 1.7× |
| THRY Thryv Holdings, Inc. compare | 0.6× |
| PHUN Phunware compare | −2.4× |
| FRMM Forum Markets, Incorporated compare | −4.9× |
| BZAI Blaize Holdings, Inc. | −9.1× |
| IDN Intellicheck Mobilisa, Inc. compare | — |
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